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