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MGT301: FINAL EXAM
Terms in this set (93)
6 major challenges facing managers today
1. increasing efficiency- due to globalization and international competition
2. increasing effectiveness by improving the quality of our work
3. becoming more flexible and innovative in serving customers' needs
4, properly utilizing IT - every business collects lot of data, but what does it mean? use analytics to tern info into knowledge
5, maintaining high ethical standards
6. leveraging the power of diversity
the agrarian era
-work was low-efficiency, high touch and localized
- almost no competition
-nepotism was the way of management
adam smith 1776
-wrote a book titles "the wealth of nations"
-came up with the four principles to manage organizations efficiently
division of labor --> specialization --> expertise
german, early 1900s
-came up with how to make an entire company efficient
max webers 5 rules to make an entire company efficient
1. a managers authority is not based on kinship, but should be based on position in hierarchy (no more nepotism)
2. this position should come from expertise, knowledge and skill
3.everybody must have a job description
4. job descriptions must be organized into charts
5. there must be clear policies and procedures
mary parker follett 1930s
believed that all work is built on people, and humans are NOT machines
1. who knows the most? the workers!
2. what is a mangers job? two roles: be a coach and be a facilitator (make things easier)
3. create cross-functional teams; collaborate with people from many parts of the org
4. authority is based on knowledge and skill, not position
hawthorne studies 1930
-a study was done by professors from harvard university at the hawthorne works factory of teh western electric company, the manufacturing arm of AT&T
-they manipulated different variables to find what motivates people best
the hawthorne effect
paying attention to people produces positive productivity
-believed that as a boss you will either believe in theory X or theory Y
-if you believe in theory X you will mkae stricter rules, whereas if you believe theory Y you will be easier on employees
-as a manager you must be aware of your own personal assumptions
you will believe that people do not like to work
you will believe that people do like to work
the big 5 personality traits
5. openness to experience
tendency to experience positive emotions
- successful people tend to have high amount of extra verion
tendency to be critical and to find fault
-successful people have high negative affect
tendency to get along with other people
-this trait has a curved (curvilinear) relationship with success
- to a degree, being agreeable is good, but at a certain point it leads to a lack of success
tendencyy to be careful, precise and you persevere
-successful people have a very high amount of this
openness to experience
tendency to be curious, have high interest and broad interest
-successful people have a very high amount of this
internal locus of control
you control what you chose to do
-is possessed by successful people
external locus of control
outside forced influence you
emotional maturity and strength
CP => C&A => M/E/F
CP- correct principles
C&A- choices and actions
M/E/F- moods emotions and feelings
-this leads to success in work and life
3 questions to ask when ethics should be considered
1. does my decision fall within the usual and customary standards of my profession
2. am i willing to personally and openly communicate my decision to all affected stakeholders
3. will more than one party benefit
5 business benefits to diversity
1. we aboid costly lawsuits
2. it gives us a variety of points of view
3. we have a wider range of creative and innovative ideas
4. we get an increased ability to attract and retain valuable employees
5. we are better tuned into the needs of our diverse customers
how to address diversity at work (7)
1. evaluate where you are today
2. inform employees about diversity policies
3. convey that diversity is a valued goal by bilding it into managers evaluation and reward systems
4. enable diverse employees to coordinate and collaborate together
5. commit resources to support diversity
6. support diversity efforts in the wider community
7. serve as a role model
the classical method of decision making assumes that we can...(4)
1.identify all possible alternatives
2. evaluate all possible alternatives
3. forecast teh consequences of every alternative
4. be perfectly rational, logical and analytical in choosing the one best course of action
the administrative method of decision making assumes that (3)
-for a world that is uncertain, risky, messy
1. we are limited in our ability to be perfectly rational and logical: bounded rationalities
2. we have incomplete, ambiguous information
3. so therefore, we engage in satisficing
limits of time, money, brain power
choosing the first good enough alternative
when a group of people agrees to something without really thinking through what theyre doing
-like a mob mentality
four conditions when groupthink is likely to occur
1. there is high emotion in the group
2. there is pressure to have unanimous consensus
3. the culture of teh group is not tolerant of diversity, criticism or innovation
4. one person dominates the others
how to break through groupthink (2)
1. increase diversity of the group (both demographic and cognitive)
2. devils advocacy
devils advocacy (4)
1. one person is appointed as the devils advocate. their job is to:
2. point out problems with the selection of options
3. defend unpopular or opposing opptions
4. critique the process of choosing solutions
developing new or novel ideas
-the light bulb goes on
- the R in research in development
the implementation and commercialization of creative ideas
-like the D in research and development
good failure/right kind of failure (4)
1. the failure did not occur because of laziness
2. the failure did not occur because of violations of ethics
3. the employee can explain how and why it happened so they have learned and changed
4. the failure is not repeated
4 benefits from a good, clear mission statement
1. defines your business
2. allows us to establish major goals
3. provides a sense of direction and focus
4. a good statement will stretch everyone toward superior performance
producting and selling products that are similar to each other
-procter and gamble
producing and selling products that are not at all similar to each other
the value chain (6)
forward vertical integration
to the customer
backward vertical integreation
to the raw materials
asks the fundamental question of international business "to what extent do we customize our products for different national cultures, versus standardizing our products worldwide for global efficiency
multi-domestic international expansion
customize products in every local culture
-this is effective
global strategy international expansion
strategy of selling the same product everywhere
-this is efficient
the 7 types of organizational structures and when to use them
for a young single product firm
for a firm pursuing a strategy of related diversification
for a firm pursuing a strategy of unrelated diversification
for a firm engaging in strategy of forward vertical integreation
for a firm pursuing a multi-domestic strategy
for high tech, and those promoting organizational learning
highly educated white collar professionals working on projects
-ex: law firms, consulting firms, architectural firms, etc
-decentralized decision making and flexible structure to their greatest extent
expectation: hard work produces good results
instrumentality: good results will be rewarded
value: they will like the reward
maslows 5 hierarchy of needs
1. physical needs
2. safety needs
3. social needs
-believed there was something missing from maslows five needs
-maslows two lower needs (physical and safety) are called hygiene needs
-these hygiene needs do not motivate people but they do play an important role in motivation
-their absence de-motivates people
-hygiene needs are necessary but not sufficient for motivation
social learning/vicarious learning/role modeling
-set a good example as a leader yourself
-you are a role model
-show your employees others who are doing things right
CHAPTER 1: CHARACTER
-"leadership is the capacity and will to rally men and women to a common purpose and the character which inspires confidence"
- bill lear "was willing to risk his success, his fortune, and even his life...but not his integrity"
- "crisis doesnt necessarily make character, but it certainly does reveal it"
-our character is not our beliefs, not our faith, nor our promises. it is simply our choices and actions
-"unaddressable cracks in character only get deeper and more destructive with time"
-"a leader not only stays above the line between right and wrong, he stays well clear of the 'grey areas'"
the chain or character for leadership
character --> respect --> trust --> following
leaders who do not address cracks in their character will fall into one of the five A's
CHAPTER 3: COMMITMENT
-michelangelo: committed to a task even though it wasnt his passion
-"the only real measure of commitment is action"
-"as a leader you will face plenty of obstacles and opposition...there will be times when commitment is the only thing that carries you forward
CHAPTER 5: COMPETENCE
5 characteristics of ben franklin and all his competent people
1. his mind was curious
2. he took it upon himself -internal locus of control
3. come ready every day no matter what -emotional maturity and strength
4. continually search for ways to keep learning, growing, and improving -long life learning
5. always go the extra mile NEVER SAY "lets just get through this"
CHAPTER 6: COURAGE
-winston churchill said "courage is rightly esteemed the first of human qualities because it is the quality which guarantees all others"
-aristotle taught that courage is the first of all human virtues
-courage is doing what youre afraid to do there can be no courage unless youre scared
-"every test you face as a leader begins within you"
-"all the significant battles are waged within self
-"courage is contagious"
-"fear limits a leader BUT there is no fear in love"
-tacitus wrote "the desire for safety stands against every great and noble enterprise
-john henry newman said "fear not that your life will come to an end but that it wil never have a beginning
"are you stretching experiences a regular part of your daily life or have you retreated so far into your comfort zone that you dont even feel fear
CHAPTER 7: DISCERNMENT
-maxwell says "smart leaders believe only half of what they hear discerning leaders know which half to believe"
-what is the challenge that leaders face? "leaders of large orgs must cope with tremendous chaos and complexity every day"
what does discernment allow a person to do? (3)
1. to see a partial picture and fill in the missing pieces intuitively
2. to find the real heart of a matter
3. to see root causes of difficult problems without having to get every bit of info
how does discernment work (2)
1. "it lies in the blend of clearheaded logic and powerful intuition"
2. "use both your gut and your head"
how do we cultivate discernment (3)
1. "value nontraditional thinking"
2. "embrace change, ambiguity, and uncertainty"
3. "broaden your horizons"
CHAPTER 10: INITIATIVE
-"success seems to be connected with action. successful pepople keep moving"
-"initiators dont wait for other people to motivate them. they know it is their responsibility to push themselves beyond their comfort zone"
-kennedy said "there are risks and costs to a program of action, but they are far less than the long-range risks and costs of comfortable inaction"
-holbien says "great ships are always safe if they stay in the harbor but that is not why we build great ships"
-"only those who dare to fail greatly can ever achieve greatly"
CHAPTER 15: RELATIONSHIPS
-"people dont care how much you know until they know how much you care"
-le roy kurts "the fields of industry are strewn with the bones of those orgs whose leadership became infested with drytot, who believed in taking instead of giving, who didnt realize that the only assets that could not be replaced easily were the human ones"
-"if your focus is on what you can put into people rather than what you can get out of them, theyll love and respect you and these create a great foundation for building relationships"
CHAPTER 17: SECURITY
-"insecure leaders are dangerous"
- an effective leader, the kind others want to follow, makes their followers feel good about themselves, not about the leader
-holbien adds "when your friends are with you, how do they feel about themselves
-the law of empowerment: "only secure leaders give power to others"
-"nothing is a greater impediment to being on good terms with others than being ill at ease with yourself"
margaret thatcher had (4)
1. she was calm under fire
2. she didnt follow the crowd
3. she made up her own mind
4. she continued working hard
3 reasons insecure leaders are dangerous
1. because a leadership position amplifies personal flaws
2. insecure people are on a continual quest for validation, acknowledgement, and love"
-holbien adds "if you feel that you must demand respect from other, you probably do not deserve that respect"
3. you cannot give what you do not have
3 aspects of secure leaders
1. they arent arrogant
2. they go out of their way to bring the best people together and build them up
3. when a secure leaders team suceeds, it brings him great joy
CHAPTER 18: SELF-DISCIPLINE
-plato said "the first and best victory is to conquer self"
-"anyone who does what he must only when he is in the mood or when its convenient isnt going to be successful"
-"to be successful self-discipline cant be a one-time event it has to be a lifestyle"
-"talent without discipline is like an octopus on rollerskates"
-"if you know you have talent and youve seen a lot of motion but little concrete results you may lack self-discipline"
-"the best time to plant a tree is twenty five years ago...the second best time is today"
three steps to improve self-discipline
1. determine your priorities
2. list the reasons why you have those priorities
3. get rid of excuses. dismiss them
CHAPTER 19: SERVANTHOOD
-"the best leaders desire to serve others"
-"the first mark of servanthood is the ability to put others ahead of yourself and your personal desires"
-"the real heart of servanthood is sesurity..show me someone who thinks he is too important to serve and ill show you someone who is basically insecure"
-"learn to walk slowly through the crowd"
-"begin serving with your body, and your heart will eventually catch up"
-"if you want to lead on the highest level, be willing to serve on the lowest."
CHAPTER 20: TEACHABILITY
-"ironically lack of teachability is often rooted in achievement. some people mistakenly believe that if they can accomplish a particular goal, they no longer have to grow"
-ray kroc said "as long as youre green, youre growing. as soon as youre ripe you start to rot"
- teddy roosevelt said "he who makes no mistakes makes no progess"
-tuff hedeman champion bull rider said "the bull wont care what i did last week"
-"when was the last time you did something for the first time"
CHAPTER 21: VISION
-walt disney "the cartoonists disappointment inspired him with a grand vision"
-"vision is everything for a leader,,,because vision leads the leader"
-"show me a leader without vision and ill show you someone who is traveling in circles"
-"you cant buy beg or borrow vision. it has to come from inside"
-"and if your vision has real value it does more than just include others, it adds value to them"
-"one of the most valuable benefits of vision is that it acts like a magnet-attracting, challenging, and uniting people"
WSJ "new year new job? read this first"
-the managers greatest uncertainty is whether the method that they use to select who to hire really can predict the persons future performance on the job
-a selection method that actually does predict future performance is said to heave "validity"
-more employers are incorporating simulations, challenges or assessments as tryouts into hiring process
-by plunging candidates into exercises that mimic the roles they are interested in, hiring managers can get a sense of a cnadidates decision-making and temperament
WSJ "game over for struggling mattel ceo"
demonstrates our topic of paradox-the difference between subjective human intuitive kills (creativity , culture, betting expectations, feelings,) versus the objectivity of number and bureaucratic analysis
WSJ "how well are your listening?"
-ms ruble was listening to her husband talk business to her and she said "whatever you are saying is like speaking greek to me" and said "when im too focused on efficient communication then i come across as a jerk and my husband feels dismissed. when i let my conversation meander, it is usually fun"
-paradox of efficiency-effectiveness shows up
why is it hard to listen (4)
1. we swap stories, implicitly showing that our thoughts are better than others' thoughts are better off than others
2. we interrupt
3. were uncomfortable with emotions, so we avoid focusing too closely on someone elses emotions
4. wed rather talk about ourselves so we rush the talker along
7 techniques that can improve your listening
1. lean forward toward the speaker
2. let your facial expressions reflect what he is saying
3. nod periodically and subtly mimic their body language to build empathy
4. be sure to make eye contact
5. legitimize the other persons feelings by reflecting them back
6. use short words or even sounds such as yet and right to support the speakder
7. periodically paraphrase what they are saying
WSJ "bright future in sales? millennials are hesitant"
millennials seem to be hesitant to pursue careers selling technical and scientific products in spite of the following 8 favorable aspects
1. they pay twice the median US wage
2. companies are competing vigorously to hire in these positions
3. it provides continuous learning
4. it sharpens your critical thinking capabilities
5. you help others solve their problems
6. there is a lot of training provided, and a number of paths for career progress
7. you work in an environment of teamwork and collaboration
8. as holbeins ol daddy used to say "the skills you develop in sales are core to all work"
WSJ "the way to become a strategic executive"
-involving longer time frames
-dealing with ambiguous information that which can be interpreted differently by different people
1. network with people who are outside of your normal circle of friends and colleagues- outliers bring new ideas and contacts
2. blend knowledge with credibility
3. feed your creativity
4. focus your efforts on adding value to the lives of others
5. allocate your time and efforts by establishing and committing to clear priorities and values; otherwise you will sub-optimize your potential
1. the informational role of being a public speaker
2. the interpersonal role of being a "ceremonial" figurehead
3. the decision-making role involved with collaborative planning
WSJ "i dont have a job i have a higher calling"
-today we hear "follow your passion" and it seems to encourage self-serving pleasure seeking
-original definition of passion is selfless sacrifice for the sake of others-a much higher calling than self-serving pleasure-seeking
-one becomes wealthy by adding value for others, they then pay you for making them better off.
-can bring power to your leadership
-holbein does not believe that there is one soulmate out there for you
WSJ "when a weak schedule finally turns tough"
-gonzaga universitys mens basketball team shows us several principles that apply to more than just sports, but also to business and life in general
1. when we pursue a low caliber schedule, it may lead to an artificially gaudy record
2. when we have an artificially gaudy record, it may lead us to think that we "deserve" more than what we have earned
3. when we think that we "deserve" more than what we have earned, it will lead to inevitable trouble
*there is no easy path to success
WSJ "languishing louisville slugger gets new owner"
-louisville-based Hillerich and Bradsby Co. is selling the rights to the bat to Wilson Sporting Goods Co.
-HIllerich will continue to manufacture bats but it will be up to Wilson to sell them
-the move is aimed at spurring growth for the languishing brand
-louisville slugger remains the market leader in sales of wooden bats but faces tougher competition among sales of non wooden bats
THIS IS A PRIME EXAMPLE OF THE STRATEGY OF RELATED DIVERSIFICATION
-wilson will add the louisville slugger bat to its portfolio of gloves, uniforms, etc which is a part of Amer Sports' ball-sports division, the parent companys second largest division by revenue
WSJ "total taps chinese banks to fund russian project"
-total, a french oil company is pushing ahead with a $27 billion natural gas project in the russian arctic but will seek a big chunch as much as $15 bil worth of financing thru chinese banks in local currency and euros
**THIS IS AN EXAMPLE OF THE STRATEGY OF INTERNATIONAL EXPANSION
LESSON: if you are not augmenting yourself with international learning and experiences, you are falling behind the curve
WSJ "morgan stanley preps next leaders"
-Mr. Gormans effort to prepare morgan stanley for the next phase of its turnaround
-"these changes are part of our continued path forward from a period of repositioning to a period of growth"
-one of the major keys to building new success throughout morgan stanley will be getting strong leaders in the right positions
-top priority for this year was possible new assignments for emerging managers
-gorman is gromming a new generation of executives still in their 40s
-he is rotating executives into new roles that should bring vitality and evergy to them and to the org
-potential moves are part of an effort to make executives more well-rounded and give them experience in other businesses
** "the beauty of this business is that people get opportunities inside the firm and out to grow and challenge themselves" = internal locus of control
WSJ "the unexpected benefits of being a worrywart at work"
-a little worry can motivate people to be more persistent in doing difficult tasks
-walt disneys disappointment inspired him with a grand vision
-the negative affect- the tendency to be critical and to find fault- is correlated with success among entrepreneurs "unhappy voice"
-"constructive worry" moves us to formulate contingency plans to face adversity
-those who are too cheery can come across to others as lacking empathy
WSJ "to get a job new hires are put to the test"
-uses personality tests to see how applicants stack up against top call-center workers in such traits as friendliness, curiosity and the ability to multitask
-companies arent settling for people with minimum skills; they want applicants who stand out in ability and temperament
** this illustrates what Holbein taught us about...
1. if you want to be outstanding you must stand out
2. the Holbein thumbtack: "ability" is the sharp point and "temperament" is the broad human surface top
WSJ "the best table in hollywood"
-Brain Grazer holds "curiosity conversations" where he meets with all sorts of different people to pick their brains, and fill up his reserves of info, stories, and relationships that all successful people need
- curiosity is even more important than passion in driving our success. Passion can blind us
-our curiosity must be reinforced by four other attributes:
1. readiness to pay attention
2. taking action
3. working hard
-the main proof of curiosity's importance is Mr. Grazers success
WSJ "when the only thing holding you back is self doubt"
-Leyla Seka nearly quit her vice president job at a software company because she assumed her bosses didnt believe she could handle a more demanding role
-with help from her boss she was able to recognize her self-doubts and land an executive job more challenging than any she had imagined
1. a big obstacle "i did something i see many women doing" she says "i didnt ask" for help moving up. instead she says "i made up a whole story in my head about how i was typecast at saleforce" this shows a remarkable lack of an internal locus of control. rather than taking action herself, she attributed her lack or progress to the external environment at work
2.a positive choice: leyla points to the fact that she cant write code and says "i act really confident but im insecure" that is a perfect example of emotional maturity and strength -regardless of how she felt inside, she still acted in a positive way
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