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Management 300 Final Exam Review

by: Eric LaPree

Management 300 Final Exam Review MGMT 300

Marketplace > University of North Dakota > Business, management > MGMT 300 > Management 300 Final Exam Review
Eric LaPree

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Key Terms and definitions for the final exam covering all chapters.
Principles of Management
Nikolaus Butz
Study Guide
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This 7 page Study Guide was uploaded by Eric LaPree on Saturday May 7, 2016. The Study Guide belongs to MGMT 300 at University of North Dakota taught by Nikolaus Butz in Spring 2016. Since its upload, it has received 20 views. For similar materials see Principles of Management in Business, management at University of North Dakota.

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Date Created: 05/07/16
Competitive intelligence – gaining info about competitor’s activities so you can anticipate their  moves and react properly Forecasting – projections of the future. Business­level Strategies – how a single business unit will try to get a competitive advantage. Corporate­level Strategies – how each business unit in a larger company will try to contribute  to the larger umbrella company. Cost Leadership Strategy – keeping the costs and by extension the prices of goods and services down below the competition and to target large audiences Differentiation Strategy – offer products that are of unique and superior value to compared to  those of competitors Focused Cost Strategy – Keep the costs and products below the prices of your competitors and  to target a narrow market. Focused Differentiation Strategy – Offering a superior value and are unique to a small target  audience. Market Growth Rate – How fast the entire industry is increasing Market Share – the business’ share of the market in relation to its competitors Operational Culture (corporate culture) ­ A system of shared beliefs and values that develops  within an organization and guides the behavior of its members. Symbol – An object, quality, or event that conveys meaning to others. Stories – Narrative based on true events which is repeated and sometimes added upon to  emphasize a particular detail. Heroes – Person whose accomplishments embody the values of the organization Rites and rituals – Activities and ceremonies planned and unplanned that celebrate the  important occasions and accomplishments in the organization. Organizational structure: A formal system of task reporting (who reports to who in the  business). Chain of command – Who reports to whom. Hierarchy – The number of levels and the shape of the management chain. Span of control – The number of people one manager is in charge of. Common purpose – Unifies employee or members and gives everyone an understainding of the  organizations reason for being.  Coordinated effort – Coordination of individual efforts into a single organizational­wide effort. Division of labor (Work specialization) – Arrangement of having discrete parts of a task done  by different people.  When to delegate: Hierarchy of authority – Control mechanism for making the right people do the right job at the  right time. Authority – The rights inherent in a managerial position to make decisions and give orders  while utilizing resources. Horizontal Design – an organizational design in which teams or groups are used to improve  collaboration and work on shared tasks by breaking down internal boundaries. Cross­functional team – workgroups in which managers from different functional divisions are  brought together to solve a particular problem Boundary­less organization – fluid adaptive organization whose members are linked by  technology and are united to complete a common task. Decision – Choice made from among available alternatives. Decision­making: Process of identifying and choosing alternative courses of action. Problem: Difficulties that inhibit you from reaching your goal Opportunity: Situations that present possibilities for exceeding your current goal(s). Diagnosis: Analyzing the underlying causes of emergent problems or opportunities. Evidence­based decision making: Translating evidence to principles for organizational  practices. Risk propensity – The willingness to gamble or to take risk for the chance to get bigger payouts. Availability bias: Using only readily available info. Representativeness or ignoring–randomness bias: Tendencies to decide based on small  samples of data instead of larger more accurate samples. Confirmation or prior hypothesis bias: Supporting your own data and discrediting opposing  data. Sunk cost bias: Adding up the money spent on a project and saying you have spent too much to  just abandon the project. Anchoring and adjustment bias: Tendencies to make decision based on initial findings. Overconfidence bias: Subjective confidence in their decision making being better than objective accuracy. 20­20 hindsight bias: Tendency for people to believe things are more predictable after events  have passed. Framing bias: Tendency for people to be influenced by the way data is presented to them. Escalation of commitment bias: When people increase their commitment to a project despite  negative feedback about it. Participative Management (PM): The process of involving employees in setting goals, making  decisions, solving problems, and making changes in the organization. Consensus: When the group is able to express their ideas and reach an agreement to support the  final decision (not necessarily unanimous). The Delphi technique: A process that uses geographically dispersed experts where a single  question is sent to the experts and then the answers are collected anonymously and dispersed  again to the experts again for judgement in the hopes of reaching a consensus. Human Resource (HR) management – Consists of the activities managers perform to plan for,  attract, retain, and develop an effective work place. Strategic Human Resource Process – Striving to obtain optimal work performance that will  help the company’s mission and goals. Job Analysis – Determining basic elements of the job by observing and analyzing. Job description – Summarizes what the worker does and why they do it. Job specifications – Describes minimum qualifications someone must have for the job. Human resource inventory – report listing your organization’s employees by name, education,  training, languages and other important info. Collective bargaining – Negotiations between management and an organized body of  employees about disputes over compensation, benefits, working conditions, job security, etc. Affirmative action – Focuses on achieving equality of opportunity within an organization  including establishment of minority hiring goals. Sexual Harassment – Unwanted sexual attention that creates an adverse work environment. Recruitment – Process of locating and attracting qualified applicants for job openings in a  company. Orientation – Process or program that helps newcomers fit smoothly into the job and  organization Training – Educating technical and operational employees in how to better do their current job. Development – Educating professionals and managers in the skills they need to do their jobs in  the future. Performance appraisal – Consists of assessing an employee’s performance and providing him  or her with feedback. Objective Appraisal (Results appraisals) ­ Appraisal based on fact (such as sales info and  number of complaints). Subjective Appraisal – Appraisal based on manager’s perception of employee. Right­to­work – Statute that prohibits employees from being required to join a union as a  condition of employment. Grievances – A complaint by an employee that management has violated the terms of the labor­ management agreement. (Allows employees to be heard and intervene with an investigation to  the complaint as soon as possible). Shop Steward – Union official elected by the union membership who represents the interests of  the unionized employees. Mediation – Process which a neutral third party listens to both sides in a dispute, makes  suggestions, and encourages them to agree on a solution. Arbitration – process in which a neutral third party listens to both sides and makes a decision  that the parties have agreed will be binding on them. First mover advantage – Being first allows the company to acquire superior brand recognition  and customer loyalty. The innovator’s dilemma – It is hard for large successful companies to cope with disruptive  innovation and therefore should set up separate organizations that can operate like a start­up. Data workers – Employees that sort data but do not add value in terms of creating new  knowledge which requires analytics knowledge workers. Reactive change – Making changes in response to problems as they arise. Proactive change – Making carefully thought out changes in anticipation of possible or  expected problems or opportunities. Technology ­ Any machine or process that enables an organization to gain a competitive  advantage in changing materials used to produce a finished product. Resistance to change – An emotional / behavioral response to real or imagined threats to an  established work routine. Change agent – The individual who is the catalyst in helping an organization change. Benchmarking – A process by which a company compares to its performance with that of high­ performance organizations. Organizational development – Set of techniques for implementing planned change to make  people and organizations more effective. Creativity – The process of developing something new or unique. Invention – The creation of something new. Innovation. – The practice of creating new ideas and converting them into useful applications. Motivation – The psychological processes that arouse and direct goal­directed behavior. Extrinsic rewards / motivation – Payoff a person receives from others for performing a  particular task. Intrinsic rewards / motivation – Satisfaction a person receives from performing the particular  task itself. Need ­ Physiological or psychological deficiencies that arouse behavior. Inputs – What you believe you are putting into a job. Outputs (rewards) – What you think you are getting out of the job. Comparison – How we think our ratio of input to outputs compares to others. Group – Two or more freely acting individuals who share collective norms, collective goals ha a common identity. Team – Small group of people with complementary skills who are committed to a common  purpose, performance goals, and approach for which they hold themselves mutually accountable. Key Terms from 4/7 Cooperating – A process in which efforts are systematically integrated to achieve a collective  objective. Cooperating – A process in which efforts are systematically integrated to achieve a collective  objective. Cohesiveness­ Tendency for a group to stick together. Team culture­ The belief that more can get done in a group than individually. Management – Guiding employees to complete their various roles and tasks. Leadership – The ability to influence employees to voluntarily pursue organizational goals. Managerial Leadership – The process of influencing others to understand and agree about what needs to be done and the process of facilitating individual and collective efforts to accomplish  shared objectives. Authority – The right to perform or command that comes with a given job. Power – The extent to which a person is able to influence others so they respond to orders. Readiness – The extent to which a follower possesses the ability, skills, and willingness to  complete a task. Communication ­ The transfer of information and understanding from person to person. Communication barrier ­ Anything interfering with accurate communication between 2 people. Semantics ­ The study and meaning of words. Jargon ­ Terminology specific to a particular profession or group. Buzzwords ­ Words designed to impress rather than inform. Linguistic style ­ A person’s characteristic speaking patterns. Multicommunicating – represents the use of technology to participate in several interactions at  the same time Telepresence technology – High­definition videoconference systems that simulate face­to­face  meetings between users. Telecommuting – Doing work that is generally performed in the office at home using a variety  of information technology. Teleworking (virtual office) – Term to replace telecommuting because it encompasses not just  working from home but from anywhere. Name migration – When a company sells its customer list to another company. Identity theft – Thieves hijack your name and identity and use your good credit rating to get  cash or buy things.


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