MGMT 1
Expectancy theory steps
1. Determine what rewards employees value. 2. Determine each employee's desired performance standard 3. Ensure that performance standards are attainable. 4. Guarantee rewards tied to performance. 5. Be certain the employees consider the rewards adequate.
5 Steps of HR planning
1. Preparing a HR inventory 2. Preparing a job analysis 3. Assessing HR demand 4. Assessing HR supply 5. Establish a strategic plan
franchise
A business person concerned about startup costs of a business opportunity should consider a venture other than a(n) ______ which has this disadvantage
Limited liability
A form of business ownership that provides limited liability, as in corporation, but it is taxed like a partnership is
S corporation
A unique government creation that looks like a corporation but is taxed like a sole proprietorship or partnership
In addition to the articles of incorporation, a corporation has ________, which describe how the firm is to be operated from both legal and managerial points of view.
Bylaws
Ouchi Type J elements
Consensual decision making & implicit controls
Sarbanes-Oxley Act
Federal legislation passed in 2002 that sets higher ethical standards for public corporations and accounting firms. Key provisions limit conflict-of-interest issues and require financial officers and CEOs to certify the validity of their financial statements.
Who worked with FW Taylor?
Frank and Lillian Gilbreth, Henry L. Gantt
"The Principles of Scientific Management" was written by
Frederick Taylor
Ouchi Type A elements
Individual responsibility & explicit controls
According to Herzberg, which of the following motivates workers instead of being a hygiene factor?
Interesting work
There are many methods of ____ _______________ that focus on the design of the job itself in order to motivate employees.
Job enrichment
Which form of ownership is nontransferable because there is no stock?
LLC
self-employment taxes
LLC members must pay these taxes such as Medicare and Social Security, which are taxes paid by sole proprietors and partnerships on their profits
Basic Elements of Taylor's Scientific Management
Method, rules of work, time
Job rotation
Moving workers from one task to the next to make work more interesting and motivating
An LLC submits a written operating agreement, similar to a(n) ________ agreement, describing how the company is to be operated.
Partnership
Outsourcing
Process by which a firm contracts with other companies to do some or all of its functions.
Purpose of Management by Objectives?
Reward the accomplishment of organization goals, monitor the results of implement goals, motivate all levels of the organization thru goal setting and implementation
Corporations can raise large amounts of money, take advantage of economies of scale, and hire experts in all areas of operation.
Size advantage
Corporations issue _____ to shareholders and this allows ownership to change when it is sold.
Stock
Five characteristics by job enrichment
Task identity, task significance, skill variety, autonomy, feedback
Hawthorne Effect
Tendency of people to behave differently when they know they are being studied
Regulation FD
The federal regulation governing corporate officials who are required to make public (fair disclosure) any information disclosed to analysts or investors
Studies about which tasks must be performed to complete a job and the time needed to do each task are referred to as ________ studies.
Time-motion
International Joint Venture
a business that is jointly owned and operated by two or more firms (usually one from the host country and the other from another country) that pool their resources (labor, capital, technology, and management) to penetrate host country markets, generate and split profits, and share commercial risk
Small businesses can motivate their workers without increasing costs by giving them:
a collaborative work environment, stock options or equity stakes
common market
a group of countries that acts as a single market, without trade barriers between member countries
Attributes of a corporation include
a legal entity, corporate liability is separate from owners, state-chartered
monopolistic competition
a market structure in which many companies sell products that are similar but not identical
Oligopoly
a market structure in which only a few sellers offer similar or identical products
Limited partnership
a partnership in which the partners who do not share in operating the business
social audit
a systematic evaluation of an organization's progress toward implementing socially responsible and responsive programs
Coattail effect
actions of a fellow franchise will affect your franchise
Vroom's expectancy theory states that the:
amount of effort an employee exerts on a specific task depends on expectations of the outcome
joint venture
an agreement between two or more companies to share a business project
Franchise
an agreement that gives a business the right to use a business' name and sell in a given area
leveraged buyout
an attempt by employees, management, or a group of investors to purchase an organization primarily through borrowing
insider trading
an unethical activity in which insiders use private company information to further their own fortunes or those of their family and friends
philanthropy
charity; a desire or effort to promote goodness
job enlargement
combining tasks into one challenging and interesting assignment for a worker
The advantages of separating ownership from management in corporations include:
company can raise money from investors, but they don't control daily operations, that the board of directors establishes major policies that guide the corporation
A merger that joins firms in completely unrelated industries is a
conglomerate merger
When farmers join together to get prices for their food products, they form a farm
cooperative
Increasing the economic power of others and not paying the same taxes are both advantages of
cooperatives
Type J management v. Type A management differ over
decision making processes and trust in the group versus individuality
Nadler and Lawler's modifications to Expectancy theory include:
ensuring that performance standards are attainable, determining what rewards employees value
integrity-based ethics codes
ethical standards that define the organization's guiding values, create an environment that supports ethically sound behavior, and stress a shared accountability among employees
compliance-based ethics codes
ethical standards that emphasize preventing unlawful behavior by increasing control and by penalizing wrongdoers
Contract manufacturing is a type of outsourcing when a ____________ company produces private-label goods which a ___________ company then markets under its own brand name.
foreign;domestic
Mark, Cal and Aidan have decided to form a business where all owners will share in operating the business and in assuming liability for the business debts. Most likely forming a(n)
general partnership
When a soft drink company and a mineral water company merge and then are able to supply a variety of drinking products they have formed a
horizontal merger -- direct competitors
whistleblowers
insiders who report illegal or unethical behavior
LLCs do have to submit articles of organization and an operating agreement, but do not have to:
keep minutes, file written resolutions, hold annual meetings
An assumption about people by a Theory Y manager would be that workers _____ work.
like
Limited partners' risk of losing their personal assets in an LLP is
limited to the outcomes of their own acts and omissions
Ouchi theory Z is a hybrid approach using the following elements from Japanese and American management practices:
long term employment, collective decision making, holistic concern for employees
oligopolistic competition
market consists of only a few large sellers
producer price index
measures wholesale price levels in the economy
acquisition
one company's purchase of the property and obligations of another company
taking a firm _____ is when a corporation decides to maintain, or in some cases regain, control of a firm internally be obtaining all of the stock.
private
EACs
provide hands-on exporting assistance and trade-finance support for small and medium-sized businesses that wish to directly export goods and services
Job enrichment process involves creating ____ variety and ____ significance on the job in order to motivate workers.
skill ; task
Resource development
study of how to increase resources or create conditions that will make better use of them
Socialism
taxes and unemployment tend to be higher, individuals own some smaller businesses and property, gov owns and operates basic industries such as steel mills, utilities, or transportation
Foreign Direct Investment
the buying of permanent property and businesses in foreign nations
corporate policy
the dimension of social responsibility that refers to the position a firm takes on social and political issues
4 basic rights of consumers
the right to safety, the right to be informed, the right to choose, and the right to be heard
The idea that every job could be broken down into a series of elementary motions & analyzed to make it more efficient was the Gilbreths'
theory of motion economy
A ________ study occurs when a manager observes workers as they shovel different types of materials with different types of shovels in order to determine the most efficient tool and method to use.
time motion
A merger between a soft drink company and an artificial sweetener maker could be considered a
vertical merger -- not direct competitors
Equity judgments by employees are often incorrect because:
workers overestimate their own contributions