Management 300 Final Study Guide
Management 300 Final Study Guide Management 300
verified elite notetaker
Popular in Department
This 6 page Study Guide was uploaded by Danielle Grek on Tuesday April 28, 2015. The Study Guide belongs to Management 300 at Arizona State University taught by in Spring2015. Since its upload, it has received 124 views.
Reviews for Management 300 Final Study Guide
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 04/28/15
Management 300 Final Study Guide Databases computerized collections of interrelated les Ebusiness using the internet to facilitate every aspect of running a business Entrepreneur someone who sees a new opportunity for a product or service and launches a business to try to create a new enterprise They are action oriented Like managers they have an internal locus of control which means they have control over their own personal lives ntrapreneur someone who works inside an existing organization who sees an opportunity for a product or service and mobilizers the organization39s resources to try to realize it Knowledoe manaoement the implementing of systems and practices to increase the sharing of knowledge and information throughout an organization Manaoement is The pursuit of organizational goals efficiently and effectively by integrating the work of people through planning organizing leading and controlling the organization39s resources T0p manaoers make longterm decisions about the overall direction of the organization and establish the objectives policies and strategies for it CEOs Presidents VP etc Middle manaoers implement the policies and plans of the top managers and supervise and coordinate the activities of the rstline managers Director regional or plant manager Firstline manaoers make shortterm operating decisions directing the daily tasks of nonmanagerial personnel They need the most iobspecific knowledge Supervisor foreman or team leader Functiona manaoer responsible for only one organizational activity General manager responsible for several organizational activities Manaoeria Roles 1 Interpersonal Roles gurehead leader and liaison They interact with people inside and outside their work units 2 Informational Roles monitor disseminator and spokesperson They receive and communicate information with people inside and outside the organization 3 Decisional Roles entrepreneur disturbance handler resource allocator and negotiator They use information to make decisions to solve problems or take advantage of opportunities Quantitative manaoement the application to management of quantitative techniques such as statistics and computer simulations 2 branches are management science and operations management Management science focuses on using math to aid in problem solving and decision making Operations management focuses on managing the production and delivery of an organization39s products or services more effectively Qualitvmanagement viewpoint includes quality control quality assurance and total quality management Quality the total ability of a product or service to meet customer needs Quality control strategy for minimizing errors by managing each stage of production Qualitv assurance focuses on the performance of workers urging employees to strive for quotzero defectsquot Ethica dilemma a situation in which you have to decide whether to pursue a course of action that may bene t you or your organization but that is unethical or eveniHegaL Four approaches to deciding ethical dilemmas 1 Utilitarian Approach what will result in the greatest good for the most people 2 Individual Approach what will result in the individual39s best long term interests which are in everyone39s selfinterest 3 Moralrights Approach respect for the fundamental rights of human beings 4 Justice Approach respect for impartial standards of fairness and equity Trade protectionism the use of government regulations to limit the import of goods and services This is exercised by the use of 1 Import Quotas a trade barrier in the form of a limit on the numbers of a product that can be imported 2 Embargoes a complete ban on the import or export of certain goods or services 3 Tariffs a trade barrier in the form of a customs duty or tax levied on imports The adaptive cycle 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 Management by objectives MBO a four step process in which 1 Managers and employees iointlv set obiectives for the employee 2 Managers develop action plans 3 Managers and employees periodically review the employee39s performance every 612 months 4 The manager makes a performance appraisal and rewards the employee according to the results Execution not simply tactics but a central part of a company39s strategy It consists of using questioning analysis and followthrough to mesh strategy with reality align people with goals and achieve the results promised Bossidy amp Charan Execution Core Processes of Business 1 People you need to consider who will bene t you in the future 2 Strategy you need to consider how success will be accomplished 3 Operations you need to consider what path will be followed Execution foundation is built on managers engaging in 7 kinds of behavior 1 Know your people and your business by engaging with employees lnsist on realism by not letting others avoid reality Set clear priorities by focusing on a few rather than many goals Follow through by establishing accountability and check on results Reward the doers to show that top performance matters OWUIhUJN Expand people39s capabilities by developing the talent 7 Know yourself by doing hard work and understanding who you are SMART goal A goal that is Speci c Measurable Attainable Results oriented and has Target dates In order to successfully implement strategic plans at the lowerlevel of the organization top managers must ensure the organization39s structure culture and control system is prepared Personaity consists of stable psychological traits and behavioral attributes that give a person his or her identity Big 5 personality dimensions Extroversion outgoing talkative sociable and assertive Agreeableness trusting goodnatured cooperative and softhearted Conscientiousness dependable responsible achievementoriented and persistent Has the strongest positive correlation Emotiona stability relaxed secure and unworried Openness to experience intellectual imaginative curious and broadminded Group two or more freely interacting individuals who share collective norms share collective goals and have a common identity Team a 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 Forma group created to do productive work a group established to do something productive for the organization and is headed by a leader lnforma droub created for friendship a group formed by people seeking friendship and has no of cially appointed leader although a leader may emerge from the membership Stades of droub and team devel0pment 1 Forming the process of getting oriented and getting acquainted 2 Storming characterized by the emergence of individual personalities and roles and con icts within the group 3 Norming con icts are resolved close relationships develop and unity and harmony emerge Group cohesiveness a quotwe feelingquot binding the group members together 4 Performing members concentrate on solving problems and completing the assigned task 5 Adjourning members prepare for disbandment Power the extent to which a person is able to in uence others so they respond to orders Personaized power power directed at helping oneself Sociaized power power directed at helping others Five sources of power 1 Legitimate power which all managers have is power that results from managers formal positions within the organization Ex when employees follow the schedule that the manager made 2 Reward power which all managers have is power that results from managers authority to reward their subordinates Ex A manager s ability to in uence the behavior of their employees by publicly praising their achievements 3 Coercive power which all managers have results from managers authority to punish or reprimand their employees 4 Expert power the power resulting from one39s specialized information or expertise 5 Referent power power deriving from one39s personal attraction This power may be associated with managers but it is more likely to be a characteristic of leaders Ex when employees have a lot of personal respect and admiration for their managers Communication the transfer of information and understanding from one person to another Semder the person wanting to share information called a message Receiver the person for whom the message is intended ncoding translating a message into understandable symbols or language Decoding interpreting and trying to make sense of the message Medium the pathway by which a message travels Feedback whereby the receiver expresses his or her reaction to the sender39s message Noise any disturbance that interferes with the transmission of a message Controling monitoring performance comparing it with goals and taking corrective action as needed 4 Control process steps 1 Establish standards a control standard or performance standard or simply standard is the desired performance level for a given goal 2 Measure performance what is the actual outcome we got 3 Compare performance to standards how do the desired and actual outcomes differ Management by exception a control principle that states that managers should be informed of a situation only if data show a signi cant deviation from standards 4 Take corrective action if necessary what changes should we make to obtain desirable outcomes Tota quality management TOM a comprehensive approach led by top management and supported throughout the organization dedicated to continuous quality improvement training and customer satisfaction Four components of TOM 1 Make continuous improvement a priority 2 Get every employee involved 3 Listen to and learn from customers and employees 4 Use accurate standards to identify and eliminate problems
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'