Exam 1 study guide
Exam 1 study guide MGMT 301
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This 8 page Study Guide was uploaded by Emma Dillon on Thursday February 12, 2015. The Study Guide belongs to MGMT 301 at Pennsylvania State University taught by Ron Johnson in Spring2015. Since its upload, it has received 400 views. For similar materials see Management 301 in Business, management at Pennsylvania State University.
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Date Created: 02/12/15
WHY take a class in management Every other business course stems from this class people and organizational language of business Football exercise the process of management 4 elements of mgmt 1 Planning having goals in mind 2 organizing establishing structure 3 control metrics 4 leadership engagement Smeal Honor Code components 3 We the Smeal College of Business community aspire to the highest ethical standards and will hold each other accountable to them We will not engage in any action that is improper or that creates the appearance of impropriety in our academic lives and we intend to hold to this standard in our future careers Fortune 500 largest US companies by revenue walmart Global 500 Largest global companies by revenue Revenue money coming in Net profit money coming in money spent Languages of Business accounting technical business major functional management people and organizational business information and literacy conversational So you think you can dance and manage You have to have these skills Technical leadership and business CHAPTER 1 Leader finds the right strategy considers long term view and thinks should we do it innovates focuses on people and DOES THE RIGHT THING Manager executes the plan actually does things considers short term view DOES THINGS RIGHT BOTH are important and recruiters look for qualities of BOTH Shirtless dancing guy example of leadership followership people prefer to stay part of whatever the crowd is doing so as soon as the crowd started dancing so did the majority of people leaders need guts and have to be easy to follow the first follower is also a leader because without that follower there is no movement Levels of Management Pyramids traditional looking to make a profit most companies are structured this way with one being at the top BOARD OF DIRECTORS has power over the CEO exist in all sectors military religion education business inverted customers in mind first not looking to make a profit companies consider how the customers will think about their service BOARD OF TRUSTEES has power over the CEO WL Gore example of an inverted pyramid structure this company is run in a different way they operate with a lattice network and resist titles within the workforce because it puts you in a box of assumed authority employees self commit to projects so all leaders have followers Roles of managers and corresoonding elements interpersonal Don Thompson CEO of McDonalds example figure head represent company in any formal or ceremonial way leader person that tasks others and holds them accountable to that task liaison called on to connect externally talk to the media Informational exchanging and processing information Steve Jobs introducing iPad example Mary Barra CEO of GM on stage at car show spokesperson monitor watch what is going on both in the company and in the world disseminate tell others what you have learned and what is going on spokesperson relay information and make presentations decisional turning information into decision making negotiator for resources divisions higher influence disturbance handler if there is problems within their unit they step in resource allocator decide where to spend the money entrepreneur what else can we do or change to be better innovations yield results Management process regardless of level 1 planning set the performance objectives establish goals 2 organizing arrange tasks and resources 3 leading inspire others to achieve success 4 controlling measure performance and take action to get desired results Skidetermined by Robert Katz Harvard conceptual able to see the big picture human all interactions with others DEAD EVEN for all positions in an organization technical being able to perform specific tasks pepsiCO The 6 BIG issues in Management 1 globalization worldwide interdependence of resources governance oversight by board of directors ethics morals knowledge workers using their minds as critical assets to employers diversity treating others equally due to the differences among workers glass ceiling effect prejudice discrimination 6 self management understanding oneself and learning from experience 9quotquot9 N CHAPTER 2 4 Different historical structures of Management 3 Approaches Classical approach using the assumption that people are rational 0 Taylor Scientific management analyzed workers at trade shop changed workforce by hiring specific people for specific jobs where they would produce the best GOAL produce maximum prosperity for employers and employees Ford and BMW examples of mass production techniques Assembly line 0 Weber Bureaucratic organizations led with the head and heart and learned how to become organized to take on bigger projects Clear division of labor hierarchy of authority formal rules 0 KEY Power is the ability to conceive actions 0 downside almost too many rules can be slow to react to change customers not always treated well benefits you can get a lot of followers and do BIG projects NASA and Lunar X anti examples of people evoking others to do new things 0 Fayol developed the ideas that we actually learn in class the administrative principle developed principles of having a single boss organizing command control coordinate 0 KEY Scalar principle clear communication at all levels and the unity of command having one boss to decrease confusion Behavioral approach understanding people leads to productivity more creative and individual 0 Mayo studied the impacts that certain factors had on workers lighting incentives in the Chicago Hawthorne Works really focused on the people and human relations 0 found no key relationships between factors but that researcher attention was key people acted differently because they knew they were being watched o HAWTHORNE EFFECT people have the tendency to live up to expectations and that can change productivity o Maslow established a hierarchy of needs that when understood would lead to success be able to apply all to hunger games SELF ACTUALIZATION making a difference in MY world not THE world ESTEEM respect competence how you see yourself SOCIAL love belonging family need to be connected alliance SAFETY home relationships money supplies PHYSIOLOGICAL food water nothing else matters if you don t have them 0 Progression principle people only go up the chart the bottom needs will be met before others deficit principle once a need has been met it no longer motivates someone when you want to use the hierarchy in business you must first assess the company s current level of need 0 McGregor developed a separation of viewpoints that employees have of their leader I people make the mistake of making it either or without realizing the context that managers can be both why would you want to be theory X 0 THEORY X participative dislike work lack ambition follow not lead resist change irresponsible manager really involved 0 THEORY Y autocratic willing to work creative capable self controlled and directed responsible manager gives freedom Modern approach all about analytics main example is the ZARA case 2 0 Operations and management science using business analytics big data 0 consumer data 0 research rata 0 use this data to apply the BIG 5 Network models charts forecasting what is next inventory analysis what is the optimal amount queuing theory how can we make lines shorter disney and walmart linear programming where should I put my plants 9quot4 9 N 0 customer driven open systems systems approach to understanding business by focusing resources and energies on satisfying the needs of customers 0 the customer s willingness to buy the product provides the revenue needed to keep the business in motion 0 contingency thinking thinking ahead six sigma using tools and methodologies to improve any process lean principles tools and methodologies used to reduce waste ZARA CASE modern management emphasis on data 30000 designs per year fast and locally targeted vertically inverted business model 25M products per day take ideas and quickly produce with almost no advertising 3 30 sale increase over last 3 yrs lightning speed and reasonable prices SUCCESS FACTORS production and design to optimize the flow of goods using data to solve problems analytics CHAPTER 3 responsibility ability or authority to act on one s own without supervision terminal values preferences about desired end states instrumental values preferences regarding the means to desired ends SpiderMan WITH GREAT POWER COMES GREAT RESPONSIBILITY 0 Ethics is not teachable but we are able to develop an awareness for it o if something unethical happens TELL SOMEONE PONG model divisions of ethics P personal people make all decisions most important 0 organizational code of ethics all companies have N national country protocols G global in relation to other areas Ethics resource center data all percentages of unethical behavior decreased table beginning value 28 ending value 9 general trend improvement in terms of ethics 5 Types of Misconduct 1 abusive behavior 18 lying to employees bosses 17 bad use of interned 12 social media gaming shopping conflict of interest 12 advantage because you know someone discrimination 12 95quotP9 N ethics set of principles right conduct underlying values 0 the corporate world wants people who start with values because 99 of business situations require ethics cultural relativism change based on where you are vs moral absolutism take personal values everywhere 0 MIDDLE GROUND HYPER NORMS 0 Countries share more than they realize when it comes to ethics because no matter the business they want a good workforce and trusted product Approaches to Ethics 0 Conventional comparing behaviors to what is socially accepted also called common sense approach 0 moral reasoning approach differences of views and approaches to ethics 0 Justice view treating people impartially and fairly o utilitarian view delivers the greatest good to the most people what will help the majority individualism view advances longterm self interest moral rights view respects and protects fundamental rights Right vs Wrong o a lot of people want to do the right thing 0 there is a way to think about what is right or wrong 0 think about factors that influence decisions ethical decision making framework sweetie example assume you don t know what to do and GET HELP talk to HR awareness what is going on facts stakeholders anyone who has interest in the issue standards code of conduct rules values personal and corporate ac ons preconventional self centered conventional social centered postconventional principle centered ooowwewwe39 Kolberg s Levels of moral development 3 stages 6 levels 0 most of us reach self level 0 many of us reach social level responsive to family friends good citizen o few of us reach all level pursue rights and ideals 1 punish self reward self good others social law others social fairness all principles universal all principles mweww Elements of culture 1 industry standards avoid undue authority ways around boss communicate detection prevention ex ethic hotline compliance rules and penalties leadership what does CEO think do ethics officers groups identified to help with ethical issues codes company values written down training raise awareness teach it 0 audits outside source to check progress 49390 3919 9 N the number one factor that influences behavior BOSS SUPERVISOR rules are found in a compliance document ethics found in a code of conduct whistle blowing exposing the misconduct of an organization can be own immoral manager unethical amoral manager doesn t consider ethics moral manager has ethical goals TERMS OUT OF BOOK agenda setting clearly identifying an agenda networking building and maintaining relationships social capital capacity to attract the support of others globalization worldwide interdependence of resources global resourcing hiringcontracting workers for work to be done in other countries cheap labor reshoring moving from a foreign to domestic location bc of transportation costs glass ceiling effect invisible barrier that puts limits on women in workplace free agent economy people shiftjobs freely motion study reducing a task to its basic physical motions unity of command workers should only have one boss ethical imperialism trying to impose one s ethical beliefs on other cultures ethical dilemma situation that is unethical but has potential benefit
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