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