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BA265 Exam 1
Chapters 1,3, and 4 Vocabulary for Business Management Exam 1
| Term | Definition |
|---|---|
| Organization | A deliberate arrangement of people brought together to accomplish some specific purpose |
| Nonmanagerial Employees | People who work directly on a job or task and have no responsibility for overseeing the work of others |
| Managers | Individuals in an organization who direct the activities of others |
| Top Managers | Individuals who are responsible for making decisions about the direction of the organization and establishing policies that affect all organizational members |
| Middle Managers | Individuals who are typically responsible for translating goals set by top managers into specific details that lower-level managers will see get done |
| Scientific Management | The use of scientific method to define the "one best way" for a job to be done |
| First-Line Managers | Supervisors responsible for directing the day-to-day activities of nonmanagerial employees |
| Team Leaders | Individuals who are responsible for managing and facilitating the activities of a work team |
| Management | The process of getting things done, effectively and efficiently, through and with other people |
| Efficiency | Doing things right or getting the most output from the least amount of inputs |
| Effectiveness | Doing the right things, or completing activities so that organizational goals are attained |
| Planning | Defining goals, establishing strategy, and developing plans to coordinate activities |
| Organizing | Determining what needs to be done, how it will be done, and who is to do it |
| Leading | Directing and coordinating the work activities of an organization's people |
| Controlling | Monitoring activities to ensure that they are accomplished as planned |
| Conceptual Skills | A manager's ability to analyze and diagnose complex situations |
| Interpersonal Skills | A manager's ability to work with, understand, mentor, and motivate others, both individually and in groups |
| Technical Skills | Job-specific knowledge and techniques needed to perform work tasks |
| Political Skills | A manager's ability to build a power base and establish the right connections |
| Small Business | An independent business having fewer than 500 employees that doesn't necessarily engage in any new or innovative practices and has relatively little impact on its industry |
| Sustainability | A company's ability to achieve its business goals and increase long-term shareholder value by integrating economic, environmental, and social opportunities into its business strategies |
| Employee Engagement | When employees are connected to, satisfied with, and enthusiastic about their jobs |
| Global Village | A boundaryless world where goods and services are produced and marketed worldwide |
| Global Sourcing | Purchasing materials or labor from around the world, wherever it is cheapest |
| Exporting | Making products domestically and selling them abroad |
| Importing | Acquiring products made abroad and selling them domestically |
| Licensing | An agreement in which an organization gives another the right, for a fee, to make or sell its products, using its technology or product specifications |
| Franchising | An agreement in which an organization gives another organization the right, for a fee, to use its name and operating methods |
| Multinational Corporation | Any type of international company that maintains operations in multiple countries |
| Multidomestic Corporation | A multinational corporation that decentralizes management and other decisions to the local country where it's doing business |
| Transnational Organization | A multinational corporation where artificial geographic boundaries are eliminated |
| Global Corporation | A multinational corporation that centralizes management and other decisions in the home country |
| Global Strategic Alliance | A partnership between an organization and foreign company partners in which both share resources and knowledge in developing new products or building production facilities |
| Joint Venture | A specific type of strategic alliance in which the partners agree to form a separate, independent organization for some business purpose |
| Foreign Subsidiary | A direct investment in a foreign country that involves setting up a separate and independent facility or office |
| Parochialism | A narrow focus in which managers see things only through their own eyes and from their own perspective |
| Assertiveness | The extent to which a society encourages people to be tough, confrontational, assertive, and competitive versus modest and tender |
| Future Orientation | The extent to which a society encourages and rewards future-orientated behavior such as planning, investing in the future, and delaying gratification |
| Gender Differentiation | The extent to which a society maximizes gender role differences |
| Uncertainty Avoidance | A society's reliance on social norms and procedures to alleviate the unpredictability of future events |
| Power Distance | Degree to which members of a society expect power to be unequally shared |
| Individualism | Degree to which individuals are encouraged by societal institutions to be integrated into groups within organizations and society |
| In-Group Collectivism | Extent to which members of a society take pride in membership in small groups such as their family and circle of close friends and the organizations in which they are employed |
| Performance Orientation | Degree to which a society encourages and rewards group members for performance improvement and excellence |
| Humane Orientation | Degree to which a society encourages ad rewards individuals for being fair, altruistic, generous, caring, and kinds to others |
| CSR | A business firm's intention, beyond its legal and economic obligations, to do the right things and act in ways that are good for society |
| Social Obligation | When a business firm engages in social actions because of its obligations to meet certain economic and legal responsibilities |
| Social Responsiveness | When a business firm engages in social actions in response to some popular social need |
| Ethics | A set of rules or principles that defines right and wrong conduct |
| Utilitarian View of Ethics | View that says ethical decisions are made solely on the basis of their outcomes or consequences |
| Rights View of Ethics | View that says ethical decisions are made in order to respect and protect individual liberties and privileges |
| Theory of Justice View of Ethics | View that says ethical decisions are made in order to enforce rules fairly and impartially |
| Code of Ethics | A formal document that states an organization's primary values and the ethical rules it expects managers and nonmanagerial employees to follow |
| Contingent Workforce | Part-time, temporary, and contract workers who are available for hire on an as-needed basis |
| Decision Criteria | Factors that are relevant in a decision |
| Decision Implementation | Putting a decision into action |
| Heuristics | Judgmental shortcuts or "rules of thumb" used to simplify decision making |
| Over-Confidence 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 | Decision makers who tend to want immediate rewards and to avoid immediate costs |
| Anchoring Effect | When decision makers fixate on initial information as a starting point and then, once set, fail to adequately adjust for subsequent information |
| Selective Perception Bias | When decision makers selectively organize and interpret events based on their biased perceptions |
| Confirmation Bias | Decision makers who seek out information that reaffirms their past choices and discount information that contradicts past judgments |
| Framing Bias | When decision makers select and highlight certain aspects of a situation while excluding others |
| Availability Bias | When decision makers tend to remember events that are the most recent and vivid in their memory |
| Representation Bias | When decision makers assess the likelihood of an event based on how closely it resembles other events |
| Randomness Bias | When decision makers try to create meaning out of random events |
| Sunk Costs Error | 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 failure on outside factors |
| Hindsight Bias | Tendency for decision makers to falsely believe that they would have accurately predicted the outcome of an event once that outcome is actually known |
| Rational Decision Making | Describes choices that are consistent and value-maximizing specified constraints |
| Bounded Rationality | Making decisions that are rational within the limits of a manager's ability to process information |
| Satisfice | Accepting solutions that are "good enough" |
| Structured Problem | A straightforward, familiar, and easily defined problem |
| Unstructured Problem | A problem that is new or unusual for which information is ambiguous or incomplete |
| Programmed Decision | A repetitive decision that can be handled using a routine approach |
| Procedure | A series of interrelated, sequential steps used to respond to a structured problem |
| Rule | An explicit statement that tells employees what can or cannot be done |
| Policy | A guideline for making decisions |
| Nonprogrammed Decision | A unique and nonrecurring decision that requires a custom-made solution |
| Certainty | A situation in which a decision maker can make accurate decisions because all outcomes are known |
| Risk | A situation in which a decision maker is able to estimate the likelihood of certain outcomes |
| Uncertainty | A situation in which a decision maker has neither certainty nor reasonable probability estimates available |
| Groupthink | When a group exerts extensive pressure on an individual to withhold his or her different views in order to appear to be in agreement |
| Nominal Group technique | A decision-making technique in which group members are physically present but operate independently |
| Ringisei | Japanese consensus-forming group decisions |
| Creativity | The ability to produce novel and useful ideas |
Created by:
KAment17
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