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Exam 2
Chapters 7, 9, 10, 11
42
Management
Undergraduate 3
10/09/2014

Additional Management Flashcards

 


 

Cards

Term
Mission Statement?
Definition
what your business stands for
Term
SWOT Anaylsis
Definition
Strengths, Weaknesses, Opportunities, and Threats
Term
Define Strengths
Definition
Internal analysis; positive features that give the firm an advantage; CAN DO
Term
Define Weaknesses
Definition
Internal analysis; negative features that place the firm at disadvantages; CAN'T DO
Term
Define Opportunites
Definition
External analysis; favorable conditions that could help/enhance the firms performance
Term
Define Threats
Definition
External analysis; unfavorable conditions that could hurt the firms performances
Term
Symptoms v Problems
Definition

symptoms: indicators, red flags, signs, evidence

problems: issues, what might cause declining productivity

 

You need to solve the problems not the symptoms

Term
What is an SBU
Definition
major part of a firm called, Strategic Business Unit, that has its own mission, competition, customers, suppliers
Term
BCG Model
Definition

Horizontal Axis = Market Shares

Vertical Axis = Market Growth Rate

 

Stars - Grow or Retrench

Problem Childs - Grow or Divest

Cash Cows - Harvest or Retrench

Dogs - Harvest or Divest

[image]

Term
Strategies for BCG
Definition
Grow, Retrench, Divest, Harvest
Term
Define Growth strategy
Definition

acquisition - buy someone else (ex. Facebook bought IG)

product development - new product same market

market development - same product new market 

diversification - new product new market (Canon... office equipment)

market penetration - same product same market, get users to buy more (credit cards)

Term
Define Retrenchment
Definition

- To protect/defend

- advertise

Term
Define Divesture
Definition

- sell off

- get rid of

- put sale money back into company

Term
Define Harvest
Definition

- milk the cow

- reap the benefits

- don't necesarily put money back into company

(Land line phones)

Term
Define Deparmentalization
Definition
the manner in which divided task are combined and allocated to work groups
Term
Ways to Departmentalize
Definition

- function

- process

-product/service

- customer

- geography/location

- time

- sequence

Term
Organizational Charts by Henri Fayol's Principles
Definition
  • Division of Work
  • Scalar Chain of Command
  • Unity of Command
  • Unity of Direction
  • Responsibility and Authority
  • Centralization
  • Gnagplanking
Term
define Division of Work
Definition
assignment of various portions of a particular task among a number of organization members
Term
define Scalar Chain of Command
Definition
Top to bottom, who reports to who
Term
define Unity of Command
Definition
is the management principle that recommends that an individual have only one boss
Term
define Unity of Direction
Definition
the following of the Mission Statement
Term
define Responsibility and Authority
Definition
parity principle, should be equal
Term
define Centralization
Definition
few key people make decisions usually on top
Term
define Gangplanking
Definition

if the supervisor is not there, report to another supervisor, and then check back with your original supervisor when he returns, don't over do it

 

- report

- don't over do it

Term

Span of Control

Span of (Mangement)

Definition

the number of individuals a manger supervises

 

  1. simlarity of functions (larger span if same)
  2. geographic continuity (larger span if together)
  3. complexity of functions (small span if complex)
  4. coordination and planning (small span if more time spent)
Term
Graicunas' Formula
Definition

indicates the number of possible relationships that might exist between the manager and the subordinates

 

c = n((2^n/2) + n-1)

Term
define Delegation
Definition

is the actual process of assigning job activities and corresponding authority to specific individuals within the organization

 

You can't delegate responsibility

Term
Delegation Reasons
Definition
  1. Take advantage of other expertise
  2. Groom or develop subordinates 
  3. Enhance  capability to perform own job
Term
Delegation Challenges
Definition
  1. Fear, loss of control, or afraid that they'll appear weak
  2. Lack of trust in subordinates capablities
  3. Subordinates generally cant handle or don't want responsibility
  4. May not have anyone to delecate to... Small Firms
Term
Types of Authority
Definition
  1. Line Authority
  2. Staff Authority
  3. Fuctional Authority
Term
define Line Authority
Definition

key decision makers and possess the right to give orders; scalar chain of command is unbroken from top to bottom

 

ex. Finance, Production, Marketing, Sales

Term
define Staff Authority
Definition

they're there to support, advise, and counsel

 

ex. Human Resources, Legal, Accounting

Term
define Functional Authority
Definition

the right to give orders that typically don't exist

- for a temporary period of time in a special product

- represented by a dotted line relationship

- oversees line authority during temporary period of time

Term
define Responsibility
Definition

an obligation to do something with the expectation of achieving some act or output

- rests with the person who agrees to the task

Term
define Authority
Definition
power that has been legitimized within a particular social context
Term
define Position Authority
Definition

stems or arises from ones' place on the organizational chart

- also called the legitimate authority

Term
define Acceptance Authority
Definition
arises from the supervised period, they accept or reject the supervisors' authority
Term
Centralization and Decentralizatoin
Definition
describes the general degree to which delegation exists within an organization
Term
Centralization v Decentralization
Definition

centralization - few key people make decisions

decentralization - many more people are involved in decision making

Term
Who is Max Weber
Definition

the write who probably had the most profound influence on classical organizing theory

  • ideal bureacracy

- detailed rules

- clearly outlined organizational hierarchy

- impersonal relatinonships

- believed would enhance efficiency

Term
PERT
Definition
critical path is the longest path, if there's any delay than it slows down the entire project
Term
Regression formula
Definition
y (hat) = a + bx
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