Management Final

  1. management
    process of working with people and resources to accomplish organizational goals effectively and efficiently
  2. effectively
    achieving organizational goals
  3. efficiency
    achieving goals with minimal waste of money, time, materials and people
  4. Four functions of management
    planning, organizing, leading, controlling
  5. planning
    setting goals and deciding how to achieve them, delivering strategic value
  6. organizing
    allocating resources and building a dynamic organization (tying everything together)
  7. Leading
    inspiring, motivating and mobilizing peple
  8. controlling
    paying attention to what is going on- learning and changing
  9. top level managers
    senior executive responsible for the overall management of the organization and linkage to external environment and what they need to do now so that organization will be well off in the future
  10. middle level managers
    located in the middle of the organizational hierarchy reporting to top-level managers (resources, programs)
  11. frontline/operational managers
    supervise the operational activities of the organization- be more creative
  12. conceptual and decisional skills
    ability to identify and resolve problems for the benefit of the organization and its members- make best decisions even with constraints- huge for top management
  13. Interpersonal and communication skills
    people skills, ability to lead, motivate, communicate effectively with others - emotional connection; done at every level
  14. Technical skill
    ability to performa a specialized task involving a particular method or process (time, training, skills) - top and frontline
  15. interpersonal roles
    leader, liaison (connection between you and your organization), figurehead (representation)
  16. Informational
    monitor (what's going on), disseminator (known to you making sure info flows to people it is useful to), spokesperson (internally/externally)
  17. Decisional Role
    entrepreneur, disturbance handler, resource allocator, negotiator
  18. emotional intelligence
    self-awareness and self-observation; understanding yourself, managing yourself and dealing effectively with others, knowing your strengths and weaknesses
  19. self-leadership
    process of influencing oneself- control of own destiny
  20. social cognitive theory
    look around and see what successful people and see what we have to be like them
  21. intrinsic motivation
    internal spark/drive we have to be successful
  22. six self-leadership strategies
    • self-observation (self-aware)
    • cueing (focus on neg or pos)
    • self-goal setting (long or short)
    • Self-reward
    • self-punishment (guilt, criticism)
    • Practice
  23. macroenvironment
    • part of external environment, everything outside the firm that influences it- THE GENERAL ENVIRO
    • (government, economic conditions, technology, demographics, social values)
  24. Competitive environment
    new entrants, competitors, customers, suppliers, compliments and substitutes
  25. Environmental Analysis
    managers must understand their environment to identify opportunities and threats
  26. environmental uncertainity
    when the environment is relatively unpredictable; arises from complexity (issues/interconnectedness) and dynamism (discontinuous change in an industry)
  27. environmental sanning
    searching and sorting through information about the environment
  28. competitive intelligence
    information that helps managers determine how to compete better
  29. forecasting
    used to predict exactly how some organization's practices and technologies with those of other companies compared with your organization
  30. scenarios
    "what if" scenarios
  31. decentralization
    requires empowerment; sharing powers with employees
  32. responding to dynamism
    change from bureaucratic (less flexible) to organic (more flexible) structure
  33. respond to environment 3 ways
    adapt, influence, new environment
  34. Adapt at (2)
    Core (changes in the way you do things) or at boundaries (buffering or smoothing)
  35. Influence through independent strategies
    competitive aggression, competitive pacification, public relations, voluntary action, legal action, political action
  36. 3 ways to select a new environment
    • strategic maneuvering (change boundaries of its task)
    • domain selection (entrance into a new market or industry- totally new, unrelated)
    • Diversification (invests in a different product, business, geographic area)
  37. Cooperative action
    opposite of independent action; used by two or more organizations working together to manage the external environment
  38. contraction
    creating contractual marking systems associating yourself with something positive (Olympics)
  39. Cooptation
    putting consumer, labor or lender representatives on boards of directors
  40. coalition
    industry and trade associations
  41. mergers
    one or more companies combine together
  42. acquisitions
    one firm buys another
  43. divestiture
    a firm sells one or more businesses
  44. prospectors
    continuously change the boundaries or their task environment by seeking new products and marketings
  45. defenders
    stay within a stable product domain as a strategic maneuver
  46. certainty vs uncertainty vs risk
    • certain (information is sufficient to predict results)
    • Risky (lack complete certainty regarding the outcomes of various courses of actions but aware of probabilities)
    • Uncertain (can't even assign probabilities to various alternative and their possible outcomes)
  47. conflict
    opposing pressures from different sources occurring on the level of psychological conflict or conflict between individuals or groups
  48. lack of structure (2)
    • programmed decisions (involve routine problems, low risk/uncertainty)
    • nonprogrammed (no pre-specified course of action, requires extra info, high uncertainty/risk)
  49. Step 1 in decision making
    problem identification and diagnosis (look at past, present and future performance)
  50. Step 2 in decision making
    generate alternatives (brainstorming, ready-made solutions, custom-made solutions
  51. Step 3 in decision making
    evaluate alternatives (best decision, may differ from person to person)
  52. Step 4 in decision making
    • make a choice
    • -maximize (make the best possible decision)
    • -Satisfice (choose an option that is acceptable but not necessarily the best/perfect; search for alternatives and pick the first good one)
    • -Optimize (achieve the best possible balance among several goals; balance)
  53. Step 5 in decision making
    Implementation- have a plan
  54. Step 6 in decision making
    evaluate (vigilance- execute all 6 steps successfully)
  55. three barriers to effective decision making
    • psychological biases (interfere with objective rationality including the illusion of control, framing effects, discounting the future)
    • Time pressures (pressure to act quickly)
    • Social realities (interpersonal factors that decrease decision-making effectiveness
  56. illusion of control
    one can influence events even when they have no control over what happens-gambling
  57. framing effects
    how decisions/alternatives are presented
  58. discounting the future
    weighing short-term costs and benefits more heavily than long term costs and benefits
Card Set
Management Final
Management final test #1 Vocab wods