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69 Cards in this Set
- Front
- Back
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Expectancy Theory |
Expectation that their extra effort will help a person attain a goal
Expectancy—employee’s perception of the likelihood that their effortswill result in their goal attainment / performance Instrumentality—perceived likelihood that a certain performance will be followed by a particular outcome Valence—the value a particular outcome holds for the employee |
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Goal Setting Theory |
Conscious goals energize and direct behavior Goals set too high can be de-motivating |
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Equity Theory |
Equality occurs when the ratio ofwhat I receive (pay, benefits, job satisfaction) to my inputs (education,knowledge, experience, effort, time), is equal to the same ratio of a referentgroup or comparison others |
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McClellan's Need Theory |
Achievement, Affiliation, Power Excessive need for affiliationmay indicate management is not for you Managers must be able toobjectively evaluate their employees Need for power can also becomeexcessive |
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Maslow |
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McGregor Theory X/Y |
Theory X - employees are lazy and unmotivated to work. Managers force employee to work hard, show up on time, and avoid errors Theory Y - employees are naturally motivated to do a good job. managers are to provide resources to help product high-quality results |
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Skinner's Behavioral Reinforcement Theory |
Positive/NegativeReinforcement (REINFORCERS) Punishment/Extinction (PUNISHMENT) |
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Empowerment (ARIA) |
Authority – to make decisions Resources – tool to do your job Information – training, examples,operating procedures Accountability – held accountablefor work being done |
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Frederick Taylor |
Specialization of Division of Labor Father of Scientific Management which is the relationships between people and tasks |
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Lillian Gilbreth |
Time and Motion studies Cheaper by the dozen Continued husband work after he died |
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Max Weber |
Bureaucracy Administrative management |
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Ford Harris |
Economic Order Quantity Published article explaining the Economic Quantity Demonstrate how mathematics could be used in business problems |
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Peter Drucker |
Management theory and practice argued against command and control saw workers as assets |
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Edward Deming |
Total Quality Management
Management Science Theory 14 key principles 7 deadly diseases of Management |
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William Ouchi |
Japanese vs. US Companies & Research Schools
Professor at Stanford and UCLA Theory Z The M Form Society Making Schools Work The Secret of TSL |
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Ethical Issues |
situation, problem, opportunity must choose evaluate |
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Ethics
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Studyof what people consider right or wrong Helpsus thinkproperly Systemof rules that governs ordering of values |
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Morality
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concerned with performance of good, ethical behavior |
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Terminal Values
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goals that a person would like to achieve during his or her lifetime |
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Instrumental Values
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values on how life goals can be achieved |
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Kohler's Levels of Moral Reasoning
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Level 1: Pre- Conventional We do good to avoid punishmentand for reward Level 2: Conventional We do good because social normssay we should and the law requires certain actions Level 3: Post-Conventional We live by our principles, takethe high road, and do what we ought to do, even when its not easy |
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Danger Signs
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1. Excessiveemphasis on short term revenues over long term considerations 2. Failureto establish a written code of ethics. 3. Adesire for simple, quick fix solutions to ethical problems. 4. Anunwillingness to take an ethical stand that may impose financial costs. 5 .Considerationof ethics solely as a legal issue or PR tool 6. Lackof clear procedures for handling ethical problems 7. Respondingto the demands of shareholders at the expense of other constituencies. |
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Competitive Advantage
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describing attributes that allow an organization to outperform its competitors |
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BCG Matrx
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External Environments
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Types of company strategies
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Concentration - does one think exceptionally well Acquisition - grow by purchasing other companies Globalize - find new customers overseas Conglomerate - purchase other companies creating diversified portfolio Low-cost Provider - reduces costs of raw material and process. doesn't just reduce price of products Differentiate - charge a higher price for superior goods or services |
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Differentiation |
tasks broken down by skills and methods |
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Division of labor |
Assignment of different tasks to different people or groups |
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Specializations
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process by which different individuals and units perform different tasks
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Integration
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using communication and reporting to bring unity to differentiated tasks |
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Span of Control
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Narrow - few subordinate Wide - many subordinates |
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Centralized
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decisions made at the top with little to no input from below |
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De-centralized
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more decision made at the lower levels and people further down the line |
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Empowerment
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Fewer levels of rank and hierarchy, making them flat, lean and nimble. Decisions are made at every level within the organization, instead of handed down from the top as orders to be followed |
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Types of Organizational Structures
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Functional Divisional Matrix Network |
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EI and SI
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UnderstandingYourself Understanding Others ManagingYourself ManagingOthers (aka Relationship Management) |
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EI and SI Competence |
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Contingency Leadership Theory
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Leader-member relations Task structure Positional power Will run into trouble at extreme times (wants one type of leader for good and another for bad) |
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Path-Goal Leadership Theory |
Help followers find their owngoals and align those goals with the organization Internal locus of control- responsible for own outcome External locus of control - external factors determine outcomes |
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Charismatic Leadership Theory
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uses charm or magnetism use of person persuasion skills excites others to willingly follow |
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Leadership Trait Theory
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develop your traits but done expect such traits to determine leaderships perceptions are sometimes more important than facts "bearing" of a leader |
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Transformational Leadership Theory
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implements BIG changes visionary |
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Transactional Leadership Theory
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Do this for me and I will dosomething for you ( incentive based-pay |
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Authentic Leadership Theory
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Leadership come from consent ofthe governed Authority is derived from thosebeing led Ofthe people, by the people, and for the people |
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Why organizations control?
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To direct the activities of individuals in the organization toward the achievement of the organizations goals |
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Consequences of lack of control
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Lax Management
Lack of agreement about standards Lack of ethics Absence of implemented policies/procedures Bad information about condition of company Bad information on data and ineffective reporting |
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Sarbanes Oxley Act of 2002 |
Setnew/enhanced standards for all US public company boards, management and publicaccounting firms Namesafter sponsors US Senator Paul Sarbanes US Representative Michael G Oxley Enactedas reaction to corporate scandals (ENRON) Contains11 sections ranging from additional board responsibility to criminal penaltiesAND requires the SEC to implement ruling on requirement to comply with the law |
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Role of Board of Directors |
is appointed to act on behalf of the shareholders to run the day to day affairs of the business. hires the CEO |
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Control Strategies |
Bureaucratic - formal authority that guides employees (rule based) Market - forces of supply and demand that are out in the market place Clan - agreed upon norms or values established amongst employees |
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Six Sigma |
ELIMINATING DEFECTS Controlprocess standard of less than 3.4 defects per million Data driven Customer focused Results-oriented methodology Uses statistical tools Focuses on bottom line, integrates teamwork culture and customer focus, improvement is overall approach, provides unique leader development |
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LEAN
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ELIMINATING WASTE 5 S’s: Straighten, Shine,Standardize, Sort, Sustain Customers will not pay for your mistakes Customer will only pay for the valueof product or service Customer defines VALUE - any action or process forwhich the customer is willing to pay |
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Budgets
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Prepared for upcoming year Include anticipated revenues and expenses Broken down by month Monthly reports show what items are above or below budget Latitude with budgets – sense of centralization Types of budgets: Sales, Production, Project, Capital, Master, Operating
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income statements |
revenues, expenses, and net income REVENUES – EXPENSES = NET INCOME |
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balance sheets
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assets, liabilities, and stockholders equity ASSETS = LIABIILITIES + STOCKHOLDERSEQUITY |
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cash flow statements
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operational,investing, and financial cash flows Cash inflows and outflows of the company |
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Annual Reports to Shareholders |
10K - annual report that gives a comprehensive summary of a company's financial performance. 10Q - Quarterly report to be filed to SEC 8K - form used to notify investors of specified events that may be important to shareholders or SEC |
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Current Ratio |
LIQUIDITY How much in assets to how much in liabilities a company has Current Assets : Current Liabilities >1 a company is considered in good standing =1 a company has as much values in assets as liabilities <1 a company will have trouble paying bills |
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Quick Ratio (Acid Test) |
LIQUIDITY can a company pay back a loan without selling its inventory to do so (Current Assets - Inventory) : Current Liabilities >1 is desired |
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Debt-to-Equity |
LEVERAGE compares the size of the company debt to the size of shareholders equity = Total Liabilities / Shareholders Equity |
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EPS (Earnings Per Share) |
PROFITABILITY Serves as an indicators of a companies profitability =Net Income / Shares of Stock Outstanding |
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ROE (Return on Equity) |
PROFITABILITY measures a corporation's profitability by revealing how much profit a company generates with the money shareholders have invested =Net Income - Preferred dividends / Common Shareholders Equity |
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Divine Command |
Obey God’s commands |
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Utilitarianism |
Do what will result in the greatest good for the greatest number of people
In situation where all choice are bad, do what will cause the least harm |
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Ethics of Duty |
do what you are obligated to do |
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Ethics of Respect |
do what respects the basic human rights of others |
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Ethics of Conscience |
do what your conscience tells you to do |
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Ethics of Justice |
do what is just and fair without favoring any |
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Ethics of Rights |
do not violate the rights of other human beings
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Virtue Ethics |
do what a good person would do |
