Management 300 Midterm Study Guide
Management 300 Midterm Study Guide Management 300
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This 6 page Study Guide was uploaded by Danielle Grek on Monday March 23, 2015. The Study Guide belongs to Management 300 at Arizona State University taught by in Spring2015. Since its upload, it has received 152 views.
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Date Created: 03/23/15
Management 300 Study guide What to know for midterm exam The adaptive cvcle Miles amp Snow portrays businesses as continuously cycling through decisions about 3 kinds of business problems 1 Entrepreneurial selecting and making adjustments of products and markets 2 Engineering producing and delivering the products 3 Administrative establishing roles relationships and organizational processes Manadement bv obiectives MBO a four step process in which 1 Managers and employees jointly set objectives for the employee 2 Managers develob action plans 3 Managers and employees periodicallv review the emplovee39s performance every 612 months 4 The manager makes a performance appraisal and rewards the employee according to the results For the MBO to be successful 3 things must happen 1 Top management must be committed 2 It must be applied organization wide 3 Objectives must cascade cascading objectives down through the organization having objectives that are structured in a uni ed hierarchy becoming more speci c at lower levels of the organization Mission Statement expresses an organization39s purpose or reason for being Main way to remember Mission and vision quotThe main thing is to keep the main thing the main thingquot Covey lanning setting goals and deciding how to achieve them and coping with uncertainty by formulating future courses of action to achieve speci ed results 3 tVDes of planning for 3 levels of management 1 Strategic planning bv tob manaoement they determine what the organization39s longterm goals should be for the next 15 years with the resources they expect to have available Requires directional and visionary thinking 2 Tactical planning bv middle manaoement they determine what contributions their departments or similar work units can make with their given resources during the next 624 months 3 Operational planning by rstline management they determine how to accomplish speci c tasks with available resources within the next 152 weeks Panningcontro cycle has 2 planning steps and 2 control steps 1 Make the plan 2 Carry out the plan 3 Control the direction by comparing results with the plan 4 Control the direction by taking corrective action in 2 ways by correcting deviations in the plan being carried out or by improving future plans Business plan a document that outlines a proposed firm39s goals the strategy for achieving them and the standards for measuring success trategy a largescale action plan that sets the direction for an organization Strategic management a process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals An organization should adopt strategic management and strategic planning because they can provide direction and momentum encourage new ideas and develop a sustainable competitive advantage Sustainabe competitive advantage occurs when an organization is able to get and stay ahead in four areas being responsive to customers innovating quality and effectiveness trategic planning is only performed by top level managers Strategic positioning it attempts to achieve sustainable competitive advantage by preserving what is distinctive about a company Porter 3 kev principles in strategic positioning 1 Strategy is the creation of a unique and valuable position Three sources few needs many customers broad needs few customers broad needs many customers 2 Strategy requires tradeoffs in competing 3 Strategy involves creating a quotfitquot among activities SWOT analysis the process of environmental scanning by searching for Strengths Weaknesses Opportunities and Threats affecting the organization situational analysis Organizational Strengths the skills and capabilities that give the organization special competencies and competitive advantages in executing strategies in pursuit of its mission Organizational Weaknesses the drawbacks that hinder an organization in executing strategies in pursuit of its mission Organizational Opportunities environmental factors that the organization may exploit for competitive advantage Externally Organizational Threats environmental factors that hinder an organization39s achieving a competitive advantage BCG matrix a means of evaluating strategic business units on the basis of their business growth rates and their share of the market Quadrants of the BCG matrix Stars have high growth and market share They are keepers Cash cows have slow growth but high market share Their income nances stars and question marks Question marks risky new ventures Some will become stars and others dogs Dogs Have low growth and low market share They should be gotten rid of The rational model of decision making classical model explains how managers should make decisions it assumes managers will make logical decisions that will be the optimum in furthering the organization39s best interests Based on rationality It is prescriptive telling how managers should make decisions 4 stages 1 Identifv the problem or Opportunitv Problem dif culty that inhibits the achievement of goals Opportunity situations that present possibilities for exceeding existing goals Diagnosis analyzing the underlying causes 2 Think up alternative solutions 3 Evaluate alternatives amp select a solution 4 Implement amp evaluate the solution chosen For implementation to be successful you need to plan carefully and be sensitive to those affected If the action is not working you can do 4 things give it more time change it slightly try another alternative or start over Nonrationa models of decision making explains how managers make decisions they assume that decision making is nearly always uncertain and risky making it dif cult for managers to make optimal decisions It is descriptive describing how managers actually make decisions Bounded rationality the concept suggests that the ability of decision makers to be rational is limited by numerous constraints Simon 3 nonrational modes 1 Satis cing managers seek alternatives until they nd one that is satisfactory not optimal 2 Incremental managers take small shortterm steps to alleviate a problem 3 Intuition making a choice without the use of conscious thought or logical inference Seven Implementation Principles Pfeffer amp Sutton Treat your organization as an un nished prototype No brag just facts See yourself and your organization as outsiders do Evidencebased management is not just for senior executives Like everything else you still need to sell it If all else fails slow the spread of bad practice The best diagnostic question What happens when people fail 4 stvles of decision makino based on tolerance for ambiguity and value orientation 1 Directive a low tolerance for ambiguity and are oriented toward task and technical concerns in making decisions They are ef cient logical practical and systematic Action oriented and decisive 2 Analytical much higher tolerance for ambiguity and are characterized by the tendency to overanalyze a situation They like to consider more information and alternatives than those following the directive style Careful decision makers who take longer to make decisions but respond well to uncertain situations 3 Conceptual high tolerance for ambiguity and tend to focus on the people or social aspects of a work situation They have a longterm perspective and rely on intuition and discussions with others to acquire information Creative risk takers who can be indecisive 4 Behavioral most people oriented Work well with others and enjoy social interactions They are supportive receptive and prefer verbal information Have a tendency to avoid con ict and are concerned about others saying no Three levels of Organizational Culture Level 1 Observable artifacts Physical manifestations of culture such as a manner of dress awards myths rituals etc Level 2 Espoused values the explicitly stated values and norms preferred by an organization And Enacted values represent the values and norms actually exhibited in the organization Level 3 Basic assumptions core values of the organization They are not observable How employees learn culture 1 Symbols an object act quality or event that conveys meaning 2 Stories a narrative based on true events which is repeated and sometimes embellished upon to emphasize a particular value 3 Heroes a person whose accomplishments embody the values of the organization 4 Rites and rituals the activities and ceremonies planned and unplanned that celebrate important occasions and accomplishments in the organization39s life Human resource HR management consists of the activities managers perform to plan for attract develop and retain an effective workforce Human capital the economic or productive potential of employee knowledge experience and actions Knowedge worker someone whose occupation is principally concerned with generating or interpreting information as opposed to manual labor Social capital the economic or productive potential of strong trusting and cooperative relationships The strategic human resource management process the purpose is to get optimal work performance to help realize company39s mission and vision 1 Establish the mission and vision Establish the grand strategy Formulate the strategic plans Plan human resources needed Recruit and select people OWUIhUJN Orient train and develop 7 Perform appraisals of people Strategic human resource planning developing a systematic comprehensive strategy for understanding current employee needs and predicting future employee needs Requires Job analysis to determine by observation and analysis the basic elements of a jobLeadsto Job description summarizes what the holder of a job does and how and why he or she does it And fundamentals Job speci cation describes the minimum quali cations a person must have to perform the job successfully Human resource inventory a report listing your organization39s employees by name education training languages and other important information Effective Performance Feedback Appraisals 1 Formal appraisals conducted at speci c times throughout the year and are based on performance measures that have been established in advance 2 Informal appraisals conducted on an unscheduled basis and consist of less rigorous indications of employee performance Compensation has three parts 1 Wages or salaries 2 Incentives and 3 Bene ts Base pay consists of the basic wage or salary paid employees in exchange for doing theirjobs Bene ts fringe bene ts additional nonmonetary forms of compensation Promotion moving an employee to a higher level position Must be fair nondiscriminatory and have no resentment Labor unions organizations of employees formed to protect and advance their members39 interests by bargaining with management overjobrelated issues Union security clause the part of the labormanagement agreement that states that employees who receive union bene ts must join the union or at least pay dues to it
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