Management Final

getting work done through others

getting work done with a minimum of expense, effort, or waste

accomplishing tasks that help fulfill organizational objectives

• Planning--determining organizational goals and a means of achieving them
• Organizing--deciding where decisions will be made, who will do what jobs and tasks, and who will work for whom
• Leading--inspiring and motivating workers to work hard to achieve organizational goals
• Controlling--monitoring progress towards goal achievement and taking corrective action when needed

• Globalization
• Technology
• Importance of Knowledge
• Collaboration across organizational boundaries

a condition or circumstance that puts a company in a favorable or superior business position

Managers are expected to set the example for their department or organization and to exemplify behavior they expect from subordinates

• 1) Develop a science for every man's method of work
• 2) Selectively train and teach this man
• 3) Cooperate with the man to make sure the work is good
• 4) Equal division of labor between manager and workers

breaking each task or job into separate motions and then eliminating those that are unnecessary or repetitive

“the exercise of control on the basis of knowledge”

planning, organizing, coordinating, commanding, and controlling; his 14 principles of management

Conflict – “the appearance of difference, difference of opinions, of interests”--resolved with domination, compromise, or integrative conflict resolution

Workers not just extensions of machines, and financial incentives weren’t necessarily the most important for motivating workers.

• Inputs--raw materials, information, etc.
• Outputs--products and services

Internal, General (Macro), Specific (Competitive/Task)

• Strengths: characteristics of the business or project that give it an advantage over others.
• Weaknesses: characteristics that place the business or project at a disadvantage relative to others
• Opportunities: elements that the project could exploit to its advantage
• Threats: elements in the environment that could cause trouble for the business or project

• 1) Threat of entry for competitors
• 2) Bargaining Power of buyers
• 3) Bargaining Power of Suppliers
• 4) Threat of Substitutes
• 5) Intensity of Rivalry

Economies of scale, brand loyalty

fixed cost of closing down; an unwillingness to reduce capacity due to hope that demand will rebound; legislation preventing exit

values, beliefs, and attitudes shared by members of the organization

• Seen--surface level; artifacts, behaviors
• Heard--Expressed values and beliefs; what people say and how decisions are made and explained
• Believed--unconscious assumptions and beliefs; rarely discussed

• Espoused--Represent the explicitly stated values and norms that are preferred by an organization;
• Enacted values--Represent the values and norms that actually are exhibited or converted into employee behavior
• Shared--espoused and enacted values

Adaptability, Employee involvement, clear vision, consistency

Behavioral addition or substitution; visible artifacts; selective hiring; keep it culturally consistent

Assimilation, Deculturation, Integration, Separation

intensified effort, persistence, direction, and creation of task strategies

False sense of certainty, detachment of planners, can impede change

• (1) discuss possible goals;
• (2) select goals that are challenging, attainable, and consistent with the company’s overall goals;
• (3) develop tactical plans that lead to the accomplishment of tactical goals; and
• (4) meet regularly to review progress
• toward accomplishment of goals

Specific, Measurable, Attainable, Relevant, Timely

• Benefits--being prepared, etc.
• Traps--unfocused, too small in scope, remaining unflexible,

• programmed--problem is common, with a consistent solution based on rules, etc.
• non-programmed--problem is rare, requires creativity

• Rational model--thorough, step-by-step
• Bounded rationality model--there are limits to rationale;
• Garbage Can model--disconnects problems from solutions

searching through available alternatives until an acceptable threshold is reached

experience-based techniques that look for effective but not necessarily optimal solutions

Cognitive biases are decision making mistakes that we are all prone to making & have been repeatedly verified in research.

leaves one less responsible; more "polar"; generates alternative solutions; leads to higher commitment;

groupthink; takes too much time; satisficing may occur

• C-type--intellectual, discussion-based conflict
• A-type--emotional, stupid

An action managers take to attain a goal of an organization

high profitability + growth in profits over time

advantage attained when a firm outperforms its rivals

ability to lower cost relative to rivals; ability to differentiate product offerings; distinctive competencies (valuable, rare, imperfectly imitable, non-substitutable)

Strategy concerned with deciding which industries a firms should compete in and how the firm should enter or exit industries

Moving upstream into businesses that supply inputs to a firm’s core business or downstream into businesses that use the outputs of the firm’s core business.

entering a field with distinct similarities vs. entering an entirely different field

• Cost leadership strategy--This strategy involves the firm winning market share by appealing to cost-conscious or price-sensitive customers.
• Differentiation strategy--Differentiate the products in some way in order to compete successfully.

• Broad low cost--Wal-mart, K-mart
• Broad differentiation--Sears, Macy's
• Focused low cost--Costco, Dollar Tree
• Focused differentiation--Abercrombie, Gap

expresses the degree to which an organization is matching its resources and capabilities with the opportunities in the external environment

• Mission--ends, not means; should imply effort and activity
• Vision--should provide a worthwhile target

• Values--should provide the reasons for actions
• Goals--provide a means by which to accomplish the mission