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MGMT_301_

Ch. 1-4

QuestionAnswer
Def. of Ethics? Standards regarding appropriate and inappropriate conduct and decision making.
What 3 Factors influence ethical decision making? Situational Influences, Corporate Governance, Personal Characteristics
What is involved in Situational Influences? Formal Mechanisms (codes of conduct, ethics committees) Informal mechanisms (norms, peer behavior) and External Environment (government laws and regulations)
What is involved in Corporate Governance? The oversight of top management of an organization by a board of directors. (Hiring, firing, compensation, assessing strategy, verifying financial records)
What is involved in Personal Characteristics (Ethics)? Values, need for Power, Kohlbergs stages of cognitive moral development
How can I make good ethical decisions in an International Context? Respect core or universal values: Human dignity, respect for basic rights, and being a Good Citizen
What are the 7 Steps involved in the Framework for Making Good Ethical Decisions? -Recognize the ethical Issue -Get the Facts -Evaluate your options -Decide which option to follow -Double check decision by asking questions -Take Action -Reflect
3 Approaches to Evaluating your Options (Ethics) Utilitarian Approach (greatest good for greatest # of people) Rights Approach (Respects and protects the fundamental rights of all people) Justice Approach- Fair and impartial treatment of people
3 More Approaches to Evaluating your Options (Ethics) Obey the Law Approach Golden Rule Approach Virtue Ethics Approach (emphasizes character, integrity)
What is Corporate Responsibility? Obligates organizations to act in ways that serve both its own interests and the interests of society at large (stakeholders)
What are Organizational Stakeholders? People, groups and other organizations directly affected by the behavior of the organization and holding a stake in its performance (employees, Suppliers, customers, etc)
Levels of Corporate Social Responsibility? Economic Responsibility (be profitable) Legal Responsibility (obey the law) Ethical Responsibility(Do What is Right) Discretionary Responsibility (Contribute to the community)
What are the Challenges faced by Todays Managers? Empowered Leadership, Flexible virtual work, Diverse workplace, word done by teams, work-life balance...
Challenge of Managers Today: Recruiting Hiring and retaining Talent People and their talents are the ultimate foundations of organizational performance, Intellectual Capital- collective knowledge used to create value
Challenge of Managers Today: Managing Diversity Workplace Diversity of all kinds, multicultural workforce a challenge and offers opportunities Diversity as a Business Imperative, and Asset
Challenge of Managers Today: Managing Technology Continuing transformation of the modern workplace through the internet, computer networking, IT
Challenge of Managers Today: Ethical Expectations Integrity and ethical leadership at all levels, sustainable development, consumer protection, human rights, Environmental Protection
Challenge of Managers Today: Managing Careers Dynamics of ever-present change, ensure their skills are portable and of current value, should promote continuous learning and personal development
Challenge of Managers Today: Globalization National Boundaries of the world business have largely disappeared Worldwide interdependence of resource flows, product markets, and business competitions
Some Factors to Consider in being a Manager Long Hours Intense Pace Varied and Fragmented Tasks Increased Workload Stress of supervising Responsibility for others
Individual Performer versus Manager Qualities Specialist vs Generalist Gets things done vs gets things done through others Individual actor vs network builder Independent vs Dnterdependence
Responsibility of a Manager: Quality of Work Life An indicator of the overall quality of human experiences in the workplace (Fair pay, Working conditions, Growth opportunities)
Responsibility of a Manager: Organizational Performance 'Value creation' when an organizations operations adds value to the original cost of resource inputs. Effectiveness AND Efficiency
Responsibility of a Manager: Accountability The requirement of one person to answer to a high authority for relevant performance results
What are the 3 Managerial Roles Interpersonal Roles Informational Roles Decisional Roles
Interpersonal Roles of Managers Involves interactions with persons inside and outside the work unit (Figurehead leader or liaison)
Information Roles of Managers Involves giving, receiving and analyzing information (Monitor, disseminator, spokesperson)
Decisional Roles of Managers Involves using information to make decisions in order to solve problems or address opportunities (Entrepreneur, disturbance handler, resource allocator, negotiator)
What is involved in the Management Process? Planning- Setting performance objectives, deciding how to achieve them Organizing- Arranging tasks & people to accomplish work Leading- Inspiring people to work hard Controlling- Measuring performance & taking action to obtain desired results
5 Types of Managers Line Mangers, Staff Managers, Functional Managers ,General Managers, Administrators
Function of Line Managers Responsible for work activities that directly affect the organizations mission
Function of Staff Managers Using Technical expertise to advise and support the efforts of line workers
Function of Functional Managers Responsible for a single area of activity
Function of General Managers Responsible for more complex units that include many functional areas
Function of Administrators Work in public and non profit organizations
Definition of Managers People who directly support and help activate the work efforts and performance accomplishments of others
Global Management Management in organizations with business interests in more than one country
Global Manager Informed about International Developments Transnational Outlook Competent in working with multicultural people
Hofstede's Dimensions of National Culture Power Distance Uncertainty Avoidance Individualsim-Collectivist Masculinity-Femininity Time Orientation
Dimensions of National Culture Language- Low/High context cultures Interpersonal Space- proxemics Time Orientation- Monochronic and Polychronic
Challenges of Globalization? Ethical Issues Corruption, Sweatshops, Child Labor, Sustainable Development
Challenges of Globalization? Political Risk The potential loss in value of foreign investment due to instability and changes in host country, Complex unfamiliar laws, NAFTA CAFTA etc.
Reasons to Take your Businesses Global Profits, Customers, Suppliers, Capital and Labor
Four Stages of Globalization Domestic Stage, International Stage, Multinational Stage and Global Stage
Domestic Stage of Globalization All production and marketing facilities in home country. Managers are beginning to consider foreign investment.
International Stage of Globalization As exports increase, company adopts a multidomestic approach- competition is handles for each country independently. Adapts to countrys resources and needs
Multinational Stage of Globalization Production and Marketing facilities in Multiple countries. More than 1/3 of sales outside of home country. Product design and advertising similar throughout world.
Global Stage of Globalization Operates worldwide on a border less basis. Ownership diverse, sales and resource acquisition in whatever has the best opportunities at lowest cost.
Market Entry Strategies Involve the sale of goods or services to foreign markets but do not require expensive investments. Global Sourcing, Exporting, Importing, Licensing Agreement, Franchising
Direct Investment Strategies Require major capital commitments but create rights of ownership and control over foreign operations
Types of Direct Investment Strategies Joint Ventures- Operates in a foreign country through co-ownership by foreign and local partners Foreign Subsidiaries: Local operations completely owned by a foreign firm. Greenfield investment- builds an entirely new operation in a foreign country
Five Step Process in Solving Problems Analytically Identify and define the problem Generate and evaluate alternative solutions Select a course of action Implement the decision Evaluate results
What are components of the Classical Model of problem solving? Structured problem that is clearly defined, Certain environment with complete information of all alternatives and consequences "optimizing decision" chosen
What are the components of the Behavior Model of problem solving? An unstructured problem with the problem unclearly defined, not all information is known "satisficing decision" chosen
Step one of solving problems: Identify and define the problem... State the problem explicitly Objectives should be established - problems.. defining problem too broadly or narrowly -focusing on symptoms instead of causes
Criteria for evaluating alternatives in problem solving: Cost benefit analysis, Timeliness, Acceptability, Ethical Soundness
Def. of Availability Heuristic People use information readily available from memory as a basis for assessing a current event or situation
Def. of Representativeness Heuristic People assess the likelihood of something happening based upon its simlarity to a stereotyped set of occurrences
Def. of Anchoring and adjustment Heuristic People make decisions based on adjustments to a previously existing value or starting point.
Framing Error The tendency to evaluate and resolve a problem in the context in which it is perceived- either positively or negatively
Confirmation Error The tendency to focus only on information that confirms a decision already made
Escalating Commitment AKPsi.
Groupthink The tendency for highly cohesive teams to lost their critical evaluative capabilities
Constancy (as a threat to creative problem solving) Using only one way of approaching, defining or problems solving. Often based on a desire to appear consistent.
Commitment (as a threat to creative problem solving) Once committed to a way of solving a problem, one tends to stick with it
Compression (as a threat to creative problem solving) Looking too narrowly at a problem, screening out too much relevant data, or making assumptions that inhibit problem solving
Complacency (as a threat to creative problem solving) Caused by a lack of questiong or a bias against thinking, fear, ignorance, insecurity or just plain laziness
Created by: 683063277