MGMT EXAM 1

controlling

Monitoring, comparing, and correcting work

organizing

determing how to best group activities and resources

can we expect deadlines to be respected

control

in what type of publication do companies summarize their social responsibility efforts and their achievements

corporate social responsibility report

decisions on how to reinvest profits, increase profit margins and to manage tax

financial

an organization's culture often begins with the company's __________-

founder

increased regulation of banks and mortgage lenders regarding the loans they issue

general environment

shifts in economic and political power between countries

general environment

the availability of new forms of energy with less detrimental impact on the environment

general environment

the increasing number of elderly people in the US, Japan, Italy and Germany

general environment

the introduction of tablet computers

general environment

worldwide recession

general environment

interpersonal skills

help managers relate to other; all managers need this

who was associated with admin management

henri fayol

lou is a supervisor at the dairy queen where he focuses on setting employees schedules and traning new employees. What resource is he using

human resources- jobs focused on employee management

resources of management

human, financial, physcial , and information

types of resources of managers

human, physical, financial and information

middle managers

implement policies and plans developed by top managers; supervise and coordinate lower level managers -plant managers, division head, operating manager

management as art

intution, gut reaction, experience, and dynamic

management as science

systematic and logical

infrastructure consists of

telecommunications system

Sarbanes-Oxley Act

the accuracy of corporate financial disclosures

leading

the set of processes used to get members of the organization to work together to further the interests of the organization -incentive program

Theory X and Y (Douglas McGregor)

theory x: workers need strong supervision theory y: capable workers and part of natural lives

first-line managers

those who supervise both workers and the daily operations of an organization office manager

Importing (advantages and disadvantages)

transportation expenses to move product between markets -taxes and tariffs charged to move goods between markets -capitalize on lower labor costs

a resistance to change and ambiguity

uncertainity avoidance

which management perspective is most closely aligned to undustrial pyschology

behavioral management perspective

what benefits shoudl we offer expatriates

organize

chinese

organize gov agencies and arts

romans

organizes trucutre for communication and control

synergy can be thought as a

output

economic dimension

overall health and vitality of economic system (inflation, interest rates, unemployment)

internal environment

ownders board of directors employees physical environment

a high premium on personal relationships

passive goal behavior

soldiering

people performing at slower pace than what capable of doing

should we enter an emerging market

plan

technological dimension

methods available for converting resources into products or services

egyptians

mgmt to construct pyramids

informational roles

monitor: actively seek valuable information disseminator: transmit relevant info to others spokesperson: formally relaying infor to those outside org

controlling

monitoring activites and making corrections; compare exisitng situation and desired to see what needs to be done ex: after reviewing data on a number of stimulus projects are underway, a senator decides which ones she will bote to defund

organizational design

more flexible =handles environments better

competitive rivalry

nature of competitive relationship between dominant firms in the industry

competitors

offering a new service that may make the competitor more attractive to customers

interpesonal skills

positively interact with people in groups or by themselves

perceived equalities in power of people

power tolerance

time management

priority of tasks, delegate works

contemprary millenials

priortize lifestyle and individuality more

If a manager measures which location has the most traffic and includes that information in a model to predict store profits by location, which management perspective is she using

quantitative management-use of mathetmatical models

operations manager may use

quantitiative techniques to manage inventory levels in your reatil sotres or warehouses

physical resources

raw materials, office and production facilities and equipment

history

record of events that happened in the past; learn from experiences of past managers and avoid their mistakes

regulators

regulatory agenices and interest groups

how do governments influence businesses

rely on laws or legislation

how do businesses impact government

rely on lobbying, political action committees, and personal contacts to influence the government

classical management

scientific and administrative

physical environment

sets tone for company

other managers

special managers such as public relations managers, research and devleopment and social media specialist

general environment

economic, technological, sociocultureal, political/legal, international dimensions

classical management is relevant today due to

efficiency, job specializaiton, bureacracies, manufacturing hobs, and organizations functioning in highly stable environment

a reminder to employees that business-casual attire is permitted only on fridays

internal environment

efficiency

using resources wisely and in cost-effecive way; high quality products at low cost

information resources are

usuable data needed to make effective decisions

the hawthorne studies utilized experiments to asses the factors that could influence productivity

yes; changed lighting circumstances; done by elton mayo

organizing

assigning responsibilities for task accomplishment; where to spend money, how organized, and how many assigned to project ex: the manager of a pizza restaurant creates a schedule to determine which emplouees will work on new years eve

history of management used to

avoid the mistakes of others

ongratulations! You and two classmates received an A+ on your group project. As you reflect on the process, you make a list detailing why you worked together so effectively. Which of the following statements relate specifically to the effectiveness of your group?

before starting recsearch you identified themes that professor emphasized in class using the course syllabus the group made checlist of wha tmust be inluded in project

financial resources

capital used to finance ongoing and long term operations

the cultural belief that the needs of the group comes before the needs of the individual

collectivism

utility

does it optimize the best for all

high job satisfaction ratings from current employees

internal environment

finance managers

accounting, cash management, investments

obstructionist

do as little as possible to solve social or environmental problems

Congratulations! You just graduated with a degree in management. As you reflect on your school experience, you make a list of the reasons you were so efficient with your studies. Which of the following statements relate specifically to your efficiency?

-Last year, you reviewed the course schedule to ensure you knew when to enroll in certain electives that are offered only once per year. When registration opened for each term, you immediately registered for the classes you needed, especially the ones that fill up quickly.

arguments for social responsibility

-businesses create problems and should help solve them -corpoarations are citizens in our society -businesses have the resources to solve problems -business is a partner in society

arguments against social responsibility

-businesses lacks expertise in social programs -involvement gives businesses more power -there may be conflicts of interest -business exists to generate profit for the owners

If you decide to give a presentation on quality, which topics might you include?

-competive advantage -positive relationships between quality and productivity -tendency for quality improvements to lower cost

which of the following statements about culture are true

-cultural problems can arise when two companies with different cultures merge -a major way to shape culture is by bringing outsiders into important leadership positions -culture can be maintained by rewarding and promoting people whose behaviors are desired

Frederick Taylor steps of scientific management

-develop a science for each element to replace old rules scientfically select employees and train to do the job as described supervise employees to make sure they follow prescribed methods -continue to plan the work but use workers to get work done

Congratulations! You received an A+ on the final exam in your Principles of Management class. You were busy this semester and had to be very efficient with your study time. So you can perform similarly next semester, you made a list detailing why you were so efficient with your study time. Which of the following statements relate specifically to your efficiency?

-made flashcars with key terms for each chapter so you can study for a few minutes while waiting for bus line -complete MC to distiguish topics need to study more -woke up 30 min early and got in habit of readin at least 10 pages daily

middle manager example

division head, plant manager, operations manager; coordinate work of all departments in a divison

defensive stance

do only what is legally required

organizing news reports and press releases as they come out is handling

information resources

steps in scientific management

(1) develop a science for each element of the job to replace old rule-of-thumb methods, (2) scientifically select employees and then train them to do the job as described in step 1, (3) supervise employees to make sure they follow the prescribed methods for performing their jobs, (4) continue to plan the work, but use workers to get the work done.

Information Management

-boundary spanners is employee that interacts with those outside -environmental scanning: keeping an eye on environments -infrmation systems: compile and arrange pertinent data

decisional roles

-entrepreneur: voluntarily iniating change within the org -distubrance handler: addressing problems like strikes, copyright, public relations resource allocator: how resource will be distributed negotiator: serving as a rep of company in external and internal negotations

interpersonal roles

-figurehead: cermonial and symbolic -leader: responsible for hiring, training and motivating employees -liason: responsible for linking different groups and people

If you decide to give a presentation on ethics and social responsibility, which topics might you include?

-making contributions to commmunity groups -reducing carbon footprint -train employees in cultureal sensitivity so they can work well with people in other countries

managing culture

-must first understand it -tread carefully when decing to change or keep -mergers or rival groups leads to issues -introducing outsiders into key managerial roles is essential to change

You've worked for several years in a department where most employees had recently graduated from college. Tomorrow, however, you start a new position, and most of your coworkers will be nearing retirement age. Based on research findings about people of the Baby Boomer generation, what attitudes can you expect your new colleagues to hold

-tend to believe that hard work and sacrifice should be rewarded -tend to place work at center of lives -tend to feel loyal to org

according to most management researchers, the modern study of management originated in which century

19th century

Operations Management

The management of systems or processes that create goods and/or provide services -queing, break even analysis and simulations

mergers and acquisitions

Two companies with distinct cultures are merged to form a new culture.

what org seeks to promote international trade for all nations

World trade org (WTO)

task environment

competitors, regulators, customers, strategic partners, suppliers

an organization is

a group of people workign together in structured and coordinated fashion to achieve a set of goals

diagnostic skills

ability to assess and analyze situations and then propose and formulate solutions

conceptual skills

ability to think and reason abstractly adn to see overall patterns, trends, and processes especially within an org

communications skills

ability to transmit information and concepts and to listen and receive from others

technical skills

ability to understand the specific work done in an org

threat of substitute products

alternative products or services may supplant or diminish need for toher

strategic partners

an organization working together with one or more other organizations in a joint venture or similar arrangement

customers

anoyone who spends money to buy products or services from an org

organizational behavior

assume that human behavior is very complex and draws from various academic perspectives

direct influence

become own supploer, change prices, create new products, lobby

quantitative

begain in WWII

robert owen

believed in treating workers iwth dignity and respect and this would increase productivity; improved conditions, raised min working age, meals for employees

theory

conceptual framework for organzing knowledge and providing blueprint for action

operations managers

creating and managinf systems that create an org's products and systems

increase diversity and multiculturalism

changing demographics; increased awareness of diversity increasing quality of workforce; legislation and legal action; globalization movement

boards of directors

chosen by stockholders to oversee general managemetn

suppliers

companies that provide material, human, financial, and informational resources to other companies

competitors

compete with org for resources (customers money), substitutes

sociocultural dimension

customs, morals, values and demograhic characteristics of the society in which org functions

henry gantt

developed the Gantt chart to measure and plan work

systems persepctive and contingency create

effective and efficienct management with integrative framework

Tanya specializes in making invitations for children's parties. Because she is using an old, worn-out printer, about half of the invitations must be thrown away due to smeared ink. It is fortunate that Tanya can still fulfill her orders, because she cannot afford to buy a new printer for at least 6 months. Tanya i

effective but not efficient

frank wants to run a marathon in less than 3 hours. he made a scheudle that allows hi to spend minimnum time but not improving

efficient but not effective

A local freight company frequently dispatches trucks that are half full and the crates are often missing their address labels. The company isneither

efficient nor effective

Tyler developed a schedule so he can spend the minimum amount of time studying for school and still get good grades. Tyler is following the schedule, but is not getting the desired grades

effiient but not efective

gilbreths

eliminate inefficincy

hawthorne studies

elton mayo -changes to environment of employees did not have lasting effects but productivity changed because of being looked at -important of employees themselves rather than conditions or job itself

behavioral management perspective

emphasis on individual attitudes and behaviors

Power of Buyers

extent to which buyers influence market rivals

threat of new entrants

extent to which new competitors can easily enter a market or market segment

Power of Suppliers

extent to which suppliers influence market rivals

management science

focuses on using mathematics to aid in problem solving and decision making

charles babbage

forerunner of classical and quantitative management; divison of labor, application of math, ex

scientific management

fred taylor; soldiering; outlined the most efficient way of doing each part of task -maximize efficiency like assembly lines

administrative

generalists; familiarity in all ex: hospital admin

accommodative stance

meet legal and ethical obligations and do more on a case by case basis

political legal

gov regulation of business and relationship btwn business and gov -political stability -pro or anit business

yuppies

highly motivated professionals in the 80s that valued work

human resources

hiring and developing employees

owners

hold legal property rights to a business are its owners

Target has posted a job description for the following open position: Selecting prospective employees from submitted résumés and job applications; supervising staff; serving as liaison with managerial staff and other colleagues. Which type of organizational resource will this job manage?

human- managers who plan and make decisions regarding people in org

leading

influence to motivate people to achieve company goals ex: the chairman of large retailer announces that she may find investors to buy company to save it

a company adopting an open plan design for the workstations in its new office

internal environment

a manager's policy of letting employees have friday afternoons off during the summer

internal environment

employees ability to choose among several types and styles of desk chairs

internal environment

one employee telling another "its just the way we do things around here-it's our organizational culture "

internal environment

international dimension

involved or affected by businesses in other countries

rate of change and degree of homogeniety (segmentation and elements ) make up

level of uncertainity

strategic response

maintaining the status quo, altering the current strategy, or adopting a new strategy

effectiveness

making the right decisions and implementing them successfully

human resources

managerial talent and labor

administrative management

managing and structuring an organization for more efficient operations bureacracy HENRI FAYOL: four functions of management

decision making skills

measure relative value of different solutions and select one

contingency perspective

suggests that appropriate managerial behavior in a given situation depends on, or is contingent on, unique elements in a given situationl ; not just one answer (universal perspective)

entropy

system decline without interference and intervention

for a public university, the pool of new PhD graduates seeking jobs as professor

task environment

for caterpillar, a heavy equipment manufacturer, an unanticipawted jump in their supplier charge for steel

task environment

limitations of classical

too simple and stable; not enough individual welfare into acocunt

babylonians

used extensive set of laws and policies for governance

sumerians

used written rules and regulations for governance

employees

want more job owenership; increased reliance on temps due to flexibility; labor unions

corporate governance

who is accountable for overseeing a company's operations

human relations movement

workers respond primarily to social context of the worplace -theory x and theory y

Mainstreet Collection is a producer and wholesaler of gift items and soft goods. Located in Washington, NC, it sells its goods to more than 100 retailers in the United States. To keep the price of goods low, manufacturing is outsourced to facilities in China. What level of international activity best describes Mainstreet Collection?

international business: one that is based primarily in a single country but acquires one or more meaningful resources in other countries

almart has posted a job description for an open position focused on the following responsibilities: managing the merchandising of new products in the appropriate store areas; selecting appropriate shelving and display materials throughout the store; identifying needed store repairs. Which type of organizational resource will this job manage

physical

how strong is the infrastrucutre in our prospective markets

plan

what characteristic of high potential/high growth economies

population size

systems perspective

sandwich=output -vegetable prep=transformative audience baking=transformative process garbage=output yelp reviews- feeback bread-input repeat customers-feedback

proactive

seek opportunities to contribute to society

planning/decision making

selecting goals and how to attain them; predict what is happening in the future; creating a budget ex: The new CEO of an online music company determines that the company will continue selling subscription services, but it will also design a website that appeals to nonsubscribers.

marketing manager

sell product and work in new product development, promotion and distribution

largest GDP contributor in US

service

management can be defined as

set of activities including planning, controlling, organizing, and leading directed at an org's resources with the aim of achieving organizational goals in efficient and effective manner

top managers

small group of execs who manage the overall org; create goals, overal strategy, and operating policies -vice presidents, CEO , CFO

planning and decision making

setting orgs goals and deciding how best to achieve them; decision making: involves setting a course of action from a set of alternatives

When a company expands internationally, it may lack knowledge of the other country's laws and customs; therefore, it may enter into a joint venture with a ________________ who can provide this information.

strategic partner

auditors from the internal revenue service (IRS) sent to review a company's tax records

task environment