MANG 420

organic organization

authority is decentralized, there are fewer rules and procedures, and networks of employees are encouraged to cooperate and respond quickly to unexpected tasks, wide span of control

mission statement

communicates the organization's reason for being, and how it aims to serve its key stakeholders. who we are what we value

manager skills

conceptual, technical, human

decision making biases

confirmation bias framing bias hindsight bias anchoring halo effect overconfidence bias status-quo bias pro innovation bias sunk cost bias

Strategic management

considers the entire organization and how the pieces fit together

What type of plan describes what will happen in a possible--but not expected--situation. For example, what would you call an airport's plan for what do to if a plane crashes on takeoff or landing?

contingency plan

common elements in organization

coordinated effort division of labor hierarchy authority unity of command span of control centralized decentralized

long term plans

crucial to ultimate success - top management responsible for this generally extends four to five years into the future

The five components of industry environment are

customers, competitors, suppliers, regulations, and advocacy groups

decision making stages

define problem establish decision criteria weight decision criteria generate alternatives evaluate alternatives select solution implement solution

action plan

defines the course needed to achieve the stated goal

contingency plan

describes what will happen in a possible situation

The team leader shares the information she received at the management briefing with her team. She is carrying out the information role of ______ as identified by Mintzberg.

disseminate

If you stop and take the time to ask yourself if you are being realistic about your skills, perceptions, and judgments, you are more likely to avoid which bias?

overconfidence bias

single use plans

plans that address a one time project or event most common types are budgets and project schedules.

cons of planning

prevents action leads to complacency prevents flexibility inhibits creativity

pros of planning

provides a guide for action improves resources utilization provides motivation set performance standards allows flexibility

Many companies forbid smoking at work. This is an example of a

regulation

Teams leaders

reports to first line or middle manager make sure team is operating efficiently appointed to manage a particular task or activity

Planning

setting goals and how to achieve them

Goals

specific commitment to achieve a measurable result strategic, tactical, operational

developing effective action plans

specific steps, people, resources, time period

value proposition

statement companies uses to convince customers that its product or service provides more than competitors

strategic management process

strategy objectives and analysis strategy formulation strategy implementation strategic evaluation

Internal Analysis

strengths and weaknesses

SWOT analysis

strengths, weaknesses, opportunities, threats

What is management

the art of getting things done through the efforts of other people

Procedures are steps to be followed in established and repeated operations. An investment advisor should write procedures for

the proper method for wiring funds to JP Morgan bank

a strong brand identification exists within the industry

threat decreases

close substitutes for the firm's products are easily available

threat increases

the firm has few customers each whom purchases a large portion of the firm's output

threat increases

porter's five forces

threats of new entrants bargaining power of suppliers character of rivalry bargaining power of buyers threat of substitutes

leadership and interpersonal

to communicate a vision and inspire people to embrace that vision figurehead, leader, liaison

This level of management scans the environments and sets long-term goals and defines strategies to achieve them.

top management

the impact of information on decision making

total failure to decide diminishing returns recency trumps quality the neglected unconscious

mistakes when defining problem

treating symptom jumping to a solution focusing on only one cause relying on past experience only

management roles

upper management, middle management, lower level management

In the resource view of strategy, VRIO stands for:

valuable, rare, inimitable, and organized

A company wishes to convince customers that its product or service provides more value to them than a competitor's product or service. That is, it offers a

value proposition

develop competitive plan

must beat competitors by striving to improve offerings to customers and be better than alternatives

External Analysis

opportunities and threats

Porter's Four Competitive Strategies

overall cost-leadership, overall differentiation, cost-focus, focused-differentiation

lower level management

- Implements plans from above - Team leader, foreperson, assistant manager - technical skills

decisional

All managers are required to make decisions, but managers at different levels make different kinds of decisions entrepreneur, disturbance handler, resource allocator, negotiator

________ refers to the technique of comparing performance to similar efforts. The comparison may be to other companies in the same industry, to other industries, or to other time periods.

Benchmarking

A manager that has the ability to see the big picture and how a decision made in one part of the company will affect another part of the company has this skill.

Conceptual

Checking to see what is happening, what is working and what isn't and what needs to be continued, improved or changed described this function of management.

Controlling

The following goal does not meet the five characteristics of a S.M.A.R.T. goal. What is wrong with the following goal statement? "Save money from October 1, 2020 until May 5, 2021 to buy a new car."

It does not include a measurement.

first-line managers

It is usually important for this level of manager to have good technical skills or an understanding of how to do the job of the workers they supervise.

Manager roles

Leadership and Interpersonal, informational, decisional

upper management

Long term goals: products markets, business organizing. Jobs like CEO, CFO, COO, CTO, VP marketing

Which of the following is true regarding Management by Objectives?

MBO are goals set jointly by managers and employees for the employee.

Making decisions on how resources will be allocated across an organization represents this function of management.

Organizing

The management of ThussenKrupp AG set goals to derive the majority of its revenue from elevator-related activities. This is an example of which of the four functions of management?

Planning

Which of the following is a disadvantage of planning?

Plans inhibit creativity.

pestel framework

Political Economic Sociocultural Technological Ecological Legal

SMART goals

Specific, Measurable, Attainable, Result, Timely

When customers perceive the product differentiation as valuable, they will prefer to purchase the business's product over a competitor's products. This is called

a competitive advantage

bounded rationality

a decision-making process restricted in the real world by limited resources, incomplete and imperfect information, and managers' limited decision-making capabilities, lack of time

In this class, students are allowed a two-day grace period on late assignments. This is an example of which of the following?

a policy

strategic implementation

allocate resources train

short term plans

allocate resources for a year or less - must be monitored and updates this is the role of middle- and first-level management

Which of the following is NOT one of the management roles identified by Henry Mintzberg?

analytical

standing plans

are plans designed to be used again and again Examples include policies, procedures, and regulations.

Organizing

arrange tasks, get people and other resources to achieve goals

mechanistic organization

authority is centralized, tasks and rules are clearly specified, and employees are closely supervised, narrow span of control

Domestic U.S. companies conducting a PESTEL analysis consider national growth, employment, inflation, and interest rates. These are aspects of which macro term?

economic

Sue, a front-line manager, watches to ensure that her production line doesn't produce defective products that have to be scrapped. Sue is an example of a(n) _______ manager.

efficient

strategic evaluation

evaluate and correct

Michael Porter defined classified competitive strategies based on a grid of price strategy and target markets. Tesla manufactures electric cars. What is Tesla's strategy in this grid?

focused differentiation

Michael Porter defined classified competitive strategies based on a grid of price strategy and target markets. Redbox, a major DVD rental company, uses vending machines placed outside grocery stores and other retail outlets to rent DVDs for $1. There are ways to view movies even cheaper, such as through the flat-fee streaming video subscriptions offered by Netflix. But among firms that rent actual DVDs, Redbox offers unparalleled levels of low price and high convenience. What is Redbox's strategy in this grid?

focused low cost

types of organizational structures

funcional matrix network divisional team based modular

three pieces of delegation

giving authority and responsibility person is accountable back

delegation

giving work to others that we would normally do

Jim didn't want to upset Jill during the meeting, so instead of saying what he really thought of the solution she proposed, he just kept quiet and went along with her idea. This is an example of which of the following?

groupthink

efficiently and effectively

have to do both in order to do management

managers

hectic pace interrupt and change tasks more responding than initiating

goal and object statement

how we gauge success

strategy statement

how we will achieve vision

This type of skill is important for managers at all levels.

human

strategic formulation

identify strategy - porters competitive strategy plan

Identify the step in the rational decision-making model represented by the following statement: "The car we buy must cost less than $15,000 and include four doors."

identify the decision criteria

A robust competitive analysis will allow you to focus on those companies that will compete for customers

in your target market

An ________ is a method for a company to assess its market position relative to its competitors.

industry analysis

middle management

interprets plans and sets actions regional/plant managers

vision statement

is a future-oriented declaration of the organization's purpose and aspirations what we want to become

planning

is the process of setting goals and defining the actions required to achieve goals

evaluating alternatives

is the solution ethical does the solution meet my decision criteria - is it effective is it feasible

management by objectives

jointly set goals and objectives develop action plan agree on standards for evaluating periodically review performance for employees

strategic comprehensive plan to achieve a goal

keeps company aligned with customize needs

types of plans

long term, short term, standing plans, single use

intuition

making a choice without the use of conscious thought

Satisficing

making a decision with limited information

forecasting

making predictions about the future

MBO

management by objectives

A _______ communicates the organization's reason for being.

mission statement

strategic objectives and analysis

mission, vision, values pestel analysis, SWOT, Porter's five forces

control

monitor performance and compare with goals

informational

monitor, disseminator, spokesperson Middle managers must skillfully determine what information from top management should be shared with others, how it should be interpreted,

leading

motivate and direct people to achieve goals