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Priniciples of Mgt
| Term | Definition |
|---|---|
| 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
Popular Management sets