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57 Cards in this Set
- Front
- Back
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What is Economic Rent?
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Economic rent can be defined as the surplus value created during the production of a good or service, due to the ownership of a factor of production that is in fixed or limited supply. In many economic activities, it is not possible to create economic rents. Thus, for example, if a sawmiller could sell sawnwood for far more than the cost of production (and thus, earn an economic rent from that activity), other producers would soon enter the market and drive product prices down, such that the surplus would disappear
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What is Invisible Hand?
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The invisible hand is a metaphor invented by Adam Smith to illustrate how those who seek wealth by following their individual self-interest, inadvertently stimulate the economy and assist society as a whole
If the answer has self-interest then it's the answer. |
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Explain the LMX Theory
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We usually have the leader who leads and follower who reacts to it.
Two way relationships called the "Leader member exchange" also known as LMX theory The leader leads, they influence the follower and the leader adjusts. The leader adjusts according to the reactions. Stages of Leader member’s relationship - Leadership member’s relationship leads to Team work. Stranger ==> Acquaint ==> Maturity Classics Relationship =====>Team The more people get to know you, the lesser they will respect you. Gorge Washington theory. It's a different take on the |
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Hofstede's Model
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The study Dimension of Human Relations
Hofstede’s Model (studies) – Dimension of Human Relations 1. Power distance – degree to which people accept power and wealth. a. i.e Dish washer at Denny’s vs. CEO of Big Company, dish washer wants to be like the CEO b. U.S has low in power distant c. South Africa is high in power distant. 2. Individualism – U.S vs. Collectivism – JAPAN 3. Masculine society – Quantity of Life like U.S because material matter to us. Vs Feminine Society – Quality of Life. 4. Uncertainty Avoidance – The degree to which society accept ambiguous assignment. 5. Short term vs. long term organization a. U.S is a short term organization because we look at profit every quarter and adjust it sooner, that what makes us better than Japan. |
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External Change Forces
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1) Sociocultural forces: sociocultural demographics + culture (baby boomers)
2) Technological forces: A. Product change B. Process change 3) Economic forces: A. current conditions- inflation, unemployment, interest rates) B. Economic cycles- difficult to predict exactly when an upturn or downturn C. Structural change vs. Systematic change – Y= X1+X2+X3+X4 4) Political and legal forces: regulatory change, government spending 5)Global forces: threats- competition, opportunities- new markets |
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What are the characteristic of bureaucratic control?
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Bureaucratic control is the use of rules, policies, hierarchy of authority, written documentation, reward systems, and other formal mechanisms to influence employee behavior and assess performance. Bureaucratic control can be used when behavior can be controlled with market or price mechanisms.
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The Profit Curve
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-Long run economic profit always returns to 0
-Total profit= Economic profit + normal profit -Normal profit= Opportunity cost of funds -Economic profit= Profit > opportunity cost of funds -0 economic profit= opportunity cost of funds -Any economic profit is desirable |
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What is the Primary HR activities?
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Human Resources - Primary goal of HR is getting the right people and maximizing the potential. It's more than just hiring and firing. (Hiring + Firing)
Supply and Demand Graph - Have to look at the price and quantity of the supply and demand chart in order to hire or fire employees. Labor Union - Labor issues Federal Laws - i.e. new employer is asking the old employer about their employees. State Laws – it’s the same as above. |
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What are some types of interviews?
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1) Work sampling: simulate of exactly duplicate the job person would be doing if hired (if you perform poorly or well in the work sample, you will likely perform similarly in the real job)
2) Work simulations: involves situations in which job candidates perform work that they would do if hired or work that closely simulates the tasks they would perform 3) Assessment centers: Use any number of selection tools, including work sampling and simulation techniques, in order to get a broader and richer sense of the fit of the employee to the job 4) Written tests 5) Background and reference checks 6) Physical examinations |
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What is the Main Goal of HR?
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getting the right people, max potential
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What is Goal Setting Theory ?
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Goal Setting Theory - Specific goal increase performance and difficult goal when accepted, result in higher performance then easier goal.
This is under process theory Locke's research showed that there was a relationship between how difficult and specific a goal was and people's performance of a task. He found that specific and difficult goals led to better task performance than vague or easy goals. Telling someone to "Try hard" or "Do your best" is less effective than "Try to get more than 80% correct" or "Concentrate on beating your best time." Likewise, having a goal that's too easy is not a motivating force. Hard goals are more motivating than easy goals, because it's much more of an accomplishment to achieve something that you have to work for. |
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What is Equity Theory ?
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Employees compare input and output ratios to a reference individual or group of individual and attempt to make adjustment to gain equity.
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The utilitarian view
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The Utilitarian view in decision making (Most positive benefit):
Only one solution that gives the highest net benefit a solution that might hurt a few person, but it is good as a whole for the society. |
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The Control Process
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Step 1: Establishing Standard - Where should it begins with. I.e. you have to sell 100 million worth of product a month, also known as a quota.
Behavior perspective: standard and service level The questionnaires and automatic voice message from corporate calling center, these are service level standard Delivery time is also a standard Financial budget Process control: general revolves around things such as tolerance Step 2: Measure performance The following techniques and these can be use for both behavior and process control Personal observation: management by walking around (MBWA) Statistical reporting: this one some people love this of some people hate it Oral reporting: meetings use extensively use these days in business Written report: this is happening less now because oral report is use more. A nice thing about written report is that you have a record of it for future reference Step 3: Comparing the actual performance against the standard Process: Range of variance- the dispersions of high score and low score Behavioral: look at surveys, 10m/ year check Step 4: If there is a deviation when comparing with the performance and establishing standard we need to take action, or else you don’t need to do anything 1. Immediate corrective action -Manufacturing (slow machines adjust guides) -Retain (go get more) -Sales (fire, discuss) 2. Basic corrective action -Manufacturing: New equipment -Retain: Study demand patterns and re-consider forecast -Sales guy: retrain 3. Change the standard |
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What are different types of groups?
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Command group - understanding how you fit into your organizational structure. i.e. chain of command, department structure.
Project or task force - This is temporary because there is something that arise that need to be address Committees- A group that meet frequently (Above are all formal group)(form by the organization) (Below are informal group)(not form by the organization) Form by social interaction within the people within the organization |
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Mintsberg's Managerial Roles
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1) Interpersonal Role:
• Figurehead: (Queen Elizabeth i.e) symbolic role • Leader – basically just motivation • Liaison – Communication Network (Intra and Inter organization) 2) Informational Role: • Monitor – very important, also knowing as environment scanning • Disseminator – transmit info throughout organization • Spokesperson – External information 3) Decisional Role: • Entrepreneur – Change agent when there is a push to make a change • Disturbance handler – Solving expected problems • Resource Allocate • Negotiator |
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Environmental Scanning
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1) Read
2) Get educated 3) Use conceptual skills 4) Take action risk |
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Reinforcement theory
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Reinforcement Theory - behavior is a function of it consequences
These consequences are called reinforce and this can either be positives or negatives. Managers should ignore bad behaviors and reinforce or reward good behaviors. ONLINE: Reinforcement theory is the process of shaping behavior by controlling the consequences of the behavior. In reinforcement theory a combination of rewards and/or punishments is used to reinforce desired behavior or extinguish unwanted behavior. Any behavior that elicits a consequence is called operant behavior, because the individual operates on his or her environment. Reinforcement theory concentrates on the relationship between the operant behavior and the associated consequences, and is sometimes referred to as operant conditioning. |
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What is MBO and what is the meaning of MBO?
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A goal setting program based on interaction and negotiation between employees and managers
-Goal specifically -Participative decision making (buy-in) -Explicit time period (Gantt chart) -Performance feedback The essence of MBO is participative goal setting, choosing course of actions and decision making. An important part of the MBO is the measurement and the comparison of the employee’s actual performance with the standards set. Ideally, when employees themselves have been involved with the goal setting and the choosing the course of action to be followed by them, they are more likely to fulfill their responsibilities. |
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what is group cohesion ?
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Group Cohesion - Develop relationships within a group and from there form a team.
ONLINE: Group cohesiveness is the force bringing group members closer together. Cohesiveness has two dimensions: emotional (or personal) and task-related. The emotional aspect of cohesiveness, which was studied more often, is derived from the connection that members feel to other group members and to their group as a whole. That is, how much do members like to spend time with other group members? Do they look forward to the next group meeting? Task-cohesiveness refers to the degree to which group members share group goals and work together to meet these goals. That is, is there a feeling that the group works smoothly as one unit or do different people pull in different directions? |
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Hersey & Blanchard’s model
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“Situational Leadership Model”: A model that state that different types of appropriate leadership are “contingent” on some other variable, in this case “followers’ readiness to learn new tasks”
Subordinates’ readiness consists of two parts: their ability, and their willingness to undertake the task. The model advocates that certain types of leader behaviors are best, depending upon subordinates’ readiness levels |
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Milton Friedman’s perspective
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A manager’s responsibility is to maximize profits for the owners of the business (efficiency perspective)
a.Stock holder interest only (Max out Share Price) |
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What is Bounded rationality (administrative model):
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A model that assumes that people usually settle for acceptable rather than maximum options because the decisions they confront typically demand greater information-processing capabilities than they possess
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Bounded Rationality
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A model that assumes that people usually settle for acceptable rather than maximum options because the decisions they confront typically demand greater information-processing capabilities than they possess
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What are different types of forecasting?
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Forecasting can be done through either quantitative method - which is through numbers, you have to use a lot of data in order for the quantitative method to work well, or through qualitative method which is in words or through experience and judgments.
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Hygiene Factor
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Motivation Hygiene Theory (Two Factor Theory) – This is a Modern over Maslow's Theory
Intrinsic Factors (internal) - This lead to job satisfaction Extrinsic Factors (external) - Lead to job dissatisfaction =>needed in order to not be dissatisfied. You need to have the following in order to not be dissatisfied with your jobs (Hygiene Factor) (Extrinsic Factor): Supervision Good company policy Good relationship with your supervisor Decent working condition Acceptable salary or pay - pay is one of the poorest used because people get use to it. Some status within the organization Security All these above will get you to a neutral stage, but without it will make you dissatisfy Motivations (intrinsic factor) Achievement Recognition Responsibility Growth If all these are present, it will lead to you satisfaction. |
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What is the white water Metaphor?
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continuous change
Dynamic Little Predictability No stability Dynamic or Organic - pancake shape |
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Portal's Generic Strategies
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Porter's Generic Strategy:
• Cost Leadership: 1. Profit = Total Revenue - Total Cost ==> Keep total cost down i. Total Revenue = Price * Quality ==> Keep Price down ii. Economy of Scale: Fixed Cost/Output ==> up = MC ==> down • Differentiation: 1. Profit = Total Revue - Total Cost ==> Keep total cost up i. Total Revenue = Price ==> up * Quality ==> down • Focus: Niche ==> small, limited 1. Pick Between Low Cost Leader or Differentiate |
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The task environment
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1) Intensity of rivalry (profit↓)
2) Threat of new entrants- switching cost (little bit more inconvenient to go to new stuff) 3) Substitutes (elasticity of goods) 4) Customers (buyer power) 5) Suppliers |
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Economic Cycle
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It is difficult to predict exactly when an upturn or downturn in economic conditions will occur, understanding that cycles exist and the key factors that move them is critical for managerial activities, such as planning. It is also important to understand that specific industry cycles can be more or less pronounced than the general economic cycle of the country.
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80/20 rules for time management
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Explicit time period - The time to complete a task will expand or contract according to the time alive. (Set goal for your employee in a short time, but not too short because then you are pressuring them) The 80/20 rules, 80% of all task will be accomplished within the last 20% of our time.
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What is free rider?
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The larger the number in a group the less responsibility - It's called free rider problem
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What are the types of leadership power?
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Legitimate Power: Function of position, you have power because you're a manager. Also can be describe as legitimate of position and authority
Coercive Power: You do what we want you to do or you won't get the bonus. Managers have the ability to punish and control, and it also knowing as leading by fear. Reward Power: You have power in a organization that if people follow you because they can get promote. Also knowing as reward follower Expert Power: Base on specific expertly or knowledge. Also know as specific knowledge that is unique to an individual. Referent Power: Simply respect for personal traits. You make a leader and that leader has something in him that make you respect him. |
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Expectancy Theory
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Expectancy Theory - we act base on an expectation outcome, and how attractive that outcome is to us. In other word
1. Expectancy - Perceive on that outcome (P). It has to be easy or else you won't want to do it. 2. Instrumentality - The amount of work it takes to achieve the outcome 3. Valance - Value we assign to that particular outcome. |
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Span of Control
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1. If you have a organization with span of control of 3. It's like tree branch that has the top and three branches for each. This would be a narrow organization or also known as the pyramid.
i. Centralized Organization: • More stable environment • Decision at the top are going to significant and long term • If a firm is facing a crisis, they will respond to it better. • Company is large • large volume homogeneous products ii. Oil tanker is a good example, because it hard to turn oil tanker boat. Decisions are make long time before something happen. 1. If you have another organization of span of control is 10. It's more flat because a lot of people report to one person. This organization is not a narraw organization or also known as pancake. i. Decentralized Oganization: Company usually starts out this way and it grow into a centralized organization once the company gets bigger. • Complex, uncertain environment. • We have lower level manager that are capable because the organization is more flat because of few managers. • Open corporate culture. • Geographically dispersion. The company spread out all over the world. • Batch Production - customization |
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Interviewing technique
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1) Work sampling: simulate of exactly duplicate the job person would be doing if hired (if you perform poorly or well in the work sample, you will likely perform similarly in the real job)
2) Work simulations: involves situations in which job candidates perform work that they would do if hired or work that closely simulates the tasks they would perform 3) Assessment centers: Use any number of selection tools, including work sampling and simulation techniques, in order to get a broader and richer sense of the fit of the employee to the job 4) Written tests 5) Background and reference checks 6) Physical examinations |
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group conflict
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1st Stage: Pre Stage - We don't have any common purpose, we all different individual looking in different direction. Once we have common purpose then we begin to form a group.
2nd Stage: Forming - We have a lot of conflict in this stage, the reason is because we trying to figure out what role we trying to play in this group. 3rd Stage: Storming -Cohesiveness 4th Stage: Performing -Fully functional group 5th Stage: Adjourning - The End. Is it true that the more conflict the less productivity will be within a group? We get conflicts within a group because people in the group really care about the group. Conflicts can only be to certain point if too much conflict; it will lead to lower productivities. |
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Types of leadership theory
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Behavior Condition to Leadership (Behavior Theory)
University of Iowa Study (Kirk Lewis) Identify 3 Leadership Styles: Autocratic styles - tend to centralize authority (you tend to control everything yourself and don't delegate tasks) Dictate Methods - give you an outline of you the employees suppose to do. Unilateral Decisions - Don't get input from anyone. Democratic Styles: Employee involvement Delegation of Authority Goal Feedback and coaching Participate of Employees Laissez-Faire - Hands off The groups determine everything. In studies Autocratic and Democratic styles are the best and Laissez-faire is not a good leadership styles. However, Warren Buffet uses Laissez-faire leadership styles. We usually have the leader who leads and follower who reacts to it. Two way relationships called the "Leader member exchange" also known as LMX theory The leader leads, they influence the follower and the leader adjusts. The leader adjusts according to the reactions. Stages of Leader member’s relationship - Leadership member’s relationship leads to Team work. Stranger ==> Acquaint ==> Maturity Classics Relationship =====>Team The more people get to know you, the lesser they will respect you. Gorge Washington theory. It's a different take on the one above. Meaning manager should not be too nice and comfortable with employees. The Ohio State Studies: Initiating Structures (Task Behaviors in book) - The degree to which a leader define and structure everyone role on the road to the goal the organization trying to achieve. (Either rank high or low). If businesses are failing in inflation, it is best to use this method. Consideration (People Behavior in book) - a degree to which a leader show trust, respect, and consideration or feel for the employees (Either rank High or Low.) If you're in a booming industry and profit are coming up. It's better to use this method. University of Michigan Studies: They look at leader who has Employee Orientation vs. production Orientation see who does better. Production Orientation is mostly rise up in rake from engineering and the personal trait of engineering is not good as a leader. Employee orientation does better when they did the research. Managerial Grid - look as concern for people vs. concern for result. (It's a graph) ======================================================================== Contingency Theories Fielder model: Two types of leadership: Task - do well in both very favorable and unfavorable condition. Relationship - They do best when they are in a favorable condition only. They tend to do well when the organization is not stretch. Situational Leadership Theory: Focus on the follower readiness to be lead. We all have a potential to be a great leader when certain situation arise. Hitler example in class was a good example. (Studies the detail in the book) Rate as high and low Study: Ability, motivation Path Goal Theory: Effective leader clarify the path to help workers to get where they are and achieve goals and avoid pitfalls, so that we all have the same vision and look. (The teacher favorites) ============================================================= Leadership and Power Five sources of Leadership and Power: Legitimate Power: Function of position, you have power because you're a manager. Also can be describe as legitimate of position and authority Coercive Power: You do what we want you to do or you won't get the bonus, the ability to punish or control, also knowing as leading by fear. Reward Power: You have power in an organization that if people follow you because they can get promote. Also knowing as reward follower Expert Power: Base on specific expert or knowledge, also knowing as specific knowledge that is unique to an individual. Referent Power: Simply respect for personal traits. You make a leader and that leader has something in him that make you respect him. Leader and Managers Commonalities Both Define Direction Both Facilitate Action We cannot train you to be a great leader, but we can train you to be a great manager. |
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what is a group free rider?
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The larger the number in a group the less responsibility - It's called free rider problem
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Characteristic of an effective manager
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(define direction, facilitate achievement): Influence that assists a group or organization to perform successfully and meet its goals and objectives, unlocks the potential that resides in other people
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Matching firm structure to the environment (complex + dynamic)
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Environmental complexity- the breadth and depth of differences and similarities in an organization’s external environment
Uncertain and dynamic environment- forecasting environmental uncertainty accurately is difficult. It is even more challenging in dynamic environment. The greater the uncertainty the more flexible their business plan needs to be. |
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Communication within the organizational structure
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1) Functional structure: used to organize the firm around traditional functional areas (accounting, finance, marketing, operations…)
2) Product structure: the firm is organized around specific products or related sets of products 3) Division: typically consist of multiple products within a generally related area, though specific products may not necessarily be closely related 4) Customer: organized around categories of customers 5) Geographic or regional: various geographical areas or regions Strengths Facilitates local responsiveness, develops in-depth knowledge of specific regions or countries, creates accountability by region, facilitates cross-functional coordination within regions Weaknesses Often creates cross-regional coordination difficulties, can inhibit ability to capture global scale economies, duplicates resources and functions across regions 6) Matrix structure: consists of 2 organizational structures superimposed on each other |
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Line of authority
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Chain of Command: Meaning there is certain hierarchy in a company: Keep communication link in certain order.
• Authority: The right to tell peoples what to do. • Responsibility - Obligation to perform your assigned duty. Online: LINE AUTHORITY: The most fundamental authority within an organization, reflects existing superior-subordinate relationships. It consists of the right to make decisions and to give order concerning the production,sales or finance related behaviour of subordinates. In general, line authority pertains to matters directly involving management system production, sales, finance etc., and as a result with the attainment of objectives. People directly responsible for these areas within the organization are delegated line authority to assist them in performing their obligatory activities. |
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characteristic of leadership
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Characteristics of a Leader: Most Leader characteristics are born with, therefore, it is important to select the leader and not hire them and then train them.
Knowledge (smart), Experience, Good communication skills, Good Listener Responsibility, Decision Making, Charisma, Respect (Authorities), and have drive. |
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Optimal group size
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Group - Three or more people 3-20 people with common goal.
Online: Edward Hall: The perfect group size = 8-12 |
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Mintsberg's Model
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1) Interpersonal Role:
• Figurehead: (Queen Elizabeth i.e) symbolic role • Leader – basically just motivation • Liaison – Communication Network (Intra and Inter organization) 2) Informational Role: • Monitor – very important, also knowing as environment scanning • Disseminator – transmit info throughout organization • Spokesperson – External information 3) Decisional Role: • Entrepreneur – Change agent when there is a push to make a change • Disturbance handler – Solving expected problems • Resource Allocate • Negotiator |
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Timing the economy for investment.
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When you want to build a new factory, when is the good time to build that factory? You want to build your new factory in inflation or in deflation stage? Interest rate is high when it's at the peak of inflation and the interest is low at the bottom of the deflation. Ideally, you want to build your business next to the bottom of deflation.
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refreezing
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The unfreezing stage is concerned with using techniques to show the need for change and freeing up the fixed views held by people within the organization (see mind-set). Moving is the stage where people are encouraged to accept new ideas and new ways of working. Refreezing is the process of fixing these new ideas into the minds of the employees and managers so that they form the new set of beliefs, values, and norms of the organization
Read more: unfreezing, moving, refreezing - beliefs, values, norms, champion of change |
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The believe that your culture is superior
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Ethnocentrism
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the economic growth rate
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A measure of economic growth from one period to another in percentage terms. This measure does not adjust for inflation, it is expressed in nominal terms.
In practice, it is a measure of the rate of change that a nation's gross domestic product goes through from one year to another |
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Characteristics of establishing standard
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Control itself has 4 steps process:
Step 1: Establishing Standard - Where should it begins with. I.e. you have to sell 100 millions worth of product a month, also known as a quota. Behavior perspective: Standard and service level. The questionnaires and automatic voice message from calling center, these are service level standard Delivery Time is also a standard - i.e. pizza place delivery 30 min or it's free Financial Budget Process Control: General revolves around things such as tolerance. I.e. if tolerance level is +/- 10%, the size of a product is 10 .. How much can you make that is in the tolerance level. |
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Industry life cycle
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The growth of an industry's sales over time is used to chart the life cycle. The distinct stages of an industry life cycle are: introduction, growth, maturity, and decline. Sales typically begin slowly at the introduction phase, then take off rapidly during the growth phase. After leveling out at maturity, sales then begin a gradual decline. In contrast, profits generally continue to increase throughout the life cycle, as companies in an industry take advantage of expertise and economies of scale and scope to reduce unit costs over time.
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charismatic leadership
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Charismatic leaders lead with 'concern for people' and don't 'concern over production'. They are concerned with the needs of their subordinates and accept inputs from them. They are determined to create a comfortable, friendly organization and believe such environment will lead to efficient work and results.
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Stages of group development
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Stages of group development: Pre-Stage ==> Forming ==> Storming ==> Norming => Performing ==> Adjourning
1st Stage: Pre Stage - We don't have any common purpose, we all different individual looking in different direction. Once we have common purpose then we begin to form a group. 2nd Stage: Storming - We have a lot of conflict in this stage, the reason is because we trying to figure out what role we trying to play in this group. 3rd Stage: Norming -Cohesiveness 4th Stage: Performing -Fully functional group 5th Stage: Adjourning - The End. Everyone work in group in an organization. ONLINE: Forming: Group members learn about each other and the task at hand. Indicators of this stage might include: Unclear objectives, Uninvolvement, Uncommitted members, Confusion, Low morale, Hidden feelings, Poor listening, etc. Storming: As group members continue to work, they will engage each other in arguments about the structure of the group which often are significantly emotional and illustrate a struggle for status in the group. These activities mark the storming phase: Lack of cohesion, Subjectivity, Hidden agendas, Conflicts, Confrontation, Volatility, Resentment, anger, Inconsistency, Failure. Norming: Group members establish implicit or explicit rules about how they will achieve their goal. They address the types of communication that will or will not help with the task. Indicators include: Questioning performance, Reviewing/clarify objective, Changing/confirming roles, Opening risky issues, Assertiveness, Listening, Testing new ground, Identifying strengths and weaknesses. Performing: Groups reach a conclusion and implement the solution to their issue. Indicators include: Creativity, Initiative, Flexibility, Open relationships, Pride, Concern for people, Learning, Confidence, High morale, Success, etc. Adjourning: As the group project ends, the group disbands in the adjournment phase. This phase was added when Tuckman and Jensen's updated their original review of the literature in 1977. |
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Communication timing
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Context - A place in which communication is occurred or a setting.
Physical - Asking your boss for a raise at a picnic is not a good idea. Chronological – Time… what time of day it is? Is it a good time? Cultural Context - Different culture has different way of doing business. It's not communication but more like understanding who you're talking to. |
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The different existing and desire stage of....
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Topic: Decision Making Process
Step 1: The Problem: Discrepancy between existing and desire state. Step 2: Decision Criteria: Boundary to be measure. Step 3: Weight Criteria: Placing weight on boundary to have relative important. Step 4: List Alternation: List the alternative choices that may need criteria 1-3 Step 5: Analyze Alternative: Determine individual weighted score Step 6: Select Alternative: Sum = Sum of 4x3 Step 7: Implementation Step 8: Evaluate |
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The planning process
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Steps in the planning process
• Analyze the external Environment and Analyze organization Resources o Forecasts o Environment Uncertainty o Benchmarking • Assessing the Firm’s Internal Resources o Resources availability • Setting Objectives o Priorities and multiple objectives. o Measuring Objectives • Developing Action Plans o Sequence and Timing o Accountability • Implementing Plan o Monitoring o Making real-time adjustments • Monitoring Outcomes. |
