Commitment to achieve a measurable result within a specified period. Goals & objectives should be real & measurable
Concrete objectives that enable managers to weigh performance objectively on the basis of accomplishment, rather than subjectively on the basis of personality or prejudice
the process of getting an employee to agree to pursue a given objective gives that individual a personal stake in the success of the enterprise
Good objectives represent a challenge; they have a motivational aspect. People usually feel good about themselves & what they do when they successfully achieve a challenging objective
Managers should not confuse being busy with being effective & efficient. Results are what really count.
Used by computer programmers for identifying task components & by total quality management teams for work simplification
Program evaluation & review technique. It is a graphical sequencing & scheduling tool for complex projects
Cost Leadership Strategy
Managers have a concern for keeping costs & prices lower than those of competitors
A company's product or service must be considered unique by most of the customers in its industry in order to succeed
Cost Focus Strategy
Organizations attempt to gain a competitive edge in a narrow (or regional) market by exerting strict cost control
Focused Differentiation Strategy
Involves achieving a competitive edge by delivering a superior product/service to a limited audience
Finding the organization's niche by performing a SWOT analysis. An organization's key capabilities & appropriate niche in the marketplace become apparent when the organization's strengths & weaknesses are cross-referenced with environmental opportunities & threats
A decision must satisfy a number of often-conflicting ________ representing the interests of different groups, so decision makers must balance the needs of all stakeholders
Risk & Uncertainty
Along with every decision alternative comes the chance that it will fail in some way. Poor choices can prove costly, yet the right decision can open up whole new worlds of opportunity.
Decision complexity is increased when technical specialists are consulted before making a decision
Rarely is a single manager totally responsible for the entire decision process. After this input, complex decisions wind their way through the organization, with individuals & groups interpreting, modifying, & sometimes resisting.
Results of purposeful actions are often difficult to predict. Hurried &/or narrowly focused decision makers typically give little or no consideration to the full range of likely consequences of their decisions.
Condition of Risk
Decision made on basis of incomplete but reliable information. Managers can use it to calculate the probability that a given event will occur & then to select a decision alternative with favorable odds.
Escalation of Commitment
People get locked into losing courses of action to avoid the embarrassment of quitting or admitting error
Can expose managers to unreasonable risks. Researchers have found a positive relationship between this & task difficulty.
Coordination of Effort
Individuals who join together & coordinate their mental/physical efforts can accomplish great things
Division of Labor
By dividing complex tasks into specialized jobs, an organization can use its human resources efficiently
Hierarchy of Authority
If anything is to be accomplished through formal collective effort, someone should be given the authority to see that the intended goals are carried out effectively & efficiently
Human Resource Management
Involves the acquisition, evaluation, retention, & development of human resources
Equal Employment Opportunity
Law provides a broad umbrella of employment protection for certain categories of disadvantaged individuals, making it virtually impossible for hiring organizations to discriminate of the basis of race, color, sex, religion, national origin, disabilities, or military service
Affirmative Action Program
Making up for past discrimination by actively seeking & employing minorities
Movement promises to raise the discussion of equal employment opportunity & affirmative action to a higher plane