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MGMT_301_
Ch. 1-4
Question | Answer |
---|---|
Def. of Ethics? | Standards regarding appropriate and inappropriate conduct and decision making. |
What 3 Factors influence ethical decision making? | Situational Influences, Corporate Governance, Personal Characteristics |
What is involved in Situational Influences? | Formal Mechanisms (codes of conduct, ethics committees) Informal mechanisms (norms, peer behavior) and External Environment (government laws and regulations) |
What is involved in Corporate Governance? | The oversight of top management of an organization by a board of directors. (Hiring, firing, compensation, assessing strategy, verifying financial records) |
What is involved in Personal Characteristics (Ethics)? | Values, need for Power, Kohlbergs stages of cognitive moral development |
How can I make good ethical decisions in an International Context? | Respect core or universal values: Human dignity, respect for basic rights, and being a Good Citizen |
What are the 7 Steps involved in the Framework for Making Good Ethical Decisions? | -Recognize the ethical Issue -Get the Facts -Evaluate your options -Decide which option to follow -Double check decision by asking questions -Take Action -Reflect |
3 Approaches to Evaluating your Options (Ethics) | Utilitarian Approach (greatest good for greatest # of people) Rights Approach (Respects and protects the fundamental rights of all people) Justice Approach- Fair and impartial treatment of people |
3 More Approaches to Evaluating your Options (Ethics) | Obey the Law Approach Golden Rule Approach Virtue Ethics Approach (emphasizes character, integrity) |
What is Corporate Responsibility? | Obligates organizations to act in ways that serve both its own interests and the interests of society at large (stakeholders) |
What are Organizational Stakeholders? | People, groups and other organizations directly affected by the behavior of the organization and holding a stake in its performance (employees, Suppliers, customers, etc) |
Levels of Corporate Social Responsibility? | Economic Responsibility (be profitable) Legal Responsibility (obey the law) Ethical Responsibility(Do What is Right) Discretionary Responsibility (Contribute to the community) |
What are the Challenges faced by Todays Managers? | Empowered Leadership, Flexible virtual work, Diverse workplace, word done by teams, work-life balance... |
Challenge of Managers Today: Recruiting Hiring and retaining Talent | People and their talents are the ultimate foundations of organizational performance, Intellectual Capital- collective knowledge used to create value |
Challenge of Managers Today: Managing Diversity | Workplace Diversity of all kinds, multicultural workforce a challenge and offers opportunities Diversity as a Business Imperative, and Asset |
Challenge of Managers Today: Managing Technology | Continuing transformation of the modern workplace through the internet, computer networking, IT |
Challenge of Managers Today: Ethical Expectations | Integrity and ethical leadership at all levels, sustainable development, consumer protection, human rights, Environmental Protection |
Challenge of Managers Today: Managing Careers | Dynamics of ever-present change, ensure their skills are portable and of current value, should promote continuous learning and personal development |
Challenge of Managers Today: Globalization | National Boundaries of the world business have largely disappeared Worldwide interdependence of resource flows, product markets, and business competitions |
Some Factors to Consider in being a Manager | Long Hours Intense Pace Varied and Fragmented Tasks Increased Workload Stress of supervising Responsibility for others |
Individual Performer versus Manager Qualities | Specialist vs Generalist Gets things done vs gets things done through others Individual actor vs network builder Independent vs Dnterdependence |
Responsibility of a Manager: Quality of Work Life | An indicator of the overall quality of human experiences in the workplace (Fair pay, Working conditions, Growth opportunities) |
Responsibility of a Manager: Organizational Performance | 'Value creation' when an organizations operations adds value to the original cost of resource inputs. Effectiveness AND Efficiency |
Responsibility of a Manager: Accountability | The requirement of one person to answer to a high authority for relevant performance results |
What are the 3 Managerial Roles | Interpersonal Roles Informational Roles Decisional Roles |
Interpersonal Roles of Managers | Involves interactions with persons inside and outside the work unit (Figurehead leader or liaison) |
Information Roles of Managers | Involves giving, receiving and analyzing information (Monitor, disseminator, spokesperson) |
Decisional Roles of Managers | Involves using information to make decisions in order to solve problems or address opportunities (Entrepreneur, disturbance handler, resource allocator, negotiator) |
What is involved in the Management Process? | Planning- Setting performance objectives, deciding how to achieve them Organizing- Arranging tasks & people to accomplish work Leading- Inspiring people to work hard Controlling- Measuring performance & taking action to obtain desired results |
5 Types of Managers | Line Mangers, Staff Managers, Functional Managers ,General Managers, Administrators |
Function of Line Managers | Responsible for work activities that directly affect the organizations mission |
Function of Staff Managers | Using Technical expertise to advise and support the efforts of line workers |
Function of Functional Managers | Responsible for a single area of activity |
Function of General Managers | Responsible for more complex units that include many functional areas |
Function of Administrators | Work in public and non profit organizations |
Definition of Managers | People who directly support and help activate the work efforts and performance accomplishments of others |
Global Management | Management in organizations with business interests in more than one country |
Global Manager | Informed about International Developments Transnational Outlook Competent in working with multicultural people |
Hofstede's Dimensions of National Culture | Power Distance Uncertainty Avoidance Individualsim-Collectivist Masculinity-Femininity Time Orientation |
Dimensions of National Culture | Language- Low/High context cultures Interpersonal Space- proxemics Time Orientation- Monochronic and Polychronic |
Challenges of Globalization? Ethical Issues | Corruption, Sweatshops, Child Labor, Sustainable Development |
Challenges of Globalization? Political Risk | The potential loss in value of foreign investment due to instability and changes in host country, Complex unfamiliar laws, NAFTA CAFTA etc. |
Reasons to Take your Businesses Global | Profits, Customers, Suppliers, Capital and Labor |
Four Stages of Globalization | Domestic Stage, International Stage, Multinational Stage and Global Stage |
Domestic Stage of Globalization | All production and marketing facilities in home country. Managers are beginning to consider foreign investment. |
International Stage of Globalization | As exports increase, company adopts a multidomestic approach- competition is handles for each country independently. Adapts to countrys resources and needs |
Multinational Stage of Globalization | Production and Marketing facilities in Multiple countries. More than 1/3 of sales outside of home country. Product design and advertising similar throughout world. |
Global Stage of Globalization | Operates worldwide on a border less basis. Ownership diverse, sales and resource acquisition in whatever has the best opportunities at lowest cost. |
Market Entry Strategies | Involve the sale of goods or services to foreign markets but do not require expensive investments. Global Sourcing, Exporting, Importing, Licensing Agreement, Franchising |
Direct Investment Strategies | Require major capital commitments but create rights of ownership and control over foreign operations |
Types of Direct Investment Strategies | Joint Ventures- Operates in a foreign country through co-ownership by foreign and local partners Foreign Subsidiaries: Local operations completely owned by a foreign firm. Greenfield investment- builds an entirely new operation in a foreign country |
Five Step Process in Solving Problems Analytically | Identify and define the problem Generate and evaluate alternative solutions Select a course of action Implement the decision Evaluate results |
What are components of the Classical Model of problem solving? | Structured problem that is clearly defined, Certain environment with complete information of all alternatives and consequences "optimizing decision" chosen |
What are the components of the Behavior Model of problem solving? | An unstructured problem with the problem unclearly defined, not all information is known "satisficing decision" chosen |
Step one of solving problems: Identify and define the problem... | State the problem explicitly Objectives should be established - problems.. defining problem too broadly or narrowly -focusing on symptoms instead of causes |
Criteria for evaluating alternatives in problem solving: | Cost benefit analysis, Timeliness, Acceptability, Ethical Soundness |
Def. of Availability Heuristic | People use information readily available from memory as a basis for assessing a current event or situation |
Def. of Representativeness Heuristic | People assess the likelihood of something happening based upon its simlarity to a stereotyped set of occurrences |
Def. of Anchoring and adjustment Heuristic | People make decisions based on adjustments to a previously existing value or starting point. |
Framing Error | The tendency to evaluate and resolve a problem in the context in which it is perceived- either positively or negatively |
Confirmation Error | The tendency to focus only on information that confirms a decision already made |
Escalating Commitment | AKPsi. |
Groupthink | The tendency for highly cohesive teams to lost their critical evaluative capabilities |
Constancy (as a threat to creative problem solving) | Using only one way of approaching, defining or problems solving. Often based on a desire to appear consistent. |
Commitment (as a threat to creative problem solving) | Once committed to a way of solving a problem, one tends to stick with it |
Compression (as a threat to creative problem solving) | Looking too narrowly at a problem, screening out too much relevant data, or making assumptions that inhibit problem solving |
Complacency (as a threat to creative problem solving) | Caused by a lack of questiong or a bias against thinking, fear, ignorance, insecurity or just plain laziness |