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Priniciples of Mgt

TermDefinition
Manager someone who coordinates and oversees work of other people to accomplish organization goals
First-line (frontline) managers managers at the lowest level of management who help mange work of employees
Middle managers managers between lowest level and top levels who manage work of frontline managers
Top managers managers at or near upper levels of organization structure who make organization-wide decisions and establish goals for entire organization
Organization deliberate arrangement of people to accomplish a specific purpose
Management coordinating and overseeing work activities of others so their activities are completed efficiently and effectively
Efficiency getting most output from least amount of input
Effectiveness doing work activities that will result in accomplishing goals
What are the four functions to describe manager's work? planning, organizing, leading, and controlling
Planning setting goals, establish strategies for achieving goals
Organizing arranging and structuring work to accomplish business goals; determine what tasks need to be done, who does what task, how tasks are grouped
Leading motivating employees, help resolve conflicts, select most effective communication
Controlling involves monitoring, comparing, and correcting work performance; evaluation of whether things are going as planned
Henry Mintzberg well-known management researcher; studies actual managers at work; concluded what managers do can be described by looking at managerial roles they engage at work
Managerial roles specific actions or behaviors expected of and exhibited by manager
Interpersonal roles involve people and other ceremonial duties; leader, figurehead, liaison
Informational roles collecting, receiving, and disseminating info; spokesperson, monitor
Decisional roles making decisions/choices; negotiator, resource allocator
Technical skills job specific knowledge and techniques needed to proficiently perform work tasks
Interpersonal skills ability to work well with other people individually and in a group
Conceptual skills ability to think and conceptualize about abstract and complex situations
Social media forms of electronic communication through which users create online communities to share ideas, info, personal messages etc.
Innovation exploring new territory with a new idea
Sustainability
Universality of management reality that management is needed in all types and sizes of organizations no matter where it's located
Decision choice among 2 or more alternatives
Problem obstacle that makes it difficult to achieve a desired goal or purpose
Decision criteria criteria that define what's important or relevant to resolving a problem
Rational decision making describes choices that are logical and consistent and maximize value
Bounded rationality decision making that's rational, but limited (bounded) by an individual's ability to process info
Satisfice accept solutions that are "good enough"
Escalation of commitment increased commitment to previous decision despite evidence it may have been wrong
Intuitive decision making making decisions on basis of experience, feelings, and accumulated judgement
Evidence-based management (EBMgt) systematic use of best available evidence to improve management
Structured problems straightforward and easily defined problems
Programmed decision repetitive decision that can be handled by a routine approach
Procedure series of sequential steps used to respond to a well-structured problem
Rule explicit statement that tells managers what can or cannot be done
Policy guideline for making decisions
Unstructured problems problems that are new or unusual and for which info is ambiguous or incomplete
Nonprogrammed decisions unique and nonrecurring decisions that require a custom-made solution
Certainty situation in which a manager can make accurate decisions because all outcomes are known
Risk situation in which decision maker is able to estimate likelihood of certain outcomes
Uncertainty situation in which decision maker has neither certainty nor reasonable probability estimates available
Maximax choice maximizing maximum possible payoff
Maximin choice maximizing minimum possible payoff
Regret(of profits) amount of money that could have been made had a different strategy been used
Heuristics rules of thumb managers use to simplify decision making
Overconfidence bias when decision makers tend to think they know more than they do or hold unrealistically positive views of themselves and their performance
Immediate gratification bias describes decision makers who want immediate rewards and to avoid immediate costs
Anchoring effect describes how decision makers fixate on initial information as a starting point and then, once set, fail to adequately adjust for subsequent info
Selective perception bias when decision makers selectively organize and interpret events based on their biased perceptions
Confirmation bias when decision makers seek out info that reaffirms their past choices and discounts info that contradicts past judgements
Framing bias happens when decision makers select and highlight certain aspects of a situation while excluding others
Availability bias happens when decision makers remember events that are most recent and vivid in their memory, which distorts their ability to recall events in an objective manner; results in distorted judgements and probability estimates
Representation bias managers draw analysis and see identical situations where they don't exist
Randomness bias describes actions of decision makers who try to create meaning out of random events
Sunk costs error occurs when decision makers forget that current choices can't correct the past
Self-serving bias decision makers who are quick to take credit for their successes and to blame failures on outside factors
Hindsight bias when decision makers falsely believe that they would have accurately predicted outcome of an event once that outcome is actually known
Design thinking approaching management problems as designers approach design problems
Big data vast amount of quantifiable info that can be analyzed by highly sophisticated data processing
Omnipotent view of management managers are directly responsible for an organization's success or failure
Symbolic view of management organization's success or failure is due to external forces outside manager's choice
External environment factors and forces outside organization that affect its performance
Environmental uncertainty degree of change and complexity in an organization's environment
Dynamic environment if components in organization's environment change frequently
Stable environment if components in organization's environment change minimally
Stakeholders any groups in organization's environment affected by organization's decision and actions
Dodd-Frank Act requires many U.S companies report their executives' compensation in publicly available sources and in a manner easily comprehended by public
Organizational culture shared values, priniciples, traditions, and ways of doing things that influence the way organizational members act and that distinguish organization from other organizations
Perception employees perceive it on basis of what they experience within organization
Descriptive concerned with how members perceive culture and describe it, not with whether they like it
Shared despite individuals having different backgrounds they all describe organization's culture in similar
Strong cultures key values are deeply held and widely shared
Socialization process that helps employees adapt to organization's culture
Parochialism viewing world solely through your own perspectives leading to inability to recognize differences between people
Ethnocentric attitude parochial belief that the best work approaches and practices are those of home country
Polycentric attitude view that managers in host country know best work approaches and practices for running their business
Geocentric attitude world oriented view that focuses on using best approaches and people around globe
European Union (EU) union of 28 European countries created as a unified economic and trade entity
Euro single common European currency
Lisbon Treaty (Reform Treaty) provides EU with a common legal framework and tools to meet challenges of a changing world
North American Free Trade Agreement (NAFTA) agreement among Mexican, Canadian, and U.S governments in which barriers to trade have been eliminated
U.S-Central American Free Trade Agreement (CAFTA-DR) provides trade liberalization between U.S. and five central American countries
Association of Southeast Asian Nations (ASEAN) trading alliance of 10 Southeast Asian nations
World Trade Organization (WTO) global organization of 161 countries that deals with rules of trade among nations
International Monetary Fund (IMF) organization of 188 countries that promotes international monetary cooperation and provides advice, loans, and technical assistance
World Bank Group group of five closely associated institutions that provides financial and technical assistance to developing countries
Organization for Economic Cooperation and Development (OECD) international economic organization that helps its 34 member countries achieve sustainable economic growth and employment
Multinational corporation (MNC) any type of international company that maintains operations in multiple countries
Multidomestic corporation decentralizes management and other decisions to the local country
Global company centralizes its management and other decision in home country
Transnational or borderless organization an MNC in which artificial geographical barriers are eliminated
Global sourcing (also called global outsourcing) purchasing materials or labor from around the world wherever it's cheapest
Exporting making products domestically and selling them abroad
Importing acquiring products made abroad and selling them domestically
Licensing organization gives another organization the right to make or sell its products using its technology or product specifications
Franchising organization gives another organization right to use its name and operating methods
Strategic alliance partnership between an organization and foreign company partner(s) in which both share resources and knowledge in developing new products or building production facilities
Joint venture specific type of strategic alliance in which partners agree to form a separate independent organization for some business purpose
Foreign subsidiary directly inverting in a foreign country by setting up a separate and independent production facility or office
Free market economy economic system in which resources are primarily owned and controlled by private sector
Planned economy economic system in which economic decisions are planned by a central government
Capitalism government does not possess ownership of all land, businesses or natural resources
Communism all property, businesses, and natural resources are community owned, but items are controlled by single political party (Communist party)
National culture values and attitudes shared by individuals from a specific country that shape their behavior and beliefs about what is important
Global Leadership and Organizational Behavior Effectiveness(GLOBE) research program that studies cross-cultural leadership behaviors
Cultural intelligence cultural awareness and sensitivity skills
Global mind set attributes that allow a leader to be effective in cross-cultural environments
Created by: David55900