MGMT 303 Study Guide
What is Shared value and sustainable development?
A contemporary approach to management that looks beyond short-term profits and focuses on the environmental and social costs of doing business. In 1995, Harvard Professor Michael Porter argued that sustainability "can trigger innovations that lower the total cost of a product or improve its value...making companies more competitive, not less".
What is a flaw in the classical viewpoint?
A flaw in the classical viewpoint is that it is mechanistic: It tends to view humans as cogs within a machine, not taking into account the importance of human needs.
What was the Human Relations Movement?
A movement that proposed that better human relations could increase worker productivity
What is Complexity theory (systems viewpoint theory)?
the study of how order and pattern arise from very complicated, apparently chaotic systems. Complexity theory recognizes that all complex systems are networks of many interdependent parts that interact with each other according to certain simple rules. This is the ultimate open system.
What is globalization?
the trend of the world economy toward becoming a more interdependent system
What does Management mean?
Defined as the pursuit of organizational goals efficiently and effectively by integrating the work of people through planning, organizing, leading, and controlling the organization's resources. Management is the "art of getting things done through people". Managers are task oriented, achievement oriented, and people oriented.
What is management?
Defined as the pursuit of organizational goals efficiently and effectively by integrating the work of people through planning, organizing, leading, and controlling the organization's resources. Management is the "art of getting things done through people". Managers are task oriented, achievement oriented, and people oriented.
Why was the Gilbreth's contribution to scientific management important?
The Gilbreths are important because they reinforced the link between studying the physical movements in a job and workers' efficiency. Today, as manufacturing companies look to automate production processes, Gilbreth's management principles are used to increase efficiency.
Why was Elton Mayo's contributions to the Behavioral Viewpoint important?
The Hawthorne studies were important, even though they were faulted, because they succeeded in drawing attention to the importance of "social man" (social beings) and how managers using good human relations could improve worker productivity. This led to the human relations movement in the 1950s and 1960s.
Why is the systems viewpoint important?
The systems viewpoint is important because history is full of accounts of products that failed due to closed systems. Open systems stress multiple feedback from both inside and outside the organization, resulting in a continuous learning process to try to correct mistakes.
What is the classical viewpoint?
Originating in the early 1900s, emphasized finding ways to manage work more efficiently. It assumes that people are rational. The classical viewpoint had two branches - scientific and administrative.
By adopting the systems viewpoint, how can an organization be visualized?
1) A collection of Subsystems - parts making up the whole system. 2) A part of the larger environment.
What is CSR contracting?
The linking of executive compensation to CSR criteria such as environmental and social performance.
What did Mintzberg observe about work behavior in the managers he studied?
1) A manager relies more on verbal than on written communication 2) A manager works long hours at an intense pace 3) A manager's work is characterized by fragmentation, brevity, and variety.
Who were the proponents of Administrative Management?
The pioneering theories for administrative management were Charles Clinton Spaulding, Henri Fayol, and Max Weber.
What practices are considered high-performing work practices?
1) Ability-Enhancing Practices: Formal selection tests, structured interviews, hiring standards or selectivity, high pay, and training opportunities. 2) Motivation-Enhancing Practices: Providing rewards based on individual and group performance and use of formal performance evaluation systems and merit-based promotion systems. 3) Opportunity-Enhancing Practices: Employee involvement via formal participation processes, ongoing communication and information-sharing practices, and autonomy in making work-related decisions.
Why do businesses expand internationally?
1) Availability of supplies 2) New markets 3) Lower Labor costs 4) Access to finance capital 5) Avoidance of Tariffs and Import Quotas
What did Charles Spaulding contribute to Administrative Management and why were his contributions important?
- Charles Spaulding proposed eight "necessities" of management. These necessities went beyond the task orientation of scientific management, thereby broadening the view of what it takes to effectively manage people and organizations, which is why Spaulding is important. - Spaulding suggested considerations such as the need for authority, division of labor, adequate capital, proper budgeting, and cooperation and teamwork were essential for smooth organizational operations (these are some of the 8 necessities). - Spaulding was the first to highlight the need to enrich "the lives of his organizational and community family" while simultaneously focusing on making a profit.
What did Frank and Lillian Gilbreth contribute to scientific management?
- Frank and Lillian Gillbreth believed in identifying the basic motions workers need to do a job, and focusing on doing those motions in order to eliminate unnecessary motion and reduce fatigue, thereby increasing productivity. - The Gilbreths expanded on Taylor's motion studies by using movie cameras to film workers in order to isolate specific parts of a job.
What did Max Weber contribute to Administrative Management?
- Max Weber believed bureaucracy was a rational, efficient, ideal organization based on principles of logic. - Weber felt that a well performing organization should have 5 positive bureaucratic features: - A well-defined hierarchy of authority. - Formal rules and procedures. - A clear division of labor, with parts of a complex job being handled by specialists. - Impersonality, without reference or connection to a particular person. - Careers based on merit.
What is the systems viewpoint?
- Sees organizations as a system, either open or closed, with inputs, outputs, transformation processes, and feedback. The systems viewpoint has led to the development of complexity theory, the study of how order and pattern arise from very complicated, apparently chaotic systems. - People are complicated and organizations are more complex than ever before. In order to better understand the complexity surrounding today's businesses, we need to break down organizations into separate, but interrelated parts. This is best done using the systems viewpoint of management.
What is the difference between McGregor's Theory X and Theory Y?
- Theory X: a pessimistic, negative view of workers. In this view workers are considered to be irresponsible, to be resistant to change, to lack ambition, to hate work, and to want to be led rather than to lead. - Theory Y: an optimistic, positive view of workers as capable of accepting responsibility, having self-direction and self-control, and being imaginative and creative. This is a human-relations outlook.
What are the 7 challenges to being an exceptional manager?
1) Challenge #1: Managing For Competitive Advantage - Staying Ahead of Rivals (being responsive to customers, innovation, quality, and efficiency) 2) Challenge #2: Managing For Technological Advances 3) Challenge #3: Managing For Inclusion and Diversity - The Future Won't Resemble the Past 4) Challenge #4: Managing for Globalization - The Expanding Management Universe 5) Challenge #5: Managing for Ethical Standards 6) Challenge #6: Managing for Sustainable Development - The Business of Green 7) Challenge #7: Managing for Happiness and Meaningfulness
How to promote ethical behavior?
1) Creating a Strong Ethical Climate- Ethical Climate represents employees' perceptions about the extent to which work environments support ethical behavior.- Managers can promote ethical climates through the policies, procedures, and practices that are used on a daily basis. 2) Screening Prospective Employees 3) Instituting Ethics Codes and Training ProgramsCode of Ethics consists of a formal written set of ethical standards guiding an organization's actions.Most codes offer guidance on how to treat customers, suppliers, competitors, and other stakeholders. 4) Rewarding Ethical Behavior: Protecting Whistle-Blowers- Whistle-Blower is an employee, or even an outside consultant, who reports organizational misconduct such as health and safety violations, waste, corruption, or overcharging of customers, to the public.
Why is it important to discuss decision making with internal stakeholders?
1) Effective strategy execution will not occur unless the company culture supports and is aligned with the goal of getting quality work done in a timely manner. 2) Top managers can't just announce a new strategy to lower level managers, they need to sell it to them, convince them its best for the company. If they don't do this there might be resistance for the change in the company.
What are the three types of organizations managers work for?
1) For-Profit Organizations: For Making Money. 2) Non-Profit Organizations: For Offering Services. Managers here are known as administrators. 3) Mutual-Benefit Organizations: For Aiding Members
What are the two types of managers?
1) Functional Managers are responsible for only one organizational activity. 2) General Managers are responsible for several organizational activities.
What are the five ways of expanding internationally (from least to greatest risk)?
1) Global outsourcing 2) Importing, Exporting, and Countertrading 3) Licensing and Franchising 4) Joint Ventures 5) Wholly owned subsidiaries
What are the four parts of a system?
1) Inputs - the people, money, information, equipment, and materials required to produce an organization's goods or services. Whatever goes into a system is an input. 2) Transformational processes - the organization's capabilities in management, internal processes, and technology that are applied to converting inputs into outputs. The main activity of the organization is to convert inputs into outputs. 3) Outputs - the products, services, profits, losses, employee satisfaction or discontent, and the like that are produced by the organization. Whatever comes out of the system is an output. 4) Feedback - information about the reaction of the environment to the outputs that affects the inputs. Are the customers buying or not buying the product? That information is feedback.
What are the roles managers must play?
1) Interpersonal Roles - refer to the managers interacting with people inside and outside of their work units. The three interpersonal roles include figurehead, leader, and liaison. 2) Informational Roles - refers to managers receiving and communicating information with other people inside and outside the organization. The three informational roles include monitor, disseminator, and spokesperson. 3) Decision Roles - refers to managers using information to make decisions to solve problems or take advantage of opportunities. The four decision-making roles are entrepreneur, disturbance handler, resource allocator, and negotiator.
What are the negatives of a global economy?
1) Job loss due to outsourcing 2) Threats to information security because data must be shared 3) Loss of control over quality and standards because products or components are made hundreds or thousands of miles away 4) Hidden or unanticipated costs that can offset some of the savings expected from moving manufacturing to countries with low labor costs. 5) Nations that depend on one another can be affected economically when one suffer economically.
Various Trade Agreements
1) NAFTA - The North American Free Trade Agreement (NAFTA) is a treaty entered into by the United States, Canada, and Mexico; it went into effect on January 1, 1994. 2) USMCA - United States-Mexico-Canada Agreement. A new version of NAFTA. 3) European Union - An alliance among 27 European Nations designed to remove trade barriers 4) Asian Pacific Economic Cooperation - A trading bloc between 21 Pacific Rim countries, most with Pacific coastline, including the U.S., Canada, and China. 5) Association of South East Asian Nations - A trading block between 10 countries in Asia. 6) Mercosur - the largest Latin American trade agreement; includes Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, Uruguay, and Venezuela 7) Central American Free Trade Agreement - Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and the U.S. 8) Trans-Pacific Partnership - A trade agreement among 11 Pacific Rim countries.
What are the four functions of management?
1) Planning - setting goals and deciding how to achieve them. 2) Organizing - arranging tasks, people, and other resources to accomplish the work. 3) Leading - you motivate, direct, and otherwise influence people to work hard to achieve the organization's goals. 4) Controlling - you monitor performance, compare it with goals, and take corrective action as needed.
What are the nine cultural dimensions of the globe?
1) Power distance - how much unequal distribution of power should there be in organizations and society? 2) Uncertainty avoidance - how much should people rely on social norms and rules to avoid uncertainty? 3) Institutional collectivism - how much should leaders encourage and reward loyalty to the social unit? 4) In-group collectivism - how much pride and loyalty should people have for their family or organization? 5) Gender egalitarianism - How much should society maximize gender role differences? 6) Assertiveness - How confrontational and dominant should individuals be in social relationships? 7) Future Orientation - How much should people delay gratification by planning and saving for the future? 8) Performance Orientation 9) Humane Orientation
Tactics for having courage to be ethical in workplace
1) Practice in a Low-Risk Setting - start practicing ethical behavior in an environment that is low risk, so you won't face backlash. 2) Plan for an Endurance Event - practice being ethical on numerous occasions before doing so at work. This will emotionally insulate you from any resistance you will experience by being ethical. 3) Rely on Self-Regulation after the Act of Courage: - Self-Affirmation: think about your past accomplishments, they will cause you to be positive. - Self-Compassion: focus on what you can learn from the experience rather than the lack of organizational support. - Social Support: Share your difficulties with others who support you when you experience difficult times during your ethical stance.
What skills do managers need?
1) Technical Skills - consist of the job-specific knowledge needed to perform will in a specialized field. 2) Conceptual Skills - consist of the ability to think analytically, to visualize an organization as a whole and understand how the parts work together. Conceptual skills are more important as you move up the management ladder, particularly for top managers, who must deal with problems that are ambiguous but that could have far-reaching consequences. 3) Human Skills - consist of the ability to work well in cooperation with other people. Soft skills.
What are the benefits of a global economy?
1) The Internet, high-speed travel, and other innovations have lessened the "friction of distance", shrinking the world and eliminating borders. 2) Faster technological improvements 3) Cheaper manufacturing 4) Electronic transfers are allowing increased investment in foreign economies (developing countries) 5) Foreign firms are investing in the United States. 6) Small companies can get started more easily (people can easily ell on etsy, shopify, poshmark, etc.) 7) Small companies can maneuver faster in terms of time and distance, giving them an advantage over larger companies.
Approaches for deciding ethical dillemma
1) The Utilitarian Approach: For the Greatest Good- Ethical Behavior in this approach is guided by what will result in the greatest good for the greatest number of people.- Managers often take the utilitarian approach, using financial performance - such as efficiency and profit - as the best definition of what constitutes "the greatest good for the greatest number". 2) The Individual Approach: For Your Greatest Self-Interest Long Term, which Will Help Others- Guided by what will result in the individual's best long-term interests, which ultimately are in everyone's self-interest.- The flaw here, however, is that one person's short-term self gain may not, in fact, be good for everyone in the long term. 3) The Moral-Rights Approach: Respecting Fundamental Rights Shared By Everyone- Guided by respect for the fundamental rights of human beings, such as those expressed in the U.S. Constitution's Bill of Rights. 4) The Justice Approach: Respecting Impartial Standards of Fairness- Guided by respect for impartial standards of fairness and equity.- Are organization policies administered impartially and fairly regardless of gender, age, sexual orientation, and the like?
What three elements collapsed time and distance?
1) The rise of the "global village" and electronic commerce. 2) The world becoming one market instead of many national ones. 3) The rise of both megafirms and Internet-enabled minifirms worldwide.
What are the two parts of the external environment?
1) The task environment - Consists of customers, competitors, suppliers, distributors, strategic allies, employee associations, local communities, financial institutions, government regulators, and special-interest groups. (Can be controlled by management). 2) The general environment - Consists of economic, technological, sociocultural, demographic, political-legal, and international forces. (Cannot be controlled by management).
What are the four levels of management?
1) Top managers - make long-term decisions about the overall direction of the organization and establish the objectives, policies, and strategies for it. They need to pay attention to the outside environment, be alert for long-run opportunities and problems devising strategies for dealing with them. CEO, CFO, Presidents, and Vice Presidents of companies are top managers. 2) Middle managers - implement the policies and plans of the top managers above them and supervise and coordinate the activities of the first-line managers below them. Plant managers, district managers, and regional managers are some examples of middle managers. 3) First-Line managers - make short-term operating decisions, directing the daily tasks of non-managerial personnel, who are, of course, all those people who work directly at their jobs but don't oversee the work of others. Department heads, foreperson, or supervisor - clerical supervisors, production supervisors, research supervisors, and so on, are some examples of line managers. 4) Team Leaders - facilitate team members' activities to help teams achieve their goals. In other words, team leaders see to it that their team members have everything they need to be successful. 5) Nonmanagerial Employees - either work alone on tasks or with others on a variety of teams. They do not formally supervise or manage other people, and they are the bulk of a company's workforce.
What are the 6 practical reasons for studying management theory?
1) Understanding of the present: Understanding history will help you understand why some practices are still favored, whether for right or wrong reasons. 2) Guide to action: Good theories help you make predictions and enable you to develop a set of principles that will guide your actions. 3) Source of new ideas: It can provide new ideas that may be useful to you when you come up against new situations. 4) Clues to the meaning of your managers' decisions: It can help you understand your firm's focus, where the top managers are "coming from". 5) Clues to the meaning of outside events: It may allow you to understand events outside the organization that could affect it or you. 6) Producing positive results: It can help you understand why certain management practices have been so successful for many firms.
What are the benefits of being a manager?
1) You and your employees can experience a sense of accomplishment. 2) You can stretch your abilities and maximize your range. 3) You can build a catalog of successful products or services. 4) You can become a mentor and help others.
What are the benefits of studying management?
1) You will have an insider's understanding of how to deal with organizations from the outside. 2) You will know from experience how to relate to your supervisors. 3) You will better interact with coworkers 4) You will be able to manage yourself and your career. 5) You might make more money
What is supply chain?
Another function of management that is focused on the process of creating the product, starting with designing and obtaining raw materials for physical goods or technology for services and going all the way through delivery to customers' hands, and sometimes even beyond to responsible disposal or recycling.
What is scientific management?
Applied the scientific study of work methods to improving the productivity of individual workers. It was used in the expansive economy of the early 20th century, to raise the productivity of workers, during a time of labor shortages. Concerned with the job of individuals.
What did Abraham Maslow contribute to the Human Relations Movement?
As a practicing psychologist, Maslow discovered that his patients had certain innate needs that had to be satisfied before they could reach their fullest potential. Based on these observations, he proposed his famous hierarchy of needs in 1943. As a humanist, Maslow advocated for employees to be the best they can be (reach self-actualization). Proposed that better human relations could increase worker productivity.
Why were Follet's contributions to the Behavioral Viewpoint important?
Follet is important because she anticipated some of today's concepts of "self-managed teams", "worker empowerment", and "interdepartmental teams" - that is members of different departments working together on joint projects.
What is the idea behind the total quality management component of the quality-management viewpoint?
Comprehensive approach dedicated to continuous quality improvement, training, and customer satisfaction. Proponents of this idea are W. Edwards Deming and Joseph M. Juran. Elements of TQM: 1) Make continuous improvement a priority 2) Get every employee involved 3) Listen to and learn from customers and employees 4) Use accurate standards to identify and eliminate problems.
What is an open system (systems viewpoint theory)?
Continually interacts with its environment. Today nearly all organizations are, at least to some degree, open systems rather than closed.
What is the difference between effective and efficient?
Effective - to achieve results, to make right decisions, and to successfully carry them out so that they can achieve the organization's goals. Efficient - using the resources - people, money, raw materials, and the like-wisely and cost-effectively.
What did Elton Mayo and his colleagues contribute to the Behavioral Viewpoint?
Elton Mayo and his colleagues hypothesized what came to be known as the Hawthorne Effect, the idea that employees worked harder if they received added attention, if they thought managers cared about their welfare, and that supervisors paid special attention to them.
What is the behavioral viewpoint?
Emphasized the importance of understanding human behavior and of motivating employees toward achievement.The behavioral viewpoint developed over three phases: 1) Early Behaviorism 2) The Human Relations Movement 3) Behavioral Science.
What is the contingency viewpoint?
Emphasizes that a manager's approach should vary according to the individual and environmental situation. The contingency viewpoint developed when managers began discovering that under some circumstances better results can be achieved by changing the "one approach fits all" mentality.
What did Henri Fayol contribute to Administrative Management and why were his contributions important?
Henri Fayol was the first to systemize management behavior. He is important because he was the first to identify the major functions of management - planning, organizing, leading, and controlling, as well as coordinating.
What is Administrative Management?
Focuses on managing the total organization
What is the idea behind the quality assurance component of the quality-management viewpoint?
Focuses on the performance of workers, urging employees to strive for "zero defects".
What did Frederick Taylor contribute to scientific management?
Frederick Taylor was known as "the father of scientific management". Taylor was an engineer from Philadelphia who believed managers could improve workers' productivity by applying four principles of science: 1) Evaluate a task by scientifically studying each part of it. This leads to the establishment of realistic performance goals for a job. 2) Carefully select workers with the right abilities for the task. 3) Give workers the training and incentives to do the task with the proper work methods. 4) Use scientific principles to plan the work methods and ease the way for workers to do their jobs. Taylor based his system of motion studies, in which he broke down each worker's job into basic physical motions and then trained workers to use the methods of their best-performing co-workers. Taylor suggested employers institute a differential rate system, where more efficient workers earned higher rates of pay.Taylor also suggested setting performance goals for employees.
Who were the proponents of scientific management?
Frederick W. Taylor and the team of Frank and Lillian Gillbreth.
What are the benefits of corporate governance?
Good corporate governance can contribute to more ethical and socially responsible organizations. CEO accountability, board composition, and CSR contracting are important governance factors for organizations and their boards to consider.
What is a closed system (systems viewpoint theory)?
Has little interaction with its environment; that is, it receives very little feedback from the outside. The Classical Management viewpoint often considered an organization a closed system.
What are the various management viewpoints?
Historical Perspectives 1) Classical Viewpoint (1911-1947): Scientific and Administrative Management 2) Behavioral Viewpoint (1913-1950s): Behaviorism, Human Relations, and Behavioral Science 3) Quantitative Viewpoints (1940s-1950s): Operations Management and Management Science Contemporary Perspectives 4) Systems Viewpoint 5) Contingency Viewpoint 6) Contemporary Approaches: The Learning Organization, High-Performance Work Practices, and Shared Value and Sustainable Development OR 6) The Quality-Management Viewpoint: Quality Control, Quality Assurance, and Total quality management.
What did Hugo Munsterberg contribute to the behavioral viewpoint?
Hugo Munsterberg Harvard University Psychologist, who in 1892, proposed that psychologists could contribute to industry in three ways: - Study jobs and determine which people are best suited to specific jobs. - Identify the psychological conditions under which employees do their best work. - Devise management strategies to influence employees to follow management's interests.
What did Douglas McGregor contribute to the Human Relations Movement?
In 1960, McGregor, a college president at the time, suggested that it was not enough for managers to be liked; they also need to be aware of their attitudes toward employees. He categorized these attitudes under Theory "X" or "Y".
What did Mary Follet contribute to the behavioral viewpoint?
Instead of following the usual hierarchical arrangement of managers as order givers and employees as order takers, Follet thought that organizations should become more democratic, with managers and employees working cooperatively Follet proposed the following ideas: - Organizations should be operated as "communities" with managers and subordinates working together in harmony. - Conflicts should be resolved by having managers and workers talk over differences and find solutions that would satisfy both parties - a process Follet called integration. - The work process should be under the control of workers with the relevant knowledge, rather than of managers, who should act as facilitators.
Why are McGregor and Maslow's contributions to the Human Relations Movement important?
McGregor and Maslow's ideas are important today because they show that employee dissatisfaction can lessen worker productivity.
Why is operations management important?
Operations management is important because it ensures that business operations are efficient and effective.
What are high-performance work practices?
Practices that require investment and effective implementation of human resource systems. It is a viewpoint that emphasizes human resource (HR) practices that foster employees' ability, motivation, and opportunity to contribute, and thus improve an organization's ability to effectively attract, select, hire, develop, and retain high-performing personnel.
What do Pfeffer and Sutton think about Evidence-based Management?
The proponents of Evidence-based Management Jeffrey Pfeffer and Robert Sutton, believe learning to make managerial decisions based on evidence - facing the hard facts about what works and what doesn't - is the approach that will help organizations perform better.
Who are the proponents of Evidence-based Management?
The proponents of Evidence-based Management are Jeffrey Pfeffer and Robert Sutton
What is the idea behind the quality control component of the quality-management viewpoint?
Strategy for minimizing errors by managing each state of production. Proponent of this idea is Walter Shewart.
Why is Taylorism important?
Taylorism is important because the principles of scientific management can enhance productivity, and innovations like motion studies and differential pay are still used today.
Why are theory X and theory Y principles important?
The Theory X and Theory Y principles are important today because they help managers understand how their beliefs affect their behavior. Theory X thinking, for instance, can lead to micromanagement, which could decrease worker satisfaction, lessening productivity.
What is quantitative management?
The application of quantitative techniques, such as statistics and computer simulations, to management.
Why is the contingency viewpoint important?
The contingency viewpoint is important because it is the most practical viewpoint. It addresses problems on a case-by-case basis and provides solutions specific to a certain situation or dilemma.
Why is the classical viewpoint important?
The importance of the classical viewpoint is in the fact that it shows the application of scientific methods, time and motion studies, and job specialization is possible to boost productivity. Also, work was amenable to a rational approach. The classical viewpoint also led to the development of management by objectives and goal setting.
Who were the proponents of the Human Relations Movement?
The theorists who contributed the most to the Human Relations Movement were Abraham Maslow and Douglas McGregor.
Who were the proponents of the behavioral viewpoint during early behaviorism?
The three people who pioneered behavioral theory were Hugo Munsterberg, Mary Parker Follet, and Elton Mayo. They were in the early behaviorism phase.
What are the two approaches of quantitative management?
Two approaches of quantitative management are operations management and management science.
Why were Weber's contributions to Administrative Management important?
Weber was important because his ideas influenced the structure of large corporations like the Coca-Cola Company.
What is Behavioral Science?
a management approach that relies on scientific research for developing theories about human behavior that can be used to provide practical tools for managers. This management approach came to be because the human relations ideas became too simplistic for practical use.
What is social responsibility?
a manager's duty to take actions that will benefit the interests of society as well as of the organization.
What is a system?
a set of interrelated parts that operate together to achieve a common purpose.
What is a social audit?
a systematic assessment of a company's performance in implementing socially responsible programs, often based on predefined goals. Used to measure a company's triple bottom line.
What responsibility does the triple bottom line place on organizations?
an organization has a responsibility to its employees and to the wider community (people); is committed to sustainable development (planet); and includes the costs of pollution, worker displacement, and other factors in its financial calculations (profit), matters high in the minds of many of today's consumers.
What is management science?
focuses on using mathematics to aid in problem solving and decision making
What is the quantitative viewpoint?
emphasize the application of quantitative techniques, such as statistics and computer simulations, to the practice of management.
Who are internal stakeholders?
employees, owners, and the board of directors.
What is Evidence-based management?
entails translating principles based on best evidence into organizational practice, bringing rationality to the decision-making process. Research should follow the scientific method: - observe events and gather facts - Pose a possible solution or explanation based on those facts. - Make a prediction of future events. - Test the prediction under systematic conditions.
What are the three attitudes towards international management?
ethnocentric managers - managers that believe that their native country, culture, language, and behavior are superior to all others polycentric managers - Managers that take the view that native managers in the foreign offices best understand native personnel and practices, and so the home office should leave them alone geocentric managers - Managers that accept that there are differences and similarities between home and foreign personnel and practices and that they should use whatever techniques are most effective
What is operations management?
focuses on managing the production and delivery of an organization's products or services more effectively. It governs managers' decisions about how to increase productivity and efficiency, as well as how to achieve the highest possible quality of goods and services. Concerned with work scheduling, production planning, facilities location and design, and optimum inventory levels. Supply chain is part of operations management.
Why was Munsterberg's contributions to behavioral viewpoint important?
his ideas led to the field of industrial psychology, the study of human behavior in workplaces, which is still taught in colleges today.
What is the difference between a multinational organization and a multinational corporation?
multinational corporation - business firm with operations in several countries multinational organization - nonprofit organization with operations in several countries
What are learning organizations?
organizations that actively create, acquire, and transfer knowledge within themselves and are able to modify their behavior to reflect new knowledge. - Creating and Acquiring Knowledge: In learning organizations, managers try to actively infuse their organizations with new ideas and information, which are the prerequisites for learning. - Transferring Knowledge: Individual managers should actively work to transfer knowledge throughout the organization, reducing barriers to sharing information and ideas among employees. - Modifying Behavior: Learning organizations are nothing if not results oriented. Managers should make sure the learning or training opportunity meets a real employee or organizational need.
What are the disciplines of behavioral science?
psychology, sociology, anthropology, and economics.
What is the triple bottom line?
represents people, planet, and profit; measures an organization's social, environmental, and financial performance
What is culture?
shared set of beliefs, values, knowledge, and patterns of behavior common to a group of people
What are values?
the relatively permanent and deeply held underlying beliefs and attitudes that help determine a person's behavior, such as the belief that "fairness means hiring according to ability, not family background". Values and Value Systems are the underpinnings for ethics and ethical behavior.
What are ethics?
the standards of right and wrong that influence behavior. These standards vary among countries and among cultures.
What is synergy (systems viewpoint theory)?
the idea that two or more forces combined create an effect that is greater than the sum of their individual effects, as when a guitarist, drummer, and bassist combine to play a better version of a song than any of them would playing alone. Open Systems have the potential of producing synergy.
