BA101 Midterm 2
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| Controlling | function of evaluating an organization's performance against its objectives
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| corporate culture | organization's system of principles, beliefs, and values
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| delegation | managerial process of assigning work to employees
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| departmentalization | process of dividing work activities into units within the organization
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| empowerment | giving employees shared authority, responsibility, and decision making with their managers
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| leadership | ability to direct or inspire people to attain certain goals. ability to influence others to WILLINGLY follow your guidance.
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| management | process of achieving organizational objectives through people and other resources. managers today are more team players and reliant on good communication.
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| mission statement | written explanation of an organization's business intentions and goals
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| objectives | guideposts by which managers define the organization's desired performance in such areas as new product development, sales customer service, growth, environmental and social responsibility, and employee satisfaction
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| in what areas are managers defining the organization's desired performance | new product development, sales, customer service, growth, environmental and social responsibility and employee satisfaction
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| organization | structured group of people working together to achieve common goals
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| organizing | process of blending human and material resources through a formal structure or tasks and authority; arranging work, dividing tasks among employees, and coordinating them to ensure implementation of plans and accomplishment of objectives
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| planning | process of anticipating future events and conditions and determining courses of action for achieving organizational objectives
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| SWOT analysis | strength, weakness, opportunities, threats. systematically evaluating all four of these factors, a firm can develop the best strategies for gaining a competitive advantage
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| management hierarchy | top managers-provide overall direction for company activities, middle managers-implement the strategies of top managers and direct the activities of supervisors, and supervisors interact directly with workers.
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| 3 basic managerial skills | technical, human or interpersonal and conceptual
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| 2 standards in business success | vision and ethical
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| vision standard | the founder's perception of marketplace needs and the firm's methods for meeting them. Vision helps clarify a firms purpose and the actions it can take to make the most opportunities
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| ethical standards | standards can help build success for a firm through job satisfaction and customer loyalty
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| 3 types of planning | strategic, operational and tactical
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| purpose of planning process | identifies organizational goals and develops th eactions necessary to reach them. helps a company turn vision into action, take advantage of opportunities and avoid costly mistakes
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| strategic planning | a far-reaching process. vies te world through a wide-angle lens to determine the long-range focus and activities
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| operational planning | sets standards and work targets for functional areas such as production, human resources and marketing
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| tactical planning | focuses on the current and short-range activities required to implement the organization's strategies
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| strategic planning process | (1)define organization's mission statement(2)assess competitive position(3)set objectives(4)create strategies for competitive differentiation(5)turn strategy into action (6)evaluate results and refine plan(7)return to organization's mission statement
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| management performs what roles | PODC- planning, organizing, leading/directing and controlling
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| senior management (top management) | conceptual skills
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| middle level management | HR, conceptual, technical skills
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| supervisory | technical skills, HR skills
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| manager roles by virtue of formal authority status | informational, interpersonal, decisional
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| informational | MC Student-monitor information, communicate, spokesperson
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| interpersonal | FLooR- figurehead, leader or often relation builder
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| decisional (key role) | NERD- negotiator, entrepreneur, resource allocator, disturbance handler
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| questions when planning (essential to planning process) | (1)where are we now? (2)where doe we want to go? (3)how do we get there? (4) How will we know we've arrived? (5) where were we? (vital to planning)
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| 2 major types of decision making | programmed and non-programmed
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| programmed | following the script(policy)when solving a frequently occurring problem
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| non-programmed | forms a response to a complex or unique problem
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| non-programmed decision making process | (1)recognize problem/opportunity (2)develop alternative course of action (3)evaluate alternatives (4)select & implement chosen alternative (5)follow up to determine effectiveness of decision (6)modify decision if necessary
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| 3 types of leadership styles | autocratic, democratic and free-rein
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| best leadership style depends on what 3 elements | the leader, followers and situation
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| autocratic | my way or the Highway, tell style, sell-telling why
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| democratic | asking for input, census (all or none)*higher skilled workers
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| free-rein | minimal supervision, subordinates are allowed to make most of decisions. *works best with high skilled and motivated employees
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| how should goals be to be effective | SMART-specific, measurable, attainable, relevant and time
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| types of decision making | (1)intuition (don't bother with facts) (2)sanctifying (fast) (3)optimizing(better but takes longer)
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| group decision making | Group decision making generally produces better decisions. takes longer, leads to riskier decisions can be flawed if the group dynamics don’t work well (one person dominates or “group think”
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| optimization increases efficiency through 2 things | division of labor and specialization
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| departmentalization | the setting up of individual departments to do specialized tasks
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| issues to consider when organizing | unity of command (1 boss), hierarchy (chain of command), span of control (how many people a person can handle)
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| centralization advantages and disadvantages | advantages of centralization-greater control; disadvantages-less responsive to clients, less empowerment to employees, longer decision making
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| decentralization advantages and disadvantages | advantages-faster decision makeing, more responsive to change, higher moral, more empowerment to EE's; disadvantages: less control from top management, less efficient for economies of scale, more complex distribution and buying functions.
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| cultural culture | Corporate culture refers to an organization’s principles, beliefs, and values. It typically is shaped by a firm’s founder and perpetuated through formal programs such as training, rituals, and ceremonies,
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| five major forms of departmentalization | It may be based on products, geographical locations, customers, functions, or processes.
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| four main types of organization structures. | Most firms implement one or more of four structures: line, line-and-staff, committee, and matrix structures.
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| unity of command | 1 boss only
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| span of control | simpler the work easier to supervise, complicated the work harder to supervise
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| scalier concept | certain amount of people reporting to others
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| controlling (continuing cycle) | (1)establish a standard (2)measure against it (3) comparison of standard (4)communicate the result (5) take corrective action if necessary (6)ensure standard is realistic (7)reset the standard
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| collective bargaining | process of negotiation between management and union representatives
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| compensation | amount employees are paid in money and benefits
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| downsizing | process of reducing the number of employees within a firm by eliminating jobs
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| employee benefits | additional compensation (e.g. vacation, retirement plans, health)
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| employee separation | broad term for fair and equitable treatment
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| expectancy theory | process people use to evaluate the likelihood that their efforts will yield the results they want, along with the degree to which they want those results
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| goal-setting theory | people will be motivated to the extent to which they accept specific, challenging goals and receive feedback that indicates their progress toward goal achievement
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| human resources mgmt | function of attracting, developing and retaining employees who can perform the activities necessary to accomplish organizational objectives
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| labor unions | group of workers who have banded together to achieve common goals in the areas of wage, hrs & working conditions
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| management by objective | systematic approach that allows managers to focus on attainable goals and to achieve the best results based on the organization's resources
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| maslow's hierarchy of needs | theary proposed by abraham maslow. Theory is: people have five levels of needs that seek to satisfy: physiological, safety, social, esteem and self-actualization
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| outsourcing | transferring jobs from inside a firm to outside the firm
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| performance appraisal | evaluation of and feedback on an employees job performance
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| salary | pay calculated on a periodic basis, such as weekly or monthly
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| wage | pay based on an hourly rate or the amount of work accomplished
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| manager vs leader | managers focus on maintaining stability, keeping order, meeting the objective. Leaders embrace change, challenge the status quo and create and communicate a vision and get others to share that vision. "lay the track"
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| power | authority: position by position (formal). Informal: expertise (charismatic leader)
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| motivation does what to behavior | motivation is what activates behavior, directs behavior towards a goal and what sustains that behavior.
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| businesses must motivate people to (leaders want or expect) | (1)join company (2) come regularly (3) perform at highest level (4)Exhibit core citizenship (loyalty) (5) stay with company
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| Herzberg way to motivate | (KITA) Kick in the butt: Negative psychological-no bonus, work weekends. Positive (a treat).
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| KITA | is about movement not motivation if treat is given, when you want to do again they expect treat. intrinsic reward. reward comes from inside (intrinsic) not out (extrinsic). not true motivation still frequently used, quickest method.
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| maslow's hierarchy of needs | (1)physiological (2)safety (3)social (4)ego/esteem (5)self-actualization
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| herzberg motivators | ARM RAG achievement, recognition, meaningful work, recognition, advancement and growth potential. when factors present workers motivated
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| goal setting theory | based on collaboratively setting goals and objectives with the employee. MBO management by objective
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| four main elements necessary to be motivated (goal setting theory) | SMART (1)specific (2)measurable (3)attainable (4)relevant (5)time-bound
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| expectancy theory | based on employee beliefs about the task and the reward
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| expectancy theory motivators | (1)do i believe i can accomplish this task (2)do i value the reward (3)do i believe(trust) that if i accomplish task i get reward (5)if all yes then worker is more apt to work harder
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| equity theory | is the company treating me fairly or poorly, unfairly
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| equity theory outcomes | (1)worker harder (2)work less (3)request more outcomes (4) quit
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| HR in charge of what | (1)staffing (2)getting them to perform at their best (3)compensating & providing fringe benefits (4)counseling &terminating employees
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| biggest challenge for HR | ensuring that the company complies with all laws regarding the hiring, treatment & termination
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| staffing and recruitment | (1)hire from within (cheapest) (2)hire from outside (fulltime, temp, consultant)
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| interviews | interviewers trained to avoid asking illegal questions governed by EEOA. interviews are 50% over in the first minute
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| Types of orientations | formal orientations-generally done by new boss, informal by hr (orientation)
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