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MgOpt 301 Test 1 Kevin
Manegement 301 test 1 Kevin
169
Management
Undergraduate 4
01/29/2012

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Term
Managers
Definition
people who directly support and help activate the work efforts and performance accomplishments of others
Term
Intellectual Capital
Definition
is the collective brainpower or shared knowledge of the workforce
Term
Intellectual Capital Equation
Definition
I/C= Competency X Commitment
Term
Knowledge Workers
Definition
employees whose minds as well as their physical attributes is a critical asset to the company
Term
Tech IQ
Definition
is ability to use technology and commitment to stay informed on the latest technological developments
Term
Globalization
Definition
the worldwide interdependence of resource flows, product markets, and business competition
Term
Ethics
Definition
a code of moral standards of what is right and good in one's behavior
Term
Glass Ceiling Effect
Definition
An imaginary barrier limiting career advancement of women and minorities
Term
Workforce Diversity
Definition
describes differences among workers in gender, race, age, ethnicity, religion, sexual orientation, and able-bodiedness
Term
Shamrock Organization
Definition
made up of leaves

- first leaf is core group of permanent employees following standard career paths
- 2nd leaf is free lancers and independent contractors that provide specialized talent and skills

3rd leaf= temporary part timers, work without jobs and are the first fired
Term
Free Agent Economy
Definition
an economy where people change jobs more frequently and work for independent contractors
Term
Organization
Definition
is a collection of people working together to achieve a common purpose
Term
Open Systems
Definition
- All organizations are this
- First step is obtaining resources, people, money, materials, technology, information
- 2nd Transforms the resources into outputs
3rd- the environment consumes the outputs, finished goods, and services
Term
Line Managers
Definition
responsible for work activities that directly affect the organizations mission
Term
Staff Managers
Definition
use technical expertise to advise and support the effect of line workers
Term
Functional Managers
Definition
are responsible for a single area of activity
Term
General Managers
Definition
responsible for more complex units that include many functional areas
Term
Administrators
Definition
work in public and non profit organizations
Term
What Do managers do?
Definition
plan, lead, organize, control the use of resources to accomplish goals

- functions are non linear, dynamic, and continuous
Term
Levels of Managers
Definition
1) Top Managers
2) Middle Managers
3) First Line Managers
4) Non-managerial workers
Term
Top Managers
Definition
guide the performance of the organization as a whole or of one of its major parts
Term
Middle Managers
Definition
oversee the work of large departments or divisions
Term
First Line Managers (Team Builders)
Definition
report to middle managers and supervise non managerial workers

in charge of a small work group composed of non-managerial workers
Term
Upside down Pyramid view of management
Definition
- A new view of how to manage that puts the customers and clients at the top of the pyramid,

- Customers are served by frontline operating workers, who do work that directly effects the customer

- Supported by Team Leaders and Managers who help the workers do their jobs/solve problems

- Supported by top managers at the bottom, who keep the mission clear
Term
The Management Process
Definition
Planning, organizing, Leading and Controlling
Term
Planing
Definition
Setting performance objectives and deciding how to achieve them

ex. Taking an old program and making it better
Term
Organizing
Definition
Arranging tasks, people, and other resources to accomplish the work
Term
Leading
Definition
Inspiring people to work hard and achieve high performance
Term
Controlling
Definition
Measuring performance and taking action to ensure desired results
Term
Interpersonal Roles
Definition
involve interactions with persons inside and outside the work unit

- figureheads, leader, liasion
Term
Informational Roles
Definition
Involves, giving and recieving, and analyzing information

- How a manager exchanges and processes information

- Monitor, disseminator, spokesman
Term
Decisional Roles
Definition
Involve using information to make decisions in order to solve problems or address opportunities

- How a manager uses information in decision making

- Entrepreneur, disturbance handler, resource allocator, negotiator
Term
Social Capital
Definition
is a capacity to get things done with the support and help of others
Term
Accountability
Definition
is the requirement to show performance results to a supervisor, or to answer to a higher authority for relevant performance results
Term
How to be effective managers
Definition
help others to achieve high performance outcomes and experience satisfaction in their work
Term
Organization Performance
Definition
Effectiveness
--The degree to which an organization achieves its stated objectives

Efficiency
-- the use of minimal resources to produce a desired volume of output
Term
Value Creation
Definition
very important notion for managers

created when an organizations operations adds value to the original cost of resource inputs

When it occurs, business earn profits, nonprofits provide benefits to society
Term
Quality of Work Life
Definition
Indicator of the overall quality of human experience in the workplace

-- Fair pay, safe working conditions, opportunities, room to grow, rights, pride in work
Term
Individual performer
Definition
-specialist, performs specific tasks
- gets things done through own efforts
- works independently
Term
Manager
Definition
Generalist, coordinates diverse tasks
- gets things done through others
-network builder
- works in interdependent manner
Term
Challenges Faced by today's Managers
Definition
Recruiting, hiring, retaining talent
- Managing Diversity
- Managing Technology
- Maintaining Ethical Expectations
- Managing Careers
- Globalization
Term
Global Management
Definition
involves managing operations in more than one country
Term
Global Manager
Definition
is culturally aware and informed on international affairs
- Transnational in outlook
- Can work in multicultural people
Term
Hoftstedes dimensions of national culture
Definition
1. Power distance
2. Uncertainty Avoidance
3. Individualism vs. Collectivism
4. Masculinity and Femininity
5. Time Orientations
Term
Power Distance
Definition
the degree to which society accepts unequal distributions of power
Term
Uncertainity Avoidance
Definition
the degree to which a society tolerates risk and uncertainty
Term
Individualism Vs. Collectivism
Definition
the degree to which a society emphasizes individuals and their self interests
Term
Masculinity Vs. Femininity
Definition
the degree to which a society values assertiveness and materialism over relationships and feelings
Term
Time Orientation
Definition
the degree to which a society emphasizes short term or long term goals and gratifications

- Americans have low time orientation, we are impatient
Term
Language
Definition
- dimension of national culture
- low context
-- emphasize communication via written words

High Context
- Rely on nonverbal and situational analysis cues as well as spoken ones
Term
Interpersonal space
Definition
- degree of national culture
- Proxemics
-- how close you are when speaking
Americans like their space, Latin America is the opposite
Term
Time Orientation
Definition
Monochronic
-when people tend to do one thing at a time
- America

polychronic
-Time is used to acomplish many things at once
- can be late to meetings
-responsive to change
Term
Challenges of Globalization
Definition
Political Risk
- loss of investment due to unstable environment
Local Legal Systems
Protectionism
- NAFTA, CAFTA
Ethical Issues
Language
Laws
Ethnocentrism
Term
Political Risk Analysis
Definition
tries to forecast political disruptions that can threaten the value of a foreign investment
Term
Protectionism
Definition
is a call for tariffs and favorable treatments to protect firms from foreign competition

Helps out domestic businesses
Term
Domestic Stage
Definition

1st stage of globalization

- All the business is done within the home country

- Managers are begining to consider foreign involvment

Term
International Stage
Definition
2nd Stage of Globalization
- As exports increase, the company adopts a multidomestic approach
- usually create an international division at this stage
Term
Multinational Stage
Definition
-Production and marketing facilities in multiple countries
-1/3 of sales are outside of home country
-Product design, marketing, and advertising are similar throughout the world
- Costs to much to sell in different countries
Term
Global Stage
Definition
Operates worldwide on a borderless basis
- ownership is dispersed amongst several nationalities
- sales and research occur wherever the best opportunities are available at the lowest cost
Term
Market Entry Strategies
Definition
Global Sourcing

Exporting and Importing

Licensing

Franchising
Term
Global Sourcing
Definition
-Market Entry Strategy
- purchasing materials, manufacturing components, services from around the world
Term
Exporting/Importing
Definition
Exporting
- selling your products in a foreign market

IMporting
- Buying products from a foreign market
Term
Licensing
Definition
foreign firms agree to pay a fee for the rights to make or sell another company's products in a specified region

Can be risky, the business may continue to create the product after the agreement is over
Term
Franchising
Definition
a form of licensing, in which the foreign firm buys the rights to use anothers name and operating methods in its home country.

Ex. McDonalds, Subway, Taco Bell etc.
Term
Insourcing
Definition
is job creation through foreign direct investment
Term
Direct Investment Strategies
Definition
- Require major capital commitments and huge amounts of funding

- Creates rights of ownership and control over foreign operations

Ex. Joint Ventures, Insourcing, Foreign Subsidiaries,
Term
Joint Ventures
Definition
Operates in a foreign country through co-ownership by foreign and local partners

- two partners pool resources and share risks

- One firm can buy part of another, or a new entity can be established all together

- Is an example of a global strategic alliance
Term
Global Strategic Alliance
Definition
a partnership in which foreign and domestic firms share resources and knowledge for mutual gains

- Brings access to new markets and expert assistance for the new market

- Brings access to technology and opportunities to learn new skills
Term
Foreign Subsidiaries
Definition
is a local operation completely owned by a foreign firm

- Can be formed through acquisition when an outside firm purchases a local operation

- highest level of involvement in international operations
Term
Greenfield Investments
Definition
when subsidiaries are built from the ground up usually in a different country
Term
Tariff
Definition
taxes government levies on imports from abroad
Term
Non-tariff barriers
Definition
discourage imports in nontax ways such as quotas, import restrictions, and other forms of protectionism
Term
Most Favored nation status
Definition
gives a trading partner most favorable treatment for imports and exports
Term
World Trade Organizations
Definition
member nations agree to neogotiate and resolve disputes about tariff's and trade restrictions
Term
MNC, MNE, Transnational Corporations
Definition
is a global corporation that operates worldwide on a borderless basis

- Need to balance the needs of the business and the country involved
Term
Ethical Challenges when going global
Definition
- Corruption

- Child Labor

- Sweatshops

- Sustainable Development
-- meeting current needs w/o compromising future needs
Term
Cultural Intelligence
Definition
- the ability to accept and adapt to new cultures
Term
Culture Shock
Definition
- The discomfort associated with being involved in a unfamiliar culture
Term
5 steps of culture shock
Definition
- Confusion
-- First contacts leave you anxious and uncomfortable

- Small Victories
-- continued interactions bring some success

- the honeymoon
-- a time of wonderment and enjoyment in cultural immersion

- Irritation and Anger
-- a time when the negatives start to overwhelm the positives

- Reality
-- a time of re-balancing, you are able to enjoy the new culture while accommodating less desirable elements
Term
Ethics
Definition
Standards regarding appropriate and inappropriate behavior, conduct, and decision making
Term
Values
Definition
Broad Beliefs about what is appropriate behavior
Term
terminal Values
Definition
are preferences about desired end states

- self respect, happiness, family security, freedom
Term
Instrumental Values
Definition
Preferences regarding the means to desired ends

- honesty, integrity, imagination, self discipline
Term
- Formal Mechanisms (situational factors that influence ethical decision making)
Definition
- codes of conduct, ethics committees, training programs, hotlines, ombudsperson, ethics audits
Term
Informal Mechanisms (situational factors that influence ethical decision making)
Definition
Norms, peer behavior, role modeling, reward systems, support whistleblowing
Term
External Environments (situational factors that influence ethical decision making)
Definition
Government laws and regulations, societal norms and values, competitive climate in an industry
Term
Corporate Governance (situational factors that influence ethical decision making)
Definition
The oversight of the top management of an organization by a board of directors

- Making sure top management is doing the job ethically

- Involves hiring and firing, assessing strategy, and verifying financial records
Term
Personal Characteristics (situational factors that influence ethical decision making)
Definition
Values, need for power, Kohlbergs stages of moral development
Term
Ethical Relativism
Definition
Comparing one persons ethics to anothers

-- Who am i to judge someone else's ethics
Term
Kohlbergs Stages of Cognitive Moral Development
Definition
Lowest Stage (Preconventional, Self centered)
- Early life
- Rewards and Punishments

Middle Stage (Conventional, social centered behavior)
- 18-22
- Look to others to see if what your doing is acceptable

Late Stage (Postconventional, principle centered behavior)
- Set of universally agreed upon and held standards regarding ethics
- Ex. Gandhi
Term
How to know if your making good ethical decisions based on cultural context
Definition
- Respect for core or universal values
- Human Dignity
- Create a culture that values employees, customers, and suppliers

- Basic Rights
- right to fair treatment, right to be treated with respect

- Good Citizens
- support and social institutions, work to protect the environment
Term
Framework for making ethical decisions
Definition
1. Recognize the ethical issue
2. Get the Facts
3. Evaluate your options
- which method should i use, utilitarian, golden rule, is it legal
4.Decide which option to follow
5. Double Check decision by asking spotlight questions
6. Take Action
7. Reflect
- How did my decision turn out, what i have i learned
Term
Spotlight Questions
Definition
Ny Times Test

Family Test
Term
Utilitarian View of Ethics
Definition
Delivers the greatest good to the greatest amount of people

- Business is suffering, so you cut 30% of the workforce
Term
Individualism View
Definition
one's primary commitment is to the long term advancement of self interests

- Society will be at its best if everyone acts in a way that maximizes his or her own utility or happiness

- promotes honesty and integrity, but does not always work
Term
Rights Approach
Definition
Respects and protects the fundamental rights of all people (freedom, privacy)

-
Term
Justice View
Definition
the belief that ethical decisions treat people impartially and fairly according to legal rules
Term
Procedural Justice
Definition
Does sexual harassment against a CEO get the same treatment as against a low level manager
Term
Distributive Justice
Definition
the degree to which policies and rules are allocated fairly among people w/o respect to individual characteristics based on ethnicity, sex, age etc.

- Are minorities represented fairly in top management groups
Term
Interactional Justice
Definition
the degree to which people treat one another with dignity and respect

- does a bank loan officer take the time to fully explain why you didn't get the loan, or what the loan entails
Term
Communative Justice
Definition
fairness and exchange of transactions.

- the exchange is fair if all parties enter into it freely, have access to info, and obtain some sort of benefit
Term
Obey the Law Approach
Definition
Is it legal
Term
Golden Rule
Definition
Treat others as though you would want to be treated
Term
Virtue Ethics Approach
Definition
Emphasizes character, integrity
Term
Universalism
Definition
suggests ethical standards apply absolutely across all cultures

- if it is not ok in ones home that it is not ok anywhere else
Term
Ethical Imperialism
Definition
an attempt to pose one's ethical standards on others

- universalism is considered an example of this
Term
Ethical Dilemma
Definition
is a situation that offers potential benefit but may be considered unethical

- Discrimination, sexual harassment, conflict of interests, product safety, use of organizational resources
Term
Ethical Framework
Definition
is a personal rule or strategy for making ethical decisions
Term
Amoral Manager
Definition
fails to considers the ethics of his behavior
Term
Corporate Responsibility
Definition
describes the obligation of an organization to act in ways that serve both its own interests and the interests of society
Term
Triple bottom Line
Definition
evaluates an organizations performance based on economic, social, and environmental criteria

- 3 P's
- Profit, people, planet
Term
Demand Legitimacy
Definition
indicates the validity and legitmacy of a stakeholders interest in the organization.

- is the stakeholders demand considered valid, and from a legitimate source
Term
Classical View of Corporate SOcial Responsibility
Definition
the organization should be focused on making profits
Term
Socio Economic View of Corporate Social Responsibility
Definition
the business should focus on broader social welfare as well as profits

focus on the triple bottom line
Term
How to evaluate corporate Social Responsibility
Definition
Zone of Compliance
1. Economic Responsibility
- Be profitable

2. Legal Responsibility
- is the organization obeying the law

Zone of Conviction
3. Ethical Responsibility
- is the organization doing what is right

4. Discretionary Responsibility
- is the organization contributing to society
Term
Obstructionist Strategy
Definition
Avoids social responsibility and focuses on profits
Term
Defensive Strategy
Definition
seeks protection by doing the bare minimum legally

if criticized most likely to deny claims
Term
Accomodative Strategy
Definition
accepts social responsibility and tries to satisfy economical, legal, and ethic criteria
Term
Proactive Strategy
Definition
Takes leadership in social initiatives

- meets all the criteria of social responsibility including discretionary performance

- preventive measures to avoid bad situations
Term
Ethics Intensity
Definition
indicates the degree to which an issue is recognized to pose important ethical challenges
Term
Management of Analytics
Definition
systematic gathering of data to make it useful as information

making sure that data from other places in being properly recieved where it will provide benefits
Term
Useful information is...
Definition
1. Timely

2. High Quality

3. Complete

4. Relevant

5. Understandable
Term
Intelligence Information Systems Flows
Definition
Intelligence Information
- gathered from stakeholders and external environment

Internal Information
- flows up, down, across, and around the organization

Public Information
- disseminated to stakeholders and the external environment
Term
Information Systems
Definition
use IT to collect, organize, and distribute data for decision making
Term
MIS
Definition
meet the specific information needs of managers as they make day to day decisions
Term
How IT Changes Organizations
Definition
Breaks Barriers for suppliers, customers, and partners

- Makes organizations flatter and information flow better
Term
Performance Threat
Definition
Is a situation in which something has gone wrong or has the potential to go wrong

- happens when actual performance does not meet desired result
Term
Performance Opportunity
Definition
is a situation that offers a chance for a better future if the rights steps are taken
Term
Systematic Thinking
Definition
approaches problems in rational and analytical fashion

slow and analytical

make a plan before taking action
Term
Intuitive Thinking
Definition
approaches problems in a flexible and spontaneous fashion

can be quick and broad evaluation of the problem is often seen

deal with many aspects at once and jump at the opportunity
Term
Multidimensional Thinking
Definition
is an ability to address many problems at once

map out all potential events and make a plan for them
Term
Strategic Opportunism
Definition
ability to look at long term objectives while being flexible in dealing with short term objectives in a timely manner
Term
Cognitive Styles
Definition
shown by the way individuals deal with information while making decisions
Term
Sensation Thinkers
Definition
emphasize impersonal over personal

like cold hard facts, clear goals, and high control
Term
Intuitive Thinkers
Definition
comfortable with abstraction and unstructured situations

prone to intellectual and theoretical positions

logical and impersonal but avoid details
Term
Intuitive Feelers
Definition
Prefer broad global issues

insightful and avoid details

value flexibility and human relationships
Term
Sensation Feelers
Definition
Emphasize both analysis and human relations

realistic and prefer facts

open communicators and sensitive to feelings and values
Term
Non programmed decision
Definition
applies to a specific solution crafted for unique purposes
Term
6 rules for crisis management
Definition
1. Figure out what is going on
2. Remeber that speed counts
3. Remember that slow counts too
4. Respect the danger of the unfamiliar
5. Value the skeptic
- avoid groupthink
6. Be ready to fight fire with fire
- might have to do something drastic to get the desired attention
Term
Certain Environment
Definition
Ideal decision making environment

offers complete information on possible action alternatives and their consequences
Term
Risk Environment
Definition
Lacks complete information but offers probabilities of the likely outcomes for possible action outcomes

Decide what is likely to happen if this decision is made
Term
Uncertain Environment
Definition
lask so much information that is difficult to assign probabilities to the likely outcomes of alternatives

most difficult decision making environment
Term
5 Steps to Solving Problems Analytically
Definition
1. Identify and define the problem
2. Generate and evaluate alterantive solutions
3. Make decisions and conduct ethics and double checks
4. Implement the decision
5. Evaluate Results
Term
Cost and Benefit Analysis
Definition
involves comparing the costs and benefits of each potential course of action

- Costs
- Benefits
- Timeliness
- Acceptability
- Ethical Soundness
Term
Classical Decision Model
Definition
Decision making with complete information

manager acts rationally in a certain world

decision making is fully informed of all options

makes an optimizing decision
- absolute best solution to a problem
Term
Behavioral Decision Model
Definition
"Bounded Rationality"


people act with only partial knowledge about the available action alternatives and their consequences

Consequently the first solution is usually the one implemented

unstructured decision
not clearly defined
uncertain environment
incomplete information
not all alternatives known
Term
Bounded Rationality
Definition
Acts with cognitive limitations
Term
Satisficing Decision
Definition
result of behavioral model

choose the first satisfactory alternative that comes to one's attention
Term
Lack of Participation Error
Definition
is a failure to involve in a decision the persons whose support is needed to implement it

leaving someone important out of the process
Term
Heuristic
Definition
strategies for simplifying decision making
Term
Availability Heuristic
Definition
when people asses a current situation by using information that is readily available from memory

ex. not investing in new product based off prior experience with similar products
Term
Representativeness bias
Definition
when people assess the likelihood of something happening based on it's similarity to a stereotyped set of occurrences

ex. Hiring someone based on them going to the same school as you or a school that is highly regarded
Term
Anchoring and adjustment Bias
Definition
when decisions are influenced by inappropriate allegiance to a previously existing value or starting point.

Giving someone a raise that seems good to the manager, but perhaps the original salary was anchored to low already
Term
Framing Error
Definition
the tendency to evaluate and resolve a problem in the context in which it is perceived

Say a product is at 40% market share you could frame that as why are we losing 60% what are we doing wrong? Or We are at 40% what can we do a little better to improve?

spinning the info
Term
Confirmation Error
Definition
the tendency to look for information that confirms the decision we are already leaning towards
Term
Escalating Commitment
Definition
the tendency to increase effort and apply more resources to a course of action that is not working
Term
How to avoid escalation trap
Definition
Set advanced limits
define failure as clear as possible
make your own decisions
hire outsdie experts
remind what the course of action is costing you
Term
Threats to Creative Problem Solving
Definition
Conceptual Blocks
Constancy
Commitment
Compression
Complacency
Block Busting
Term
Conceptual Blocks
Definition
- mental obstacles that constrain the way problems are defined and limits the number of alternative solutions through to be relevant
Term
Constancy
Definition
using only one technique over and over
Term
Commitment
Definition
once committed to a method you to stick to it
Term
Compression
Definition
Looking narrowly at a problem and screening out to much data
Term
Complacency
Definition
lack of questions, and a bias against thinking
Term
Block Busting
Definition
Generating multiple problem definitions

Dont evaluate your options to quick
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