80 terms

Principles of Management - Exam 1

Chapters: 1, 4, 5, 6
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Manager
The individual responsible for achieving organizational objectives through efficient and effective utilization of resources
Managers Resources
Human, financial, physical & informational resources
Performance
means of evaluating how effectively and efficiently managers utilize resources to achieve objectives
Management Skills
skills needed to be an effective manager, including technical, interpersonal and decision-making
Technical Skills
ability to use methods and techniques to perform a task
Interpersonal Skills
ability to understand, communicate and work well with individuals and groups through developing effective relationships
Decision-Making Skills
ability to conceptualize situations and select alternatives to solve problems and take advantage of opportunities
Management Functions
Planning, Organizing, Leading, and Controlling
Planning
The process of setting objectives and determining in advance exactly how the objectives will be met
Organizing
the process of delegating and coordinating tasks and allocating resources to achieve objectives
Leading
the process of influencing employees to work toward achieving objectives
Controlling
the process of monitoring progress and taking corrective action when needed to ensure that the objectives are achieved
Management Role Categories
the categories of roles (interpersonal, informational, decisional) managers play as they accomplish management functions
Levels of Management
Top managers, Middle managers, and First-line managers
Types of Managers
General Managers, Functional Managers, and Project Managers
Classical Theorists
researchers who focus on the job and management functions to determine the best way to manage in all organizations
Behavioral Theorists
researchers who focus on people to determine the best way to manage in all organizations
Management Science Theorists
Researchers who focus on the use of mathematics to aid in problem solving and decision making
Systems Theorists
researchers who focus on viewing the organization as a whole and as the interrelationship of its parts
Sociotechnical Theorists
Researchers who focus on integrating people and technology
Contingency Theorists
researchers who focus on determining the best management approach for a given situation
Knowledge Management
Involving everyone in an organization in sharing knowledge and applying it continuously to improve products and processes
Problem
the situation that exists whenever objectives are not being met
Problem Solving
the process of taking corrective action to meet objectives
Decision Making
process of selecting a course of action that will solve the problem
Decision Making Model
6 step process for arriving at a decision:
1) classifying/defining the problem/opportunity
2) setting objectives & criteria
3) generate creative and innovate alternatives
4) analyze alternatives and select best
5) plan and implement decision
6) control the decision
Programed Decisions
decisions that arise in recurring or routine situations for which the decision maker should use decision rules or organizational policies
Nonprogramed Decisions
significant decisions that arise in non-reacurring/ non routine situations, for which the decision maker should use the decision-making model
Decision Making Conditions
certainty, risk and uncertainty
Criteria
standards that an alternative must meet to be selected as the decision that will accomplish the objective
Creativity
a way of thinking that generates new ideas
Innovation
the implementation of a new idea
Creative Process
the approach to generating new ideas that involves three stages (1) preparation (2) incubation and illumination (3) evaluation
Devils Advocate Approach
group members focus on defending a solution while others try to come up with reasons the solution will not work
Brainstorming
the process of suggesting many possible alternatives without evaluation
Synetics
the process of generating novel alternatives through role playing and fantasizing
nominal grouping
the process of generating and evaluating alternatives using a structural voting method
consensus mapping
the process of developing group agreement on a solution to a problem
Participative Decision-Making Model
a time-driven or development-driven decision tree that assists a user in selecting one of 5 leadership styles to use in a given situation to maximize a decision
Strategic Planning
the process of developing a mission and long-range objectives and determining in advance how they will be accomplished
Operational Planning
the process of setting short-range objectives and determining in advance how they will be accomplished
Strategy
a plan for pursuing a mission and achieving objectives
Situation Analysis
an analysis of those features in a company's environment that most directly affects its options and opportunities
SWOT Analysis
a determination of an organization's internal environmental strengths and weaknesses and external environmental opportunities and threats
Competitive Advantage
specifics how an organization offers unique customer value
Benchmarking
the process of comparing an organization's products and services and processes with those of other companies
Objectives
statements of what is to be accomplished that is expressed in singular, specific, and measurable terms with a target date
Management by Objectives (MBO)
the process in which managers and their employees jointly set objectives for the employees, periodically evaluate performance, and reward according to the results
Grand Strategy
an overall corporate strategy for growth, stability, or turnaround and retrenchment, or for some combination of these
Growth Strategy
strategies a company can adopt in order to grow concentration, backward and forward integration and related and unrelated diversification
Merger
occurs when two companies form one corporation
Acquisition
occurs when one business buys all or part of another business
Business Portfolio Analysis
corporate process of determining which lines of business the corporation will be in and how it will allocate resources among them
Adaptive Strategies
overall strategies for a line of business, including prospecting, defending and analyzing
Functional Strategies
strategies developed and implemented by managers in marketing, operations, human resources, finance and others
Standing Plans
policies, procedures and rules developed for repetitive situations
Policies
general guidelines to be followed when making decisions
Procedure
a sequence of actions to be followed in order to achieve an objective
Rules
Statements of exactly what should and should not be done
Single Use Plans
programs/budgets developed for handling non repetitive situations
Contingency Plans
alternative plan to be implemented if uncontrollable events occur
Organizational Change
alterations of existing work routines and strategies that affect the whole organization
Types of Change
changes in strategy, in structure, in technology and in people
Incremental Change
continual improvement that takes place within the existing technology cycle
Discontinuous Change
a significant breakthrough in technology that leads to design competition and a new technology cycle
Stages of Change Process
denial, resistance, exploration, commitment
Change Agent
the person responsible for implementing an organizational change effort
Organizational Development (OD)
the ongoing process of change used as a means of improving performance through interventions
OD Interventions
specific actions taken to implement specific changes
Team Building
an OD intervention designed to help work groups increase structural and team dynamics and performance
Process Consultation
an OD intervention designed to improve team dynamics
Forcefield Analysis
an OD intervention that diagrams the current level of performance, the forces hindering change, and the forces driving toward change
Survey Feedback
an OD intervention that uses a questionnaire to gather data to use as the basis for change
Large-Group Interventions
an OD technique that brings together participants from all parts of the organization to solve problems or take advantage of opportunities
Direct Feedback
an OD intervention in which the change agent makes a direct recommendation for change
New Venture
a small business or new line of business
Entrepreneur
Someone who starts a small business venture
Intrapreneur
someone who starts a new line of business within a larger organization
Small Business
a business that is independently owned and operated with a smaller number of employees and relatively low volume of sales
First Mover Advantage
offering unique customer value before other competitors do
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