MGMT 300 Exam #1

Remuneration

7. Many variables, such as the cost of living, supply qualified personnel, general business conditions, and success of the business, should be considered when determining a worker's rate of pay.

Centralization

8. Defined as lowering the importance of the subordinate role. Decentralization- is increasing the importance. The degree to which this is adopted depends on the organization.

Opportunity Exploitation

Third step of the entrepreneurial process. Refers to the activities and investments that are committed to gain returns from the new product or service arising from the opportunity.

Monetary

This is one of the organizational resources that is represented by the amount of money that managers use to purchase goods and services for the organization.

Scientific Method of Management

the process of finding the "one best way" can be used in all management but mainly in lower-level management. Father of this idea is Frederick W. Taylor

Commercial Entrepreneurship

individuals and corporations that pursue entrepreneurial opportunities for the purposes of generating sales and profits.

Characteristics of Management

1. It is a process or series of continuing and related activities. 2. It involves and concentrates on reaching organizational goals. 3. It reaches these goals by working with and through people and other organizational resources.

Desirable Outcomes of Multinational Corporations

1. Reduce or eliminate high transportation costs 2. Allow participation in the rapid expansion of a market abroad 3. Provide foreign technical, design, and marketing skills 4. Earn higher profits.

Six Aspects Of Managing Ethically

1. The ability to be objective. 2. The ability to understand the structure of an organization. 3. The ability to know and maneuver within an organization's culture. 4. The ability to communicate clearly and concisely. 5. The ability to deal with conflict. 6. The ability to keep matters confidential.

Characteristics of the Management Science Approach

1. The management problems studied are so complex that managers need help analyzing a large number of variables. Management science techniques increase the effectiveness of the managers' decisions making in such a situation. 2. A management science application generally uses economic implications as guidelines for making a particular decision, perhaps because management science techniques are best suited for analyzing quantifiable factors such as sales, expenses, and units of production. 3. The use of mathematical models to investigate a decision situation is typical in management science applications. Models constructed to represent reality are used to determine how the real world-situation might be improved. 4. The use of computers. The great complexity of managerial problems and the sophisticated mathematical analysis of problem-related information required are two factors that make computers especially valuable.

Division of Work

1. Work should be divided among individuals and groups to ensure that effort and attention are focused on specific portions of the task. Fayol presented work specialization as the best way to use the human resources of an organization.

Order

10. For the sake of efficiency and coordination, all materials and people related to a specific kind of work should be assigned to the same general location within the organization.

Equity

11. All employees should be treated as equally possible.

Stability of tenure of personnel

12. Retaining productive employees should always be a high priority management. Recruitment and selection costs, as well as increased product-reject rates, are usually associated with hiring new workers.

Initiative

13. Management should take steps to encourage worker initiative, which is defined as new or additional work activity undertaken through self-direction.

Esprit de corps

14. Management should encourage harmony and general good feelings among employees.

Authority

2. The concepts of authority and responsibility are closely related. Fayol defined ________ as the right to give orders and the power to exact obedience. Responsibility involves being accountable and is therefore naturally associated with authority. Therefore, whoever assumes authority also assumes responsibility.

Discipline

3. A successful organization requires the common effort of all workers. Penalties should be applied judiciously to encourage this common effort.

Unity of Command

4. Workers should receive command from only one manager.

Unity of Direction

5. The entire organization should be moving toward a common objective and in a common direction.

Subordination of individual interests to the general interests

6. The interests of one person should not take priority over the interests of the organization as a whole.

Scalar Chain

9. Managers in hierarchies are part of chain-like authority scale. Each manager, from the first-line supervisor to the president, possesses certain amounts of authority. The president possesses the most authority; the first-line supervisor the least. Lower-level managers should always keep upper-level managers informed of their work activities. The existence of a ______ _____ and the adherence to it are necessary if an organization is to be successful.

Code of Ethics

A formal statement that acts as a guide for the ethics of how people within a particular organization should act and make decisions. Commonly address issues such as conflict of interest, competitors, privacy of information, gift giving and receiving political contributions or business. Perceived as an effective and efficient means of encouraging ethical practices within organizations. Should be reviewed and refined periodically.

System

A number of interdependent parts functioning as a whole for some purpose. Ex. the human body-- to understand it, one must understand the interdependent parts (ears, eyes, brain, etc.). It integrates the knowledge of various specialized fields so that the system as a whole can be better understood.

Stereotype

A positive or negative assessment of members of a group or their perceived attributes. Ex. US Muslim _________ of being a terrorist. *managers need to monitor their own perceptions and help their employees view diverse co-workers more accurately.

Prejudice

A preconceived judgment, opinion or assumption about an issue, behavior or group of people.

Men

According to to table 1.1, all of the highest paid executives are all _______.

Arguments Against Social Responsibility

Advanced by Milton Friedman, one of America's most distinguished economists. He argued that making business managers in charge of reaching profit objectives while also reaching out for the public would lead to the ultimate demise of the business. It is also most certain to happen if the organization utilizes social responsibility practices that conflict with its own private organizational practices. He also stated that it was unethical due to the fact that it compels managers to spend money on some individuals that rightfully belongs to someone else. Ex. Control Data Corporation and William Norris-- he invested millions of dollars of the companies money in socially responsible things, like employing the minority population for reasearch farming in Alaska and building plants in the inner city. Critics blamed Norris' "do-gooder" mentality for the down-fall of the company.

Personal Mastery

All organization members are committed to gaining a deep and rich understanding of their work. Such an understanding that will help the organizations successfully overcome important challenges in front of them.

Shared Vision

All organization members have a common view of the purpose of the organization and a sincere commitment to accomplish the purpose.

Frank and Lillian Gilbreth

Also important contributors to the scientific method. These two focused on the handicapped as well as non-handicapped workers. Like other contributors, they subscribed to the idea of finding and then using the one best way to perform a job. The primary tool they utilized was the motion study. Frank- qualified to enroll at the Mass. Institute of Technology but decided to work for a construction business in Boston instead. He started as a bricklayer's apprentice, where he got the idea to do motion studies for brick-laying. He changed a five-step brick laying process to one. Improving brick laying by up to 70%. Lillian- Began as her husbands collaborator, earned two doctorates and was awarded numerous honorary degrees. She continued her husbands work and extended the scientific method to the roll of the homemaker and the handicapped. *These two were the first to consider the employee as a productivity factor.

Entrepreneur

An individual who identifies, evaluates, and exploits opportunities. Most people think it means an individual who started a business, but most of the time it is actually teams that start up the company with the entrepreneur. Research shows companies started by entrepreneurial teams do better than ones who aren't. This team advantage is characterized by diverse skills, experiences and relationships.

Learning Organization

An organization hat does well in creating, acquiring, and transferring knowledge and in modifying its behavior to reflect new knowledge. *Emphasize systematic problem solving, experimenting with new ideas, learning from experience and past history, learning from the experiences of others, and transferring knowledge rapidly throughout the organization. *Managers must build an environment conductive to learning and the exchange of information among all organization members if they wish for a learning organization. 5 features CHANGES ARE NECESSARY to meet changing markets, technological advances, etc.

Third-Country National

An organization member who is a citizen of one country and works in another country for an organization headquartered in still another country. *adaptation to new culture and repatriation*

Host-Country National

An organization member who is a citizen of the country in which the facility of a foreign-based organization is located.

Expatriate

An organization member who lives and works in a country where he or she does not have citizenship *adaptation to new culture and repatriation*

Sustainable Organization

An organization that has the ability to meet its present needs without compromising the ability of future generations to meet their needs. Should strive for three main areas: -the economy, the environment, and society. -economy: the sustainable organization engages in certain behaviors such as minimizing waste, not overproducing goods and generating a fair profit for its stakeholders. -environment: engaging in activities that protect natural resources, such as, air, water, and land. -social: engaging in maintaining the well-being and protection of the communities in which it does business.

Sexual Harassment

Any unwanted sexual language, behavior, or imagery negative affecting an employee. May include requests for sexual favors when such favors become explicitly or implicitly term or condition of an individual's employment or education.

The system approach to management

Based on general system theory. Ludwig Von Bertalanffy, a scientist who worked mainly in physics and biology, is recognized as the founder of the general system theory. The main premise is to fully understand the operation of an entity, the entity must be viewed as a system.

Tokenism

Being one of the few members of your group in an organization. Typically these employees are given very high or very low visibility in the organization. ex. african american male said his white female manager discouraged him from joining volunteer committees.

Multigenerational:

Can be challenging because each generation brings its own unique experiences, values, and issues into the workplace. Use the traits from each generation to the advantage of the company.

Ethics

Can be defined as the capacity to reflect on values in the corporation decision-making process, to determine how these values and decisions affect various stakeholder groups, and to establish how managers can use these observations in day-to-day company management. **Fairness and Justice** Popular not only in the US, but also India and Russia.

Why Ethics?

Cannot discuss ethics without discussing competitiveness. (be ethical competitively with rival firms). Companies cannot be competitive if they are built on the morals that stabbing someone in the back is okay. -Productivity: When management decides to act ethically towards stakeholders, employees are positively affected. Ex. Employee Advisory Programs to help employees w/problems. -Stakeholder Relations: such as suppliers and customers. A positive public image can attract customers who view such an image as desirable. Ex. Johnson and Johnson and their "credo" that honors doctors, nurses, patients mothers and fathers who use the products and that they will be available at a good price. -Government Regulation: Where companies are expected to be acting unethically, the public puts pressure on legislators and government officials to regulate those businesses or to enforce existing regulations. Ex. thinking that smokeless tobacco may be a cancel-causing product, a federal government subcommittee on health held hearings to explore the impact on the nation's youth and MLB players.

Managers

Catalysts for new and exciting products of all kinds that keep our economy and standard of living moving forward. Ex. Apple's head-mounted IPhone, TES- transportable exam station, etc.

Motion Study

Consists of reducing each job to the most basic movements possible. Motion analysis is used today to study and determine how much time the movement takes and how necessary it is to performing the job. Inefficient or unnecessary motions are pinpointed and eliminated.

The Management Science Approach

Defined as 1. An application of the scientific method to problems arising in the operation of a system. 2. The solution of these problems by solving mathematical equations representing the system. Suggests that managers can best improve their organizations by using the scientific method and mathematical techniques to solve operational problems. Originated in World War II, where scientists were asked to solve complex operational problems in the military. Ex. Which gun sights would best stop German attacks.

The Hawthorne Studies

Described as the beginning of the behavioral approach with a series of studies that investigated the behavior and attitudes of employees at Hawthorne Works of the Western Electric Company. These are typically divided into 2 phases: - relay assembly test room experiments -bank wiring observation room experiments

Systems Thinking

Every organization member understands his or her own job and how the jobs fit together to provide final products to the customer.

Frederick W. Taylor

Father of scientific management. His primary goal was to increase worker efficiency by scientifically designing jobs. His basic premise was that every job has "one best way" to be done and that this way should be discovered and put into operation. Pioneered a piece-rate system under which workers were paid according to the amount they produced

Venture Capitalists

Firms that raise money from investors and then use this money to make investments in new firms. Many prominent companies such as Intel and Microsoft received investments from these. The firms then used this money to acquire resources and it eventually made them the companies they are today.

Opportunity Identification

First step in the entrepreneurial process. Entrepreneurial alertness, information asymmetry, social networks, and means-ends relationship. - the ability to assess a means end relationship refers to understanding how to turn a new technology into a product or service that will be desired by customers. Individuals need to see the associations or they may not understand it.

Advantage to Diversity

Groups that can contribute a multi-cultural membership have the advantage to a larger pool of information and an array of approaches to solve work problems.

Role Conflict

Having to fill competing roles because of membership in two cultures

Overload

Having too many expectations to comfortably fulfill.

Minorities

Racial, ethnic, and cultural ______ also confront inhibiting stereotypes about their groups. Like women, they must deal with misunderstandings and expectations based on their ethnic or cultural origins.

Henry L. Gantt

He too, was interested in increasing worker efficiency. Attributed unsatisfactory or ineffective tasks and piece rates (incentive pay for each product piece an individual produces) primarily to the fact that these tasks were setting according to what had been done by workers in the past or to someone's opinion of what workers could do. "Exact scientific knowledge" of what a worker could do should be substituted for opinion. "the essential differences between the best system of today and those of the past are the manner in which tasks are 'scheduled' and the manner in which their performance is rewarded. He then sought to improve systems or organizations through task scheduling innovation and rewarding innovation. The Gantt Chart- scheduling tool most commonly used by modern managers. Basically the chart provides managers with an easily understood summary of what work was scheduled for specific time periods, how much has been completed, and by whom. Ex. MacSchedule.

Organizational Resources

Human, Monetary, Raw Materials, Capital. These are then combined, used and transformed into finished products during the production process.

Globalization

Increased international management, which is now highly recognized.

Organizational Rejuvenation

Involves improving a firm's ability to execute strategies and focuses on new processes instead of new products.

Social Entrepreneurship

Involves the recognition, evaluation, and exploitation of opportunities that create social value as opposed to personal or shareholder wealth.

Feasibility Analysis

Is analysis that helps entrepreneurs understand whether an idea is practical. In such analysis, they study customer demands, the structure of the industry and the entrepreneur's ability to provide the new product or service. This ensure the person should be able to secure the required resources.

Management System

Is composed of a number of parts that function interdependently to achieve a purpose. Organizational Input Organizational Process Organization Output *An open system- one interacts with its environment, which factors include: government, suppliers, customers, and competitors.

Open System

Is continually interacting with its environment. Example: a plant.

Closed System

Is not influenced by, and does not interact with its environment. Such a system is mostly mechanical and has predetermined motions or activities that must be performed regardless of the environment. Ex. a clock

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Management as a whole is important to society as well as many individuals who earn their living as managers.

Task-Related Activities

Management efforts aimed at carrying out critical management-related duties in organizations. Such activities include short-term planning, clarifying objectives of jobs in the organization, and monitoring operations and performance.

People-Related Activities

Management efforts aimed at managing people in organization's. Such activities include providing support and encouragement to others, providing recognition for achievements and contributions, developing the skills and confidence of organization members, consulting when making decisions, and empowering others to solve problems.

Change-Related Activities

Management efforts aimed at modifying organizational components. Such activities include monitoring the organization's external environment, proposing new strategies and visions, encouraging new innovative thinking, and taking risks to promote needed change.

Contemporary View to Management

More current thought regarding management skill is essentially an expansion of the classic view of what skills managers need to be successful. This expansion achieved logically through two steps: 1. Defining the major activities that managers typically perform. 2. Listing the skills needed to carry out these activities successfully. There are three basic types: Task related, people related, and change related activities.

motivates employees

Most importantly, the Hawthorne Study helped managers see that understanding what _______ _______ is a crucial part of being a manager.

Strategic Renewal

Occurs when a firm attempts to alter its own competitive strategy. (a brand-new competitive strategy).

Domain Definition

Occurs when a firm proactively seeks to create a product market position that competitors have not recognized.

Bank Financing

Occurs when an entrepreneur obtains financing from a financial institution in the form of a loan. It is important to note that unlike angels and ventures, banks are not investors. The banks expect repayment.

Sustained Regeneration

Occurs when companies develop new cultures, processes, or structures to support new product innovations in current markets as well as introduce existing products into new markets.

Entrepreneurial Risk

One of the central factors with the evaluation stage, which is the likelihood and magnitude of the opportunity's downside loss.

Triangular Management

The use of these three sources of information to analyze the management system is referred to as _____ _____. This can be used to analyze the management system.

Conceptual Skills

One of the skills suggested by Katz in his classical view includes _______. This involves the ability to see the organization as a whole. A manager with this skill is able to understand how various functions of the organization complement one another, how the organization relates to its environment, and how changes in one part of the organization affect the rest of the organization. **Conceptual skills become more and more important as one moves up from lower-level management to upper-level management and technical skills become less.

Technical Skill

One of the skills suggested by Katz in his classical view includes ________. This involves the ability to apply specialized knowledge and expertise to work-related techniques and procedures. Examples of these skills are engineering, computer programming, and accounting. These skills are mostly related to working with "things"--processes or physical objects.

Human Skill

One of the skills suggested by Katz in his classical view includes ________. Which build cooperation within the team being led. They involve working with attitudes and communication, individual and group interests--in short, working with people.

Types of Opportunity

Opportunities arise from different situations 1. The creation of a new product or service. -ex: a new medical device is created to convince doctors to use it, for instance the heart stent. 2. Arise from the discovery of new geographical markets in which customers will appreciate a new product or service. -ex. movie action figure that starts out domestic and moves to international markets such as China. 3. May arise from creation or discovery of new raw materials or after discovering alternate uses for existing materials. -ex. Ethanol, which can be produced from corn, represents a new use for corn. Although farmers typically sell corn to the manufacturers of food products, ethanol provides another use for the corn they grow. 4. Opportunities may emerge from the discovery of new methods of production. Allowing producers to produce goods or services at a lower cost, satisfying the needs of customers more effectively. 5. From new methods of organizing. -ex. the internet. Allows entrepreneurs to reach consumers without the need of bricks-and-mortar retail locations. the internet allowing Netflix to offer customers a new way to watch/rent a DVD.

Challenging of Mental Models

Organization members routinely challenge the way business is done and the though processes people use to solve organizational problems.

Team Learning

Organization members work together, develop solutions, to new problems together, and apply the solutions together. Working as teams rather than as individuals will help organizations gather collective force to achieve organizational goals.

International Organizations

Organizations based primarily within a single country but that have continuing, meaningful international transactions--such as making sales and purchasing materials--in other countries. Ex. Nu Horizon's based in NY acts as an important part of the business for Japan's main headquarters. More extensively involved

Domestic Organizations

Organizations that essentially operate within a single country. These organizations do not normally acquire necessary resources within a single country but also sell their goods or services within that same country. They could have a few international business deals, but the bulk of the activity is domestic. Most of these are quite small.

The relay assembly test room experiment

Originally had a scientific management orientation. The experimenters believed that if they studied productivity long enough and under a large enough variety of working conditions, they would discover that working conditions maximized production. Done to determine the relationship between lighting and worker efficiency, as measured by worker output. No matter the lighting, researchers found improvement. Why? The following are the main reasons, as formulated from the interviews: 1. The subjects found working in the test room enjoyable. 2. The new supervisory relationship during the experiment allowed the subjects to work freely, without fear. 3. The subjects realized that they were taking part in an important and interesting study. 4. The subjects seemed to become friendly as a group. * human factors within the organizations could significantly influence production

The Millennial Generation (Generation Y)

People born after 1980 turned 18 to 33 years old in 2014, are 27 percent of the adult population, and are 57% of the non-Hispanic white population. More interested in being part of a team, working in a collaborative environment, and engaging with social media and other technologies.

The Silent Generation

People born between 1928 and 1945 turned 69 to 86 years old in 2014, are 12% of the adult population and are 79% of the non-Hispanic white population.

The Baby Boomer Generation

People born between 1946 and 1965 turned 50 to 68 years old in 2014, are 32 percent of the adult population and are 72% of the non-Hispanic white population. Staying in the workforce longer, typically more interested in wellness, in having part-time jobs, and in having life longevity than other generations.

Generation X

People born between 1965 and 1980 turned 34 to 49 years old in 2014, are 27 % of the adult population and 61% are the non-Hispanic white population. Generally interested in a balance of personal life and work

Gender Role-Stereotypes

Perceptions about people based on what our society believes are appropriate behaviors for men and women. Ex. women are good listeners--based off the connotation that women are nurturing or women are sought out to discuss non-work related issues.

Reverse Mentoring

Process that pairs a senior employee with a junior employee for the purpose of transferring work skills, such as Internet skills, from the junior employee to the more senior employee.

Personnel Managers

Provide organizations with a competent and productive work force.

The bank wiring observation room

Purpose was to analyze social relationships in a work group, specifically, the study focused on the effect of group piecework incentives on a group of men who assembled terminal banks for use in telephone exchanges. The incentive was that the harder the group worked, the more pay each member would receive. It was found that men who were thought to have the faster work-rate went down. It pressured the men who would have increased the salary. Members were more interested in group solidarity than making extra money.

Entrepreneurial Alertness

Refers to an individuals ability to notice and be sensitive to new information about objects, incidents, and patterns of behavior in the environment. When these levels are high in individuals, they are likely to identify potential entrepreneurial opportunities. In contrast, when levels are lower in individuals, they are likely to dismiss or ignore new information and overlook potential opportunities.

Glass Ceiling

Refers to an invisible "ceiling" or barrier to advancement, most typically felt by women in the business world. Now also used to describe minorities in organizations. Women still typically accept the household role along with a career--> sometimes denied advancement for this reason.

Diversity

Refers to characteristics of individuals that shape their identities and the experiences they have in society. Race, ethnicity, religion, social classes, physical abilities, and sexual orientations comprise ________.

Minority Groups

Refers to that group of people in the organization who are fewer in number than the majority group, or who lack critical power, resources, acceptance, and asocial statues. *sometimes can be a larger group of people than the Majority* ex. women

Social Value

Refers to the basic, long-standing needs of society and has little to do with profits. Basic, long-standing needs may include food, water and shelter to individuals in need. Can be even more specific. Ex. providing playgrounds to needy schools.

Majority Groups

Refers to the group of people in the organization who hold most of the positions that command decision-making power, control of resources, and information, and access to system rewards.

Entrepreneurship

Refers to the identification, evaluation, and exploitation of opportunities.

Downside Loss

Refers to the resources (i.e money, relationships, etc.) that the entrepreneur could lose if the opportunity does not succeed. All else being equal, entrepreneurs are more likely to pursue ideas with less risk and less likely to pursue ideas with high risk.

Henri Fayol

Regarded as the pioneer of administrative theory. The elements of management he outlined--planning, organizing, commanding, coordinating, and control--are still considered worthwhile divisions under which to study, analyze, and effect the management process.

Social Networks

Represent individuals patterns of social relationships. Some having extended social networks, whereas others have narrow. Individuals with extended networks are more likely too identify entrepreneurial opportunities than those with narrow.

Multinational Organizations: The Multinational Corporation

Represents the third level of international involvement. Is a company that has significant operations in more than one country. It carries out its activities on an international scale, which disregards national boundaries, and it is guided by a common strategy from a corporation center.

Classical View to Management

Robert L. Katz has written perhaps the most widely accepted article about management skill. Katz states that managers' ability to perform is a result of their managerial skills. A manager with necessary management skills will probably perform well and be relatively successful. One without the necessary skills will probably perform poorly and be relatively unsuccessful.

Women Negative Dynamics

Rosabeth Moss Kanter did research on the pressures women feel in the office, most often they felt other women had high expectations of them.

Opportunity Evaluation

Second step in the entrepreneurial process. Occurs when an entrepreneur decides whether he or she has a good idea or a viable opportunity that will provide the desired outcomes. "Where the rubber meets the road" and it often presents a challenge. Includes feasibility analysis, entrepreneurial risk, and downside loss.

International Management

Simply the performance of management activities across national borders. It entails reaching organizational objectives by extending management activities to include emphasis on organizations in foreign countries. Risks: Culture among workers technology differences and laws and political systems that can vary immensely from one nation to another. Ex. domino's pizza- easily adaptable product for other countries by swapping out toppings.

Demographics

Statistical characteristics of a population. They are also an important tool that managers can use to study workforce diversity. The change predicted in the future of demographics (due to slow down) can give insight from diversity issues now to the future, for benefit. Between 1995 and 2050 the African American population will double that of the white population. From 2020 the Asian and Pacific Islander race is predicted to be the most fast growing segment. Asian has grown considerably since the change of the century, it then will double by 2020 and triple by 2040, American, Indian, Eskimo, and Aleut will grow, but not as quickly as Asian.

Planning, planning

Step #1 in the Management Functions. ______ involves choosing tasks that must be performed to attain organizational goals, outlining how the tasks must be performed, and indicating hen they should be performed. ________ activity focuses on attaining goals. It is also essential to getting "the right" things done. As well as also focused on short- and long-term goals.

Organizing

Step #2 in the Management Functions. ______ can be thought of as assigning tasks developed under the planning function to various individuals or groups within the organization. Then, it creates a mechanism to put plans into action. People within the organization are given assignments that contribute to the company's goals. Tasks are organized so that output of individuals contributes to departmental success. Leading to a domino effect of it benefitting divisions and soon enough the entire company. This also includes determining tasks and groupings of works and should not be a rigid process. It should be adaptable and flexible to meet challenges as circumstances change.

Influencing

Step #3 in the Management Functions. ______ is another of the basic functions within the management process. This function--also commonly referred to as motivating, leading, directing, or actuating--is concerned primarily with the people within the organizations. Can be defined as "guiding the activities of organization members in appropriate directions". An appropriate direction is any direction that helps the organization move toward goal attainment. The ultimate purpose of ________ is to increase productivity. Human-oriented work situations usually generate higher levels of production over the long term than do task-oriented work situations because people find the latter type less satisfying.

Controlling

Step #4 in the Management Functions. ______ is the management function through which managers: 1. Gather information that measures recent performance within the organization. 2. Compare present performance to pre-established performance standards. 3. From this comparison, determine whether the organization should be modified to meet pre-established standards. *This is an ongoing process. Managers continually gather information, make their comparisons, and then try to find new ways of improving production through organization modification.

Bi-Cultural Stress

Stress of coping with membership in two cultures

Work at Bethlehem Steel Co.

Taylor's study with shoveling material at Bethlehem Steel Co. Taylor observed and experimented through the following questions: 1. Will a first-class worker do more work per day with a shovelful of 5,10,15,20,30 or 40 pounds? 2. What kinds of shovels work best with which materials? 3. How quickly can a shovel be pushed into a pile of materials and pulled out properly loaded? 4. How much time is required to swing a shovel backward and throw the load a given horizontal distance at a given height? He increased worker efficiency by matching shovel size with such factors as the size of the worker, the weight of the materials, and the height and distance the materials were to be thrown. By the end of the third year, Taylor decreased workers from 600-140. Unions did not like this approach because they thought it would lead to less jobs and fewer workers being needed.

Management Skill

The ability to carry out the process of reaching organizational goals by working with and through people and other organizational resources. Critically important because possessing such skills are so critical to the success of an organization, companies mainly focus on possible steps that can be taken to improve the skills of their manager.

Discrimination

The act of treating an issue, person, or behavior unjustly or inequitably on the basis of stereotypes and prejudices. Ex. disabled individual being turned down for a job promotion because the boss feels they are incapable or an elder worker.

Ethnocentrism

The belief that one's own group, culture, country, or customs are superior to those of others. Relative: Prejudice and Stereotypes

Arugments for Social Responsibility

The best argument for begins with the premise that business, as a whole, is a subset of society, one that exerts a significant impact that on the way society exists. It also has the responsibility to help maintain and improve the overall welfare of society. Some argue that businesses should perform activities because profitability and growth go hand in hand with responsible treatment of employees, customers, and the community. Social Responsibility Activities = Greater Organizational Profit *No definite relationship has been noted yet between social responsibility and profitability. (some known as socially responsible companies have actually experienced financial troubles).

Parent Company

The company investing in the international operations

Host Country

The country in which the investment is made.

Sustainability

The degree to which a person or entity can meet its present needs without compromising the ability of other people or entities to meet their needs in the future. Ex. a company draining its excess waste into a stream or river and making it unusable for fishing and swimming, that would be unsustainable. However, if the company purified the waste before dumping it, that would be sustainable.`

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The four functions are interrelated because the performance of one depends on the performance of others. Example: organizing is based on well thought out plans developed during the planning process, and influencing systems must be tailored to reflect both these plans and the organizational design used to implement them. Controlling then involves modifying existing plans, organizational structure, or the motivation system used to develop a more successful effort.

Social Responsibility

The managerial obligation to take action that protects and improves both the welfare of society as a whole and the interests of the organization. Manager must strive to achieve societal and organizational goals. Example: Arch Chemicals creating water treatment chemicals to not only help preserve drinking water for underdeveloped nations, but as well as making a profit (the goal of the organization).

Corporate Entrepreneurship

The process in which an individual or group of individuals in an existing corporation creates a new organization or instigates renewal or innovation within the corporation. Although this typically involves new organization formation, it takes leverage on the parent companies assets, market position, or other resources.

Repatriation

The process of bringing individuals who have been working abroad back to their home country and reintegrating them into the organization's home country operations. This has its own set of adjustment problems because we see people who have lived abroad for a long time (some idealize their homeland and some want to go back to their old life in the foreign country). Managers must express patience--> some of the different cultural habits may be hard to break. Some organizations offer them counseling.

Classical Approach to Management

The product of the first concentrated effort to develop a body of management thought. The writers involved with this study are considered the pioneers of management study. This approach recommends managers continually strive to increase organizational efficiency to increase production. Can be broken down into two distinct areas: lower-level management analysis- Frederick W. Taylor, Frank and Lillian Gilbreth, and Henry L. Gantt-->studying mainly individuals at lower levels of the organization. comprehensive analysis of management--> primary contributor was Henri Fayol--concerns the management function as a whole

Raw Materials

This is one of the organizational resources that is represented by the ingredients used directly in the manufacturing of products. Example: rubber is a _____-_____ that Goodyear would purchase its monetary resources, and use in directly manufacturing tires.

Capital

This is one of the organizational resources that is represented by the machines used during the manufacturing process. Modern machines, or equipment, can be a major factor in maintaining desired production levels. Worn-out or antiquated machinery can make it impossible for an organization to keep pace with competitors.

Human

This is one of the organizational resources that is represented by the people who work for an organization. The skills they possess and their knowledge of the work system are invaluable to managers.

Sales Managers

This type of manager maintains a sales force that markets goods.

Plant Managers

This type of manager runs manufacturing operations that produce the clothes we wear, the food we eat, and the automobiles we drive.

Triple-Bottom Line

Three sustainability gauges (economy, social, and environment) for organizational performance considered collectively are commonly referred to as... Refers to managers that they should build organizations on the focus of achieving sustainability in all three areas. If a company is considered to be lacking in at least one of the three, the company is then lacking in sustainability.

Information Asymmetry

Variation in terms as to which information an individual has access too. Involves both new information and old, and no two people share all this information at the same time. Ex. 2 people might have access to a new market regarding an entrepreneurial objective, however only one individual has access to additional information, meaning someone else may already be moving forward faster.

Angel Investors

Wealthy individuals who provide capital to new companies. May include the entrepreneurs family and friends, but they can also be private individuals who do not know the entrepreneur prior to funding the opportunity.

Increased Productivity

Why Sustainability: Employee productivity, essentially. Increased labor productivity is the most common immediate payoff of sustainability. For example, a workplace, builds itself to include features such as temperature control, clean air, noise control, and appropriate lighting. Workers in such atmospheres have prove to be more productive.

Increased Innovation

Why Sustainability: Such a pursuit often serves as a catalyst for innovation. A by-product of pursuing sustainability is a flood of valuable organizational and technological innovations that help organizations become more successful. Ex. Sam's clubs creation of the new milk-jug. Decreasing the amount of deliveries of milk to stores by 10,000 and increasing shelf-life of the product.

Increased Profit

Why Sustainability: the most-often used reason as to why managers should build sustainable organizations; to make the most profit. Achieving sustainability can even cause for an increase in demand of the product being sold.

Negative Dynamics and Specific Groups

Women, Gender Roles, The Glass Ceiling and Sexual Harrasment, Minorities, and Older Workers

The Role of Management

______ _______ of _________ is to guide organizations towards goal accomplishment. All organizations exist for certain purposes or goals, and managers are responsible for combining and using organizational resources to ensure that their organizations achieve their purposes. Management strives to encourage individual activity that will lead to reaching organizational goals and to discourage individual activity that will hinder the accomplishment of those goals.

Managerial Effectiveness

_______ _______ refers to management's use of organizational resources in meeting organizational goals. If organizations are using their resources to attain their goals, the managers are declared effective. In reality, however, ______ _____ can be measured by degrees. The closer an organization comes to achieving its goals, the more effective its managers are considered. ______ ______ then exists on a continuum ranging from ineffective to effective.

Management Functions

________ _______ are activities that make up the management process

Management

________ is the process of reaching organizational goals by working with and through people and other organizational resources.

Managerial Efficiency

_________ _______ is the proportion of total organizational resources that contribute to productivity during the manufacturing process. The higher this proportion, the more efficient is the manager. The more resources wasted or unused during the production process, the more efficient the manager. Rated on a continuum ranging from inefficient to efficient. Inefficient meaning that a small proportion of total resources contributes to productivity during the manufacturing process. Efficient meaning that a large proportion of resources contributes to productivity.

Managers

_________ influence all phases of modern organizations.

Entrepreneurial Opportunity

an occasion to bring into existence new products and services that allow outputs to be sold at a price greater than their cost of production. They exist when individuals are able to sell new products and services at a price that produces a profits.

Behavioral Approach to Management

emphasizes increasing production through an understanding of people. If managers understand their people and adapt their organization to those people, organizational success will usually follow.