Management Study Guide
Scope
Process of identifying, defining, and controlling outputs, outcomes, and benefits
Physical Resource
Raw materials, equipment, office and production facilities
Types of Decisions
Program/strategic, tactical, individual/group, programmed, administrative
Strategic Imitation
Purposefully copying the products, processes, or methods of another firm
Goals
Achievement plans communicated to employees
Job Characteristics Approach
Alternative to job specialization that takes into account work system and employee preferences
Strategic Alliance
Arrangement between two companies for a mutually beneficial project
Corporate Social Audit
Assessment of how well a company is performing
Infrastructure
Basic physical systems of a business, region, or nation
Organizational Mission
Brief statement about an organization's goals and how it intends to meet them
International Business
Business based in one country but acquires resources or revenues from other countries
Passive Non-Discrimination
Business has an obligation not to discriminate in any activities
BCG Matrix
Business planning tool to evaluate the strategic position of a firm's brand portfolio
Scientific Management
Concerned with improving individual performance
International Licensing Agreement
Contract transferring technology and rights to a foreign enterprise
Culture and Ethics
Culture is a key determinant of someone's ethical views
Organizing
Deciding how to group organizational elements
Job Specialization
Degree to which tasks are broken down and divided into smaller components
Span of Control
Determining how many people report to each manager
Frank Gilbreth
Developed techniques and strategies for eliminating inefficiency
Product Life Cycle
Development, introduction, growth, maturity, and decline of a product
General Environment
Dimensions in the broader society that influence an industry and firms
External Environment
Everything outside of an organization's boundaries that may affect it
Non-Verbal Communication
Exchange that does not use words or uses words to carry more meaning
Formal Goal Setting
Explicitly stated goals communicated through the organization's mission, vision, policies, and procedures
Porter's Five Forces
Threat of new entrants, competitive rivalry, threat of substitute products, power of buyers, power of suppliers
Lewin Model of Change
Unfreezing, change, and refreezing stages of change
Efficiency
Using resources wisely and in a cost-effective way
Capacity Utilization
Utilization of manufacturing and production capabilities
Decision Alternatives
Weighing pros and cons of possible consequences for each alternative
Conditions for Decision Making
Certainty, risk, and uncertainty
Planned Change
Change designed and implemented in an orderly and timely fashion
Product Innovation
Changes in the physical characteristics or performance of existing products or services
Process Innovation
Changes in the way products or services are manufactured, created, or distributed
Product-Service Mix
Combination of products and services offered by a company
Informal Communication
Communication that may or may not follow official reporting relationships
Strategy
Comprehensive plan for accomplishing an organization's goals
Frederick Taylor
Father of scientific management, replaced rule of thumb method
Administrative Management
Focuses on managing the total organization
Title VII
Forbids discrimination in all areas of employment
Unions
Formed through voting by employees
Administrative Manager
Generalist familiar with all functional areas of management
Importing and Exporting
Goods coming in and out of the country
Code of Ethics
Guiding set of principles for professionals to act in an honest and beneficial manner
Bounded Rationality
Human decision-making process that seeks to satisfy rather than optimize
Ethical Standards
Implementing appropriate business policies and practices
Job Enlargement
Increasing the total number of tasks performed by workers
Grapevine
Informal communication network that permeates an entire organization
General Environment
International, technological, economic, sociocultural, and political-legal dimensions
Operations Manager
Involved with operations that create products and services
Management by Wandering Around
Keeping in touch with what is going on by talking with people
Line Authority
Legitimized power within an organization
Operations Management
Managerial activities used to transform resources into products or services
Efficient Managers
Managers with confidence, experience, and decision-making skills
Charles Babbage
Mathematician focused on the efficiency of production
Contingency Worker
Non-permanent employee
Body Language
Non-verbal communication through movements, pauses, and dress
Service Organization
Organization that transforms resources into intangible outputs
Regulators
Oversee the functioning and fairness of financial markets
Human Resources
People who comprise an organization, critical for effectiveness and competitiveness
Entrepreneur
Person who operates a business taking a great financial risk
Interpersonal Relations
Personal and positive relationships between parties
Noise
Phenomenon that disrupts communication
Reactive Change
Piecemeal response to circumstances as they develop
Strategic Plan
Plan developed to achieve strategic goals
Functions of Management
Planning, organizing, staffing, leading, and controlling
Labor Relations
Procedure for employees to vote on whether to have a union
Decision Making
Recognizing and defining problems and opportunities, and selecting appropriate courses of action
Robotics
Science and technology of constructing, maintaining, and using robots
Closed System
Self-contained system within an enterprise
Effective Communication
Sending a message that closely matches the intended message
Organizational Structure
Set of elements used to configure an organization
Managerial Ethics
Set of principles and rules that govern employee behavior
Fair Labor Standards Act
Sets minimum wage and requires payment of overtime rates
Operations System
Software used to manage operations
Managerial Ethics
Standard of social norms and values accepted by managers
Direct Regulation
Standards or commands in relation to inputs, processes, and outputs
SWOT Analysis
Strengths, weaknesses, opportunities, and threats analysis
Hawthorne Studies
Study of how people work when they know if they are being watched or not
Organizational Change
Substantive modification to some part of the organization
Task Environment
Suppliers, customers, and competitors that affect the organization
Job Rotation
Systematically moving employees from one job to another