question

2 branches of classical viewpoint

answer

Scientific Management Administrative Management

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4 functions of management

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Planning Organizing Leading Controlling

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7 challenges for managers

answer

Achieve competitive advantage Embrace Diversity Manage for globalization Incorporate IT Incorporate Ethics Manage Sustainability Achieve Life goals and personal satisfaction

question

Rewards of practicing and studying management

answer

enhance self management better interaction with coworkers better understanding of supervisors better understanding of how organizations work

question

4 areas of focus to achieve competitive advantage

answer

Responsiveness Innovation Quality Efficiency

question

3 ways the internet has affected business

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enhanced managerial communication Improved managerial decision making Changed organizational structure

question

Levels of managers in traditional pyramid

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Top Managers (CEO) Middle Managers (Division Head's, Plant Managers) First Line Managers (Supervisors, Team Leaders)

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Mintzberg's common management characteristics

answer

Reliance on oral rather than written communication Work for long hours Perform variety of fragmented, brief tasks

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Mintzberg's 3 categories of managerial roles

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Interpersonal Roles (figurehead, leader and liaison) *Informational Roles (Monitor, dissemiator and spokesperson) Decisional Roles (Entrepreneur, Disturbance Handler, Resource Allocator, Negotiator)

question

Katz's 3 principle skill sets of managers

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Technical Conceptual (Ability to think analytically, visualize organization as a whole and understand how the parts work together) Human

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2 types of entrepreneurs

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Opportunity Necessity

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Serial Entrepreneur

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Entrepreneur that intends on selling his business in order to create another one down the line

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Performance Formula

answer

Performance = Motivation * Ability

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Involves translating principles based on best evidence into organizational practice and bringing rationality into the decision making process.

answer

Evidence Based Management

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2 categories of management perspectives

answer

Historical Contemporary

question

Historical perspective viewpoints

answer

Classical Behavioral Quantitative

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Contemporary perspective viewpoints

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Systems Contingency Quality Management

question

2 branches of the classical viewpoint

answer

Scientific Management Administrative Management

question

2 proponents of Scientific Management

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Frederick Taylor (father of scientific management) Frank and Lillian Gilbreath (time motion study experiments)

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Taylor's 4 principles of scientific management

answer

Study each component of task Select appropriate workers Train and incentivize them properly Use scientific principles to plan work methods that help workers perform better

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Emphasized finding ways to manage work more efficiently through time and motion studies, scientific methods and job specialization

answer

Classical viewpoint

question

Emphasized the scientific study of work methods to improve productivity of individual workers

answer

Scientific Management

question

A holistic approach that is concerned with managing the entire organization

answer

Administrative Management

question

2 Main proponents of administrative management

answer

Henri Fayol Max Weber

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First to identify major functions of Management

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Henri Fayol

question

Weber's 5 features of an ideal bureaucracy

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Impersonality merit based careers clear division of labor well defined hierarchy formal rules and procedures

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Major flaw of classical view

answer

Views people as machines in a cog

question

Emphasizes the importance of understanding human behavior and motivating employees to achieve

answer

behavioral viewpoint

question

3 Pioneers of behavioral theory

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Hugo Munsterberg (father of industrial psychology) Mary Parker Follett (envisioned democratic partnership) Elton Mayo (conducted Hawthorne experiments)

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Phenomenon that workers tend to work harder when they perceive they're receiving attention

answer

Hawthorne effect

question

Movement that proposed better human relations could increase productivity

answer

Human relations movement

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2 major human relations movement theorists

answer

Abraham Maslow Douglas McGregor

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Maslows Hierarchy of Needs

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Self Actualization Esteem Social Safety Physiological

question

Identified 2 different general attitudes that managers hold toward their employees

answer

Douglas McGregor

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Says managers believe workers are irresponsible, resist change, have no ambition, dislike work and want to be led

answer

Theory X

question

Says managers believe workers are self directed, imaginative, creative, self controlled and capable of taking on responsibility

answer

Theory Y

question

Relies on scientific research for developing theories about human behavior

answer

Behavioral Science

question

Refers to the application of quantitative techniques, such as stats and computer simulations to management

answer

Quantitative Management

question

2 branches of Quantitative management

answer

Management Science Operations Management

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Stresses the use of rational, science based techniques and mathematical models to improve decision making and strategic planning.

answer

Management Science

question

Difference between Scientific Management and Management Science.

answer

Management Science - Stresses the use of rational, science based techniques and mathematical models to improve decision making and strategic planning. Scientific Management - Emphasized the scientific study of work methods to improve productivity of individual workers

question

focuses on more effectively managing the production and delivery of an organization's products or services.

answer

Operations Management

question

Viewpoint that regards the organization as a system

answer

Systems viewpoint

question

4 parts of any system

answer

Input Transformation process Outputs Feedback

question

2 types of systems

answer

Open Closed

question

Emphasizes that a manager's approach should vary according to the individual and the environmental situation.

answer

Contingency Viewpoint

question

3 components of quality management viewpoint

answer

Quality Control Quality Assurance Total Quality Management

question

Strategy for minimizing errors by managing each stage of production

answer

Quality Control

question

Focuses on the performance of workers, urging employees to strive for zero defects

answer

Quality Assurance

question

4 Components of Total Quality Management

answer

Continuous Improvement Employee involvement Learn from employees and customers Use accurate standards

question

3 steps to create a learning organization

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Build a commitment to learning Generate ideas with impact Generalize ideas with impact

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2 groups of stakeholders

answer

Internal External

question

3 groups of internal stakeholders

answer

Employees Owners Board of Directors

question

Environment that consists of a number of groups that present management with daily tasks to handle

answer

Task Environment

question

Tax breaks that can be rescinded when a firm does not deliver on its promise of new jobs or other benefit to the community

answer

Clawbacks

question

Environment that includes forces that can not be controlled by the organization

answer

General

question

Kohlberg's levels of personal moral development

answer

Preconventional (Rules and Laws) Conventional (Other's Values) Postconventional (Own Values)

question

3 Steps to promote ethical behavior

answer

Support a strong ethical climate Screen applicants Implement ethics codes and training programs

question

represents employees' perceptions about how much different work environments support ethical behavior

answer

Ethical Climate

question

Carroll's priorities of corporate social responsibility

answer

1 Philanthropic 2 Ethical 3 Legal 4 Economic

question

Level's of Gardenswartz and Rowe's diversity wheel

answer

Personality (Inner Most) Internal Dimensions External Dimensions Organizational Dimensions

question

Refers to the shrinking of time and space as air travel and electronic media have made it easier for people around the world to communicate with on another.

answer

global village

question

Degree of internationalization formula

answer

Degree of internationalization = foreign sales/total sales

question

BRIC(S) economies

answer

Brazil Russia India China (South Africa)

question

Actors in international Business

answer

Multinational Corporations Multinational Organizations (Red Cross, Doctors w/o borders) Nongovernmental Organnizations (nonprofits not associated with a government)

question

Managers that are from the company's home country but not the host country

answer

Home (Parent) company nationals

question

Managers from neither the company's home or host country

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Third country nationals

question

local individuals working for a foreign company

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host country nationals (not an expatriate)

question

4 attitudes of expatriate managers

answer

Ethnocentric Polycentric Geocentric Regiocentric

question

Manager that believes his native country's way of doing things is superior

answer

Ethnocentric

question

Managers that believe native practices are the superior

answer

Polycentric

question

Managers that strive to identify the true best practice between the company's home and host country

answer

Geocentric

question

Managers who adopt the point of view of the region is best, but not necessarily the host country

answer

Regiocentric

question

5 methods of international expansion

answer

Global Outsourcing (Lowest risk and investment Importing, Exporting and Counter Trading Licensing and Franchising Joint Ventures Wholly Owned Subsidiaries (Highest Risk and Investment)

question

Using suppliers outside of the US to provide labor, goods or services.

answer

Global Outsourcing

question

Seeking markets outside of the US

answer

Exporting, Importing and countertrading

question

2 practices associated with countertrading

answer

Barter Countertrading

question

Agreement in which one company allows another foreign company to make or distribute the first company's product or service for a fee.

answer

Licensing (Franchising gets a fee and share of profits)

question

Strategic alliance with a foreign entity to share the risks and benefits

answer

Joint Venture

question

2 types of wholly owned subsidiaries

answer

Acquisition Building from scratch

question

Foreign subsidiary that the parent organization has built from scratch

answer

Greenfield Venture

question

Occurs when a government pays to take ownership over a company's assets

answer

Nationalization

question

Occurs when a government does not pay and takes over a company's assets

answer

Expropriation

question

refers to government regulations used to limit the import of goods and services

answer

Trade Protectionism

question

4 tools of trade protectionism

answer

Tariffs Embargos Import Quotas Sanctions

question

Established after WWII to provide funding for the reconstruction of Europe

answer

World Bank for Reconstruction and Development

question

Provides funding assistance to the poorest countries in the world

answer

International Development Association

question

Provides financing for companies that do work with the world bank

answer

International Finance Corporation

question

An arbitration forum that allows resolution of investment disputes between contractors and countries

answer

International Center for the Settlement of Investment Disputes

question

Insures world bank group projects

answer

Multilateral Investment Guarantee Agency

question

Designed to assist in smoothing the flow of money between nations

answer

International Monetary Fund

question

Types of Regional Economic Integration

answer

Free Trade Areas Economic Unions

question

Psychological distance between cultures or countries

answer

Psychic distance

question

Culture where shared meanings are primarily derived from written and spoken words

answer

Low context culture (rely on institutionalization rather than personal trust)

question

Culture where people rely heavily on situational cues

answer

High context culture (rely on personal trust rather than institutionalization)

question

Refers to the complexity of a country's institutions

answer

Institutionalization

question

Hofstede's 5 cultural dimensions

answer

Individualism/collectivism Power Distance Uncertainty avoidance Masculinity/femininity Confucian dynamism

question

cultural dimension that measures how much people accept inequality in power

answer

power distance

question

Cultural dimension that describes the extent to which a culture has a short term or long term orientation

answer

Cunfucian dynamism

question

Cultural dimension that describes how strongly people desire certainty

answer

Uncertainty avoidance

question

General areas of variation across cultures

answer

Language Interpersonal space Communication Time orientation Religion

question

2 variations of time orientation

answer

Monochronic Polychronic

question

Low probability, high consequence events

answer

black swans

question

5 steps of the strategic management process

answer

Determing Mission and vision Determine grand strategy Generate strategic plans Execute strategic plans Maintain control over the strategy

question

Miles' and Snow's 4 strategic archetypes

answer

Defenders Prospectors Analyzers Reactors

question

Strategic archetype that are experts at producing and selling narrowly defined products or services.

answer

Defenders

question

Strategic archetype that focus on developing new products or services

answer

Prospectors

question

Strategic archetype that lets other organizations take the risk of product development and then imitates what seems to work

answer

Analyzers

question

Strategic archetype that only make adjustments when forced to do so

answer

Reactors

question

Miles' and Snow's adaptive cycle

answer

Entrepreneurial problems Engineering problems Administrative problems

question

5 steps of the planning process

answer

Mission statement Vision statement Strategic planning Tactical planning Operational planning

question

Expresses the purpose or reason for an organization existing

answer

Mission statement

question

Expresses a long term goal describing what the organization wants to become

answer

Vision statement

question

3 types of planning

answer

Strategic Tactical Operational

question

3 types of goals

answer

Strategic Tactical Operational

question

SMART Goals

answer

Specific Measurable Attainable Results Oriented Target dates are set

question

Defines the course of action needed to achieve the stated goal

answer

Action plan

question

2 types of plans

answer

Standing plans (rule, procedure, policy) Single use plans (program, project)

question

A four step process with the purpose of motivating subordinates to achieve organizational goals

answer

Management by objective

question

4 steps of MBO

answer

Set objectives jointly Develop action plan Review performance periodically Appraise performance and giver rewards

question

3 types of MBO objectives

answer

Improvement Personal Development Maintenance

question

3 requirements for MBO success

answer

Commitment of top management Organization wide commitment Cascading objectives

question

A continuous feedback loop for each level of planning

answer

Planning/Control Cycle

question

4 steps of the Planning/Control Cycle

answer

Planning 1 make the plan 2 carry it out Control 1 compare results to plan 2 take corrective action

question

Porter's 3 principles of effective strategy

answer

Involves creating a unique and valuable position involves competitive trade offs requires the creation of a fit among activities

question

3 common grand strategies

answer

Growth Stability Defensive

question

Components of SWOT analysis

answer

Strengths (I) Weaknesses (I) Opportunities (E) Threats (E)

question

3 tools used to convert the firm's mission and vision into a grand strategy

answer

Competitive Intelligence SWOT analysis Forecasting

question

2 types of forecasting

answer

Trend analysis Contingency Planning

question

Porter's 5 forces of competition

answer

threat of new entry suppliers bargaining power buyers bargaining power threats of substitute products competitive rivalry

question

Porter's 4 competitive strategies

answer

Cost leadership differentiation cost focus focused differentiation

question

2 types of diversification strategy

answer

Unrelated Related

question

2 types of related diversification strategy

answer

Related constrained Related lineked

question

A network of Japanese businesses that are characterized by interlocking directorates and cross-holding of shares

answer

Keiretsu

question

Advantages of diversification

answer

Reduced risk Management efficiencies Synergy

question

3 core processes of business

answer

People Strategy Operations

question

4 steps in rational decision making

answer

Identify problem Generate alternatives Evaluate alternatives and pick one Implement the solution and evaluate it

question

3 faulty assumptions of the rational model

answer

Managers have complete information Managers can separate their emotions from their analysis Managers are capable of making the best decision for the organization

question

3 major nonrational decision making models

answer

Satisficing Incremental Intuition

question

Davenport's 3 key attributes of analytics

answer

Use of modeling Using multiple applications Top management support

question

4 decision making styles

answer

Analytical Conceptual Directive Behavioral

question

Individual responses to decision situations

answer

Relaxed avoidance Relaxed change Defensive avoidance Panic

question

6 decision making biases

answer

Availability Confirmation Representative Sunk Cost Anchoring adjustment escalation of commitment

question

Group problem solving techniques

answer

Consensus

question

2 techniques for group problem solving

answer

Brainstorming Computer aided decision making

question

2 types of computer aided decision making

answer

Group driven Chauffeur driven

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