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Management Exam 2
| Term | Definition |
|---|---|
| Data Analytics | Using data to improve efficiency and decision-making. |
| Big Data | Extremely large datasets requiring advanced tools. |
| Volume | Amount of data. |
| Variety | Different types/sources of data. |
| Velocity | Speed data is created and processed. |
| Veracity | Accuracy of data. |
| Value | Usefulness of data. |
| Descriptive Analytics | Explains past data. |
| Predictive Analytics | Forecasts future outcomes. |
| Artificial Intelligence (AI) | Technology that mimics human intelligence. |
| AI Functions | Automate, analyze, advise, anticipate. |
| AI Benefits | Speed, accuracy, efficiency. |
| AI Drawbacks | Cost, data issues, ethical concerns. |
| Decision Making | Choosing among alternatives. |
| Rational Model | Logical step-by-step decision process. |
| Steps of Rational Decision Making → | Identify problem Generate alternatives Evaluate alternatives Implement & evaluate |
| Bounded Rationality | Limits on rational thinking. |
| Satisficing | Choosing a “good enough” option. |
| Intuition | Decision based on gut feeling. |
| Directive Style | Fast, task-focused, low ambiguity tolerance. |
| Analytical Style | Data-driven, careful, high ambiguity tolerance |
| Conceptual Style | Creative, big-picture thinking. |
| Behavioral Style | People-focused, relationship-oriented. |
| Escalation of Commitment | Continuing a bad decision due to past investment. |
| Groupthink | Conforming to group instead of thinking critically. |
| Availability Bias | Using easily available information. |
| Confirmation Bias | Seeking supporting evidence only. |
| Overconfidence Bias | Overestimating accuracy. |
| Anchoring Bias | Relying on first information received. |
| Advantages | More ideas, better understanding, more commitment. |
| Disadvantages | Groupthink, slow decisions, domination. |
| Brainstorming | Generating ideas without criticism. |
| Devil’s Advocacy | Assigning someone to critique ideas. |
| Dialectic Method | Structured debate. |
| After-Action Review | Reviewing decisions after completion. |
| Organizational Culture | Shared values, beliefs, and norms. |
| Artifacts | Visible elements of culture. |
| Espoused Values | Stated values and norms. |
| Basic Assumptions | Core beliefs. |
| Clan Culture | Collaborative, family-like. |
| Adhocracy Culture | Innovative, risk-taking. |
| Market Culture | Competitive, results-driven. |
| Hierarchy Culture | Structured, controlled. |
| Person-Organization Fit | Match between employee values and company culture. |
| Organizational Structure | Arrangement of jobs and authority. |
| Division of Labor | Splitting tasks among workers. |
| Hierarchy of Authority | Chain of command. |
| Span of Control | Number of employees reporting to a manager. |
| Authority | Right to make decisions. |
| Accountability | Responsibility for outcomes. |
| Delegation | Assigning tasks to others. |
| Centralization | Decisions made at top levels. |
| Decentralization | Decisions made at lower levels. |
| Functional Structure | Grouped by job type. |
| Divisional Structure | Grouped by product/customer. |
| Matrix Structure | Dual reporting relationships. |
| Hollow Structure | Outsourcing functions. |
| Flat Organization | Wide span of control. |
| Tall Organization | Narrow span of control. |
| Corporate-Level Strategy | Organization-wide strategy. |
| Business-Level Strategy | How a unit competes. |
| Functional-Level Strategy | Department-level strategy. |
| Strategic Management Process | Mission/vision/values Assess reality Formulate strategy Implement Control |
| SWOT Analysis | Strengths, weaknesses, opportunities, threats. |
| VRIO | Value, rarity, imitability, organization. |
| Trend Analysis | Predicting future from past data. |
| Scenario Analysis | Creating possible future situations. |
| Benchmarking | Comparing to top performers. |
| Growth Strategy | Expanding operations. |
| Stability Strategy | Maintaining operations. |
| Defensive Strategy | Reducing operations. |
| Porter’s Five Forces | New entrants Supplier power Buyer power Substitutes Rivalry |
| Cost Leadership | Lowest cost strategy. |
| Differentiation | Unique product/service. |
| Cost Focus | Low cost in niche market. |
| Focused Differentiation | Unique product in niche market. |
| HRM | Managing employees effectively. |
| Human Capital | Employee knowledge and skills. |
| Social Capital | Relationships and networks. |
| Talent Management | Placing top employees in key roles. |
| Strategic HRM | Aligning HR with strategy. |
| Internal Fit | HR practices support each other. |
| External Fit | HR aligns with strategy and culture. |
| Internal Recruiting | Hiring from within. |
| External Recruiting | Hiring from outside. |
| Hybrid Recruiting | Using referrals. |
| Boomerangs | Rehiring former employees. |
| Structured Interview | Standardized questions. |
| Unstructured Interview | Flexible questions. |
| Situational Interview | Hypothetical scenarios. |
| Behavioral Interview | Past behavior questions. |
| Reliability | Consistency of results. |
| Validity | Measures what it is supposed to measure. |
| Legal Defensibility | Fair and unbiased selection. |
| High-Performance Work Systems | HR practices that improve performance. |
| Employee Engagement | Emotional commitment to job. |
| Compensation | Pay and benefits. |
| Organizational Change | Changing structure, culture, or processes. |
| Innovation | Creating or improving ideas. |
| Forces for Change | External, internal, technology, workforce. |
| Creative Courage | Willingness to take risks for new ideas. |
| Personal Adaptability | Ability to adjust to change. |
Created by:
Orrin_Douglas