Management Quiz 5

Front 1

o Decision making-

Back 1

the process by which managers respond to opportunities and threats by analyzing options and making determinations about specific organizational goals and courses of action

Front 2

o Human Capital-

Back 2

the flow of people around the world through immigration, migration and emigration

Front 3

o Financial capital-

Back 3

the flow of money capital across the world markets through overseas investment, credit, lending and aid

Front 4

o Resource capital-

Back 4

the flow of natural resources and semi finished products between companies and countries such as metals, minerals, lumber, energy, food and products, microprocessors and auto parts

Front 5

o Political capital-

Back 5

the flow of power and influence around the world using diplomacy, persuasion, aggression and force of arms to protect a country’s or world region or political bloc’s access to the other forms of capital

Front 6

• Programmed decision making-

Back 6

a routine, virtually automatic decision making that follows established rules or guidelines

Front 7

• Non-programmed decision making-

Back 7

non-routine decision making that occurs in response to unusual, unpredictable opportunities and threats

Front 8

• Intuition-

Back 8

feeling, beliefs, and hunches that come readily to mind, require little effort and information gathering and result in the on-the-spot decisions

Front 9

• Reasoned judgment-

Back 9

a decision that takes time and effort to make and results from careful information, generation of alternatives, and evaluation of alternatives

Front 10

• Classical decision-

Back 10

making model- a prescriptive approach to decision making based on the assumption that the decision maker can identify and evaluate all possible alternatives and their consequences and rationally choose the most appropriate course of action

Front 11

• Optimum decision-

Back 11

the most appropriate decision in light of what managers believe to be the most desirable future consequences for the organization

Front 12

• Administrative model-

Back 12

an approach to decision making that explains why decision making is inherently uncertain and risky and why managers usually make satisfactory rather than optimum decisions

Front 13

• Bounded rationality-

Back 13

cognitive limitations that constrain one’s ability to interpret, process and act on information

Front 14

• Risk-

Back 14

the degree of probability that the possible outcomes of a particular course of action will occur

Front 15

• Ambiguous information-

Back 15

information that can be interpreted in multiple and often conflicting ways

Front 16

• Satisficing-

Back 16

searching for and choosing an acceptable, or satisfactory response to problems and opportunities, rather than trying to make the best decision

Front 17

• Groupthink-

Back 17

a pattern of faulty and biased decision-making that occurs in groups whose members strive for agreement among themselves at the expense of accurately assessing information relevant to discussion

Front 18

• Devil’s advocacy-

Back 18

critical analysis of a preferred alternative, made in response to challenges raised by a group member who, playing the role of devil’s advocate, defends unpopular or opposing alternatives for the sake of arguments

Front 19

• Organizational learning-

Back 19

the process through which managers seek to improve employees’ desire and ability to understand and manage the organization and its task environment

Front 20

• Learning organization-

Back 20

an organization in which managers try to maximize the ability of individuals and groups to think and behave creatively and thus maximize the potential for organizational learning to take place

Front 21

• Creativity-

Back 21

a decision maker’s ability to discover original and novel ideas that lead to feasible alternative courses of action

Front 22

• Innovation-

Back 22

the implementation of creative ideas in an organization

Front 23

• Production blocking-

Back 23

a loss of productivity in brainstorming sessions due to the unstructured nature of brainstorming

Front 24

• Nominal group technique-

Back 24

a decision-making technique in which group members write down ideas and solutions, read their suggestions to the whole group and discuss and then rank the alternatives

Front 25

• Delphi technique-

Back 25

a decision-making technique in which group members do not meet face-to-face but respond in writing to questions posed by the group leader

Front 26

• Entrepreneur-

Back 26

an individual who notices opportunities and decides how to mobilize the resources necessary to produce new and improved goods and services

Front 27

• Social entrepreneur-

Back 27

an individual who pursues initiatives and opportunities and mobilizes resources to address social problems and needs in order to improve society and well-being through creative solutions

Front 28

• Intrapreneur-

Back 28

a manager, scientist or researcher who works inside an organization and notices opportunities to develop new or improved products and better ways to make them

Front 29

• Entrepreneurship-

Back 29

the mobilization of resources to take advantage of an opportunity to provide customers with new or improved goods and services

Front 30

• Product champion-

Back 30

a manager who takes ownership of a project and provides the leadership and vision that take a product from the idea stage to the final customer

Front 31

• Skunkworks-

Back 31

a group of intrapreneurs who are deliberately separated from the normal operation of an organization to encourage them to devote all their attention to developing new products