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UA / OTHER / MGT 300 / what is the principle task in management?

what is the principle task in management?

what is the principle task in management?

Description

School: University of Alabama - Tuscaloosa
Department: OTHER
Course: Org Theory & Behavior
Professor: Daniel bachrach
Term: Spring 2017
Tags: Management and The University of Alabama
Cost: 50
Name: MGT 300 Exam 1 Study Guide
Description: This study guide cover chapter 1,2,3, and 4. It also include some possible exam questions and highlights this topics heavily discussed in class.
Uploaded: 02/02/2017
7 Pages 14 Views 8 Unlocks
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Chapters 1,2,3,+4 


what is the principle task in management?



Principles of Management 

Management​ - the act of coordinating the efforts of people to accomplish desired goals and objectives using available resources efficiently and effectively

Principle tasks​: planning, organizing, leading, controlling

Manager skills will set you apart from other candidates when applying for a job/promotion 

Management defined as:

● Pursuit of organization’s goal effectively and efficiently by ->

● Integrating the work of people through ->

● The 4 management functions of an organization’s resources

○ Planning, organizing, leading, and controlling

~understanding your business environment is a key to success~

Managing for Competitive Advantage

● Competitive advantage: what set one organize apart from another, can be achieved by… ○ Responsiveness to customer: hard to create and hard to sustain


management is defined as what?



○ Innovation

○ Quality

○ Efficiency

Globalization 

● Currently, there is a serious look at the future of globalization and global trade; the forces of globalization aren’t going away but they will change

Information Technology

● Organizational changes: shifts in structure, jobs, goals, and knowledge management ● More automation in the workplace -> less jobs

● Enormass risk in the technological advances (think about hacking)

Ethical Standards

● Business leaders resolve ethical dilemmas

● Libor scandal: interest rates

● The top people in an organization need to have and respect ethical standards, reflects poorly on the company if they do not

Managing for Sustainability

● Being green

● Managing company to respect the natural environment and rights of future generations ● Ex: Walmart is using their rooftops for solar panels


what are the Competitive advantage?



We also discuss several other topics like anthropologist clifford geertz defined culture as ideas based on cultural learning and symbols. for anthropologist leslie white, culture originated when our ancestors acquired the ability to use symbols. what is a symbol?

● Can led to reducing costs and increasing productivity

Scientific management​: study of work methods to improve the productivity of individual workers

Frederick W. Taylor (wrote the most definitive book on scientific management, “the more efficiently we can do things the better”)

● Principles

○ Scientifically study each part of the task (time/motion) We also discuss several other topics like stanford sql

○ Carefully select workers with the right abilities

○ Give workers the training and incentives to do the task

■ One of the best incentives ever, Ford’s $5 a day

○ Use principles to plan work methods

Possible Exam Question: What does McDonald’s owe its success to? Classical viewpoint, Frederick W. Taylor)

Classical Viewpoint is most important 

● Mechanistic, views workers as cogs in a machine, no emphasis on human needs ● Through scientific methods, time and motion studies, and job specialization, boosts productivity Don't forget about the age old question of chemistry 101 exam 1

Administrative Management

● Concerned with managing the total organization

● Henri Fayol (first to identify the 14 major functions of management)

○ Success is due to management rather than technical skill

○ 14 Principles

Max Weber and the Bureaucracy

● Believed bureaucracy was rational, efficient, ideal organization based on principles of logic

● Well-defined hierarchy of authority

● Clear division of labor

● Impersonality

● Careers based on merit

Behavioral Viewpoint

● Emphasized the importance of understanding human behavior and of motivating employees toward achievement

● Developed in 3 phases

○ Early behaviorism

○ The human relations movement

○ Behavioral science

Hawthorne Effect

● Employees worked harder if they received additional attention. Thought that managers cared about welfare

Community of Stakeholders

● stakeholders :

○ People whose interests are affected by organization’s activities

○ Consists of employees, owners, and Board of Directors

○ External stakeholders are people in organization’s external environment

The General Environment

● Economic forces

○ Economics trends that affect an organization’s performance: unemployment, inflation, interest rates, economic growth If you want to learn more check out What is stoichiometry in chemistry?

○ How to measure economic forces: GDP, unemployment rate, Prime Rate, 10-year T-notes

■ Sometimes helpful, sometimes not an accurate representation of the market/not what you need to know from the market

● Tech. forces

○ New developments transform resources into goods and services

○ Automation of knowledge work

○ Advanced Data Analytics

● Sociocultural forces

○ Influences and trends in a country’s, society’s, or culture’s human relationship and values that affect an organization Don't forget about the age old question of What is the top region with most immigrants to the US?

○ Ex.

■ Millennials

■ Legalization of marijuana

■ Marriage equality We also discuss several other topics like math 107 quiz 1

■ Employee wellness

● Demographic forces

○ Influences arising from changes in the population (age, gender, or ethnic origin) ○ Women in the workforce

○ Immigration

○ Aging population

● Political-Legal forces

○ Changes in politics shape laws, laws shape opportunities and threats ● International Forces

○ Changes in forces on the global scale that affect an organization

○ Ex:

■ Syrian Uprising, refugees in Europe, ISIS

■ Oil: Saudi Arabia, Iran, Russia, Venezuela

Ethical dilemma: situation in which you have to decide whether to pursue a course of action that may benefit you or your organization but that is unethical or illegal

Ethics 

Values

Standard of right and wrong that influence behavior

Relatively permanent and deeply help

Four Approaches to Deciding Ethical Dilemmas

● Utilitarian

○ Greatest good for the great number of people, cost-benefit analysis

● Individual

○ What will result in the individual’s best long term interest, everyone’s self-interest ○ Individual people act ethically in the present to avoid issues in the future ● Moral-rights

○ Human rights need to be respected

○ Subjects like life, liberty, health, safety

● Justice

○ Respect for impartial standards for fairness and equity

Sarbanes-Oxley of 2002

● After scandal like Enron and Libor, this bill was passed to make sure companies kept correct record and can enact penalties up to 25 years in prison

Famous Fraud Schemes

● Ponzi Scheme: people who “buy in” are promised a return on investment, new investors pay older investors

○ Ex: Bernie Madoff

● Pyramid Scheme: people who “buy in” make money through recruiting others to “buy in” ○ Ex: burnlife

Moral Reasoning

● Process used to make decision about ethical and unethical behavior

● Values difference result in different judgements regarding behavior

● Kohlberg offers that although the development is invariant, not everyone achieves the higher stages

○ Kohlberg’s Stages of Moral Reasoning

■ Preconventional (b​ ased on self-interest)

● Stage 1- “bad” behavior punished

● Stage 2 - “good” behavior rewarded

■ Conventional (g​ aining other’ approval)

● Stage 3 - behavior determined by approval from others

● Stage 4 - behavior determined by social institutions

■ Postconventional level(u​ niversal, abstract principles)

● Stage 5 - good behavior conforms to set social standards

● Stage 6 - good behavior is a matter of conscience based on

chosen ethical principles

How Organizations Promote Ethics

1. Creating strong ethical climate

2. Screening potential employees

3. Instituting ethics code and training programs

4. Reward ethical behavior

a. Protecting whistleblowers

Globalization ​CH. 4

Globalization​: the trend of world economy toward becoming more interdependent system ● Making the world less costly to communicate and travel and do business ● Offshoring and foreign direct investment in America

Global economy

● Pros

○ More market for American exports

● Cons

○ Vast surplus of good and services and funds from global investments

International Managers (good Exam)

● Ethnocentric managers

○ Believe that their own culture and behavior is the best

● Polycentric managers

○ Uses the view of native cultural/managers to understand employees and practices, domestic offices should leave foreign office alone

● Geocentric managers

○ Knowledgeable of differences and similarities between domestic and foreign culture, should use the techniques that is the most effective

Why do companies expand globally?​

1. Availability of supplies

2. New markets

3. Lower labor costs

4. Access to finance capital

5. Avoidance of tariffs and import quotas

How companies expand internationally?

● Global outsourcing

○ Use suppliers outside domestic country to provide labor, goods, or services ○ A.k.a. Offshoring

○ A lot of companies in the past 4 decades have gone global through basic outsourcing

● Imports

○ Buy foreign goods and sell them domestically

● Countertrading

○ Bartering goods for other goods

● Licensing

○ A domestic organization allows a foreign company to produce and distribute its product or design for a fee

● Franchising

○ A foreign company pays and share the profits with a domestic organization in order to use the company’s brand name and services

● Joint venture

○ When a foreign company and domestic company share the risks and profits of starting a new enterprise

○ A.k.a. Strategic alliance

● Wholly-owned subsidiary

○ A company completely owned by a foreign company

● Greenfield venture

○ A foreign subsidiary that the company has built from scratch

Barriers to International Trade

Tariffs

● Customs duty, tax, used mainly on imports

Import quotas

● Limitations on the number of products that can be imported

Embargoes

● Complete ban on importation or

exportation of a certain product

Organizations that promote International Trade

● World Trade Organization

○ 90% of the world’s commerce

○ To monitor/enforce trade agreements

○ Based on General Agreement on Tariffs and Trade (GATT)

○ 159 countries involved

● World Bank

○ Provide low-interest loans to developing countries to improve transportation, education, health, and telecommunications

● International Money Fund (IMF)

○ Wants to make the flow of money between national smooth

● Try to maintain economic stability

Trading Blocs

● A group of nations within a region that have agreed to remove trade barriers ● Examples:

○ NAFTA

○ EU

○ APEC

○ ASEAN

○ Mercosur

○ CAFTA

Exam 

40 multiple choice

Basic knowledge, definitions

Conceptual

3 by 5 note card is allowed to be filled with any amount of information you can fit!!!

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