Management 3120 Baruch Connect Quiz

Competitive Advantage: organizations must stay ahead in 4 areas

1) Being responsive to customers 2) Innovation 3) Quality 4) Efficiency

Drucker's 4 ideas

1) Workers should be treated as assets 2) Corp could be considered a human community 3) No business w out a customer 4) No cult leaders, institutionalized management practices

7 challenges to being an exceptional manager

1. Competitive advantage 2. Technological Advances 3. Inclusion and Diversity 4. Globalization 5. Ethical standards 6. Sustainable Development 7. Happiness and Meaningfulness

________ refer(s) to the arrangement that ensures strategic goals align downward with more specific short-term goals. -Cascading goals -Operational planning -Objective efficacy -Tactical goals

Cascading goals

________ is the process of examining data sets in order to draw conclusions about the information they contain. -Electronic brainstorming -Cyber-age research -Data analytics -Data mining

Data analytics

True or False: A decision tree, which is the chain of command used by many organizations when discussing alternatives, must be followed when getting decisions approved.

False: A decision tree is a graph of decisions and their possible consequences; it is used to create a plan to reach a goal.

2 MGMT under Systems Viewpoint

closed and open systems Complexity Theory

The three core business processes of people, strategy, and operations indicate a company's overall ability to -profitably lead. -organizationally diversify. -effectively execute. -strategically plan.

effectively execute

After studying many management approaches, the best perspective to take as a manager is -evidence-based management. -the contingency viewpoint. -total quality management. -scientific management.

evidence-based management.

Which of the following describes the system of corporate governance? -protecting citizens against unethical state and national governments -monitoring an industry, such as law firms, to ensure ethical practices -governing a company so that the interests of corporate owners and other stakeholders are protected -governing an industry, such as the trucking industry, to protect customers

governing a company so that the interests of corporate owners and other stakeholders are protected

The manager of a private limousine service is interested in implementing the principles of administrative management, which involves -managing the total organization. -increasing synergy. -doing time-motion studies. -focusing on efficiency and effectiveness.

managing the total organization.

Managers in a cosmetics factory have been having problems with employees starting cliques. To develop more of a team culture, the CEO suggested utilizing Mary Parker Follett's idea that companies should -implement a more rigid environment. -strive to cut costs and increase efficiency. -utilize time-motion studies. -operate as a community, with employees working in harmony. -increase diversity.

operate as a community, with employees working in harmony.

Mitski supervises the returns desk in a department store. Mitski has set a goal for the rest of the year of finishing her daily office work quicker so she can assist at the returns desk earlier in the morning. She knows this will improve customer service and also help decrease theft which will assist the company in achieving its goal of decreasing costs. Finishing her office work quicker represents a(n) ________ for Mitski. -tactical plan -means-end chain -strategic plan -operational goal

operational goal

The key reasons that an organization should adopt planning and strategic management are to -provide direction and momentum, increase organizational diversity, and decrease costs. -provide direction and momentum, encourage new ideas, and develop a sustainable competitive advantage. -develop a competitive advantage, decrease costs, and increase synergy. -develop MBO, encourage new ideas, and increase profits.

provide direction and momentum, encourage new ideas, and develop a sustainable competitive advantage.

Murad dreamed of working in the fashion industry. He landed a fashion internship, but the company did not hire him when he graduated. After interviewing with eight other companies, Murad still did not have a job upon graduation. Murad viewed his job search struggles as an opportunity to move to Paris, the fashion capital of the world. Murad is demonstrating - self-motivation. - openness to change. - personal adaptability. - resilience.

resilience

After establishing values statement, what is the next step in planning? -stating the vision -operational planning -strategic planning -tactical planning

strategic planning

When building a new hospital, the developer did not remove any trees, based on the belief that doing so could compromise the ability of future generations to meet their own needs. This is an example of managing for - globalization. - green values. - sustainable development. - social responsibility.

sustainable development

Drucker introduced key ideas that are now considered core organizational tenants, including that -the worksite conditions should be adjusted to enhance creativity. -the corporation could be considered a human community. -production efficiency is most important. -management is not a profession.

the corporation could be considered a human community.

Believing that employees should be promoted solely on the basis of merit, that no bribes will be paid to foreign officials to obtain business licenses, and that companies should offer extended maternity leave upon the employee's request are examples of -ethical dilemmas -morals. -ethical behaviors. -values.

values

A ________ expresses what the organization should become and where it wants to go strategically. -strategic plan -values statement -mission statement -vision statement

vision statement

Progression of 6 MGMT perspectives

Classical -> Behavioral -> Quantitative -> Systems -> Contingency -> Contemporary

3 MGMT under Behavioral Viewpoint

Early approaches (Munstberg, Follet, Mayo) Human Relations (Maslow &Mcgregor) Behavioral Science

The father of industrial psychology is -Abraham Maslow. -Tom Gallagher. -Frederick Taylor. -Frank Gilbreth. -Hugo Munsterberg.

Hugo Munsterberg

During the Cold War, the United States had a(n) ________ with anyone importing Cuban cigars and sugar. -export ban -tariff -limit agreement -embargo

embargo

In the BCG matrix, ________ are companies that have high growth and high market share, and are definite keepers. -cash cows -stars -dogs -question marks

stars

Managers can use the VRIO framework to -achieve organizational goals. -analyze a firm's competitive potential. -provide corrective feedback. -conduct strategic planning.

analyze a firm's competitive potential

When Bedisa is analyzing underlying causes, she is engaged in -hubris. -diagnosis. -analysis. -hindsight bias.

diagnosis.

Eamon does not understand how his manager, Chanise, always knows how much of what product to order and how to schedule employee shifts. Studying theoretical management perspectives could help Eamon -realize the meaning of Chanise's decisions. -derive new ideas. -develop principles to guide actions. -understand the present.

realize the meaning of Chanise's

When confronted with a decision, managers should utilize ________, which includes these four questions: "Is the proposed action legal? If yes, does the proposed action maximize shareholder value? If yes, is the proposed action ethical? If no, would it be ethical to take the proposed action?" -Bagley's ethical decision tree -the stakeholder's value statement -Maslow's hierarchy of needs -the Sarbanes-Oxley Act of 2002

Bagley's ethical decision tree

________ is the idea that proposes that the ability of decision makers to be rational is limited by numerous constraints, such as complexity, time, cognitive capacity, values, skills, habits, and unconscious reflexes. -Nonrational decision making -Bounded rationality -Rational decision making -Analytics

Bounded rationality

________ is the notion that corporations are expected to go above and beyond following the law and making a profit to help society. -Corporate social responsibility -Corporate sustainability -Corporate morality -Societal responsibility

Corporate social responsibility

True or False: The upper-level managers of Sure Stop Tire Repair are meeting to discuss the company's long-range goals and vision. Like any organization, Sure Stop should adopt planning and strategic management for two reasons: (1) to provide direction and momentum and (2) to determine what contributions each department will make.

False: An organization should adopt planning and strategic management for three reasons: They can (1) provide direction and momentum, (2) encourage new ideas, and (3) develop a sustainable competitive advantage.

True or False: Human skills consist of the ability to think analytically, to visualize an organization as a whole, and to understand how the parts work together.

False: Conceptual skills consist of the ability to think analytically, to visualize an organization as a whole and to understand how the parts work together. Human skills consist of the ability to work well in cooperation with other people to get things done.

True or False: Jamila, the top manager of a large bank, relayed to her staff that the bank's goal was to create higher profits and greater efficiency. This will fulfill their corporate social responsibility (CSR).

False: Corporate social responsibility (CSR) is the notion that corporations are expected to go above and beyond following the law and making a profit to be a good corporate citizen and benefit interests of society.

True or False: The term learning organization is used to describe organizations in the educational and nonprofit industries.

False: Learning organizations, says Massachusetts Institute of Technology professor Peter Senge, who coined the term, are places "where people continually expand their capacity to create the results they truly desire, where new and expansive patterns of thinking are nurtured, where collective aspiration is set free, and where people are continually learning how to learn together.

True or False: Several studies found that strategic planning does not benefit smaller companies, as they very seldom see improvements in financial performance from this type of planning.

False: Strategic management works for both large and small firms. Surprisingly, however, many small business owners do not engage in strategic planning. The cause of this is likely to be a short-term rather than long-term focus. Strategic planning requires a long-term orientation.

True or False: The behavioral science approach includes the fields of psychology, marketing, archeology, and economics. Group starts

False: The behavioral science approach relies on scientific research for developing theories about human behavior that can be used to provide practical tools for managers. The disciplines of behavioral science include psychology, sociology, anthropology, and economics.

True or False: The executives of Great Lakes Medical Center are writing a statement that explains their organization's core purpose. Great Lakes Medical Center is at the strategic formulation step in strategic management.

False: The first step in the strategic management process is establishing the mission, vision, and values statements.

According to the findings of the GLOBE project, which country would be considered most assertive? -Greece -Germany -Spain -United States

Germany

2 MGMT under Quantitative Viewpoint

Operations Evidence-Based

A Truss Above, a home builder in the United States, secures products such as roofing shingles, cabinets, and plumbing materials from a variety of domestic and international suppliers. ________ is the practice of using outside suppliers to help the contractor build homes. -Resourcing -Outsourcing -Bartering -Importing

Outsourcing

True or False: The "most favored nation" trading status describes a condition in which a country grants other countries favorable trading treatment, such as the reduction of import duties.

True: "Most favored nation" trading status describes a condition in which a country grants other countries favorable trading treatment, such as the reduction of import duties.

True or False: To start work every day, Saura sits down and sets her goals for the day and then she decides how to achieve them, formulating future courses of action to achieve the specified results. This is the definition of planning.

True: Planning is defined as setting goals and deciding how to achieve them. Another definition is that planning is coping with uncertainty by formulating future courses of action to achieve specified results.

After establishing the mission, vision, and values, what is the next step in strategic management? -maintaining strategic control -encouraging new ideas -assessing the current reality -implementing the strategy

assessing the current reality

n the Management in Action case, assume Amtrak's CEO makes changes to the company's operations and then reviews the resulting revenue. What step in the planning/control cycle would this represent? -Control the direction by comparing results with the plan. -Carry out the plan. -Make the plan. -Control the direction by taking corrective action.

control the direction by comparing results with the plan

When Henry Ford implemented the assembly-line process to dramatically decrease the time and resources needed to make automobiles, he was pursuing a ________ strategy. -cost-leadership -focused-differentiation -cost-focus -differentiation

cost-leadership

To increase your ________, you could watch international films or attend seminars by culturally diverse speakers. -oral communication skills -leadership skills -teamwork competency -cross-cultural competency

cross-cultural competency

When managing her oil and lube service, Sabrina engages in the controlling function when she - decides to open a second location across town. - helps the service technicians get motivated to provide excellent customer service. - develops a loyalty reward program because the number of repeat customers has been declining. - partners with a petroleum brand on advertising and other discounts.

develops a loyalty reward program because the number of repeat customers has been declining.

Zahra, the human resources manager, has significant experience handling ethical issues in the workplace. Over the years she has received extensive training in matters of workplace ethics. Due to Zahra's legal background (she is a member of the state bar association), the management of her company rely on Zahra to assist them with legal issues, especially with ethical dilemmas. Her organization should appoint Zahra as the -proprietary officer. -ombudsman officer. -oversight specialist. -ethics officer.

ethics officer

If you were working as a vice president of human resources, you would be considered a(n) - team leader - board member - advisory manager -functional manager

functional manager

The trend of the world economy toward becoming a more interdependent system is known as -globalization. -egocentricity. -expropriation. -polycentricity.

globalization

Sew Much Fabrics buys fine linens, silks, and other fabrics from sellers in more than 30 countries to retail to local customers. Sew Much Fabrics is an example of a company that -offshores. -outsources. -barters. -imports.

imports

During a situational analysis of the ________ of her dog training service, Jaela determined that one of her strengths was that trained dogs retained their skills for at least three months after training, and that one of her weaknesses was that very few clients brought another dog to her for training. -growth strategy -internal environment -external environment -forecasting

internal environment

The three key principles of ________ are the creation of a unique and valuable position, trade-offs in competing, and creating a "fit" among activities. -company diversity -a strong employee morale -strategic positioning -an environment with few or no competitors

strategic positioning

________ is prevented by quotas. -Tariffs -Dumping -Outsourcing -Exporting

Dumping

True or False: A local grocer routinely develops and acquires new knowledge, and the employees communicate what they learn to other employees, so the company is able to modify its behavior to reflect what they have learned. This organization is an example of a learning organization.

True: A learning organization is an organization that actively creates, acquires, and transfers knowledge within itself and is able to modify its behavior to reflect new knowledge.

True or False: Mel, Macy, and Maggie work together to achieve a specific purpose, so they are part of an organization.

True: An organization is a group of people who work together to achieve some specific purpose.

When you encounter negative thoughts or sense that others are trying to elicit an emotional response from you, which key skill of being open-minded should you enact? -Watch for communication blocks. -Show your emotions and challenge tasks. -Pause and seek feedback. -Check the accuracy of your past judgement and predictions.

Watch for communication blocks

When your influence as a manager is multiplied far beyond the results that can be achieved by just one person acting alone, you are thought to have -a multiplier effect. -social capital. -a competitive advantage. -synergy.

a multiplier effect

2 MGMT under Classical Viewpoint

Scientific (Taylor and Gilbreths) - concerned w job of individual Administrative (Spaulding, Fayol, Weber) - managing the total organization

To decide how much an insurance policy should cost a customer, underwriters use ________, such as historical industry trends and loan characteristics, to predict risk levels. -diagnostics -data analytics -logistics -seasonal trends

data analytics

An ethical dilemma is a situation in which you must -emphasize social performance. -review standards of right and wrong that influence behavior. -decide whether to pursue a course of action that may benefit you or your organization but is unethical or even illegal. -emphasize economic performance.

decide whether to pursue a course of action that may benefit you or your organization but is unethical or even illegal.

A person's ________ reflects the combination of how he or she perceives and responds to information. -Big Data perception -decision-making style -location on the introvert/extrovert -scale -time orientation

decision-making style

Very often the actions of businesses to make profits result in outcomes that harm the environment. Many scholars recognize the importance of sustainable development, which is an economic development that -meets future needs without compromising present needs. -always generates greater profitability. -meets present needs without compromising the ability of future generations to meet their needs. -is the goal of most corporations.

meets present needs without compromising the ability of future

What mechanism is used to provide a systematic assessment of an organization's performance in implementing socially responsible programs, often based on predefined goals? -code of ethics -sustainability program -social audit -financial audit

social audit

True or False: There are two levels of management in an organization: top and first-line.

False: Managers of an organization may be classified into four levels: top, middle, first-line, and team leaders.

True or False: Managers with a low tolerance for ambiguity and an orientation toward task and technical concerns when making decisions have a behavioral decision-making style.

False: Managers with a directive style have a low tolerance for ambiguity and are oriented toward task and technical concerns in making decisions.

3 MGMT under Contemporary Viewpoint

Learning Organization High-performance work practices Shared value and sustainable development

True or False: To maintain a competitive advantage, Gabriela's company must be responsive to customers, be innovative, make high quality products, and do the work efficiently.

True

True or False: All 78 locations of Moviely Cinemas has a poster in the lobby that reads, "We want to become the epicenter for family entertainment that highlights creative talents and inspires the next generation of film legends." This is the vision statement for Moviely.

True: A vision statement expresses what the organization should become and where it wants to go strategically.

True or False: Kenji manages a company that collects fresh produce from farmers and distributes it to restaurants. His business is struggling, so he considers mixing some of the older or riper items into the boxes of newer produce. This will allow him to meet cost targets and keep the business going. Kenji is faced with an ethical dilemma.

True: An ethical dilemma is a situation in which you have to decide whether to pursue a course of action that may benefit you or your organization but that is unethical or even illegal.

True or False: Evidence-based management includes making decisions based on what actually works versus what ought to work.

True: Companies that use evidence-based management—the translation of principles based on best evidence into organizational practice, bringing rationality to the decision-making process—routinely trump the competition.

True or False: The system of governing a company so that the interests of corporate owners and other stakeholders are protected is known as corporate governance.

True: Corporate governance is the system of governing a company so that the interests of corporate owners and other stakeholders are protected.

True or False: Michael Porter posits that implementing sustainable management helps companies establish a long-lasting competitive advantage that results from sustainably managing a firm's impact on the people, planet, and profit.

True: Michael Porter argued in 1995 that sustainability "can trigger innovations that lower the total cost of a product or improve its value...making companies more competitive, not less." Sustainable management is managing a firm's impact on the triple bottom line, which includes people, planet, and profit.

True or False: Flora's Fruit + Fresh is one of several local stores where customers can purchase locally grown fruits and vegetables. Each week, Flora also offers workshops in her store on topics such as canning, healthy eating, and growing a garden, which no other local store does. By offering these unique workshops, Flora is engaging in strategic positioning.

True: Strategic positioning means performing different activities from rivals, or performing similar activities in different ways.

True or False: Kelia, the owner of a Lebanese factory that produces electrical converters, recently learned that the EU will begin taxing all electrical components imported into EU member nations. In this example, a tariff is being implemented to protect European electrical component manufacturers.

True: Tariffs are trade barriers in the form of a customs duty, or tax, levied mainly on imports.

True or False: Organizations cannot easily control the macro environment, which includes sociocultural, demographic, political-legal, and international forces.

True: The general environment, or macro environment, of an organization includes six forces: economic, technological, sociocultural, demographic, political-legal, and international. Companies may be able to control some forces in the task environment, but they can't control those in the general (macro) environment.

True or False: The global village refers to the "shrinking" of time and space as air travel and the electronic media have made it easier for people worldwide to communicate with one another.

True: The global village refers to the "shrinking" of time and space as air travel and the electronic media have made it easier for the people of the globe to communicate with one another.