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Management 380
Test #1
98
Management
Undergraduate 1
09/16/2008

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Term
corporate governance
Definition
the active oversight of management decisions, corporate strategy and financial reporting by boards of directors

responsibilities include: overseeing decisions on hiring, firing and compensating senior executives, assesing strategies and their implementation, and verifying financial records
Term
globalization
Definition
the worldwide interdependence of resource flows, product markets and business competition.

In the global economy, businesses sell goods and services to customers around the world. They also search the world to buy the things they need for the lowest price
Term
global outsourcing
Definition
involves contracting for work that is performed by workers in other countries .

the firms save money and gain efficiency by manufacturing things and getting jobs done in countries with lower costs of labor
Term
job migration
Definition
the shifting of jobs from one country to another. occurs when global outsourcing shifts from one country to another
Term
ethics
Definition
set moral standards of what is good and right behavior
Term
workforce diversity
Definition
describes the composition of a workforce in terms of differences among the members such as gender, age, race, ethnicity, religion, sexual orientation and able bodiness
Term
glass ceiling effect
Definition
an invisible barrier limiting career advancement of women and minorities. occurs when an invisible barrier or "ceiling" prevents members of diverse populations from advancing to high levels of responsibility in organizations
Term
prejudice
Definition
the display of negative, irrational attitudes toward women or minorities.
Term
discrimination
Definition
actively denies women and minorities the full benefits of organizational membership
Term
intellectual capital
Definition
the collective brainpower or shared knowledge of a workforce
Term
knowledge workers
Definition
use their minds and intellects as critical assets to employers
Term
free-agent economy
Definition
people change jobs more often and many work on independent contracts with a shifting mix of employers
Term
shamrock organization
Definition
operates with a core group of full time long term workers supported by others who work on contracts and part time



full time core workers


Independent Contractors part time temporaries

The Shamrock Organization
Term
self-management
Definition
ability to understand oneself, exercise initiative, accept responsibility and learn from experience. realistically assessing yourself and actively managing your personal development.
Term
organization
Definition
a collection of people working together in a division of labor to achieve a common purpose

this applies to virtually all social institutions- banks, hospitals, large and small businesses, multinational corporations, government agencies, churches, voluntary associations
Term
organizational purpose
Definition
its reason for existence as a social institution. is usually to provide society with useful goods or services
Term
open system
Definition
transforms resource inputs from the environment into product outputs, a continuous input-transformation-output cycle

they interact with their environments to obtain resources e.g. people, technology, information, money and supplies that are transformed through work activities into goods and services for their customers and clients
Term
customer driven organizations
Definition
focus their resources, energies, and goals on satisfying the needs of customers
Term
value chain
Definition
a sequence of activities through which organizations transform inputs into outputs

1. resources acquired from environment
2. resources received and organized for use
3. people and technology create goods and services
4. goods and services distributed as final products
5. customers and clients are served
Term
productivity
Definition
the quantity and quality of work performance with resource utilization considered
Term
performance efficiency
Definition
an input measure of resource cost associated with goal accomplishment

a common efficiency measure is cost of labor, others include equipment utilization, facilities maintenance and supplies or materials expenses.
Term
performance effectiveness
Definition
an output measure of task or goal accomplishment. it indicates the extent to which things are done right, ideally in terms of both quantity and quality of work performed
Term
manager
Definition
a person who supports and is responsible for the work of others. directly supervise, support, and help activate work efforts to achieve the performance goals of individuals, teams, or even an organization as a whole.
Term
first-line managers
Definition
supervise people who perform non-managerial duties

ex: department head, supervisor, team leader
Term
middle managers
Definition
oversee the work of large departments or divisions

ex: division manager, regional manager, plant manager, branch manager
Term
top managers
Definition
guide the performance of the organization as a whole or of one of its major parts

ex: chief executive officer, president, vice president
Term
board of directors
Definition
elected by stockholders to represent their ownership interests. in a non-profit organization such as a hospital or university, top managers report to a board of trustees usually elected by local citizens or appointed by government bodies
Term
accountability
Definition
the requirement to show performance results to a supervisor or higher authority
Term
effective manager
Definition
successfully helps others achieve high performance and satisfaction in their work
Term
quality of work life
Definition
the overall quality of human experiences in the workplace
Term
management process
Definition
the planning, organizing, leading and controlling the use of resources to accomplish performance goals
Term
planning
Definition
the process of setting objectives and determining what should be done to accomplish them
Term
organizing
Definition
the process of assigning tasks, allocating resources, and coordinating work activities
Term
leading
Definition
the process of arousing enthusiasm and inspiring efforts to achieve goals
Term
controlling
Definition
the process of measuring performance and taking action to ensure desired results
Term
technical skill
Definition
the ability to use expertise to perform a task with proficiency

accountants, engineers, market researchers, financial planners and systems analysts
Term
human skill
Definition
the ability to work well in cooperation with other people, foundation for managerial success
Term
emotional intelligence
Definition
the ability to manage ourselves and our relationships effectively
Term
conceptual skill
Definition
ability to think analytically and solve complex problems
Term
lifelong learning
Definition
the process of continuously learning from our daily experiences and opportunities
Term
scientific management
Definition
emphasizes careful selection and training of workers and supervisory support

four principles of scientific management:
1. develop a "science" for each job-rules of motion, standard work tools, proper work conditions
2. hire workers with the right abilities for the job
3. train and motivate workers to do their jobs according to the science
4. support workers by planning and assisting their work by the job science
Term
bureaucracy
Definition
a rational and efficient form of organization founded on logic, order and legitimate authority

characteristics of an ideal bureaucracy:

clear division of labor: jobs are well defined and workers become highly skilled at performing them

clear hierarchy of authority: authority and responsibility are well defined and each position reports to a higher-level one

formal rules and procedures: written guidelines describe expected behavior and decisions in jobs; written files are kept for historical record

impersonality: rules and procedures are impartially and uniformly applied; no one gets preferential treatment

careers based on merit: workers are selected and promoted on ability and performance; managers are career employees of the organization
Term
hawthorne effect
Definition
the tendency of persons singled out for special attention to perform as expected
Term
system
Definition
a collection of interrelated parts working together for a purpose
Term
subsystem
Definition
a smaller component of a larger system
Term
contingency thinking
Definition
tries to match management practices with situational demands
Term
learning organization
Definition
continuously changes and improves, using lessons of experience
Term
strategy
Definition
a comprehensive plan guiding resource allocation to achieve long term organization goals
Term
strategic intent
Definition
focuses organizational energies on achieving a compelling goal
Term
competitive advantage
Definition
means operating in successful ways that are difficult to imitate

ex: Wal-Mart saves costs through highly efficient supply chain management. this is made possible by a competitive advangtage in information technology utilization.
Term
corporate strategy
Definition
sets long term direction for the total enterprise. provides direction and guides resource allocations for the organization as a whole.

strategic question: what industries and markets should we compete?
Term
business strategy
Definition
identifies how a division or strategic business unit will compete in its product or service domain. strategic intent for a single business unit or product line.

strategic question: how are we going to compete for customers within this industry and in this market?
Term
functional strategy
Definition
guides activities within one specific area of operations. guides activities to implement higher level business and corporate strategies

strategic question: how can we best utilize resources within the function to support implementation of the business strategy?
Term
growth strategies
Definition
involves expansion of the organizations current operations. increase the size and scope of current operations.
Term
concentration
Definition
growth through expansion within an existing business area on which the firm has experience and presumably expertise
Term
diversification
Definition
expansion occurs by entering new business areas. there is more risk to diversification because the firm may be moving outside its existing areas of competency.

one way to moderate the risk is to grow through related diversification expanding into similar or complimentary new business areas. ex: pepsi co purchasing tropicana
Term
vertical integration
Definition
growth by acquiring suppliers or distributors
Term
retrenchment strategy
Definition
changes operations to correct weaknesses
Term
liquidation
Definition
where a business closes and sells its assets to pay creditors
Term
restructuring
Definition
reduces the scale or mix of operations. the goals of restructuring are to cut costs and gain short term efficiencies as well as buy time to develop new strategies to improve future success.
Term
downsizing
Definition
decreases the size of operations and reducing the workforce. research has shown that downsizing is more successful when cutbacks are done selectively in ways that focus on key performance objectives
Term
divestiture
Definition
sells off parts of the organization to refocus attention on core business areas, cutting costs and improving operating efficiency
Term
globalization strategy
Definition
adopts standardized products and advertising for use worldwide

multi domestic strategy: try to customize products and advertising to fit local cultures and needs. Bristol Myers, Procter and Gamble, and Unilever all vary their products according to consumer preferences in different countries and cultures

transnational strategy: seeks a balance between efficiencies in global operations and responsiveness to local markets. you should recall that a transnational firm tries to operate without a strong national identity, hoping to blend instead with the global economy. firms try to fully utilize business resources and tap customer markets worldwide.
Term
e-business strategy
Definition
strategically uses the internet to gain competitive advantage
Term
B2B business strategies
Definition
uses IT and web portals to link organizations vertically in supply chains
Term
B2C business strategy
Definition
uses IT and web portals to link businesses and customers
Term
strategic management
Definition
the process of formulating and implementing strategies to accomplish long term goals and sustain competitive advantage
Term
strategy formulation
Definition
the process of creating strategies. it involves assessing the organization and environment to plan new strategies to deliver future competitive advantage
Term
strategy implementation
Definition
the process of putting strategies into action. it involves leading and activating the entire organization to put strategies to work
Term
mission
Definition
the organizations reason for existence in society. describes the purpose of an organization, its reason for existence in society, the best organizations have clear missions that communicate a sense of direction and motivate members to work hard in their behalf
Term
operating objectives
Definition
are specific results that organizations try to accomplish
Term
SWOT analysis
Definition
examines organizational strengths, weaknesses, opportunities, and threats . this examination an be portrayed in a straightforward and very useful planning matrix
Term
core competency
Definition
special strength that gives an organization a competitive advantage
Term
differentiation strategy
Definition
offers products that are unique and different from the competition . the strategic objective is to attract customers who stay loyal to the firms products and lose interest in its competitors
Term
cost leadership strategy
Definition
seeks to operate with lower costs than competitors
Term
focused differentiation strategy
Definition
offers a unique product to a special market segment
Term
focused cost leadership strategy
Definition
seeks the lowest costs of operations within a special market segment
Term
strategic leadership
Definition
inspires people to implement organizational strategies, successfully engage in a process of continuous change, performance enhancement, and implementation of organizational strategies
Term
organizing
Definition
arranges people and resources to work toward a goal
Term
organization structure
Definition
a system of tasks, reporting relationships and communication linkages
Term
organization chart
Definition
describes the arrangement of work positions within an organization. a typical chart identifies major job titles and shows the hierarchy of authority and communication that links them together
Term
division of labor
Definition
people and groups performing different jobs, ideally ones for which they are well skilled. it should also indicate how the various parts are linked together so that everyones work contributes to a common purpose
Term
formal structure
Definition
the official structure of the organization
Term
informal structure
Definition
the set of unofficial relationships among an organizations members
Term
departmentalization
Definition
the process of grouping together people and jobs into work units
Term
functional structure
Definition
groups together people with similar skills who perform similar tasks
Term
functional chimneys problem
Definition
a lack of communication and coordination across functions
Term
divisional structure
Definition
groups together people working on the same product, in the same area, or with similar customers
Term
product structure
Definition
groups together people and jobs working on a single product or service
Term
geographical structure
Definition
groups together people and jobs performed in the same location
Term
customer structure
Definition
groups together people and jobs that serve the same customers or clients
Term
matrix structure
Definition
combines functional and divisional approaches to emphasize project or program teams
Term
cross functional team
Definition
brings together members from different functional departments
Term
team structure
Definition
uses permanent and temporary cross functional teams to improve lateral relations
Term
network structure
Definition
uses IT link with networks of outside suppliers and service contractors
Term
strategic alliance
Definition
organizations join together in partnership to pursue an area of mutual interest
Term
virtual organization
Definition
uses information technologies to operate as a shifting network of alliances
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