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MGMT 321 - Studyguide

by: Sonia Brosnan

MGMT 321 - Studyguide MGMT 321

Marketplace > University of Oregon > Business > MGMT 321 > MGMT 321 Studyguide
Sonia Brosnan
GPA 3.8

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Complete studyguide for next week's midterm, full of examples and important vocabulary to know! Happy studying!
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This 4 page Study Guide was uploaded by Sonia Brosnan on Friday May 6, 2016. The Study Guide belongs to MGMT 321 at University of Oregon taught by in Spring 2016. Since its upload, it has received 78 views. For similar materials see Management in Business at University of Oregon.

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Date Created: 05/06/16
MGMT 321 ­ Exam 2 Study Guide Chapter 9: Motivation ● Push vs. pull forces ○ Push forces ­ internal from the person ■ Ex: Needs (self­esteem), attitudes (about self, job), goals ○ Pull forces ­ external from the environment ■ Ex: Supervisor, compensation ● Extrinsic vs. intrinsic rewards ○ Extrinsic ­ the payoff a person receives from others for performing a particular task ■ Ex: Money, praise ○ Intrinsic ­ satisfaction a person receives from performing the particular task itself ■ Ex: Joy ● Content vs. process theories of motivation ○ Content theory ­ WHAT motivates employees, personal needs that workers attempt to satisfy  (needs) ■ Ex: Self­determination theory ○ Process theory ­ HOW motivation works, ways in which variables combine to affect the amount  of effort an employee is willing to put forth (interactions) ■ Ex: Expectancy theory  ● Maslow’s Hierarchy of Needs Theory ○ Worker’s motivation goes beyond a paycheck ○ If a lower level isn’t satisfied (ex: physio), can’t expect to satisfy a higher need (ex: safety) ● Alderfer’s ERG Theory ○ Existence, growth, relatedness ○ Can move between levels ● Self­determination theory ○ People are driven to try to grow and attain fulfillment with their behaviors and well being  influenced by 3 innate needs: ■ Competence ­ feeling a sense of mastery ■ Autonomy ­ feeling independent and able to influence your environment ■ Relatedness ­ feeling connected to other people ● Dan Pink TED talk ○ Money leads to better performance in simple/mechanical tasks ○ With more complicated tasks, more money leads to worse performance ○ How to motivate: ■ Pay people enough ■ Autonomy, mastery, purpose ■ Self­determination theory ● Expectancy Theory ○ People are motivated by 2 things: ■ How much they want something ■ How likely they are to get it ● Multiplicative model  ○ All variables must all be high for motivation to be high ● Goal setting  ○ Positive linear relation between goal difficulty and task performance ○ Learning goals ­ learning a skill, BETTER ■ Those who set learning goals: more satisfied, higher GPA ■ Ex: Learning to network ○ Performance goals ­ achieving a certain level ■ Ex: Getting an A or a certain GPA ○ Challenge goals ­ BETTER ■ Ex: I want to be in the top 50% of the class ○ Threat goals ■ Ex: I want to not be in the bottom 50% of the class ● Reinforcement Theory ○ Methods that cause desired behavior to be repeated ○ Positive reinforcement ­ strengthens behavior through positive consequences ○ Negative reinforcement ­ strengthens behavior by withdrawing something negative ○ Extinction ­ weakening behavior by ignoring it or not reinforcing it ○ Punishment ­ weakening behavior by presenting something negative or withdrawing something  positive Chapter 12: Decision Making ● Classical/Rational Model of Decision Making ○ How decisions should be made  ○ In a rational and quantifiable world  ○ Should lead to the correct decision ● Step 1: Identify Decision Strategies ○ Problems ○ Opportunities ● Step 2: Develop Objectives and Criteria ○ Specific criteria ○ Relative weightings ● Step 3: Generate Alternatives ○ Past solutions ○ Create new solutions ● Step 4: Analyze Alternatives ○ Minimally acceptable results ○ Feasibility ○ Best results ● Step 5: Select Alternative ● Step 6: Implement Decision ○ Sources and reasons for resistance ○ Chronology and sequence of actions ○ Required resources ○ Delegation of tasks ● Step 7: Monitor and Evaluate Results ● Assumptions of R/C Model ○ Problems are clear ○ Objectives are clear ○ Everyone agrees on criteria and their weights ○ All alternatives are known ○ All consequences can be anticipated  ○ Decision makers are rational with no biases and cognitive ability to process all relevant  information ● Bounded Rationality Model ○ Decision makers do not examine all suggested solutions before choosing one ■ Examine one at a time, stop at an acceptable solution  ■ Ex: Click through TV channels, but once you find a channel that is minimally acceptable, you  select it and move on (not necessarily the best) ○ Decision makers do not use objective criteria and weights to judge alternatives ■ Use heuristics ­ rules and strategies to simplify decision making ■ Ex: Company that has been successful with hiring Ducks in the past → simplifies decision making process ○ Decision makers want to choose the best solution but usually settle for the first solution that is  minimally acceptable ■ Satisficing ● Assumptions of B/R Model ○ There are bounds/limits to our rationality ● Dan Ariely TED talk ○ We are irrational ■ Not random ■ Systematic/predictable ■ Power of alternatives ○ Understanding/awareness ● Cognitive biases ○ Availability bias  ■ Base judgements and decisions on the availability of information in memory ■ If something easily comes to mind, we may exaggerate the likelihood that it could occur ● Murder vs. Suicide ● Botulism vs. Lightning ● Asthma vs. Tornadoes ■ Distorts our estimates of how likely an event really is ■ Blinds us to base rates, or actual frequencies at which things occur ■ Managers may give more weight to more recent behavior ● SAS case ­ got rid of performance reviews because managers gave bonuses based on recent  behavior (more available information) ○ Representativeness bias ■ How likely is that this (person, object, event) represents that class? ■ Confuse representativeness with probability ■ Managers and hiring process  ○ Sunk cost bias  ■ Continuing to engage in a behavior due to an initial investment, even though the payoffs no  longer available ■ Loss aversion ■ Continuing with a project to justify money already spent ■ Ex: Concord plane ○ Anchoring and adjustment bias ■ Tendency to make decisions on an initial figure  ■ Anchor = initial figure  ■ Make adjustments from the anchor to arrive at a decision ■ Raises and bonuses may be based on an initial figure  ■ Ex: Group 1 ­ 8*7*6*5*4*3*2*1, Group 2 ­ 1*2*3*4*5*6*7*8 ○ Overconfidence bias ■ A person’s subjective confidence in his judgements is greater than the objective accuracy of  those judgements  ● Don’t rely on a person’s level of confidence when making a decision (does not equal accuracy) ■ Independently verify statements regardless of confidence or individuals  ○ Hindsight bias ■ Tendency to view events as being more predictable than they really are ■ Easy to say in hindsight an outcome was predictable but in the moment it was not (ex: who’s  going to win a game) ○ Framing bias ■ Tendency to be influenced by the way a situation or problem is presented   ■ Broadest framing produces best decisions ■ Ex: Award custody vs. deny custody ● Award: focuses on positive attributes (ex: above average income, close relationship w/kid) ● Deny: focuses on negative attributes (ex: travels for work a lot, minor health problems) ■ Neutral framing results in best decisions


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