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CLM Certification Review - Terms
ALA CLM Certification Exam Terms
396
Management
Professional
04/03/2013
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Term
Term
 Definition
Definition
Term
Organization
 Definition
A deliberate arrangement of people brought together to accomplish some specific purpose
Term
3 Characteristics of and Organizations
 Definition
1) Purpose ( a goal or set of goals), 2) People, 3) Deliberate systematic structure
Term
Nonmanagerial employees
 Definition
People who work directly on a job or task and have no responsibility for overseeing the work of others
Term
Managers
 Definition
Individuals in an organization who direct the activities of others
Term
Top Managers
 Definition
Individuals who are responsible for making decisions about the direction of the organization and establishing policies that affect all organizational members
Term
Middle Managers
 Definition
Individuals who are typically responsible for translating goals set by top managers into specific details that lower-level managers will see get done
Term
First-line Managers
 Definition
Supervisors responsible for directing the day-to-day activities of nonmanagerial employees
Term
Management
 Definition
The process of getting things done, effectively and efficiently, with and through other people
Term
Process
 Definition
A set of ongoing and interrelated activities
Term
Efficiency
 Definition
Doing a task correctly and getting the most output from the least amount of inputs ( Concerned with the means)
Term
Effectiveness
 Definition
Doing the right things by doing those work tasks that help the organization reach its goals (concerned with the ends)
Term
Poor Management
 Definition
Often due to both inefficiency and ineffectiveness or to effectiveness achieved without regard for efficiency
Term
Scientific Management
 Definition
The use of scientific methods to define the "one best way" for a job to be done
Term
Three approaches to describing what managers do
 Definition
1) Functions, 2) Roles, 3) Skills and Competencies
Term
The Fayol Four Management Functions
 Definition
1) Planning, 2) Organizing 3) Leading and 4) Controlling
Term
Planning
 Definition
Includes defining goals, establishing strategy, and developing plans to coordinate activities
Term
Organizing
 Definition
Includes determining what tasks are to be done and by whom, how task are to be grouped, who reports to whom, and who will make decisions
Term
Leading
 Definition
Includes motivating employees, directing the activities of others, selecting the most effective communication channel, or resolving conflicts among team members
Term
Controlling
 Definition
Involves monitoring, comparing, and correcting work performance
Term
Interpersonal Roles
 Definition
Ones that involve people and other duties that are ceremonial and symbolic in nature
Term
Informational Roles
 Definition
Involve collecting, receiving and disseminating information
Term
Decisional Roles
 Definition
Entail making decisions or choices
Term
Mintzberg's Interpersonal Roles
 Definition
1) Figurehead, 2) Leader, 3) Liaison
Term
Mintzberg's Informational Roles
 Definition
1) Monitor, 2) Disseminator, 3) Spokesperson
Term
Mintzberg's Decisional Roles
 Definition
1) Entrepreneur, 2) Disturbance handler, 3) Resource allocator, Negotiator
Term
Mintzberg's 10 Managers Roles
 Definition
1) Figurehead, 2) Leader, 3) Liaison, 4) Monitor, 5) Disseminator, 6) Spokesperson, 7) Entrepreneur, 8) Disturbance handler, 9) Resource allocator, 10) Negotiator
Term
Framing
 Definition
Defines how a manager approaches his or her job
Term
Scheduling
 Definition
Bringing the frame to life through the distinct tasks the manager does.
Term
Four Critical Management Skills
 Definition
1) Conceptual, 2) Interpersonal, 3) Technical, and 4) Political
Term
Conceptual Skills
 Definition
Skills managers use to analyze and diagnose complex situations
Term
Interpersonal Skills
 Definition
Skills managers use to work with, understand, mentor, and motivate others, both individually and in groups
Term
Technical Skills
 Definition
Job-specific knowledge and techniques needed to perform work tasks
Term
Political Skills
 Definition
Skills used to develop a power base and establish the right connections
Term
9 Managerial Competencies
 Definition
1) Traditional functions, 2) Task orientation, 3) Personal orientation, 4) Dependability, 5) Open-mindedness, 6) Emotional controls, 7) Communication, 8) Developing self and others, and 9) Occupational acumen and concerns
Term
Traditional Functions
 Definition
Decision making, short-tem planning, goal setting, monitoring, team building
Term
Task Orientation
 Definition
Urgency, decisiveness, initiative
Term
Personal Orientation
 Definition
Compassion, assertiveness, politeness, customer focus
Term
Dependability
 Definition
personal responsibility, trustworthiness, loyalty, professionalism
Term
Open-mindedness
 Definition
tolerance, adaptability, creative thinking
Term
Emotional Control
 Definition
Resilience, stress management
Term
Communication
 Definition
Listening, oral communication, public presentation
Term
Developing Self and Others
 Definition
Performance assessment, self-development, providing developmental feedback
Term
Occupational Acumen and Concerns
 Definition
Technical proficiency, concerned with quality and quantity, financial concern
Term
Employee Engagement
 Definition
When employees are connected to, satisfied with, and enthusiastic about their jobs
Term
External Environment
 Definition
Factors, forces, situations and events outside the organization that affect its performance
Term
Economic Components
 Definition
Interest rates, inflations, changes in disposable income, stock market fluctuations, and business cycle stages
Term
Demographic Components
 Definition
Trends in populations characteristics such as age, race, gender, education level, geographic location, income, and family composition
Term
Technological Components
 Definition
Scientific or industrial innovations
Term
Sociocultural Components
 Definition
Societal and cultural factors such as values, attitudes, trends, traditions, lifestyles, beliefs, tastes, and patterns of behavior
Term
Political / Legal Components
 Definition
Federal, state and local laws as well as laws of other countries and global laws, and includes a country's political conditions and stability
Term
Global Component
 Definition
Encompasses those issues associated with globalization and a world economy (e.g., Icelandic volcano eruption)
Term
Demographics
 Definition
The characteristics of a population used for purposes of social studies (e.g., age, income, race, sex, education level, ethnic makeup, employment status, geographic location)
Term
Technology
 Definition
Any equipment, tools, or operating methods that are designed to make work more efficient
Term
Baby Boomers
 Definition
Born between 1946 and 1964
Term
Gen X
 Definition
Born between 1965 and 1977
Term
Gen Y (Millennial)
 Definition
Born between 1978 and 1994
Term
Post Millennial iGeneration
 Definition
Currently teens and middle schoolers
Term
Environmental Uncertainty
 Definition
The degree of change and complexity in an organizations environment
Term
Dimensions of Environmental Uncertainty
 Definition
1) degree of unpredictable change: a) if frequent change then it is a dynamic environment, b) if infrequent change then stable environment; 2) degree of environmental complexity
Term
Stakeholders
 Definition
Any constituencies in an organization's environment that are affected by that organization's decisions and actions (e.g., employees, vendors, customers, investors
Term
Organizational Culture
 Definition
The shared values, principles, traditions, and ways of doing things that influence the way the organizational members act
Term
Definition of Culture Implies
 Definition
1) Culture is a perception, 2) Culture is descriptive, 3) There are shared aspects
Term
Seven Dimensions of Corporate Culture
 Definition
1) Attention to detail, 2) Outcome orientation, 3) People orientation, 4) Team orientation, 5) Aggressiveness, 6) Stability, 7) Innovation and risk taking
Term
Organizational Stories
 Definition
A narrative of significant events or people including such things as organizational founders, rule breaking, reactions to past mistakes
Term
Corporate Rituals
 Definition
Repetitive sequences of activities that express and reinforce the important values and goals of the organization
Term
Global Organization
 Definition
An organization is considered global if it exchanges goods and services with consumers in other countries, or if they use managerial or technical employee talent from other countries, or if it uses financial sources and resources outside of its home country
Term
Multinational Corporations (MNCs)
 Definition
Any type of international company that maintains operations in multiple countries
Term
Multidomestic Corporation
 Definition
A multinational corporation which decentralizes management and other decisions to the local country where it is doing business
Term
Global Corporation
 Definition
A multinational corporation which centralizes it management and other decisions in the home country
Term
Transnational (borderless) Organization
 Definition
A structural arrangement for global organizations that eliminates artificial geographical barriers
Term
Global Sourcing
 Definition
Purchasing materials or labor from around the world wherever it is cheapest with a goal of taking advantage of lower cost to be more competitive
Term
Global Village
 Definition
Refers to the concept of a boundaryless world where goods and services are produced and marketed worldwide
Term
Exporting
 Definition
Making products domestically and selling them abroad
Term
Importing
 Definition
Acquiring products made abroad and selling them domestically
Term
Licensing
 Definition
An agreement in which and organization gives another the right, for a fee, to make or sell its products, or to use its technology or product specifications
Term
Franchising
 Definition
An agreement in which an organization give another organization the right, for a fee, to use its name and operating methods
Term
Global Strategic Alliance
 Definition
A partnership between an organization and a foreign company partner or partners in which both share resources and knowledge in developing new products or building production facilities
Term
Joint Venture
 Definition
A specific type of strategic alliance in which the partners agree to form a separate, independent organization for some business purpose
Term
Foreign Subsidiary
 Definition
A direct investment in a foreign country that involves setting up a separate and independent facility or office
Term
Parochialism
 Definition
A narrow focus in which manager see things only through their own eyes and from their own perspective
Term
Hofstede Five Dimensions of National Culturalism
 Definition
1) Power distance, 2) Individualism versus collectivism, 3) Quantity versus quality of life, 4) Uncertainty avoidance, and 5) Long-term versus short-term orientation
Term
Power Distance
 Definition
The degree to which people in a country accept that power in institutions and organizations is distributed unequally
Term
Individualism
 Definition
The degree to which people in a country prefer to act as individuals rather than as members of a group
Term
Collectivism
 Definition
The degree to which people in a country prefer to act as members of a group rather than as individuals
Term
Quantify of Life
 Definition
The degree to which values such as assertiveness, the acquisition of money and material goods, and competition are important
Term
Quality of Life
 Definition
The degree to which people value relationships and show sensitivity and concern for the welfare of others
Term
Uncertainty Avoidance
 Definition
The degree to which people in a country prefer structure over unstructured situations and whether people are willing to take risks
Term
Global Leadership and Organizational Behavior Effectiveness (GLOBE)
 Definition
Nine (9) dimensions on which national cultures differ 1) assertiveness, 2) Future Orientation, 3) Gender differentiation, 4) Uncertainty avoidance, 5) Power Distance, 6) Individualism/Collectivism, 7) In-group collectivism, 8) Performance orientation, and 9) Humane orientation
Term
Social Responsibility (Corporate Social Responsibility)
 Definition
A business firm's intentions beyond its legal and economic obligations, to do the right things and act in ways that are good for society (adds an ethical imperative to do those things that make society better and to not do those that could make it worse)
Term
Social Obligations
 Definition
Activities a business firm engages in to meet certain economic and legal responsibilities
Term
Social Responsiveness
 Definition
Characteristics of the business firm that engages in social action in response to some popular social need
Term
Sustainability
 Definition
A company's ability to achieve its business goals and increase long-term shareholder value by integrating economic, environmental, and social opportunities into its business strategies
Term
Ethics
 Definition
A set of rules or principles that defines right and wrong conduct
Term
Utilitarian View of Ethics
 Definition
Ethical decisions are made solely on the basis of their outcomes and consequences. The goal is to provide the greatest good for the greatest number
Term
Rights View of Ethics
 Definition
Individuals are concerned with respecting and protecting individual liberties and privileges
Term
Theory of Justice View of Ethics
 Definition
An individual imposed and enforces rules fairly and impartially
Term
Code of Ethics
 Definition
A formal document that states an organization's primary values and the ethical rules it expects managers and nonmanagerial employees to follow
Term
Workforce Diversity
 Definition
The ways in which people in an organization are different and similar to one another
Term
Types of Diversity
 Definition
Age, Gender, Race and Ethnicity, Disability/Ability, Religion, LGBT, Other
Term
Race
 Definition
Biological heritage (physical characterizes such as skin color)
Term
Ethnicity
 Definition
Social traits such as ones cultural background or allegiance that are shared by a human population
Term
8 Steps of Decision-Making Process
 Definition
1) Identification of a Problem, 2) Identification of Decision Criteria, 3) Allocation of Weights to Criteria, 4) Development of Alternatives, 5) Analysis of Alternatives, 6) Selection of an Alternative, 7) Implementation of the Alternative, 8) Evaluation of Decision Effectiveness
Term
Decision Implementation
 Definition
Putting a decision in action and includes conveying the information to those affected and getting their commitment to it.
Term
Heuristics (Rules of Thumb)
 Definition
Judgmental shortcuts or "rules of thumb" used to simplify decision making
Term
Overconfidence Biases
 Definition
When decision makers tend to think they know more than they do or hold unrealistically positive views of themselves and their performance
Term
Immediate gratification Bias
 Definition
The notion that decision makes tend to want immediate rewards and to avoid immediate costs. Decisions that provide quick payoffs are more appealing than those in the future.
Term
Anchoring Effect
 Definition
Describes when decisions makers fixate on initial information as a starting point and then, once set, fail to adequately adjust for subsequent information
Term
Selective Perception Bias
 Definition
When decision makers selectively organize and interpret events based on their biased perceptions
Term
Confirmation Bias
 Definition
When decision makers who seek out information that reaffirms their past choices and discount information that contradicts past judgment
Term
Framing Bias
 Definition
When decision makers select and highlight certain aspects of a situation while excluding others
Term
Availability Bias
 Definition
Occurs when decision makers tend to remember events that are the most recent and vivid in their memory.
Term
Representation Bias
 Definition
When decision makers assess the likelihood of an event based on how closely it resembles other events or sets of events
Term
Randomness Bias
 Definition
When decision makers try to create meaning out of random events
Term
Sunk Costs Error
 Definition
Takes place when decision makers forget that current choices can't correct the past
Term
Self-serving Bias
 Definition
When decision makers are quick to take credit for success and to blame failure on outside factors
Term
Hindsight Bias
 Definition
The tendency for decision makers to falsely believe that they would have accurately predicted the outcome of an event once the outcome is actually known
Term
Rational Decision Making
 Definition
Describes choices that are consistent and value-maximizing within specified constraints
Term
Bounded Rationality
 Definition
Making decisions that are rational within the limits of a manager's ability to process information
Term
Satisfice
 Definition
Accepting solutions that are "good enough"
Term
Escalation of Commitment
 Definition
An increased commitment to a previous decision despite evidence that it may have been wrong
Term
Intuitive Decision Making
 Definition
Making decisions on the basis of experience, feelings, and accumulated judgment (unconscious reasoning)
Term
5 Aspects of Intuitive Decision Making
 Definition
1) Experience Based Decisions, 2) Affect Initiated Decisions, 3) Cognitive-based Decisions, 4) Subconscious mental processing, 5) Value or ethics-based decisions
Term
Structured Problem
 Definition
A Straightforward, familiar, and easily defined problem
Term
Unstructured Problem
 Definition
A problem that is new or unusual for which information is ambiguous or incomplete
Term
Programmed Decision
 Definition
The extent to which problems are repetitive and routine, and that a specific approach has been worked out to handle them (decision making by precedent)
Term
Procedure
 Definition
A series of interrelated, sequential steps used to respond to a structured problem
Term
Rule
 Definition
An explicit statement that tells employees what can or cannot be done
Term
Policy
 Definition
A guideline for making decisions - establishes parameters rather than specifically state what can and cannot be done
Term
Nonprogrammed Decisions
 Definition
A unique and nonrecurring decision that requires a custom-made solution
Term
Three Decision Making Conditions Managers Face
 Definition
1) Certainty, 2) Risk, 3) Uncertainty
Term
Certainty
 Definition
A situation in which a decision maker can make accurate decisions because all outcomes are known
Term
Risk
 Definition
A situation in which a decision maker is able to estimate the likelihood of certain outcomes
Term
Uncertainty
 Definition
A situation in which a decision maker has neither certainty nor reasonable probability estimates available
Term
Advantages of Group Decisions
 Definition
1)Group decisions provide more complete information, 2) groups provide more alternatives, 3) provides increased acceptance of a solution, 4) increases legitimacy of decision
Term
Disadvantages of Group Decisions
 Definition
1) Decisions are time consuming, 2) Interactions are inefficient, 3) groups can have minority dominations, 4) individuals members have pressure to conform to the wishes of the group (Groupthink) 5) ambiguous responsibility
Term
Groupthink
 Definition
When a group exerts extensive pressure on an individual to withhold his or her different views in order to appear to be in agreement (conformity to group values and ethics)
Term
How Does Groupthink Occur
 Definition
) Group members rationalize any resistance to the decisions they have made, 2) Members apply direct pressures on those who express doubts about shared views, 3) Members who have doubts or hold differing points of view seek to avoid deviating from what appears to be group consensus, and 4) an illusion of unanimity is pervasive - silence is assumed to be acquiescence
Term
Ideal Group Membership Size
 Definition
Five to seven members
Term
Three ways to make group decision making more effective
 Definition
) Brainstorming, 2) nominal group technique, and 3) electronic meetings
Term
Brainstorming
 Definition
An idea-generating process that encourages alternatives while withholding criticism
Term
Nominal Group Technique
 Definition
A decision-making technique in which group members are physically present but operate independently, secretly writing a list of potential alternatives - Major advantage - permits the group to meet formally but does not restrict independent thinking
Term
Electronic Meeting
 Definition
A typical nominal group technique in which participants are linked by computer - Major advantages a) anonymity, honesty, and speed
Term
Ringisei
 Definition
A Japanese consensus-forming group
Term
Creativity
 Definition
The ability to produce novel and useful ideas
Term
Three Component Model of Creativity
 Definition
Individual creativity requires 1) expertise, 2) creative-thinking skills and 3) intrinsic task motivation
Term
Traits Associated with the Development of Creative Ideas
 Definition
1) intelligence, 2) independence, 3) self-confidence, 4) risk-taking, 5) internal locus of control, 6) tolerance for ambiguity and 7) perseverance in the face of frustration
Term
Us of Analogies
 Definition
The effective use of analogies allows decision makers to apply and idea from one context to another
Term
Intrinsic Task Motivation
 Definition
the desire to work on something because it is interesting, involving, exciting, satisfying, or personally challenging
Term
Five Organizational Factors That Have Been Found to Impede Creativity
 Definition
1) Expected evaluation, 2) surveillance, 3) external motivators, 4) competition, and 5) constrained choices
Term
Maximax Choice
 Definition
Maximizing the maximum possible payoff
Term
Maximini Choice
 Definition
Maximizing the minimum possible payoff
Term
Regret
 Definition
The amount of money that could have been made had a different strategy been used
Term
Decision Trees
 Definition
A diagram used to analyze a progression of decisions. When diagrammed, a decision tree looks like a tree with branches
Term
Break-even Analysis
 Definition
A technique for identifying the point at which total revenue is just sufficient to cover total costs
Term
Break-even Point Calculation
 Definition
BE = [TFC/(P - VC) TFC =Total Fixed Cost; P = Unit Price; VC = Variable Cost per unit
Term
Liquidity
 Definition
A measure of the organization's ability to convert assets into cash in order to meet its debt obligations
Term
Current Ratio
 Definition
An organization's current assets divided by its current liabilities - a ration of 2.1 is generally good (higher is bad)
Term
Acid Test Ratio
 Definition
An organization's current assets, minus the dollar value of the inventory held, divided by its current liabilities - a ratio of 1 to 1 is reasonable
Term
Leverage Ratios
 Definition
Refer to the use of borrowed funds to operate and expand an organization - advantage occurs when funds can be used to earn a rate of return well above the cost to borrow
Term
Debts to Assets Ratio
 Definition
Total debt divided by total assets
Term
Time Interest Earned Ratio
 Definition
Profits before interest and taxes, divided by total interest charges
Term
Operating Rations
 Definition
Indicate how efficiently management is using the organizations resources
Term
Inventory Turnover Ratio
 Definition
Revenue divided by inventory - the higher the ration the more efficiency
Term
Total Assets Turnover Ratio
 Definition
Revenue divided by total assets - it measures the level of assets needed to generate the organization's revenue - the fewer assets needed, the more efficiency
Term
Profit Margin on Revenues Ratio
 Definition
Net profit after taxes divided by total revenues - is a measure of profit per dollar of revenue
Term
Return on Investment (ROI) Ratio
 Definition
Net profits divided by total assets
Term
Linear Programming
 Definition
A mathematical technique that solves resource allocation problems
Term
Queuing Theory / Waiting Line Theory
 Definition
A way of balancing the cost of having a waiting line versus the cost of maintaining the line. Management wants to have as few stations open to minimize costs without testing the patience of the customers
Term
Fixed-point Reordering System
 Definition
A method for a system to "flag" the need to reorder inventory at some pre-established point in the process - used to minimize inventory carrying costs
Term
Economic Order Quantity (EOQ)
 Definition
A model that seeks to balance the costs involved in ordering and carrying inventory, thus minimizing total costs associated with carrying and ordering costs - Seeks to manage four cost 1) purchase costs, 2) ordering costs, 3) carrying costs, and 4) stock-out costs
Term
Purchase Cost
 Definition
Purchase price plus delivery charges less discounts
Term
Ordering Costs
 Definition
Include costs of paperwork, follow-up, inspection, other processing costs
Term
Carrying Costs
 Definition
Money tied up in inventory, storage, insurance, taxes, etc…
Term
Stock-out Costs
 Definition
Profits forgone from orders lost, the cost of reestablishing goodwill, and additional expenses incurred to expedite late shipments
Term
Term
 Definition
Definition
Term
Organization
 Definition
A deliberate arrangement of people brought together to accomplish some specific purpose
Term
3 Characteristics of and Organizations
 Definition
1) Purpose ( a goal or set of goals), 2) People, 3) Deliberate systematic structure
Term
Nonmanagerial employees
 Definition
People who work directly on a job or task and have no responsibility for overseeing the work of others
Term
Managers
 Definition
Individuals in an organization who direct the activities of others
Term
Top Managers
 Definition
Individuals who are responsible for making decisions about the direction of the organization and establishing policies that affect all organizational members
Term
Middle Managers
 Definition
Individuals who are typically responsible for translating goals set by top managers into specific details that lower-level managers will see get done
Term
First-line Managers
 Definition
Supervisors responsible for directing the day-to-day activities of nonmanagerial employees
Term
Management
 Definition
The process of getting things done, effectively and efficiently, with and through other people
Term
Process
 Definition
A set of ongoing and interrelated activities
Term
Efficiency
 Definition
Doing a task correctly and getting the most output from the least amount of inputs ( Concerned with the means)
Term
Effectiveness
 Definition
Doing the right things by doing those work tasks that help the organization reach its goals (concerned with the ends)
Term
Poor Management
 Definition
Often due to both inefficiency and ineffectiveness or to effectiveness achieved without regard for efficiency
Term
Scientific Management
 Definition
The use of scientific methods to define the "one best way" for a job to be done
Term
Three approaches to describing what managers do
 Definition
1) Functions, 2) Roles, 3) Skills and Competencies
Term
The Fayol Four Management Functions
 Definition
1) Planning, 2) Organizing 3) Leading and 4) Controlling
Term
Planning
 Definition
Includes defining goals, establishing strategy, and developing plans to coordinate activities
Term
Organizing
 Definition
Includes determining what tasks are to be done and by whom, how task are to be grouped, who reports to whom, and who will make decisions
Term
Leading
 Definition
Includes motivating employees, directing the activities of others, selecting the most effective communication channel, or resolving conflicts among team members
Term
Controlling
 Definition
Involves monitoring, comparing, and correcting work performance
Term
Interpersonal Roles
 Definition
Ones that involve people and other duties that are ceremonial and symbolic in nature
Term
Informational Roles
 Definition
Involve collecting, receiving and disseminating information
Term
Decisional Roles
 Definition
Entail making decisions or choices
Term
Mintzberg's Interpersonal Roles
 Definition
1) Figurehead, 2) Leader, 3) Liaison
Term
Mintzberg's Informational Roles
 Definition
1) Monitor, 2) Disseminator, 3) Spokesperson
Term
Mintzberg's Decisional Roles
 Definition
1) Entrepreneur, 2) Disturbance handler, 3) Resource allocator, Negotiator
Term
Mintzberg's 10 Managers Roles
 Definition
1) Figurehead, 2) Leader, 3) Liaison, 4) Monitor, 5) Disseminator, 6) Spokesperson, 7) Entrepreneur, 8) Disturbance handler, 9) Resource allocator, 10) Negotiator
Term
Framing
 Definition
Defines how a manager approaches his or her job
Term
Scheduling
 Definition
Bringing the frame to life through the distinct tasks the manager does.
Term
Four Critical Management Skills
 Definition
1) Conceptual, 2) Interpersonal, 3) Technical, and 4) Political
Term
Conceptual Skills
 Definition
Skills managers use to analyze and diagnose complex situations
Term
Interpersonal Skills
 Definition
Skills managers use to work with, understand, mentor, and motivate others, both individually and in groups
Term
Technical Skills
 Definition
Job-specific knowledge and techniques needed to perform work tasks
Term
Political Skills
 Definition
Skills used to develop a power base and establish the right connections
Term
9 Managerial Competencies
 Definition
1) Traditional functions, 2) Task orientation, 3) Personal orientation, 4) Dependability, 5) Open-mindedness, 6) Emotional controls, 7) Communication, 8) Developing self and others, and 9) Occupational acumen and concerns
Term
Traditional Functions
 Definition
Decision making, short-tem planning, goal setting, monitoring, team building
Term
Task Orientation
 Definition
Urgency, decisiveness, initiative
Term
Personal Orientation
 Definition
Compassion, assertiveness, politeness, customer focus
Term
Dependability
 Definition
personal responsibility, trustworthiness, loyalty, professionalism
Term
Open-mindedness
 Definition
tolerance, adaptability, creative thinking
Term
Emotional Control
 Definition
Resilience, stress management
Term
Communication
 Definition
Listening, oral communication, public presentation
Term
Developing Self and Others
 Definition
Performance assessment, self-development, providing developmental feedback
Term
Occupational Acumen and Concerns
 Definition
Technical proficiency, concerned with quality and quantity, financial concern
Term
Employee Engagement
 Definition
When employees are connected to, satisfied with, and enthusiastic about their jobs
Term
External Environment
 Definition
Factors, forces, situations and events outside the organization that affect its performance
Term
Economic Components
 Definition
Interest rates, inflations, changes in disposable income, stock market fluctuations, and business cycle stages
Term
Demographic Components
 Definition
Trends in populations characteristics such as age, race, gender, education level, geographic location, income, and family composition
Term
Technological Components
 Definition
Scientific or industrial innovations
Term
Sociocultural Components
 Definition
Societal and cultural factors such as values, attitudes, trends, traditions, lifestyles, beliefs, tastes, and patterns of behavior
Term
Political / Legal Components
 Definition
Federal, state and local laws as well as laws of other countries and global laws, and includes a country's political conditions and stability
Term
Global Component
 Definition
Encompasses those issues associated with globalization and a world economy (e.g., Icelandic volcano eruption)
Term
Demographics
 Definition
The characteristics of a population used for purposes of social studies (e.g., age, income, race, sex, education level, ethnic makeup, employment status, geographic location)
Term
Technology
 Definition
Any equipment, tools, or operating methods that are designed to make work more efficient
Term
Baby Boomers
 Definition
Born between 1946 and 1964
Term
Gen X
 Definition
Born between 1965 and 1977
Term
Gen Y (Millennial)
 Definition
Born between 1978 and 1994
Term
Post Millennial iGeneration
 Definition
Currently teens and middle schoolers
Term
Environmental Uncertainty
 Definition
The degree of change and complexity in an organizations environment
Term
Dimensions of Environmental Uncertainty
 Definition
1) degree of unpredictable change: a) if frequent change then it is a dynamic environment, b) if infrequent change then stable environment; 2) degree of environmental complexity
Term
Stakeholders
 Definition
Any constituencies in an organization's environment that are affected by that organization's decisions and actions (e.g., employees, vendors, customers, investors
Term
Organizational Culture
 Definition
The shared values, principles, traditions, and ways of doing things that influence the way the organizational members act
Term
Definition of Culture Implies
 Definition
1) Culture is a perception, 2) Culture is descriptive, 3) There are shared aspects
Term
Seven Dimensions of Corporate Culture
 Definition
1) Attention to detail, 2) Outcome orientation, 3) People orientation, 4) Team orientation, 5) Aggressiveness, 6) Stability, 7) Innovation and risk taking
Term
Organizational Stories
 Definition
A narrative of significant events or people including such things as organizational founders, rule breaking, reactions to past mistakes
Term
Corporate Rituals
 Definition
Repetitive sequences of activities that express and reinforce the important values and goals of the organization
Term
Global Organization
 Definition
An organization is considered global if it exchanges goods and services with consumers in other countries, or if they use managerial or technical employee talent from other countries, or if it uses financial sources and resources outside of its home country
Term
Multinational Corporations (MNCs)
 Definition
Any type of international company that maintains operations in multiple countries
Term
Multidomestic Corporation
 Definition
A multinational corporation which decentralizes management and other decisions to the local country where it is doing business
Term
Global Corporation
 Definition
A multinational corporation which centralizes it management and other decisions in the home country
Term
Transnational (borderless) Organization
 Definition
A structural arrangement for global organizations that eliminates artificial geographical barriers
Term
Global Sourcing
 Definition
Purchasing materials or labor from around the world wherever it is cheapest with a goal of taking advantage of lower cost to be more competitive
Term
Global Village
 Definition
Refers to the concept of a boundaryless world where goods and services are produced and marketed worldwide
Term
Exporting
 Definition
Making products domestically and selling them abroad
Term
Importing
 Definition
Acquiring products made abroad and selling them domestically
Term
Licensing
 Definition
An agreement in which and organization gives another the right, for a fee, to make or sell its products, or to use its technology or product specifications
Term
Franchising
 Definition
An agreement in which an organization give another organization the right, for a fee, to use its name and operating methods
Term
Global Strategic Alliance
 Definition
A partnership between an organization and a foreign company partner or partners in which both share resources and knowledge in developing new products or building production facilities
Term
Joint Venture
 Definition
A specific type of strategic alliance in which the partners agree to form a separate, independent organization for some business purpose
Term
Foreign Subsidiary
 Definition
A direct investment in a foreign country that involves setting up a separate and independent facility or office
Term
Parochialism
 Definition
A narrow focus in which manager see things only through their own eyes and from their own perspective
Term
Hofstede Five Dimensions of National Culturalism
 Definition
1) Power distance, 2) Individualism versus collectivism, 3) Quantity versus quality of life, 4) Uncertainty avoidance, and 5) Long-term versus short-term orientation
Term
Power Distance
 Definition
The degree to which people in a country accept that power in institutions and organizations is distributed unequally
Term
Individualism
 Definition
The degree to which people in a country prefer to act as individuals rather than as members of a group
Term
Collectivism
 Definition
The degree to which people in a country prefer to act as members of a group rather than as individuals
Term
Quantify of Life
 Definition
The degree to which values such as assertiveness, the acquisition of money and material goods, and competition are important
Term
Quality of Life
 Definition
The degree to which people value relationships and show sensitivity and concern for the welfare of others
Term
Uncertainty Avoidance
 Definition
The degree to which people in a country prefer structure over unstructured situations and whether people are willing to take risks
Term
Global Leadership and Organizational Behavior Effectiveness (GLOBE)
 Definition
Nine (9) dimensions on which national cultures differ 1) assertiveness, 2) Future Orientation, 3) Gender differentiation, 4) Uncertainty avoidance, 5) Power Distance, 6) Individualism/Collectivism, 7) In-group collectivism, 8) Performance orientation, and 9) Humane orientation
Term
Social Responsibility (Corporate Social Responsibility)
 Definition
A business firm's intentions beyond its legal and economic obligations, to do the right things and act in ways that are good for society (adds an ethical imperative to do those things that make society better and to not do those that could make it worse)
Term
Social Obligations
 Definition
Activities a business firm engages in to meet certain economic and legal responsibilities
Term
Social Responsiveness
 Definition
Characteristics of the business firm that engages in social action in response to some popular social need
Term
Sustainability
 Definition
A company's ability to achieve its business goals and increase long-term shareholder value by integrating economic, environmental, and social opportunities into its business strategies
Term
Ethics
 Definition
A set of rules or principles that defines right and wrong conduct
Term
Utilitarian View of Ethics
 Definition
Ethical decisions are made solely on the basis of their outcomes and consequences. The goal is to provide the greatest good for the greatest number
Term
Rights View of Ethics
 Definition
Individuals are concerned with respecting and protecting individual liberties and privileges
Term
Theory of Justice View of Ethics
 Definition
An individual imposed and enforces rules fairly and impartially
Term
Code of Ethics
 Definition
A formal document that states an organization's primary values and the ethical rules it expects managers and nonmanagerial employees to follow
Term
Workforce Diversity
 Definition
The ways in which people in an organization are different and similar to one another
Term
Types of Diversity
 Definition
Age, Gender, Race and Ethnicity, Disability/Ability, Religion, LGBT, Other
Term
Race
 Definition
Biological heritage (physical characterizes such as skin color)
Term
Ethnicity
 Definition
Social traits such as ones cultural background or allegiance that are shared by a human population
Term
8 Steps of Decision-Making Process
 Definition
1) Identification of a Problem, 2) Identification of Decision Criteria, 3) Allocation of Weights to Criteria, 4) Development of Alternatives, 5) Analysis of Alternatives, 6) Selection of an Alternative, 7) Implementation of the Alternative, 8) Evaluation of Decision Effectiveness
Term
Decision Implementation
 Definition
Putting a decision in action and includes conveying the information to those affected and getting their commitment to it.
Term
Heuristics (Rules of Thumb)
 Definition
Judgmental shortcuts or "rules of thumb" used to simplify decision making
Term
Overconfidence Biases
 Definition
When decision makers tend to think they know more than they do or hold unrealistically positive views of themselves and their performance
Term
Immediate gratification Bias
 Definition
The notion that decision makes tend to want immediate rewards and to avoid immediate costs. Decisions that provide quick payoffs are more appealing than those in the future.
Term
Anchoring Effect
 Definition
Describes when decisions makers fixate on initial information as a starting point and then, once set, fail to adequately adjust for subsequent information
Term
Selective Perception Bias
 Definition
When decision makers selectively organize and interpret events based on their biased perceptions
Term
Confirmation Bias
 Definition
When decision makers who seek out information that reaffirms their past choices and discount information that contradicts past judgment
Term
Framing Bias
 Definition
When decision makers select and highlight certain aspects of a situation while excluding others
Term
Availability Bias
 Definition
Occurs when decision makers tend to remember events that are the most recent and vivid in their memory.
Term
Representation Bias
 Definition
When decision makers assess the likelihood of an event based on how closely it resembles other events or sets of events
Term
Randomness Bias
 Definition
When decision makers try to create meaning out of random events
Term
Sunk Costs Error
 Definition
Takes place when decision makers forget that current choices can't correct the past
Term
Self-serving Bias
 Definition
When decision makers are quick to take credit for success and to blame failure on outside factors
Term
Hindsight Bias
 Definition
The tendency for decision makers to falsely believe that they would have accurately predicted the outcome of an event once the outcome is actually known
Term
Rational Decision Making
 Definition
Describes choices that are consistent and value-maximizing within specified constraints
Term
Bounded Rationality
 Definition
Making decisions that are rational within the limits of a manager's ability to process information
Term
Satisfice
 Definition
Accepting solutions that are "good enough"
Term
Escalation of Commitment
 Definition
An increased commitment to a previous decision despite evidence that it may have been wrong
Term
Intuitive Decision Making
 Definition
Making decisions on the basis of experience, feelings, and accumulated judgment (unconscious reasoning)
Term
5 Aspects of Intuitive Decision Making
 Definition
1) Experience Based Decisions, 2) Affect Initiated Decisions, 3) Cognitive-based Decisions, 4) Subconscious mental processing, 5) Value or ethics-based decisions
Term
Structured Problem
 Definition
A Straightforward, familiar, and easily defined problem
Term
Unstructured Problem
 Definition
A problem that is new or unusual for which information is ambiguous or incomplete
Term
Programmed Decision
 Definition
The extent to which problems are repetitive and routine, and that a specific approach has been worked out to handle them (decision making by precedent)
Term
Procedure
 Definition
A series of interrelated, sequential steps used to respond to a structured problem
Term
Rule
 Definition
An explicit statement that tells employees what can or cannot be done
Term
Policy
 Definition
A guideline for making decisions - establishes parameters rather than specifically state what can and cannot be done
Term
Nonprogrammed Decisions
 Definition
A unique and nonrecurring decision that requires a custom-made solution
Term
Three Decision Making Conditions Managers Face
 Definition
1) Certainty, 2) Risk, 3) Uncertainty
Term
Certainty
 Definition
A situation in which a decision maker can make accurate decisions because all outcomes are known
Term
Risk
 Definition
A situation in which a decision maker is able to estimate the likelihood of certain outcomes
Term
Uncertainty
 Definition
A situation in which a decision maker has neither certainty nor reasonable probability estimates available
Term
Advantages of Group Decisions
 Definition
1)Group decisions provide more complete information, 2) groups provide more alternatives, 3) provides increased acceptance of a solution, 4) increases legitimacy of decision
Term
Disadvantages of Group Decisions
 Definition
1) Decisions are time consuming, 2) Interactions are inefficient, 3) groups can have minority dominations, 4) individuals members have pressure to conform to the wishes of the group (Groupthink) 5) ambiguous responsibility
Term
Groupthink
 Definition
When a group exerts extensive pressure on an individual to withhold his or her different views in order to appear to be in agreement (conformity to group values and ethics)
Term
How Does Groupthink Occur
 Definition
) Group members rationalize any resistance to the decisions they have made, 2) Members apply direct pressures on those who express doubts about shared views, 3) Members who have doubts or hold differing points of view seek to avoid deviating from what appears to be group consensus, and 4) an illusion of unanimity is pervasive - silence is assumed to be acquiescence
Term
Ideal Group Membership Size
 Definition
Five to seven members
Term
Three ways to make group decision making more effective
 Definition
) Brainstorming, 2) nominal group technique, and 3) electronic meetings
Term
Brainstorming
 Definition
An idea-generating process that encourages alternatives while withholding criticism
Term
Nominal Group Technique
 Definition
A decision-making technique in which group members are physically present but operate independently, secretly writing a list of potential alternatives - Major advantage - permits the group to meet formally but does not restrict independent thinking
Term
Electronic Meeting
 Definition
A typical nominal group technique in which participants are linked by computer - Major advantages a) anonymity, honesty, and speed
Term
Ringisei
 Definition
A Japanese consensus-forming group
Term
Creativity
 Definition
The ability to produce novel and useful ideas
Term
Three Component Model of Creativity
 Definition
Individual creativity requires 1) expertise, 2) creative-thinking skills and 3) intrinsic task motivation
Term
Traits Associated with the Development of Creative Ideas
 Definition
1) intelligence, 2) independence, 3) self-confidence, 4) risk-taking, 5) internal locus of control, 6) tolerance for ambiguity and 7) perseverance in the face of frustration
Term
Us of Analogies
 Definition
The effective use of analogies allows decision makers to apply and idea from one context to another
Term
Intrinsic Task Motivation
 Definition
the desire to work on something because it is interesting, involving, exciting, satisfying, or personally challenging
Term
Five Organizational Factors That Have Been Found to Impede Creativity
 Definition
1) Expected evaluation, 2) surveillance, 3) external motivators, 4) competition, and 5) constrained choices
Term
Maximax Choice
 Definition
Maximizing the maximum possible payoff
Term
Maximini Choice
 Definition
Maximizing the minimum possible payoff
Term
Regret
 Definition
The amount of money that could have been made had a different strategy been used
Term
Decision Trees
 Definition
A diagram used to analyze a progression of decisions. When diagrammed, a decision tree looks like a tree with branches
Term
Break-even Analysis
 Definition
A technique for identifying the point at which total revenue is just sufficient to cover total costs
Term
Break-even Point Calculation
 Definition
BE = [TFC/(P - VC) TFC =Total Fixed Cost; P = Unit Price; VC = Variable Cost per unit
Term
Liquidity
 Definition
A measure of the organization's ability to convert assets into cash in order to meet its debt obligations
Term
Current Ratio
 Definition
An organization's current assets divided by its current liabilities - a ration of 2.1 is generally good (higher is bad)
Term
Acid Test Ratio
 Definition
An organization's current assets, minus the dollar value of the inventory held, divided by its current liabilities - a ratio of 1 to 1 is reasonable
Term
Leverage Ratios
 Definition
Refer to the use of borrowed funds to operate and expand an organization - advantage occurs when funds can be used to earn a rate of return well above the cost to borrow
Term
Debts to Assets Ratio
 Definition
Total debt divided by total assets
Term
Time Interest Earned Ratio
 Definition
Profits before interest and taxes, divided by total interest charges
Term
Operating Rations
 Definition
Indicate how efficiently management is using the organizations resources
Term
Inventory Turnover Ratio
 Definition
Revenue divided by inventory - the higher the ration the more efficiency
Term
Total Assets Turnover Ratio
 Definition
Revenue divided by total assets - it measures the level of assets needed to generate the organization's revenue - the fewer assets needed, the more efficiency
Term
Profit Margin on Revenues Ratio
 Definition
Net profit after taxes divided by total revenues - is a measure of profit per dollar of revenue
Term
Return on Investment (ROI) Ratio
 Definition
Net profits divided by total assets
Term
Linear Programming
 Definition
A mathematical technique that solves resource allocation problems
Term
Queuing Theory / Waiting Line Theory
 Definition
A way of balancing the cost of having a waiting line versus the cost of maintaining the line. Management wants to have as few stations open to minimize costs without testing the patience of the customers
Term
Fixed-point Reordering System
 Definition
A method for a system to "flag" the need to reorder inventory at some pre-established point in the process - used to minimize inventory carrying costs
Term
Economic Order Quantity (EOQ)
 Definition
A model that seeks to balance the costs involved in ordering and carrying inventory, thus minimizing total costs associated with carrying and ordering costs - Seeks to manage four cost 1) purchase costs, 2) ordering costs, 3) carrying costs, and 4) stock-out costs
Term
Purchase Cost
 Definition
Purchase price plus delivery charges less discounts
Term
Ordering Costs
 Definition
Include costs of paperwork, follow-up, inspection, other processing costs
Term
Carrying Costs
 Definition
Money tied up in inventory, storage, insurance, taxes, etc…
Term
Stock-out Costs
 Definition
Profits forgone from orders lost, the cost of reestablishing goodwill, and additional expenses incurred to expedite late shipments
Term
Demising Wall
 Definition
A wall that separates one area from another
Term
Amenity Area
 Definition
A portion of a building that adds a convenience for the occupants of a floor or building and that is not used exclusively by any one occupant
Term
Base Building Circulation
 Definition
The minimum path on a multi-occupant floor necessary a for access to and egress from occupant areas, stairs, elevators, escalators, restrooms, water coolers and life safety equipment
Term
Building
 Definition
A contiguous and undivided shelter comprising a partially or totally enclosed space, erected by means of a planned process of forming and combining materials.
Term
Building Amenity Area
 Definition
A portion of a building that adds a convenience for all occupants of a building and that is not used exclusively by any one occupant.
Term
Building Service & Amenity areas
 Definition
The sum of building servers areas and building amenity areas on a floor level
Term
Building Service Area
 Definition
A portion of a building that provides services that enables occupants to work in the building
Term
Capped Load Factor
 Definition
The lesser of the market load factor and the load factor A or the load factor B on each floor level of a building
Term
Capped Rentable Area
 Definition
The product of the capped load factor and the occupant area on each floor level of a building
Term
Centerline
 Definition
A line connected pints that are equidistant between both base-building finished surfaces of a wall, not taking into account special finishes, that serve adjacent occupants
Term
Connector
 Definition
An enclosed bridge walkway, tunnel or other similar connecting element between two separate buildings
Term
Dominant Portion
 Definition
That portion of the inside finished surface of a vertical exterior enclosure that constitutes 50% or more of the vertical dimension between the finished surface of the floor and the finished surface of the ceiling
Term
Door Setback
 Definition
A recess in a wall containing a door that provides access to or egress from an occupant, amenity or service area, for the purpose of allowing the door to swing in the direction of egress without obstructing circulation in the adjacent area
Term
Enclose
 Definition
To separate the inside of a building from the outside, affording protection from the elements
Term
Enclosure Limit
 Definition
A limit up to which an occupant has the right to build and exterior enclosure at a public pedestrian thoroughfare, as established by a contract, and agreement or a statutory constraint, or by a physical building element such as a change in the floor elevation, a fascia or column face
Term
Extended Circulation
 Definition
A portion of occupant area that is located outside the physical enclosing walls of an occupant's premises and between it and the base building circulation (B) or a multi-occupant corridor (A)
Term
Finished Surface
 Definition
The face of a wall, window, ceiling or floor that is provided as part of the base building for general use of occupants (excludes special occupant needed thicknesses)
Term
Floor
 Definition
A normally horizontal load bearing structure and constituting the bottom surface of each floor level in a building
Term
Floor Amenity Area
 Definition
Portion of a floor that adds a convenience for all occupants of the floor and that is not used exclusively by any on occupant.
Term
Floor Service Area
 Definition
Portion of a floor that provides services that enable occupants to work on that floor
Term
Full Floor Equivalent Factor
 Definition
A ratio, the numerator of which is the rental area of a floor level and the denominator of which is the full floor occupant area of the floor level (method B only)
Term
Full Floor Occupant Area
 Definition
The sum of the areas of base building circulation of a floor level and the occupant area of that floor (method B only)
Term
IGA Boundary
 Definition
A line that constitutes the perimeter of the interior gross area (IGA) of a floor level. It determines the value of the interior gross area of the floor level and is located at the innermost occurrence of a number of variables.
Term
Interior Gross Area (IGA)
 Definition
The area, measured in a horizontal plane, of a floor level of a building that is circumscribed by the IGA Boundary, without deduction for columns or projections necessary to the building
Term
Interstitial Space
 Definition
The area of a load-bearing surface located above or below occupied floor levels that is not available for general occupancy often due to inadequate clear headroom or lack of provisions for egress, and containing building structure or services predominantly serving adjacent floor levels or to provide access to such systems
Term
Major Vertical Penetration
 Definition
A floor opening in excess of 1 square foot that serves vertical building systems or vertical occupant circulation functions
Term
Market Load Factor
 Definition
A load factor, comparable to Load Factor A or Load Factor B, established as the sole discretion of the ownership of a building
Term
Mezzanine
 Definition
An intermediate horizontal load bearing structure that is between a floor level and the floor level or room immediately above.
Term
Multi-occupant Corridor
 Definition
A corridor on a multi-occupant floor that provides required egress for all occupants on the floor as well as access to elevators, fire stairs, refuge areas, restrooms and public areas on the floor, such as building lobbies on an entry level of a building.
Term
Occupant
 Definition
One who has certain legal rights to, or legal control over the premises occupied
Term
Occupant Area
 Definition
A portion of a building where an occupant normally houses personnel, equipment, fixtures, furniture, supplies, goods or merchandise
Term
Occupant Void
 Definition
A floor opening between to or more adjacent floors created by the removal of floor area by or for the occupant that would otherwise be included in the occupant area of the floor level
Term
Preliminary Floor Area
 Definition
The results of subtracting the areas of the major vertical penetrations, parking and occupant storage on a floor level from the interior gross area of that floor level
Term
Property Line
 Definition
The legal boundary of a parcel of land
Term
Public Pedestrian Thoroughfare
 Definition
A condition where the elevation of a floor on the interior of the perimeter of a side of a building is approximately the same as the elevation of an unenclosed public walking surface (such as a sidewalk) on the exterior side of the same side of the building, and significant public pedestrian traffic normally occurs along such exterior walking surface
Term
Rentable Area - Method A
 Definition
The product of the occupant + allocated area of an occupant or floor level times the R/O ratio of the building. May also be calculated as the product of the occupant area of an occupant or floor level times the load factor A for that floor level
Term
Rentable Area - Method B
 Definition
The product of multiplying the occupant area of an occupant or floor level times the load factor B of the building
Term
R/O ratio
 Definition
A ratio, the numerator of which is the building total preliminary floor area of a building and the denominator of which is building total occupant + allocated area, that distributes building service areas and building amenity areas (including its proportionate share of floor services areas) to all occupants of the building on a proportional bases
Term
Restricted Headroom Area
 Definition
A portion of an occupant area that does not meet the requirements of the current international building code for minimum ceiling heights
Term
Service and Amenity Areas
 Definition
The sum of the service area and the amenity area on any given floor level of a building
Term
Service Area
 Definition
A portion of a building that provides services that enables occupants to work in the building
Term
Unprotected Exterior Opening
 Definition
An opening in the exterior enclosure of a building, which is used for access to or egress from the building but does not have a door that is normally closed
Term
Usable Area
 Definition
The total of occupant area and building amenity area on any floor level and for the building (method A only)
Term
Vault Space
 Definition
Sub-grade space that is enclosed and contiguous to a basement that extends below the adjacent ground plane past the property line, often under a public right of way, such as a sidewalk or alley
Term
Void
 Definition
Absence of a floor where a floor might otherwise be expected or measured, that is typically in the plane of the upper floor levels of multi-story atria or lobbies, light wells, auditoria or the area adjacent to a mezzanine
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