Management Final

Vroom's Expectancy Motivation*

*decision making focus, not production focus *is a series of questions and then you end up in a certain column. Higher level questions: 1. Decide (on your own) 2. Delegate 3. Consult Group 4. Facilitate Others as Decision 5. Consult w Individual about Group Basic Questions: Decide, Delegate, Facilitate, Decide Book definition: assumes that behavior results from conscious choices among alternatives whose purpose it is to maximize pleasure and to minimize pain. Vroom realized that an employee's performance is based on individual factors such as personality, skills, knowledge, experience and abilities.

Job Analysis

1. Description 2. Specification

Centralization

1. The concentration of management and decision-making power at the top of an organization's hierarchy. 2. The location of all or most main departments and managers at one facility

International Business*

1. The exchange of goods and services among individuals and businesses in multiple countries. 2. A specific entity, such as a multinational corporation or international business company that engages in business among multiple countries.

Leadership

1. The individuals who are the leaders in an organization, regarded collectively. 2. The activity of leading a group of people or an organization or the ability to do this. Leadership involves: -establishing a clear vision, -sharing that vision with others so that they will follow willingly, -providing the information, knowledge and methods to realize that vision, and coordinating and balancing the conflicting interests of all members and stakeholders. A leader steps up in times of crisis, and is able to think and act creatively in difficult situations. Unlike management, leadership cannot be taught, although it may be learned and enhanced through coaching or mentoring. Someone with great leadership skills today is Bill Gates who, despite early failures, with continued passion and innovation has driven Microsoft and the software industry to success.

Organizing*

1.Arranging several elements into a purposeful sequential or spatial (or both) order or structure. 2. Assembling required resources to attain organizational objectives.

Geographic

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Control (scot & mitchell)

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Emotion

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Information

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Motivation (scot & mitchell)

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Scot & Mitchell's Model

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Planning*

A basic management function involving formulation of one or more detailed plans to achieve optimum balance of needs or demands with the available resources. The planning process (1) identifies the goals or objectives to be achieved, (2) formulates strategies to achieve them, (3) arranges or creates the means required, and (4) implements, directs, and monitors all steps in their proper sequence.

Professional Power

A boss, manager or supervisors job to be able to reward or punish an employee

Job Description

A broad, general, and written statement of a specific job, based on the findings of a job analysis. It generally includes duties, purpose, responsibilities, scope, and working conditions of a job along with the job's title, and the name or designation of the person to whom the employee reports. Job description usually forms the basis of job specification.

Low- Cost Strategy

A company offers a relatively low price as a pricing strategy, seeking to stimulate demand and gain market share. One of three generic marketing strategies. Refer to differentiation strategy and focus strategy. These can be adopted by any company

Balance Sheet*

A condensed statement that shows the financial position of an entity on a specified date (usually the last day of an accounting period). Among other items of information, a balance sheet states (1) what assets the entity owns, (2) how it paid for them, (3) what it owes (its liabilities), and (4) what is the amount left after satisfying the liabilities. Balance sheet data is based on a fundamental accounting equation (assets = liabilities + owners' equity), and is classified under subheadings such as current assets, fixed assets, current liabilities, Long-term Liabilities. With income statement and cash flow statement, it comprises the set of documents indispensable in running a business.

Decision Making Skills

A decision can be defined as a course of action purposely chosen from a set of alternatives to achieve organizational or managerial objectives or goals. Decision making process is continuous and indispensable component of managing any organization or business activities.

Responsibility

A duty or obligation to satisfactorily perform or complete a task (assigned by someone, or created by one's own promise or circumstances) that one must fulfill, and which has a consequent penalty for failure.

Product

A good, idea, method, information, object or service created as a result of a process and serves a need or satisfies a want. It has a combination of tangible and intangible attributes (benefits, features, functions, uses) that a seller offers a buyer for purchase. For example a seller of a toothbrush not only offers the physical product but also the idea that the consumer will be improving the health of their teeth.

Job Enrichment

A job design technique that is a variation on the concept of job enlargement. Job enrichment adds new sources of job satisfaction by increasing the level of responsibility of the employee. While job enlargement is considered a horizontal restructuring method, job enrichment is a vertical restructuring method by virtue of giving the employee additional authority, autonomy, and control over the way the job is accomplished. Also called job enhancement or vertical job expansion.

Empowerment

A management practice of sharing information, rewards, and power with employees so that they can take initiative and make decisions to solve problems and improve service and performance. Empowerment is based on the idea that giving employees skills, resources, authority, opportunity, motivation, as well holding them responsible and accountable for outcomes of their actions, will contribute to their competence and satisfaction.

Management by Objectives (MBO)

A management system in which the objectives of an organization are agreed upon so that management and employees understand a common way forward. Management by objectives aims to serve as a basis for (A) greater efficiency through systematic procedures, (B) greater employee motivation and commitment through participation in the planning process, and (C) planning for results instead of planning just for work. In management by objectives practice, specific objectives are determined jointly by managers and their subordinates, progress toward agreed-upon objectives is periodically reviewed, end results are evaluated, and rewards are allocated on the basis of the progress.

Feedback Control*

A management system that regularly examines the process it is in charge of in order to make changes that will improve its output efficiency. Many business operations that include modern manufacturing facilities have implemented feedback control systems to monitor and fine tune the production process.

Benchmarking

A measurement of the quality of an organization's policies, products, programs, strategies, etc., and their comparison with standard measurements, or similar measurements of its peers. The objectives of benchmarking are (1) to determine what and where improvements are called for, (2) to analyze how other organizations achieve their high performance levels, and (3) to use this information to improve performance

Communication Channel

A medium through which a message is transmitted to its intended audience, such as print media or broadcast (electronic) media.

Servant Leadership

A method of development for leaders originally advanced by authors Peter Block and Robert Greenleaf. Servant leadership stresses the importance of the role a leader plays as the steward of the resources of a business or other organization, and teaches leaders to serve others while still achieving the goals set forth by the business.

Vestibule Training

A method of job education where educational facilities approximate real working conditions and are equipped with actual production machinery. In a typical vestibule training situation used by a manufacturing business, less than ten trainees would be supervised by one skilled trainer, and the training provided simulates on the job training without compromising production speed or quality.

Problem

A perceived gap between the existing state and a desired state, or a deviation from a norm, standard, or status quo. Although many problems turn out to have several solutions (the means to close the gap or correct the deviation), difficulties arise where such means are either not obvious or are not immediately available.

Leading*

A person or thing that holds a dominant or superior position within its field, and is able to exercise a high degree of control or influence over others.

Stakeholders

A person, group or organization that has interest or concern in an organization. Stakeholders can affect or be affected by the organization's actions, objectives and policies. Some examples of key stakeholders are creditors, directors, employees, government (and its agencies), owners (shareholders), suppliers, unions, and the community from which the business draws its resources. Not all stakeholders are equal. A company's customers are entitled to fair trading practices but they are not entitled to the same consideration as the company's employees. An example of a negative impact on stakeholders is when a company needs to cut costs and plans a round of layoffs

Forecasting*

A planning tool that helps management in its attempts to cope with the uncertainty of the future, relying mainly on data from the past and present and analysis of trends. Forecasting starts with certain assumptions based on the management's experience, knowledge, and judgment. These estimates are projected into the coming months or years using one or more techniques such as Box-Jenkins models, Delphi method, exponential smoothing, moving averages, regression analysis, and trend projection. Since any error in the assumptions will result in a similar or magnified error in forecasting, the technique of sensitivity analysis is used which assigns a range of values to the uncertain factors (variables).

Risk

A probability or threat of damage, injury, liability, loss, or any other negative occurrence that is caused by external or internal vulnerabilities, and that may be avoided through preemptive action.

Global Sourcing

A procurement strategy in which a business seeks to find the most cost efficient location for manufacturing a product, even if the location is in a foreign country. For example, if a toy manufacturer finds that manufacturing and delivery costs are lower in a foreign country due to lower wages of foreign employees, the company might close the domestic factory and use a foreign manufacturer. See also outsourcing, international procurement organization (IPO)

Programmed Decisions

A routine or repetitive decision that can be handled by established business rules or procedures. These types of decisions are often called for at certain points in a standard process, and are decided based on recognized and easily identifiable factors.

Single-use Plans

A set of activities aimed at achieving a specific goal within a particular budget and time period that is unlikely to be repeated in future. Examples of a single use plan that could be employed by a business might be an advertising campaign for a new product launch or an integration plan for a recent acquisition. are used only once, or at most, couple of times,because they focus on unique or rare situations within the organization.

Technical Skills*

A skill that is required for the accomplishment of a specific task. They are abilities and knowledge needed to perform specific tasks. They are practical, and often relate to mechanical, IT, mathematical, or scientific tasks. Some examples include knowledge of programming languages, mechanical equipment, or tool

Criteria

A standard by which something can be judged or decided. In a typical context, there is more than one criterion under consideration and thus the plural 'critieria' is more commonly encountered.

Job Specifications

A statement of employee characteristics and qualifications required for satisfactory performance of defined duties and tasks comprising a specific job or function. Job specification is derived from job analysis.

Concentration Strategy

A strategic approach in which a business focuses on a single market or product. This allows the company to invest more resources in production and marketing in that one area, but carries the risk of significant losses in the event of a drop in demand or increase in the level of competition

Income Statement*

A summary of a management's performance as reflected in the profitability (or lack of it) of an organization over a certain period. It itemizes the revenues and expenses of past that led to the current profit or loss, and indicates what may be done to improve the results. In contrast to a balance sheet, an income statement depicts what happened over a month, quarter, or year. It is based on a fundamental accounting equation (Income = Revenue - Expenses) and shows the rate at which the owners equity is changing for better or worse. Along with balance sheet and cash flow statement it forms the basic set of financial information required to manage an organization.

Competitive Advantages

A superiority gained by an organization when it can provide the same value as its competitors but at a lower price, or can charge higher prices by providing greater value through differentiation. Competitive advantage results from matching core competencies to the opportunities.

Strategic Planning

A systematic process of envisioning a desired future, and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them. In contrast to long-term planning (which begins with the current status and lays down a path to meet estimated future needs), strategic planning begins with the desired-end and works backward to the current status. At every stage of long-range planning the planner asks, "What must be done here to reach the next (higher) stage?" At every stage of strategic-planning the planner asks, "What must be done at the previous (lower) stage to reach here?" Also, in contrast to tactical planning (which focuses at achieving narrowly defined interim objectives with predetermined means), strategic planning looks at the wider picture and is flexible in choice of its means.

Job Characteristics Model

A theoretical concept concerning how the fundamental features of an employee's assigned tasks affect mental states and yield different workplace outcomes. The job characteristics model applicable to a business identifies the job characteristics of skill variety, autonomy, task significance, task identity and feedback, and the outcomes of high job performance, high job satisfaction, high intrinsic motivation, and low absenteeism or turnover.

Divisional Structure

A type of organizational configuration that groups together those employees who are responsible for a particular product type or market service according to workflow. The divisional structure of a business tends to increase flexibility, and it can also be broken down further into product, market and geographic structures.

Mission

A written declaration of an organization's core purpose and focus that normally remains unchanged over time. Properly crafted mission statements (1) serve as filters to separate what is important from what is not, (2) clearly state which markets will be served and how, and (3) communicate a sense of intended direction to the entire organization. A mission is different from a vision in that the former is the cause and the latter is the effect; a mission is something to be accomplished whereas a vision is something to be pursued for that accomplishment. Also called company mission, corporate mission, or corporate purpose.

Power*

Ability to cause or prevent an action, make things happen; the discretion to act or not act. Coercive Power- uses threats to get employees to do their work. fear Expert Power- gained by knowledge Legitiment Power- holds a place of power, uses that power to tell ppl what to do Referent Power- very likable by people. Reward Power- ability to give rewards

Expert Power

Ability to influence other parties based on expertise and knowledge. Expert power in an organization is the ability to influence the behavior of others in the organization based solely on past experience and expertise in a specific area.

Benefits

Advantage, privilege, right, or financial reimbursement (such as that made under an insurance policy, medical plan, or pension plan).

Decoding

After the appropriate channel or channels are selected, the message enters the decoding stage of the communication process. Decoding is conducted by the receiver. Once the message is received and examined, the stimulus is sent to the brain for interpreting, in order to assign some type of meaning to it.

Salary

Agreed-upon and regular compensation for employment that may be paid in any frequency but, in common practice, is paid on monthly and not on hourly, daily, weekly, or piece-work basis.

Encoding

All communication begins with the sender. The first step the sender is faced with involves the encoding process. In order to convey meaning, the sender must begin encoding, which means translating information into a message in the form of symbols that represent ideas or concepts.

Bounded Rationality*

Concept that decision makers (irrespective of their level of intelligence) have to work under three unavoidable constraints: (1) only limited, often unreliable, information is available regarding possible alternatives and their consequences, (2) human mind has only limited capacity to evaluate and process the information that is available, and (3) only a limited amount of time is available to make a decision. Therefore even individuals who intend to make rational choices are bound to make satisficing (rather than maximizing or optimizing) choices in complex situations. These limits (bounds) on rationality also make it nearly impossible to draw up contracts that cover every contingency, necessitating reliance on rules of thumb.

Content Motivation Theories*

Content theories focus on the factors within a person that energize, direct, sustain and stop behavior. They look at the specific needs that motivate people. Content theorists include Abraham Maslow, Clayton P. Alderfer, Federick Herzberg and David C. McClelland.

Competitive Intelligence

Continuous process of monitoring a firm's industry or market to identify (1) current and future competitors, (2) their current and announced activities, (3) how their actions will affect the firm, and (4) how to respond. It differs from industrial espionage in that it uses legal and ethical means to gather and sift the publicly available information.

Wages/ Wage

Cost of using labor as opposed to cost of using capital or land. As a price of labor, it is subject to the forces of demand and supply in the labor market, which in turn is affected by productivity levels and ability of the employers to substitute labor with other factors of production such as machinery. Monetary remuneration computed on hourly, daily, weekly, or piece work basis. A fixed weekly or monthly wage is usually called a salary.

Management Functions*

Four Functions of Management: Planning, Organizing, Leading & Controlling. A person who holds a management position inside an organization is required to think strategically and conceptually in order to achieve organizational goals.

Middle-level Managers*

General managers, branch managers, and department managers are all examples of middle-level managers. They are accountable to the top management for their department's function. Middle-level managers devote more time to organizational and directional functions than top-level managers. Their roles can be emphasized as: Executing organizational plans in conformance with the company's policies and the objectives of the top management; Defining and discussing information and policies from top management to lower management; and most importantly Inspiring and providing guidance to low-level managers towards better performance. Some of their functions are as follows: Designing and implementing effective group and intergroup work and information systems; Defining and monitoring group-level performance indicators; Diagnosing and resolving problems within and among work groups; Designing and implementing reward systems supporting cooperative behavior.

Goal-Setting Theory*

Goal-setting theory refers to the effects of setting goals on subsequent performance. Researcher Edwin Locke found that individuals who set specific, difficult goals performed better than those who set general, easy goals.

Collective Bargaining

Good-faith process between an organization's management and a trade union representing its employees, for negotiating wages, working hours, working conditions, and other matters of mutual interest. To the management, this process presents (usually) one set of people to negotiate with; to the employees, it gives greatly enhanced bargaining-power. Collective bargaining is the fundamental principle on which the trade union system is based.

Customs

Government agency entrusted with enforcement of laws and regulations to collect and protect import-revenues, and to regulate and document the flow of goods in and out of the country.

Norming Stage

Gradually, the team moves into the norming stage. This is when people start to resolve their differences, appreciate colleagues' strengths, and respect your authority as a leader. Now that your team members know one another better, they may socialize together, and they are able to ask one another for help and provide constructive feedback. People develop a stronger commitment to the team goal, and you start to see good progress towards it. There is often a prolonged overlap between storming and norming, because, as new tasks come up, the team may lapse back into behavior from the storming stage.

Norms

Informal guideline about what is considered normal (what is correct or incorrect) social behavior in a particular group or social unit. Norms form the basis of collective expectations that members of a community have from each other, and play a key part in social control and social order by exerting a pressure on the individual to conform. In short, "The way we do things around here."

Motivation

Internal and external factors that stimulate desire and energy in people to be continually interested and committed to a job, role or subject, or to make an effort to attain a goal. Motivation results from the interaction of both conscious and unconscious factors such as the (1) intensity of desire or need, (2) incentive or reward value of the goal, and (3) expectations of the individual and of his or her peers. These factors are the reasons one has for behaving a certain way. An example is a student that spends extra time studying for a test because he or she wants a better grade in the class.

McClellan's Acquired Needs Theory*

McClelland's Theory of Needs. In his acquired-needs theory, David McClelland proposed that an individual's specific needs are acquired over time and are shaped by one's life experiences. Most of these needs can be classed as either achievement, affiliation, or power. -says these motivators are learned. -need for achievement, need for social, need for power, need for autonomy

Vertical Integration*

Merger of companies at different stages of production and/or distribution in the same industry. When a company acquires its input supplier it is called backward integration. When it acquires companies in its distribution chain it is called forward integration. For example, a vertically integrated oil company may end up owning oilfields, refineries, tankers, trucks, and gas (petrol) filling stations. Also called vertical merger. See also horizontal integration.

Expectancy Theory*

Motivational theory based on cognitive psychology. It proposes that people are motivated by their conscious expectations of what will happen if they do certain things, and are more productive when they believe their expectations will be realized.

Motivation Process

Motives- something is needed to DRIVE the employee to complete an action Behaviors- it is the action that comes from the persons motives. can also be seen as a series of behaviors done to achieve a certain goal. Goals- achievement of a goal through a behaviour tends to satisfy the motive.

Commission/ Piece Rate

Mutually agreed upon, or fixed by custom or law, fee accruing to an agent, broker, or salesperson for facilitating, initiating, and/or executing a commercial transaction. Payment by results. Wage determination system in which the employee is paid for each unit of production at a fixed rate.

Autonomy

Need for autonomy is defined as a desire for independence. Individuals with a high n Aut want to work alone, prefer to control their own workplace, and do not want to be hampered by excessive rules or procedures (Birch & Veroff, 1966). Research has found that individuals with a high n Aut tend not to be committed to the goals and objectives of their organizations, not to perform well unless they are allowed to participate in the determination of their tasks, and not to respond to external pressures for conformity to group norms.

Joint Venture*

New firm formed to achieve specific objectives of a partnership like temporary arrangement between two or more firms. JVs are advantageous as a risk reducing mechanism in new-market penetration, and in pooling of resource for large projects. They, however, present unique problems in equity ownership, operational control, and distribution of profits (or losses). Research indicates that two out of five JV arrangements last less than four years, and are dissolved in acrimony

Operating/ Activity Ratio*

O: Ratios used in expense control, and in measuring the profitability and financial soundness of a firm, by expressing each income statement item as a percentage of sales revenue. They also show the essential connections between income statement and balance sheet items. Operating ratios include operating cash flow to sales ratio, operating expenses to gross margin ratio, operating expenses to sales ratio, operating performance ratio, and hundreds such others. A: Financial ratios which measure how effectively a firm is using its assets. Examples include accounts receivable turnover, asset turnover, and inventory turnover ratios.

Operational Manager*

Operations managers oversee their organization's production of goods and/or services. They oversee various departments, such as purchasing, warehousing, and manufacturing. They must make sure that their company's products meet or exceed clients' or customers' expectation.

Learning Organizations

Organization that acquires knowledge and innovates fast enough to survive and thrive in a rapidly changing environment. Learning organizations (1) create a culture that encourages and supports continuous employee learning, critical thinking, and risk taking with new ideas, (2) allow mistakes, and value employee contributions, (3) learn from experience and experiment, and (4) disseminate the new knowledge throughout the organization for incorporation into day-to-day activities

Orientation Training

Orientation means providing new employees with basic information about the employer. Training programs are used to ensure that the new employee has the basic knowledge required to perform the job satisfactorily.

Diversification*

Practice under which a firm enters an industry or market different from its core business. Reasons for diversification include (1) reducing risk of relying on only one or few income sources, (2) avoiding cyclical or seasonal fluctuations by producing goods or services with different demand cycles, (3) achieving a higher growth rate, and (4) countering a competitor by invading the competitor's core industry or market.

Culture Shock

Sense of confusion, discomfort, disorientation, and uncertainty felt by those exposed to a different cultural environment.

Business Plan

Set of documents prepared by a firm's management to summarize its operational and financial objectives for the near future (usually one to three years) and to show how they will be achieved. It serves as a blueprint to guide the firm's policies and strategies, and is continually modified as conditions change and new opportunities and/or threats emerge. When prepared for external audience (lenders, prospective investors) it details the past, present, and forecasted performance of the firm. And usually also contains pro-forma balance sheet, income statement, and cash flow statement, to illustrate how the financing being sought will affect the firm's financial position.

Arbitrators

Settlement of a dispute (whether of fact, law, or procedure) between parties to a contract by a neutral third party (the arbitrator) without resorting to court action. Arbitration is usually voluntary but sometimes it is required by law. If both sides agree to be bound by the arbitrator's decision (the 'award') it becomes a binding arbitration.

Demographics

Specific demographic factors which identify and distinguish a target population or market.

Symbolic Leadership

Standing in the employee's shoes. Symbols are all about meaning. And meaning is defined by the receiver. As a result, leaders must always consider their followers. They must anticipate their interpretations, how they'll internalize things, and what meaning they'll assign to an ac

Cognitive Dissonance

State of psychological tension arising from incompatibility among a person's attitudes, behavior, beliefs, and/or knowledge, or when a choice has to be made between equally attractive or repulsive alternatives. One example is 'buyer's remorse,' a feeling of guilt associated with doubts about the advisability of a purchase decision that one experiences after making an expensive purchase. Marketers try to manage these doubts with supportive information such as testimonials, money-back guaranties, and after-sales service. Opposite of cognitive consonance

Cost Strategy*

Strategic cost management is the application of cost management techniques so that they simultaneously improve the strategic position of a firm and reduce costs. Strategic cost management can be applied in service and manufacturing settings and in not-for-profit environments.

Knowledge Management

Strategies and processes designed to identify, capture, structure, value, leverage, and share an organization's intellectual assets to enhance its performance and competitiveness. It is based on two critical activities: (1) capture and documentation of individual explicit and tacit knowledge, and (2) its dissemination within the organization.

Growth Strategies

Strategy aimed at winning larger market share, even at the expense of short-term earnings. Four broad growth strategies are diversification, product development, market penetration, and market development.

Transformational Leadership*

Style of leadership in which the leader identifies the needed change, creates a vision to guide the change through inspiration, and executes the change with the commitment of the members of the group.

Transactional Leadership*

Style of leadership that is based on the setting of clear objectives and goals for the followers as well as the use of either punishments or rewards in order to encourage compliance with these goals.

Compensation

Sum of direct benefits (such as salary, allowances, bonus, commission) and indirect benefits (such as insurance, pension plans, vacations) that an employee receives from an employer.

Lower Level Managers*

Supervisors, section leads, and foremen are examples of low-level management titles. These managers focus on controlling and directing. Low-level managers usually have the responsibility of: Assigning employees tasks; Guiding and supervising employees on day-to-day activities; Ensuring the quality and quantity of production; Making recommendations and suggestions; and Upchanneling employee problems. Also referred to as first-level managers, low-level managers are role models for employees. These managers provide: Basic supervision; Motivation; Career planning; Performance feedback; and Staff supervision.

Management Skills*

The basic skills include problem solving and decision making, planning, meeting management, delegation, communications and managing yourself. Those basics are also the foundation from which to develop more advanced practices in management and leadership.

Top-level Managers*

The board of directors, president, vice-president, and CEO are all examples of top-level managers. These managers are responsible for controlling and overseeing the entire organization. They develop goals, strategic plans, company policies, and make decisions on the direction of the business. In addition, top-level managers play a significant role in the mobilization of outside resources. Top-level managers are accountable to the shareholders and general public.

Retention

The condition of retaining (keeping) something. "You may be able to memorize facts in the short-term, but how well is your retention of those facts over the long-term?" "Successful companies need to foster a good working environment so that employee retention remains at a high level." See also retention clause, retention period, and retention ratio.

Internal Environment

The conditions, entities, events, and factors within an organization that influence its activities and choices, particularly the behavior of the employees. Factors that are frequently considered part of the internal environment include the organization's mission statement, leadership styles, and its organizational culture.

Outsourcing

The contracting or subcontracting of noncore activities to free up cash, personnel, time, and facilities for activities in which a company holds competitive advantage. Companies having strengths in other areas may contract out data processing, legal, manufacturing, marketing, payroll accounting, or other aspects of their businesses to concentrate on what they do best and thus reduce average unit cost. Outsourcing is often an integral part of downsizing or reengineering. Also called contracting out.

Product Development

The creation of products with new or different characteristics that offer new or additional benefits to the customer. Product development may involve modification of an existing product or its presentation, or formulation of an entirely new product that satisfies a newly defined customer want or market niche.

Customer Value

The difference between what a customer gets from a product, and what he or she has to give in order to get it.

Market Development

The expansion of the total market for a product or company by (1) entering new segments of the market, (2) converting nonusers into users, and/or (3) increasing usage per user.

Corporate Governance

The framework of rules and practices by which a board of directors ensures accountability, fairness, and transparency in a company's relationship with its all stakeholders (financiers, customers, management, employees, government, and the community). The corporate governance framework consists of (1) explicit and implicit contracts between the company and the stakeholders for distribution of responsibilities, rights, and rewards, (2) procedures for reconciling the sometimes conflicting interests of stakeholders in accordance with their duties, privileges, and roles, and (3) procedures for proper supervision, control, and information-flows to serve as a system of checks-and-balances.

Charismatic Leadership

The guidance provided to an organization by one or more individuals seen as heroic or inspiring and who have therefore been granted the organizational power to make dramatic changes and extract extraordinary performance levels from its staff. For example, a business manager imbued with charismatic leadership could be enlisted to orchestrate a turnaround or launch a new product line.

SMART Goals*

The method of SMART goals(acronym for 5 steps) specific measurable attainable relevant time-based ...is one of the most effective tools used by high achievers to reach their business goals consistently.

Offshoring

The moving of various operations of a company to another country for reasons such as lower labor costs or more favorable economic conditions in that other country.

Span of Control

The number of subordinates that a manager or supervisor can directly control. This number varies with the type of work: complex, variable work reduces it to six, whereas routine, fixed work increases it to twenty or more.

Social Responsibility

The obligation of an organization's management towards the welfare and interests of the society in which it operates.

Performance Appraisal

The process by which a manager or consultant (1) examines and evaluates an employee's work behavior by comparing it with preset standards, (2) documents the results of the comparison, and (3) uses the results to provide feedback to the employee to show where improvements are needed and why. Performance appraisals are employed to determine who needs what training, and who will be promoted, demoted, retained, or fired.

Decision Making Model

The process for concluding which decisions need to be made and how to find alternatives for each decision.

Human Resource Management

The process of hiring and developing employees so that they become more valuable to the organization. Human Resource Management includes conducting job analyses, planning personnel needs, recruiting the right people for the job, orienting and training, managing wages and salaries, providing benefits and incentives, evaluating performance, resolving disputes, and communicating with all employees at all levels. Examples of core qualities of HR management are extensive knowledge of the industry, leadership, and effective negotiation skills. Formerly called personnel management.

Problem Solving

The process of working through details of a problem to reach a solution. Problem solving may include mathematical or systematic operations and can be a gauge of an individual's critical thinking skills

Interpersonal Skills*

The set of abilities enabling a person to interact positively and work effectively with others. Development of the interpersonal skills of employees is a key goal of training and development initiatives for many companies, and is considered a constructive manner in which to handle office disputes and other personnel issues. These skills include the areas of communication, listening, delegation of tasks and leadership.

Communication Process Model

The sharing of meaningful information between two or more people with the goal of the receiver understanding the sender's intended message. In business, the effectiveness of a company's internal and external communication process is often very important to its overall success *sender, encoding, message, channel, receiver, decoding then at the end feedback goes to sender.

Stakeholders' Approach to Ethics

The stakeholder theory is a theory of organizational management and business ethics that addresses morals and values in managing an organization

Coordination

The synchronization and integration of activities, responsibilities, and command and control structures to ensure that the resources of an organization are used most efficiently in pursuit of the specified objectives. Along with organizing, monitoring, and controlling, coordinating is one of the key functions of management.

Performing Stage

The team reaches the performing stage, when hard work leads, without friction, to the achievement of the team's goal. The structures and processes that you have set up support this well. As leader, you can delegate much of your work, and you can concentrate on developing team members. It feels easy to be part of the team at this stage, and people who join or leave won't disrupt performance.

Decision Making

The thought process of selecting a logical choice from the available options. When trying to make a good decision, a person must weight the positives and negatives of each option, and consider all the alternatives. For effective decision making, a person must be able to forecast the outcome of each option as well, and based on all these items, determine which option is the best for that particular situation.

Organizational Culture

The values and behaviors that contribute to the unique social and psychological environment of an organization. Organizational culture includes an organization's expectations, experiences, philosophy, and values that hold it together, and is expressed in its self-image, inner workings, interactions with the outside world, and future expectations. It is based on shared attitudes, beliefs, customs, and written and unwritten rules that have been developed over time and are considered valid. Also called corporate culture, it's shown in (1) the ways the organization conducts its business, treats its employees, customers, and the wider community, (2) the extent to which freedom is allowed in decision making, developing new ideas, and personal expression, (3) how power and information flow through its hierarchy, and (4) how committed employees are towards collective objectives. It affects the organization's productivity and performance, and provides guidelines on customer care and service, product quality and safety, attendance and punctuality, and concern for the environment

Maintenance- Oriented*

These roles focus on how the group works together.

Liking

This includes cues like standing close to another or warmth in a tone.

Responsiveness

This includes non-verbal cues like eye-contact and body posture

Communication

Two-way process of reaching mutual understanding, in which participants not only exchange (encode-decode) information, news, ideas and feelings but also create and share meaning. In general, communication is a means of connecting people or places. In business, it is a key function of management--an organization cannot operate without communication between levels, departments and employees.

Conglomerate Diversification*

Type of diversification whereby a firm enters (through acquisition or merger) an entirely different market that has little or no synergy with its core business or technology.

Incremental Decision Making

a decision-making technique used in business to determine the true cost difference between alternatives.

Business Portfolio Analysis

a method of categorizing a firm's products according to their relative competitive position and business growth rate in order to lay the foundations for sound strategic planning

Exception Principle*

a method or plan of supervision (as of a business) under which only significant deviations from normally expected results or conditions are brought to the attention of a supervisor for consideration and decision.

Behavioral Leadership Theories

are classified as such because they focus on the study of specific behaviors of a leader. For behavioral theorists, a leader behavior is the best predictor of his leadership influences and as a result, is the best determinant of his or her leadership success.

Standing Plans

are policies, procedures and rules: A POLICY is a standing plan that furnishes broad guidelines for taking action consistent with reaching organizational objectives.

Ego or Esteem Needs*

are the basis for the human desire we all have to be accepted and valued by others.

Physiological Needs

are the foundation of Maslow's hierarchy of needs and include survival needs such as the need for sleep, food, air, and reproduction. Physiological needs are the requirements we all need individually for human survival.

Social Needs*

are things such as acceptance, appreciation, belonging and companionship. Essentially, social needs are met by forging relationships with other people. Social needs are most often discussed in reference to Maslow's Hierarchy of Needs.

Ohio*

consideration: help people w daily problems to help group: keep the group together; look away for longer lunch time task structure: make sure things got done; asking jobs; set up a schedule

Centralized Authority*

exists in an organization when all or most decisions and orders come from a centralized source, usually the members from the top levels of the organizational structure.

Quantifying

express or measure the quantity of.

Multinational Corporations (MNC)*

has facilities and other assets in at least one country other than its home country. Such companies have offices and/or factories in different countries and usually have a centralized head office where they coordinate global management.

Whistleblowing*

is a person who exposes any kind of information or activity that is deemed illegal, unethical, or not correct within an organization that is either private or public.

Strategic Human Resources Planning

is a process that identifies current and future human resources needs for an organization to achieve its goals. Human resources planning should serve as a link between human resources management and the overall strategic plan of an organization.

Mentors*

is a relationship in which a more experienced or more knowledgeable person helps to guide a less experienced or less knowledgeable person. The mentor may be older or younger than the person being mentored, but she or he must have a certain area of expertise.

Leadership Trait Theorists

is an early assumption that leaders are born and due to this belief, those that possess the correct qualities and traits are better suited to leadership. This theory often identifies behavioural characteristics that are common in leaders

Employee-Centered Workplace*

is an environment in which every person, process, system, program, and policy is focused on helping employees become fully successful. Uncaring or disengaged workers cannot delight customers.

Feedback (communication process)

is an essential part of education and training programmes. It helps learners to maximise their potential at different stages of training, raise their awareness of strengths and areas for improvement, and identify actions to be taken to improve performance.

Grapevine

is an informal, unofficial and personal communication channel or system that takes place within the organization as a result of rumor and gossip. It is a complex web of oral information flow linking all the members of the organization.

Psychological Maturity

is the ability to respond to the environment in an appropriate manner. This response is generally learned rather than instinctive.

Domain Selection

is the entrance by a company into another suitable market or industry; entering a new market or industry with an existing expertise

Optimizing*

make the best or most effective use of (a situation, opportunity, or resource). rearrange or rewrite (data, software, etc.) to improve efficiency of retrieval or processing.

Delegation of Authority*

means division of authority and powers downwards to the subordinate. Delegation is about giving someone else to do parts of YOUR job. Delegation of authority can be defined as subdivision and sub-allocation of powers to the subordinates in order to achieve effective results. being a dick pretty much.

Levels of Authority/ Management*

middle management company employees that are accountable for controlling and overseeing a department top management company employees responsible for controlling and overseeing the entire organization board of directors A group of people, elected by stockholders, to establish corporate policies, and make management decisions. manager A person whose job is to manage something, such as a business, a restaurant, or a sports team. hierarchy Any group of objects ranked so that every one but the topmost is subordinate to a specified one above it.

Vertical Downward

occurs when information and messages flow down through an organization's formal chain of command or hierarchical structure. In other words, messages and orders start at the upper levels of the organizational hierarchy and move down toward the bottom levels

Leverage Ratio*

one of several financial measurements that look at how much capital comes in the form of debt (loans), or assesses the ability of a company to meet financial obligations.

Nonverbal Communication

our facial expressions, gestures, eye contact, posture, and tone of voice—that speak the loudest.

Extrinsic Rewards

outside the experience of the job itself -pay, benefits, profit sharing, deferred compensation, training, assignments, promotion, supervision, recognition, praise, friends, professional contacts. -tend to be delayed, you did a good job, but now you gotta wait

Situational Analysis

refers to a collection of methods that managers use to analyze an organization's internal and external environment to understand the organization's capabilities, customers, and business environment.

Staffing

relates to the recruitment, selection, development, training, compensation of subordinate managers. Staffing is the function by which managers build an organization through the recruitment, selection, and development of individuals as capable employees

Functional Structure

s one of the most common organizational structures. Under this structure, the organization groups employees according to a specialized or similar set of roles or tasks.

Needs Training

s the process that you engage in to discover the training and development needs of people so that they can carry out their job effectively and efficiently, and also to continue to grow and develop their careers. TNA covers a range of approaches to the process.

Exporting*

send (goods or services) to another country for sale. spread or introduce ideas to other countries

BCG Matrix

stars: high market growth rate, high relative market share. GOLDEN. keep these products question marks: high market growth rate, low relative market share. keep some, get rid of some. is ti worth investing? cash cows: low market growth rate, high relative market share. invest in these because they could go somewhere. dogs: low market growth rate, low relative market share. get rid of these!

Liquidity Ratio*

the ratio between the liquid assets and the liabilities of a bank or other institution. The calculation of a company's available cash and marketable securities against outstanding debt. The ratio measures the company's ability to pay its short-term debts. A high ratio indicates a company with a low risk of default

Global Village

the world considered as a single community linked by telecommunications.

Blake & Mutton's Leadership Grid*

this is a behavioral theory Grid that on left has "concern for people" and on bottom "concern for production" 1.9 Country Club Mgt: high concern for people, low concern for production 9.9 Team Mgt: high concern for people, high concern for production 5.5 Middle-of-Road Mgt: has a balanced concern for both production and people. This leader settles for average performance from employees. This leader's balanced interest results in mediocre production and employee satisfaction. Planted in the center of the grid 1.1 Impoverished Mgt: low concern for people, low concern for production. manager use this to protect themselves only to avoid getting in trouble. doesn't want to be held responsible for any mistakes. 9.1 Authority Compliance/ Produce or Parish Leader Mgt: low concern for people, high concern for production.

Storming Stage

where people start to push against the boundaries established in the forming stage. This is the stage where many teams fail. Storming often starts where there is a conflict between team members' natural working styles. People may work in different ways for all sorts of reasons but, if differing working styles cause unforeseen problems, they may become frustrated. Storming can also happen in other situations. For example, team members may challenge your authority, or jockey for position as their roles are clarified. Or, if you haven't defined clearly how the team will work, people may feel overwhelmed by their workload, or they could be uncomfortable with the approach you're using. Some may question the worth of the team's goal, and they may resist taking on tasks. Team members who stick with the task at hand may experience stress, particularly as they don't have the support of established processes, or strong relationships with their colleagues.

Vertical Communication

which is the transmission of information between different levels of the organizational hierarchy

Blanchard's Situational Leadership Model*

your leadership needs to adjust to the person that you are leading. "inverted U" and is backwards. R1 starts on bottom right of grid. psych on vertical axis; task on horizontal axis R1: high, low- person is not sure how to do it, needs a lot of training R2: high, high- really getting the person committed. how/ why things happen. making connects and trust is gained. R3: low, high- engage even more. having the person participate. gain ownership and responsibility. R4: low, low- mature, no need for task instruction or social support. do nothing managers. highest level that you can get to

Staff Authority*

staff authority creates an advisory relationship in which they advise and support line managers. It empowers staff personnel with the right to give useful advice to improve line operations. For example, a quality control manager helps a production manager by assessing the quality level of products and services offered by a certain manufacturing company, and employees in the human resource department assist other departments by training a qualified workforce.

Fiedler's Contingency Leadership Model

"U on graph" either "high task or low task" either "people oriented and you care" or "just get it done and you don't care" theory states that there are three elements that dictate a leader's situational control. The three elements are task structure, leader/member relations, and positioning power. good or poor relationship? structure or unstructured? task motivated or not? relationship motivated or not? favorable or unfavorable of you leader? *8 possible combinations *do this to find out what group you should be put in, how to make the group feel good; how to match YOUR style to the SITUATION.

Hygienes

(e.g. status, job security, salary, fringe benefits, work conditions, good pay, paid insurance, vacations) that do not give positive satisfaction or lead to higher motivation, though dissatisfaction results from their absence. The term "hygiene" is used in the sense that these are maintenance factors. These are extrinsic to the work itself, and include aspects such as company policies, supervisory practices, or wages/salary.[4][5] Herzberg often referred to hygiene factors as "KITA" factors, which is an acronym for "kick in the a**", the process of providing incentives or threat of punishment to make someone do something.

Herzberg's Two-Factor Theory*

(motivator and hygienes) states that there are certain factors in the workplace that cause job satisfaction, while a separate set of factors cause dissatisfaction. It was developed by psychologist Frederick Herzberg, who theorized that job satisfaction and job dissatisfaction act independently of each other.

Achievement

-Has a strong need to set and accomplish challenging goals. -Takes calculated risks to accomplish their goals. -Likes to receive regular feedback on their progress and achievements. -Often likes to work alone.

Affiliation

-Wants to belong to the group. -Wants to be liked, and will often go along with whatever the rest of the group wants to do. -Favors collaboration over competition. -Doesn't like high risk or uncertainty.

Power

-Wants to control and influence others. -Likes to win arguments. -Enjoys competition and winning. -Enjoys status and recognition.

Job Evaluation

An assessment of the relative worth of various jobs on the basis of a consistent set of job and personal factors, such as qualifications and skills required. The objective of job evaluation is to determine which jobs should get more pay than others. Several methods such as job ranking, job grading, and factor comparison are employed in job evaluation. Research indicates, however, that each method is nearly as accurate and reliable as the other in ranking and pricing different jobs. Job evaluation forms the basis for wage and salary negotiations.

Franchising

Arrangement where one party (the franchiser) grants another party (the franchisee) the right to use its trademark or trade-name as well as certain business systems and processes, to produce and market a good or service according to certain specifications. The franchisee usually pays a one-time franchise fee plus a percentage of sales revenue as royalty, and gains (1) immediate name recognition, (2) tried and tested products, (3) standard building design and décor, (4) detailed techniques in running and promoting the business, (5) training of employees, and (6) ongoing help in promoting and upgrading of the products.

Acquisition

As an acquisitions manager, you'll negotiate, seek out, finalize, and organize purchasing deals for your employer. In many cases, acquisitions are grouped with mergers and your main job function will be acquiring other companies and merging them into your company.

Coercive Power

Authority or power that is dependent on fear, suppression of free will, and/or use of punishment or threat, for its existence.

Regulatory Forces

Coercive power of regulatory agencies that constrains the decision making freedom of a firm.

Equity Theory*

Concept that people derive job satisfaction and motivation by comparing their efforts (inputs) and income (outputs) with those of the other people in the same or other firms.

External Environment

Conditions, entities, events, and factors surrounding an organization that influence its activities and choices, and determine its opportunities and risks.

Dominance (Power)

Cues like moving to the side when passed by an authority figure (like a police officer) or standing a few steps away from your boss indicate that you are giving the power over to another person. It can also manifest in other forms like touch. Using touch in a violent manner can express someone's power over another, most notable in the forms of violence.

Direct Investment

Defined by the International Monetary Fund (IMF) as "Investment that is made to acquire a lasting interest in an enterprise operating in an economy other than that of the investor, the investor's purpose being to have an effective voice in the management of the enterprise." In practice, this translates to an equity holding of 10 percent or more in the foreign firm.

Diversity Training

Diversity training is instruction aimed at helping participants to gain cultural awareness in order to benefit the organization or company. Diversity training is the reality that is facing many human resource management teams - one of the pressing reasons is the growing ethnic and racial diversity in the workplace.

Influence

Effect of the fluctuation in the value of an independent (such as income) variable on the value of a dependent variable (such as consumption).

Bona Fide Occupational Qualification (BFOQ)

Employment qualities or attributes of a prospective or current employee that an employer is allowed to consider under law for the purpose of hiring or retention. The qualifications may include gender, age and national origin, if those characteristics are considered essential to the job requirements. In order to prove that the qualifications are necessary, the company must show that they are critical to the success of the activities to be carried out by that individual. Also called bona fide occupational requirements.

Substitutes for Leadership

Factors in a work-setting that encourage common efforts toward achieving organizational goals, and can take the place of active leadership.

Strategic Vision or Vision Substitutes*

Ideas for the direction and activities of business development. Generally included in a document or statement so all company managers can share the same vision for the company and make decisions according to the shared principles and company mission.

Values

Important and lasting beliefs or ideals shared by the members of a culture about what is good or bad and desirable or undesirable. Values have major influence on a person's behavior and attitude and serve as broad guidelines in all situations. Some common business values are fairness, innovation and community involvement.

Referent Power*

Influence over others, acquired from being well liked or respected by them.

Management Role Categories

Interpersonal -Figurehead Leader Liaison Informational -Monitor Disseminator Spokesperson Decisional -Entrepreneur Disturbance Handler Resource Allocator Negotiator

Customer

a person or organization that buys goods or services from a store or business.

Line Authority*

Line authority entitles managers to control immediate subordinates, thereby creating a superior-subordinate relationship that is crucial to the success of the organization. For example, with line authority, a production supervisor has the right to direct employees to operate certain machines, and a finance vice president has the right to request for financial reports from a department head. Line managers have absolute control over their domain, they have to inform staff managers of any decision that impacts the macro-management of the organization.

Decision Making Conditions

Managers make problem‐solving decisions under three different conditions: certainty, risk, and uncertainty. All managers make decisions under each condition, but risk and uncertainty are common to the more complex and unstructured problems faced by top managers.

Departmentalization

Manner or practice in which related individual tasks and their allocation to work groups is combined, to form a specialized functional area that is distinct from other functional areas in an organization.

Maslow's Hierarchy of Needs Theory*

Maslow's (1943, 1954) hierarchy of needs is a motivational theory in psychology comprising a five tier model of human needs, often depicted as hierarchical levels within a pyramid. Maslow wanted to understand what motivates people. He believed that people possess a set of motivation systems unrelated to rewards or unconscious desires. *it is a pyramid bc not everyone reaches the top. first 3 are most popular, last 2 are less popular *is based on satisfaction progression bottom up: 1. Physiological needs 2. Safety needs 3. Love and Belonging needs 4. Esteem needs 5. Self actualization

SWOT Analysis

Situation analysis in which internal strengths and weaknesses of an organization, and external opportunities and threats faced by it are closely examined to chart a strategy. SWOT stands for strengths, weaknesses, opportunities, and threats.

Profitability Ratio*

Measures that indicate how well a firm is performing in terms of its ability to generate profit

Functional Strategies

Organizational plan for human resources, marketing, research and development and other functional areas. The functional strategy of a company is customized to a specific industry and is used to back up other corporate and business strategies.

Legitimate Power*

Power derived from a job, position, or status and held as belonging to the person in such a position.

Authority

Power that is delegated formally. It includes a right to command a situation, commit resources, give orders and expect them to be obeyed, it is always accompanied by an equal responsibility for one's actions or a failure to act

Intrapreneurs

Practice of entrepreneurship in an established firm. Intrapreneurship applies the 'start up' style of management (characterized by flexibility, innovation, and risk taking) to a secure and stable firm. The objective is to fast track product development (by circumventing the bureaucracy) to take advantage of a new opportunity or to assess feasibility of a new process or design

Authoritarianism

Practice of management in which orders are issued with threats of punishment for disobedience, and which is based on the belief that status and power differences in an organization are appropriate and must be maintained.

Diversification

Practice under which a firm enters an industry or market different from its core business. Reasons for diversification include (1) reducing risk of relying on only one or few income sources, (2) avoiding cyclical or seasonal fluctuations by producing goods or services with different demand cycles, (3) achieving a higher growth rate, and (4) countering a competitor by invading the competitor's core industry or market.

Process Motivation Theories*

Process theories attempt to explain how behavior is energized, directed, sustained and stopped. The four major process theories include Reinforcement, Expectancy, Equity, and Goal setting. Most often linked with reinforcement theory is the work of B.F.

Human Resources Management Process

Recruitment- It aims at attracting applicants that match a certain Job criteria. Selecting-The next level of filtration. Aims at short listing candidates who are the nearest match in terms qualifications, expertise and potential for a certain job. Hiring- deciding upon the final candidate who gets the job. Training- Those processes that work on an employee onboard for his skills and abilities. Induction- Orientation- Evaluation- Promotion- Layoff-

Skinner's Reinforcement Theory

Reinforcement theory of motivation was proposed by BF Skinner and his associates. It states that individual's behaviour is a function of its consequences. It is based on "law of effect", i.e, individual's behaviour with positive consequences tends to be repeated, but individual's behaviour with negative consequences tends not to be repeated. *postive, negative, punishment, extinction operant conditioning-

(8) Entrepreneurial Skills

Resiliency Focus Invest for the long-term Find and manage people Sell Learn Self-reflection Self-reliance: While there is a lot of help for the entrepreneur, in the end, they need to be resourceful enough to depend on themselves.

Alderfer's ERG Theory*

SAME AS MASLOW, BUT ONLY HAS 3 NEEDS bottom up: 1. Existence Needs- (physiological and safety) 2. Relatedness Needs- (love and belonging and esteem) 3. Growth Needs- (self actualization)

Levels of Culture

Schein "A pattern of shared basic assumptions that the group learned as it solved its problems that has worked well enough to be considered valid and is passed on to new members as the correct way to perceive, think, and feel in relation to those problems." 1. artifacts 2. exposed values 3. basic assumptions and values

Divestiture

Selling of, or otherwise disposal of, a firm's assets to achieve a desired objective, such as greater liquidity or reduced debt burden. In accounting, divestiture transactions are recorded as a one time, non-recurring gain or loss.

Uncertainty

Situation where the current state of knowledge is such that (1) the order or nature of things is unknown, (2) the consequences, extent, or magnitude of circumstances, conditions, or events is unpredictable, and (3) credible probabilities to possible outcomes cannot be assigned. Although too much uncertainty is undesirable, manageable uncertainty provides the freedom to make creative decisions.

Path-Goal Theory*

The Path-Goal model is a theory based on specifying a leader's style or behavior that best fits the employee and work environment in order to achieve a goal (House, Mitchell, 1974). The goal is to increase your employees' motivation, empowerment, and satisfaction so they become productive members of the organization.

Leadership Continuum Model

The Tannenbaum and Schmidt Continuum is a simple model of leadership theory which shows the relationship between the level of freedom that a manager chooses to give to a team, and the level of authority used by the manager.

Emotional Intelligence

The ability to identify, assess and influence one's own feelings and those of others. Many effective personnel managers employed in a business environment have a well developed form of emotional intelligence that allows them to manage their own emotions, as well as those of others within their organization

Conceptual Skills*

The ability to think creatively about, analyze and understand complicated and abstract ideas. Using a well developed conceptual skill set, top level business managers need to be able to look at their company as a holistic entity, to see the interrelationships between its divisions, and to understand how the firm fits into and affects its overall environment

Ethics

The basic concepts and fundamental principles of decent human conduct. It includes study of universal values such as the essential equality of all men and women, human or natural rights, obedience to the law of land, concern for health and safety and, increasingly, also for the natural environment

Controlling*

The basic management function of (1) establishing benchmarks or standards, (2) comparing actual performance against them, and (3) taking corrective action, if required.

Non Programmed Decisions

Used for frequent situations of organization; both internal and external. Used for unique and ill-structured situations of organization; both internal and external. Mostly Lower level managers are making these decisions. Mostly Upper level managers are making these decisions.

Organization Chart

Visual representation of how a firm intends authority, responsibility, and information to flow within its formal organizational structure. It usually depicts different management functions (accounting, finance, human resources, marketing, production, R&D, etc.) and their subdivisions as boxes linked with lines along which decision making power travels downwards and answerability travels upwards.

Expatriation

Voluntary renunciation of the citizenship of one country for the citizenship of another.

Job Design

Work arrangement (or rearrangement) aimed at reducing or overcoming job dissatisfaction and employee alienation arising from repetitive and mechanistic tasks. Through job design, organizations try to raise productivity levels by offering non-monetary rewards such as greater satisfaction from a sense of personal achievement in meeting the increased challenge and responsibility of one's work. Job enlargement, job enrichment, job rotation, and job simplification are the various techniques used in a job design exercise.

Work Itself

a job; something done to earn money

House's Path-Goal Model*

a theory based on specifying a leader's style or behavior that best fits the employee and work environment in order to achieve a goal (House, Mitchell, 1974). The goal is to increase your employees' motivation, empowerment, and satisfaction so they become productive members of the organization.

Levels of Authority Pyramid*

bottom: Lower level Management Middle Management top: Upper Management (Top-level managers)

Motivators

e.g. challenging work, recognition for one's achievement, responsibility, opportunity to do something meaningful, involvement in decision making, sense of importance to an organization) that give positive satisfaction, arising from intrinsic conditions of the job itself, such as recognition, achievement, or personal growth

Michigan*

employee: same as consideration production centered: same as task structure *the michigan theory "stuck" over the ohio theory, even though they are both the same thing.

Ethnocentrism

evaluation of other cultures according to preconceptions originating in the standards and customs of one's own culture.

Intrinsic Rewards

intrinsic: within the experience of the job itself -things you do because you just like doing. like being around people, like making money, achievement, autonomy, competence, mastery, pride, meaningfulness, contribution, problem solving, challenge, power, participation, variety, activity

Feedforward Control*

involve identifying and preventing future problems in an organization before they occur. Feedforward controls are proactive and preventative. Feedforward controls are helpful to managers because they allow a manager to plan work effectively; they can regulate resources like employees, raw materials and capital ahead of time. This means that future problems can be avoided. Although feedforward controls can be costly and can slow down the planning process, they help to avoid problems later on. Used in HR department.

Opperational Planning

is a detailed plan used to provide a clear picture of how a team, section or department will contribute to the achievement of the organisation's strategic goals.

On-The-Job Training

is a form of training taking place in a normal working situation. On-the-job training, sometimes called direct instruction, is one of the earliest forms of training (observational learning is probably the earliest).

Performance Formula

is a helpful reminder for us to always aim to hire motivated capability: people with the can do (ability) and the will do (motivation) factors relevant to the job and providing them with the tools to do the job (opportunity).

Leadership Style

is a leader's style of providing direction, implementing plans, and motivating people

Labor Relations

is the study and practice of managing unionized employment situations.

Illusion of Control

is the tendency for people to overestimate their ability to control events; for example, it occurs when someone feels a sense of control over outcomes that they demonstrably do not influence.

Span of Management*

is the term now used more commonly in business management, particularly human resource management. Span of control refers to the number of subordinates a supervisor has.

Horizontal Communication*

is the transmission of information between people, divisions, departments or units within the same level of organizational hierarchy. -is often referred to as 'lateral communication.'

Job Maturity

job related skills that every person needs in order to be a successful employee

Task-Oriented*

leadership is a behavioral approach in which the leader focuses on the tasks that need to be performed in order to meet certain goals, or to achieve a certain performance standard.

Forming Stage

most team members are positive and polite. Some are anxious, as they haven't fully understood what work the team will do. Others are simply excited about the task ahead. As leader, you play a dominant role at this stage, because team members' roles and responsibilities aren't clear. This stage can last for some time, as people start to work together, and as they make an effort to get to know their new colleagues.

Concurrent Control*

nvolve identifying and preventing problems in an organization as they occur. This means that systems are monitored in real time. Concurrent controls begin with standards and all employee activity is measured against the standard. Usually these include quality control standards. This means that products and services can be checked as they are being produced or performed to be sure that the highest quality product or service is being produced or provided. Concurrent controls are important because they occur in real time.

Situational Approaches to Leadership

the basic premise of which is that different situations demand different types of leadership. This approach was developed by Hersey and Blanchard (1969) based on Reddin's (1967) 3-D management style theory. refers to when the leader or manager of an organization must adjust his style to fit the development level of the followers he is trying to influence.

Self-Actualization Needs*

the need for personal growth and development throughout one's life. It is the highest level of Maslow's hierarchy of needs, which was developed by psychologist Abraham Maslow.

Safety Needs*

the need for security and protection These needs have to do with our natural desire for a predictable, orderly world that is somewhat within our control

Vertical Upward

the process of information flowing from the lower levels of a hierarchy to the upper levels. This type of communication is becoming more popular in organizations as traditional forms of communication are becoming less popular.

Team Training

training employees as a group for a job that all employees will be doing.

Relationship- Oriented Leadership

type of leadership that is a behavioral approach in which the leader focuses on the satisfaction, motivation and the general well-being of the team members.