MGMT EXAM 1
controlling
Monitoring, comparing, and correcting work
organizing
determing how to best group activities and resources
can we expect deadlines to be respected
control
in what type of publication do companies summarize their social responsibility efforts and their achievements
corporate social responsibility report
decisions on how to reinvest profits, increase profit margins and to manage tax
financial
an organization's culture often begins with the company's __________-
founder
increased regulation of banks and mortgage lenders regarding the loans they issue
general environment
shifts in economic and political power between countries
general environment
the availability of new forms of energy with less detrimental impact on the environment
general environment
the increasing number of elderly people in the US, Japan, Italy and Germany
general environment
the introduction of tablet computers
general environment
worldwide recession
general environment
interpersonal skills
help managers relate to other; all managers need this
who was associated with admin management
henri fayol
lou is a supervisor at the dairy queen where he focuses on setting employees schedules and traning new employees. What resource is he using
human resources- jobs focused on employee management
resources of management
human, financial, physcial , and information
types of resources of managers
human, physical, financial and information
middle managers
implement policies and plans developed by top managers; supervise and coordinate lower level managers -plant managers, division head, operating manager
management as art
intution, gut reaction, experience, and dynamic
management as science
systematic and logical
infrastructure consists of
telecommunications system
Sarbanes-Oxley Act
the accuracy of corporate financial disclosures
leading
the set of processes used to get members of the organization to work together to further the interests of the organization -incentive program
Theory X and Y (Douglas McGregor)
theory x: workers need strong supervision theory y: capable workers and part of natural lives
first-line managers
those who supervise both workers and the daily operations of an organization office manager
Importing (advantages and disadvantages)
transportation expenses to move product between markets -taxes and tariffs charged to move goods between markets -capitalize on lower labor costs
a resistance to change and ambiguity
uncertainity avoidance
which management perspective is most closely aligned to undustrial pyschology
behavioral management perspective
what benefits shoudl we offer expatriates
organize
chinese
organize gov agencies and arts
romans
organizes trucutre for communication and control
synergy can be thought as a
output
economic dimension
overall health and vitality of economic system (inflation, interest rates, unemployment)
internal environment
ownders board of directors employees physical environment
a high premium on personal relationships
passive goal behavior
soldiering
people performing at slower pace than what capable of doing
should we enter an emerging market
plan
technological dimension
methods available for converting resources into products or services
egyptians
mgmt to construct pyramids
informational roles
monitor: actively seek valuable information disseminator: transmit relevant info to others spokesperson: formally relaying infor to those outside org
controlling
monitoring activites and making corrections; compare exisitng situation and desired to see what needs to be done ex: after reviewing data on a number of stimulus projects are underway, a senator decides which ones she will bote to defund
organizational design
more flexible =handles environments better
competitive rivalry
nature of competitive relationship between dominant firms in the industry
competitors
offering a new service that may make the competitor more attractive to customers
interpesonal skills
positively interact with people in groups or by themselves
perceived equalities in power of people
power tolerance
time management
priority of tasks, delegate works
contemprary millenials
priortize lifestyle and individuality more
If a manager measures which location has the most traffic and includes that information in a model to predict store profits by location, which management perspective is she using
quantitative management-use of mathetmatical models
operations manager may use
quantitiative techniques to manage inventory levels in your reatil sotres or warehouses
physical resources
raw materials, office and production facilities and equipment
history
record of events that happened in the past; learn from experiences of past managers and avoid their mistakes
regulators
regulatory agenices and interest groups
how do governments influence businesses
rely on laws or legislation
how do businesses impact government
rely on lobbying, political action committees, and personal contacts to influence the government
classical management
scientific and administrative
physical environment
sets tone for company
other managers
special managers such as public relations managers, research and devleopment and social media specialist
general environment
economic, technological, sociocultureal, political/legal, international dimensions
classical management is relevant today due to
efficiency, job specializaiton, bureacracies, manufacturing hobs, and organizations functioning in highly stable environment
a reminder to employees that business-casual attire is permitted only on fridays
internal environment
efficiency
using resources wisely and in cost-effecive way; high quality products at low cost
information resources are
usuable data needed to make effective decisions
the hawthorne studies utilized experiments to asses the factors that could influence productivity
yes; changed lighting circumstances; done by elton mayo
organizing
assigning responsibilities for task accomplishment; where to spend money, how organized, and how many assigned to project ex: the manager of a pizza restaurant creates a schedule to determine which emplouees will work on new years eve
history of management used to
avoid the mistakes of others
ongratulations! You and two classmates received an A+ on your group project. As you reflect on the process, you make a list detailing why you worked together so effectively. Which of the following statements relate specifically to the effectiveness of your group?
before starting recsearch you identified themes that professor emphasized in class using the course syllabus the group made checlist of wha tmust be inluded in project
financial resources
capital used to finance ongoing and long term operations
the cultural belief that the needs of the group comes before the needs of the individual
collectivism
utility
does it optimize the best for all
high job satisfaction ratings from current employees
internal environment
finance managers
accounting, cash management, investments
obstructionist
do as little as possible to solve social or environmental problems
Congratulations! You just graduated with a degree in management. As you reflect on your school experience, you make a list of the reasons you were so efficient with your studies. Which of the following statements relate specifically to your efficiency?
-Last year, you reviewed the course schedule to ensure you knew when to enroll in certain electives that are offered only once per year. When registration opened for each term, you immediately registered for the classes you needed, especially the ones that fill up quickly.
arguments for social responsibility
-businesses create problems and should help solve them -corpoarations are citizens in our society -businesses have the resources to solve problems -business is a partner in society
arguments against social responsibility
-businesses lacks expertise in social programs -involvement gives businesses more power -there may be conflicts of interest -business exists to generate profit for the owners
If you decide to give a presentation on quality, which topics might you include?
-competive advantage -positive relationships between quality and productivity -tendency for quality improvements to lower cost
which of the following statements about culture are true
-cultural problems can arise when two companies with different cultures merge -a major way to shape culture is by bringing outsiders into important leadership positions -culture can be maintained by rewarding and promoting people whose behaviors are desired
Frederick Taylor steps of scientific management
-develop a science for each element to replace old rules scientfically select employees and train to do the job as described supervise employees to make sure they follow prescribed methods -continue to plan the work but use workers to get work done
Congratulations! You received an A+ on the final exam in your Principles of Management class. You were busy this semester and had to be very efficient with your study time. So you can perform similarly next semester, you made a list detailing why you were so efficient with your study time. Which of the following statements relate specifically to your efficiency?
-made flashcars with key terms for each chapter so you can study for a few minutes while waiting for bus line -complete MC to distiguish topics need to study more -woke up 30 min early and got in habit of readin at least 10 pages daily
middle manager example
division head, plant manager, operations manager; coordinate work of all departments in a divison
defensive stance
do only what is legally required
organizing news reports and press releases as they come out is handling
information resources
steps in scientific management
(1) develop a science for each element of the job to replace old rule-of-thumb methods, (2) scientifically select employees and then train them to do the job as described in step 1, (3) supervise employees to make sure they follow the prescribed methods for performing their jobs, (4) continue to plan the work, but use workers to get the work done.
Information Management
-boundary spanners is employee that interacts with those outside -environmental scanning: keeping an eye on environments -infrmation systems: compile and arrange pertinent data
decisional roles
-entrepreneur: voluntarily iniating change within the org -distubrance handler: addressing problems like strikes, copyright, public relations resource allocator: how resource will be distributed negotiator: serving as a rep of company in external and internal negotations
interpersonal roles
-figurehead: cermonial and symbolic -leader: responsible for hiring, training and motivating employees -liason: responsible for linking different groups and people
If you decide to give a presentation on ethics and social responsibility, which topics might you include?
-making contributions to commmunity groups -reducing carbon footprint -train employees in cultureal sensitivity so they can work well with people in other countries
managing culture
-must first understand it -tread carefully when decing to change or keep -mergers or rival groups leads to issues -introducing outsiders into key managerial roles is essential to change
You've worked for several years in a department where most employees had recently graduated from college. Tomorrow, however, you start a new position, and most of your coworkers will be nearing retirement age. Based on research findings about people of the Baby Boomer generation, what attitudes can you expect your new colleagues to hold
-tend to believe that hard work and sacrifice should be rewarded -tend to place work at center of lives -tend to feel loyal to org
according to most management researchers, the modern study of management originated in which century
19th century
Operations Management
The management of systems or processes that create goods and/or provide services -queing, break even analysis and simulations
mergers and acquisitions
Two companies with distinct cultures are merged to form a new culture.
what org seeks to promote international trade for all nations
World trade org (WTO)
task environment
competitors, regulators, customers, strategic partners, suppliers
an organization is
a group of people workign together in structured and coordinated fashion to achieve a set of goals
diagnostic skills
ability to assess and analyze situations and then propose and formulate solutions
conceptual skills
ability to think and reason abstractly adn to see overall patterns, trends, and processes especially within an org
communications skills
ability to transmit information and concepts and to listen and receive from others
technical skills
ability to understand the specific work done in an org
threat of substitute products
alternative products or services may supplant or diminish need for toher
strategic partners
an organization working together with one or more other organizations in a joint venture or similar arrangement
customers
anoyone who spends money to buy products or services from an org
organizational behavior
assume that human behavior is very complex and draws from various academic perspectives
direct influence
become own supploer, change prices, create new products, lobby
quantitative
begain in WWII
robert owen
believed in treating workers iwth dignity and respect and this would increase productivity; improved conditions, raised min working age, meals for employees
theory
conceptual framework for organzing knowledge and providing blueprint for action
operations managers
creating and managinf systems that create an org's products and systems
increase diversity and multiculturalism
changing demographics; increased awareness of diversity increasing quality of workforce; legislation and legal action; globalization movement
boards of directors
chosen by stockholders to oversee general managemetn
suppliers
companies that provide material, human, financial, and informational resources to other companies
competitors
compete with org for resources (customers money), substitutes
sociocultural dimension
customs, morals, values and demograhic characteristics of the society in which org functions
henry gantt
developed the Gantt chart to measure and plan work
systems persepctive and contingency create
effective and efficienct management with integrative framework
Tanya specializes in making invitations for children's parties. Because she is using an old, worn-out printer, about half of the invitations must be thrown away due to smeared ink. It is fortunate that Tanya can still fulfill her orders, because she cannot afford to buy a new printer for at least 6 months. Tanya i
effective but not efficient
frank wants to run a marathon in less than 3 hours. he made a scheudle that allows hi to spend minimnum time but not improving
efficient but not effective
A local freight company frequently dispatches trucks that are half full and the crates are often missing their address labels. The company isneither
efficient nor effective
Tyler developed a schedule so he can spend the minimum amount of time studying for school and still get good grades. Tyler is following the schedule, but is not getting the desired grades
effiient but not efective
gilbreths
eliminate inefficincy
hawthorne studies
elton mayo -changes to environment of employees did not have lasting effects but productivity changed because of being looked at -important of employees themselves rather than conditions or job itself
behavioral management perspective
emphasis on individual attitudes and behaviors
Power of Buyers
extent to which buyers influence market rivals
threat of new entrants
extent to which new competitors can easily enter a market or market segment
Power of Suppliers
extent to which suppliers influence market rivals
management science
focuses on using mathematics to aid in problem solving and decision making
charles babbage
forerunner of classical and quantitative management; divison of labor, application of math, ex
scientific management
fred taylor; soldiering; outlined the most efficient way of doing each part of task -maximize efficiency like assembly lines
administrative
generalists; familiarity in all ex: hospital admin
accommodative stance
meet legal and ethical obligations and do more on a case by case basis
political legal
gov regulation of business and relationship btwn business and gov -political stability -pro or anit business
yuppies
highly motivated professionals in the 80s that valued work
human resources
hiring and developing employees
owners
hold legal property rights to a business are its owners
Target has posted a job description for the following open position: Selecting prospective employees from submitted résumés and job applications; supervising staff; serving as liaison with managerial staff and other colleagues. Which type of organizational resource will this job manage?
human- managers who plan and make decisions regarding people in org
leading
influence to motivate people to achieve company goals ex: the chairman of large retailer announces that she may find investors to buy company to save it
a company adopting an open plan design for the workstations in its new office
internal environment
a manager's policy of letting employees have friday afternoons off during the summer
internal environment
employees ability to choose among several types and styles of desk chairs
internal environment
one employee telling another "its just the way we do things around here-it's our organizational culture "
internal environment
international dimension
involved or affected by businesses in other countries
rate of change and degree of homogeniety (segmentation and elements ) make up
level of uncertainity
strategic response
maintaining the status quo, altering the current strategy, or adopting a new strategy
effectiveness
making the right decisions and implementing them successfully
human resources
managerial talent and labor
administrative management
managing and structuring an organization for more efficient operations bureacracy HENRI FAYOL: four functions of management
decision making skills
measure relative value of different solutions and select one
contingency perspective
suggests that appropriate managerial behavior in a given situation depends on, or is contingent on, unique elements in a given situationl ; not just one answer (universal perspective)
entropy
system decline without interference and intervention
for a public university, the pool of new PhD graduates seeking jobs as professor
task environment
for caterpillar, a heavy equipment manufacturer, an unanticipawted jump in their supplier charge for steel
task environment
limitations of classical
too simple and stable; not enough individual welfare into acocunt
babylonians
used extensive set of laws and policies for governance
sumerians
used written rules and regulations for governance
employees
want more job owenership; increased reliance on temps due to flexibility; labor unions
corporate governance
who is accountable for overseeing a company's operations
human relations movement
workers respond primarily to social context of the worplace -theory x and theory y
Mainstreet Collection is a producer and wholesaler of gift items and soft goods. Located in Washington, NC, it sells its goods to more than 100 retailers in the United States. To keep the price of goods low, manufacturing is outsourced to facilities in China. What level of international activity best describes Mainstreet Collection?
international business: one that is based primarily in a single country but acquires one or more meaningful resources in other countries
almart has posted a job description for an open position focused on the following responsibilities: managing the merchandising of new products in the appropriate store areas; selecting appropriate shelving and display materials throughout the store; identifying needed store repairs. Which type of organizational resource will this job manage
physical
how strong is the infrastrucutre in our prospective markets
plan
what characteristic of high potential/high growth economies
population size
systems perspective
sandwich=output -vegetable prep=transformative audience baking=transformative process garbage=output yelp reviews- feeback bread-input repeat customers-feedback
proactive
seek opportunities to contribute to society
planning/decision making
selecting goals and how to attain them; predict what is happening in the future; creating a budget ex: The new CEO of an online music company determines that the company will continue selling subscription services, but it will also design a website that appeals to nonsubscribers.
marketing manager
sell product and work in new product development, promotion and distribution
largest GDP contributor in US
service
management can be defined as
set of activities including planning, controlling, organizing, and leading directed at an org's resources with the aim of achieving organizational goals in efficient and effective manner
top managers
small group of execs who manage the overall org; create goals, overal strategy, and operating policies -vice presidents, CEO , CFO
planning and decision making
setting orgs goals and deciding how best to achieve them; decision making: involves setting a course of action from a set of alternatives
When a company expands internationally, it may lack knowledge of the other country's laws and customs; therefore, it may enter into a joint venture with a ________________ who can provide this information.
strategic partner
auditors from the internal revenue service (IRS) sent to review a company's tax records
task environment
