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Management Exam 4
| Term | Definition |
|---|---|
| Decision | A choice made from available alternatives. |
| Decision Making | The process of identifying problems and opportunities and then resolving them. |
| Programmed Decisions | Involve situations that have occurred often enough to enable decision rules to be developed and applied in the future. Are made in response to recurring organizational problems. |
| Non-programmed Decisions | Are made in response to situations that are unique, are poorly defined and largely unstructured and have important consequences for the organization. |
| Escalating Commitment | Refers to continuing to invest time and money in a decision solution despite evidence that it is failing. |
| Point-counterpoint | A group decision-making technique that breaks people into subgroups and assigns them to express competing points of view regarding the decision. |
| Devil's Advocate | A person who is assigned the role of challenging the assumptions and assertions made by the group to prevent premature consensus. |
| Groupthink | Refers to the tendency of people in groups to suppress contrary opinions in a desire for harmony. |
| Electronic Brainstorming | Brings people together in an interactive group over a computer network. |
| Directive Style | Used by people who prefer simple, clear-cut solutions to problems. |
| Analytical Style | Like to consider complex solutions based on as much data as they can gather. |
| Conceptual Style | Like to consider a broad amount of information. |
| Behavioral Style | Often the style adopted by managers having a deep concern for others as individuals. |
| Decision-making process | 1) Recognition of the need for a decision, 2) diagnosing causes, 3) developing alternatives, 4) selecting an alternative, 5) implementing the alternative, 6) evaluating decision effectiveness. |
| Implementation | Stage involves the use of managerial, administrative and persuasive abilities to ensure that the chosen alternative is carried out. |
| Risk Propensity | The willingness to undertake risk with the opportunity of gaining an increased payoff. |
| Diagnosis | The step in the decision-making process in which managers analyze underlying causal factors associated with the decision situation. |
| Problem | Occurs when organizational accomplishment is less than established goals. |
| Opportunity | Exists when managers see potential accomplishment that exceeds specified current goals. |
| Coalition | An informal alliance among managers who support a specific goal. |
| Coalition Building | The process of forming alliances among managers. |
| The Political Model | Useful for making non-programmed decisions when conditions are uncertain, information is limited and there are manager conflicts about what goals to pursue or what course of action to take. |
| Intuition | Represents a quick apprehension of a decision situation based on past experience but without conscious thought. |
| Satisficing | Means that decision makers choose the first solution alternative that satisfies minimal decision criteria. |
| Bounded Rationality | Means that people have limits, or boundaries, on how rational they can be. |
| Administrative Model | Describes how managers make decisions in situations that are characterized by uncertainty and ambiguity. |
| Descriptive | An approach that describes how managers actually make decisions rather than how they should make decisions according to a theoretical model. |
| Normative | Meaning that it defines how a manager should make logical decisions and provides guidelines for reaching an ideal outcome. |
| Classical model | Based on the assumption hat managers should make logical decisions that are economically sensible and in the organization's best economic interests. |
| Ambiguity | Means that the goals to be achieved or the problem to be solved is unclear, alternatives are difficult to define, and information about outcomes is unavailable. |
| Wicked Decision | Associated with conflicts over goals and decision alternatives, rapidly changing circumstances, fuzzy information, unclear links among decision elements, and the inability to evaluate whether a proposed solution will work. |
| Uncertainty | A situation in which even a good decision might produce a bad outcome. Information about alternatives and future events is incomplete. |
| Risk | Means that a decision has a clear-cut goals and that good information is available, but the future outcomes associated with each alternative are subject to chance. |
| Certainty | Means that all the information the decision maker needs is fully available. |
| Globalization | Refers to the extent to which trade and investments, information, social and cultural ideas and political cooperation flow between countries |
| Domestic Stage | Market potential is limited to the home country, with all production and marketing facilities located at home. |
| International Stage | Exports increase and the company usually adopts a multi-domestic approach, meaning that competition is handled for each country independently. |
| Multinational Stage | The company has marketing and production facilities located in many countries, with more than one-third of its sales outside the home country. |
| Market-entry Strategies | Exporting, licensing, direct investing. |
| Exporting | The company maintains its production facilities within the home nation and transfers its products for sale in foreign countries. |
| Counter-trade | Refers to the barter of products for products rather than the sale of products for currency. |
| Global Outsourcing | Also called off-shoring, means engaging in the international division of labor so that work activities can be done in countries with the cheapest sources of labor and supplies. |
| Licensing | A corporation in one country makes certain resources available to companies in another country. |
| Franchising | Occurs when a ______ buys a complete package of materials and services, including equipment, products, product ingredients, trademark and trade name rights, managerial advice and a standardized operating system. |
| Direct Investing | Means that the company is involved in managing the productive assets, which distinguishes it from other entry strategies that permit less managerial control. |
| Joint Venture | A company shares costs and risks with another firm, typically in the host country, to develop new products, build a manufacturing facility, or set up a sales and distribution network. |
| Wholly Owned Foreign Affiliate | The company has full control.May provide cost savings over exporting by shortening distribution channels and reducing storage and transportation costs. |
| Greenfield Venture | Which means a company builds a subsidiary from scratch in a foreign company. |
| International Management | The management of business operations conducted in more than one country. |
| Political Risk | Defined as the risk of loss of assets, earning power, or managerial control due to politically based events or actions by host governments. |
| Political Instability | Includes riots, revolutions, civil disorders,and frequent changes in government |
| Power Distance | Means that people accept inequality in power among institutions, organizations, and people. |
| Uncertainty Avoidance | Means that members of a society feel uncomfortable with uncertainity and ambiguity and thus support beliefs that promise certainty and conformity. |
| Individualism | Reflects a value for a loosely knit social framework in which individuals are expected to take care of themselves. |
| Collectivism | Means a preference for a tightly knit social framework in which individuals look after one another and organizations protect their members' interests. |
| Masculinity | Stands for achievement, heroism, assertiveness, work certainty (with resultant high stress), and material success. |
| Femininity | Reflects the values of relationships, cooperation, group decision making and quality of life. |
| Long-term Orientation | Includes a greater concern for the future and highly values thrift and perserverance. |
| Short-term Orientation | More concerned with the past and the present and places a high value on tradition and meeting social obligations. |
| High-context Culture | People are sensitive to circumstances surrounding social exchanges. People use communication primarily to build personal social relationships |
| Low-context Culture | People use communication primarily to exchange facts and information, business transactions are more important than building social relationships. |
| Ethnocentrism | Refers to a natural tendency of people to regard their own culture as superior and to downgrade or dismiss other cultural values, can be found in all countries. |
| Cultural Intelligence | Refers to a person's ability to use reasoning and observation skills to interpret unfamiliar gestures and situations and devise appropriate behavioral responses. |
| Bottom of the Pyramid | A concept that proposes that corporations can alleviate poverty and other social ills, as well as make significant profits, by selling to the world's poorest people. |
| Ethics | The code of moral principles and values that governs the behaviors of a person or group with respect to what is right or wrong. |
| Ethical Dilemma | Arises in a situation concerning right or wrong when values are in conflict. |
| Ulitarian Approach | Holds that moral behavior produces the greatest good for the greatest number of people. |
| Individualism Approach | Contends that acts are moral when they promote the individual's best long-term interests. |
| Moral Rights Approach | Asserts that human beings have fundamental rights and liberties that cannot be take away by an individual's decision. |
| Justice Approach | Holds that moral decisions must be based on standards of equity, fairness and impartiality. |
| Distributive Justice | Requires that different treatment of people not be based on arbitrary characteristics |
| Procedural Justice | Requires that rules be administered fairly. Rules should be clearly stated and consistently and impartially enforced. |
| Compensatory Justice | Argues that individuals should be compensated for the cost of their injuries by the party responsible. |
| Virtue Ethics Approach | Says that moral behavior stems from personal virtues. |
| Practical Approach | Sidesteps debates about what is right, good, or just bases decisions on prevailing standards or the profession and the larger society, taking the interest of all stakeholders into account. |
| Corporate Social Responsibility | Management's obligation to make choices and take actions that will contribute to the welfare and interests of society as well as the organization/ |
| Stakeholder | Any group within or outside the organization that has a stake in the organization's performance. |
| Sustainability | Refers to economic development that generates wealth and meets the needs of the current generation while saving the environment so future generations can meet their needs as well. |
| Discretionary Responsibility | Purely voluntary and is guided by a company's desire to make social contributions not mandated by economics, law or ethics. |
| Code of Ethics | A formal statement of the company's values concerning ethics and social issues; it communicates to employees what the company stands for. |
| Ethics Committee | A group of executives appointed to oversee company ethics. |
| Chief Ethics Officer | A company executive who oversees all aspects of ethics and legal compliance, including establishing and broadly communication standards, ethics training, dealing with exceptions or problems, etc. |
| Ethics Training | Programs also help employees deal with ethical questions and translate the values stated in a code of ethics into everyday behavior. |
| Whistle-blowing | Employee disclosure of illegal, unethical, or illegitimate practices on the employer's part. |
| Entrepreneurship | The process of initiating a business venture, organizing the necessary resources, and assuming the associated risks and rewards. |
| Entrpreneur | A person who engages in entrepreneurship. |
| Idealists | Like the idea of working on something that is new, creative, or personally meaningful. |
| Optimizers | Rewarded by the personal satisfaction of being business owners. |
| Sustainers | Like the chance to balance work and personal life and often don't want the business to grow too large. |
| Hard Workers | Enjoy putting in the long hours and dedication to build a larger, more profitable business. |
| Small Business | One that is independently owned and operated, is organized for profit, and is not dominant in its field of operations. |
| Internal Locus of Control | The belief by individuals that their future is within their control and that external forces have little influence. |
| External Locus of Control | The belief by individuals that their future is not within their control but rather influenced by external forces. |
| Need to Achieve | Means that people are motivated to excel and pick situations in which success is likely. |
| Tolerance for Ambiguity | The psychological characteristic that allows a person to be untroubled by disorder and uncertainty. |
| Social Entrepreneur | Leaders who are committed to both good business and positive social change. Create new business models that meet critical human needs and solve important problems that remain unsolved by current economic and social institutions. |
| Social Entrepreneurship | Combines the creativity, business smarts, passion, and hard work of the traditional entrepreneur with a mission to change the world for the better. |
| Business Plan | A document specifying the business details prepared by an entrepreneur prior to opening a new business. |
| Sole Proprietorship | An unincorporated for-profit business owned by an individual. |
| Partnership | Formed when two or more people choose to own an unincorporated business. |
| Corporation | An artificial entity created by the state and existing apart from its owners. |
| Angel Financing | Occurs when a wealthy individual who believes in the idea for a start-up provides personal funds and advice to help the business get started. |
| Equity Financing | Consists of funds that are invested in exchange for ownership in the company. |
| Venture Capital Firm | A group of companies or individuals that invests money in new or expanding businesses for ownership and potential profits. |
| Franchising | An arrangement by which the owner of a product or service allows others to purchase the right to distribute the product or service with the help from the owner. |
| Business Incubators | Help start-up companies by connecting them with a range of experts and mentors who nurture them, thus increasing their likelihood of success. |
| Humility | Means being unpretentious and modest rather than arrogant and prideful. |
| Servant Leader | Transcends self-interest to serve others and the organization. |
| Authentic Leadership | Refers to individuals who know and understand themselves, who espouse and act consistent |
| Interactive Leadership | Means that the leader favors a consensual and collaborative process and influence derives |
| Traits | Distinguishing personal characteristics. |
| Strengths | Natural talents and abilities |
| Consideration | Falls in the category of people-oriented behavior and is the extent to which the leader is mindful of subordinates, respects their ideas and feelings and establishes mutual trust. |
| Contingency Approaches | Explore how the organizational situation influences leader effectiveness. |
| Situational Model | Originated with Hersey and Blachard, is an interesting extension of the behavioral theories summarized in the leadership grid. |
| Charismatic Leader | Has the ability to inspire and motivate people to do more than they would normally do, despite obstacles and personal sacrifice. Followers are willing to put aside their own interests for the sake of the team, department, or organization. |
| Vision | An attractive ideal future that is credible yet not readily attainable. |
| Transformational Leaders | Bring about innovation and change by recognizing followers’ needs and concerns, providing meaning, challenging people to look at old problems in new ways, and acting as role models for the new values and behavior. |
| Transactional Leaders | Clarify the role and task requirements of subordinates, initiate structure, provide appropriate rewards, and try to be considerate to and meet the social needs of subordinates. Has the ability to satisfy subordinates which improves productivity. |
| Effective Follower | A critical, independent thinker who actively participates in the organization. |
| Alienated Follower | A person who is an independent, critical thinker but is passive in the organization. |
| Conformist Follower | A follower who participates actively in the organization but does not use critical independent thinking or active participation. |
| Pragmatic Survivor | A follower who has qualities of all four styles, depending on which fits the prevalent situation. |
| Reward Power | Stems from authority to bestow rewards on other people. |
| Coercive Power | Refers to the authority to punish or recommend punishment. |
| Expert Power | Resulting from a person’s special knowledge or skill regarding the tasks being performed. |
| Referent Power | Comes from an individual’s personal characteristics that command others’ identification, respect, and admiration so they wish to emulate that individual. |
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