Mgmt Test 1

Front 1

4 Manager Functions

Back 1

Planning
Organizing
Leading
Controlling

Front 2

Manager

Back 2

Individual who, within an organization, makes employees achieve goals by planning, organizing, leading and controlling

Front 3

Organization

Back 3

1. A group of people (legally bounded)
2. They have a strategy and are goal-directed
3. They exist in some definable environment and attempt to create and maintain boundaries
4. They have formal structure as well as informal structure
5. They have particular tasks that must be completed using processes and routines (technology) to accomplish goals

Front 4

Types of Organization

Back 4

-For profit: “make money”, ex: all companies
-Non profit: no lucrative goal, ex: hospitals,
colleges, social-welfare organizations
-Mutual benefit: help members, ex: cooperatives

Front 5

Competitive advantage:

Back 5

the ability of an organization to produce goods or services more effectively than competitors do, thereby outperforming them”

Front 6

Sustainability:

Back 6

economic development that meets the needs of the present without compromising the ability of future generations to meet their own needs.

Front 7

Technical skills

Back 7

job specific knowledge required to understand the technological challenges and to be able to converse with engineers

Front 8

Conceptual skills

Back 8

ability to think analytically, to go from specific to general, to synthesize and communicate the situation to the stakeholders (e.g. customers, shareholders, suppliers)

Front 9

Human skills

Back 9

ability to work with other people, to use the right communication style with the right person and to influence people

Front 10

Entrepreneurship

Back 10

process of taking risk to create a new organization

Front 11

Intrapreneur

Back 11

someone who works inside an existing organization, sees a business opportunity and mobilizes the organization’s resources to realize it.

Front 12

Industrial revolution

Back 12

Started in UK, 1st period of rapid economic, agricultural and social changes, Use of machines
Easier mobility of products by boat and trains

Front 13

Scientific Management

Back 13

Approach that emphasizes scientific study of work methods to improve productivity (Founder Frederick Taylor, Example Henry Ford)

Front 14

Administrative Management

Back 14

Concerned with managing total organization

Front 15

Behavioral Viewpoint

Back 15

Emphasizes importance of understanding human behavior in management

Front 16

Management Science

Back 16

uses mathematics to make decisions and solve problems often with optimization technique

Front 17

Reasons to go Global

Back 17

1. Availability of supplies
2. New markets
3. Lower labor costs
4. Avoidance of tariffs & quotas

Front 18

High-context:

Back 18

written and spoken meaning “literal”

Front 19

Low-context:

Back 19

implicit meaning, situational cues

Front 20

World Trade Organization: 2 main goals

Back 20

-Decrease tariffs through trade agreements
-Promote intellectual property protection

Front 21

Ethics

Back 21

standards of right or wrong that influence behavior

Front 22

Reasons of unethical behavior

Back 22

Bad role model
Pressure due to high expectations

Front 23

Most common malpractices

Back 23

Corruption / bribery
Information Manipulation
Self-dealing
Substandard Working Conditions
Environment Degradation
Anticompetitive Behavior

Front 24

Utilitarian

Back 24

guided by what will result in the greatest good for the greatest number of people

Front 25

Individual

Back 25

guide by what will result in the individual’s best long term interest, which ultimately are in everyone’s self- interest

Front 26

Moral-rights

Back 26

guided by respect for the fundamental rights of human beings

Front 27

Justice

Back 27

guided by respect for impartial standards of fairness and equity

Front 28

Group Decision Making Pros

Back 28

• Pool of knowledge
• Different perspectives / view point
• Deeper commitment

Front 29

Group Decision Making Cons

Back 29

• Sub-group / strong leader
• Groupthink: unanimity rather than assessing and deciding
• Satisficing: “good enough”
• Goal displacement

Front 30

Delphi technique

Back 30

combination of individual questionnaires

Front 31

Availability bias

Back 31

based on most recent impression – information still in memory

Front 32

Anchoring and adjustment bias

Back 32

based on initial impression / figure

Front 33

Confirmation bias

Back 33

self-reinforcing

Front 34

Representativeness bias

Back 34

over-generalization

Front 35

Directive Style

Back 35

+Efficient,logical,practical
- Autocratic & short-term oriented

Front 36

Analytical Style

Back 36

+More information and alternatives
-Longer time to decide

Front 37

Conceptual Style

Back 37

+Broadandlong-termperspective,creative
-Indecisive

Front 38

Behavioral Style

Back 38

+Peopleoriented,supportive&receptive
-Conflictavoidance,can’t say no

Front 39

Direct Business Relationships

Back 39

Competitors
Costumers
Distributors
Suppliers

Front 40

general environment

Back 40

Socio cultural forces Demographic forces
Political-legal forces
International forces
Technological forces
Economic forces

Front 41

Friedman Doctrine

Back 41

The firm’s managers should maximize its profits and thereby maximize shareholder returns and shareholder wealth.
Rejects the idea that businesses should undertake social expenditures beyond those mandated by law. If firms do this, they become agents of the state rather than agents of shareholders

Front 42

Corporate Social Responsibility

Back 42

notion that corporations are expected to go above and beyond following the law and making a profit (Marketability, Tax refunds)

Front 43

Obstructionist approach to CSR

Back 43

Companies choose not to behave in a social responsible way and behave unethically and illegality

Front 44

Defensive approach to CSR

Back 44

companies and managers stay within the law and abide strictly with legal requirements but make no attempt to exercise social responsibility

Front 45

Defensive approach to CSR

Back 45

companies and managers stay within the law and abide strictly with legal requirements but make no attempt to exercise social responsibility

Front 46

Accommodative approach to CSR

Back 46

Companies behave legally and ethically and try to balance the interests of different stakeholders against one another so that the claims of shareholders are seen in relation to the claims of other stakeholders. Shareholder interests tend to have primacy in this approach, with other stakeholder interests being “accommodated” if they are not in conflict with shareholder interests.

Front 47

Obstructionist approach to CSR

Back 47

Companies choose not to behave in a social responsible way and behave unethically and illegality

Front 48

Behavioral Style

Back 48

+Peopleoriented,supportive&receptive
-Conflictavoidance,can’t say no

Front 49

Direct Business Relationships

Back 49

Competitors
Costumers
Distributors
Suppliers

Front 50

general environment

Back 50

Economic forces
Technological forces
Socio cultural forces Demographic forces
Political-legal forces
International forces

Front 51

Friedman Doctrine

Back 51

The firm’s managers should maximize its profits and thereby maximize shareholder returns and shareholder wealth.
Rejects the idea that businesses should undertake social expenditures beyond those mandated by law. If firms do this, they become agents of the state rather than agents of shareholders

Front 52

Corporate Social Responsibility

Back 52

notion that corporations are expected to go above and beyond following the law and making a profit (Marketability, Tax refunds)

Front 53

Conceptual Style

Back 53

+Broadandlong-termperspective,creative
-Indecisive

Front 54

Directive Style

Back 54

+Efficient,logical,practical
- Autocratic & short-term oriented

Front 55

Analytical Style

Back 55

+More information and alternatives
-Longer time to decide

Front 56

Proactive approach

Back 56

Companies actively embrace socially responsible
behavior, going out of their way to learn about the needs of different stakeholder groups and utilizing organizational resources to promote the interests of
all stakeholders