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Social Obligation
Obligation to meet the economic and legal responsibilities and nothing more
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Social Responsiveness
When a firm engages in social actions in respons to a popular social need
-Jumping on the bandwagon of a popular social movement
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Social Responsibility
A business's entention, beyond its legal and economic obligations, to do the right things and act in ways that are good for society
-Simply because they believe it is the right thing to do
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Classical View
The view that management's only social responsibility is to maximize profits by operating business in the best interests of the stocholders (owners of corporation)
-Going above and beyond is an unneccessary cost
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Socioeconomic View
Management's social responsibility goes beyond making profits to include protecting and improving society's welfare
-Strive to do the right thing
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Social Screening
Company does not invest in areas that they believe are distructive to society
-Ex - Not investing in gambling, high pollutants, illegal activity, etc
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Green Management
Considering the impact the organization has on the natural environment
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Ethics
Priciples, values, and beliefs that define right and wrong behavior
-Consider how your choice affects others
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Values
Basic convictions about what is right and wrong
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Ego Strength
A personality meausre of the strength of a person's convictions.
-Is their ego strength high enough to not participate in dangerous risks that could greatly affect others
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Locus of Control
A personality attribute that measure the degree to which people believe they control their own fate
-Personal reasons explaining ethical behavior
-Was it your fault or do you blame it on traffic, or other elements beyond your control
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Values-Based Management
An approach to managing in which mangers establish and uphold and organization's shared values
-How do they enforce their claimed code of ethics and values throughout the workplace.
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Code of Ethics
A formal statement of an organization's primary values and the ethical rules it expects its employees to follow
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Whistle Blower
Individuals who raise ethical concerns or issues to others
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Social Entrepreneur
An individual or organization who seeks out opportunities to improve society by using practical, innovative, and sustainable approaches
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Calm Waters Metaphor
Lewin's description of the change process as a break in the organization's equilibrium state
- -UNFREEZING the status quo
- -CHANGING to a new state
- -REFREEZING to make the change permanent
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External Forces for Change
- -Changing consumer needs and wants
- -New governmental laws
- -Changing technology
- -Economic changes
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Internal Forces of Change
- -New organizational strategy
- -Change in compostion of workforce
- -New equipment
- -Changing employee attitudes
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Organizational Change
Any alterations in the people, structure, or tehcnology of an organization
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Change Agents
Persons who act as catalysts and assume the responsibility for managing the change process
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Types of Change Agents
- MANAGERS -internal entrepreneurs
- NONMANAGERS - change specialists
- OUTSIDE CONSULTANTS - change implementation experts
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Types of Change
- Structure
- Technology
- People
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Structure Change
Changing an organization's structural components or its structural design
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Technological Change
- Adopting new equipments, tools, or operating methods that displace old skills and require new ones
- -Automation: replacing people with machines
- -Computerization
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People Change
Changing attitudes, expectations, perceptions, and behaviors of the workforce
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Organizational Development (OD)
Techiniques or programs to change people and the nature and quality of interpersonal work realtionships
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Global OD
OD techniques that work for U.S. organizations may be inappropriate in other countries and cultures
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Why people resist change?
- Ambiguity and uncertainty that change introduces
- The comfort of old habits
- Concern over personal loss of status, money, authority, friendships, and personal convenience
- The perception that change is incompatible with the goals and interest of the organization
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Stress
The adverse reaction people have to excessive pressure place on them from extraordinary demands, constraints, or opportunities
-Stressors -factors that cause that stress
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Stress - Role Conflicts
Work expectations that are hard to satisfy
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Stress - Role Overlaod
Having more work to accomplish than time permits
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Stress - Role Ambiguity
When role expectations are not clearly understood
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Type A personality
Have a chronic sense of urgency and an excessive competitve drive
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Type B personality
Relaxed and easygoing and accept change easily
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Decision
Making a chocie from two or more alternatives
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Problem
An obstacle that makes it difficult to achieve a desired goal or purpose
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Rational Decision Making
Choices are logical and consistent while maximizing value
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Bounded Rationality
Rational, but limited (bounded)n by an individual's ability to process information
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Satisfice
Accepting solutions that are "good enough"
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Intuitive Decision Making
Making decisions on the basis of experience, feelings, and accumulated judgement
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Programmed Decision
A repetitive decision that can be handled by a routine approach
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Non-programmed Decision
Unique and nonrecurring decisions that require a custom made solution
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Decisions Under Uncertainty
- Limited information prevents estimation of outcome
- Forces managers to rely on intuition and gut feelings
- MAXIMAX
- MAXIMIN
- MINIMAX
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Maximax
- The optimistic manger's choice
- Maximize the maximum payoff
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Maximin
- The pessimistic manager's choice
- Maximize the minimum payoff
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Minimax
Choice to minimize maximum regret
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Linear Thinking Style
- A person's tendency to use external data/facts
- The habit of processing information through rational, logical thinking
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Non-Linear Thinking Style
- A person's preference for internal source of information
- A method of processing this information with internal insights, feelings, and hunches
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Heuristics
Using "rules of thumb" to simplify decision making
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Overconfidence Bias
Holding unrealistically positive views on oneself and one's performance
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Immediate Gratification Bia
Choosing alternatives that offer immediate rewards and avoid immediate costs
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Anchoring Effect
Fixating on inital information and ignoring subsequent information
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Selective Perception Bias
Selecting, organizing, and interpreting events based on the decision maker's biased perceptions
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Confirmation Bias
Seeking out information that reaffirms past choices while discounting contradictory information
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Planning
- Defining the organization's goals
- Establishing an overall strategy for achieving those goals
- Developing plans for organizational work activities
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Formal Planning
- Specific goals covering a specific time period
- Written and share with organizational members
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Strategic Plans
- Establish the organization's overall goals
- Seek to position the organization in terms of its environment
- Cover extended periods of time
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Operational Plans
- Specify the details of how the overall goals are to be achieved
- Cover a short time period
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Management By Objectives (MBO)
- Specific performance goals are jointly determined by employees and managers
- Progress toward accomplishing goals is periodically reviewed
- Rewards are allocated on the basis of progress towards the goals
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KEY ELEMENTS OF MBO
- Goal specificity
- Participative decision making
- An explicit performance/evaluation period
- Feedback
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MBO - success
Top management commitment and involvement
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MBO - Potential Problems
- Less effective in dynamic environments that require constant resetting of goals
- Overemphaiss on individual accomplishment may create problems with teamwork
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Planning in Hierarchy Organizations
- Strategic Planning - Top executives, Middle level manager
- Operational Planning- First level managers, middle level
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