Management Chapters 5-9 Study Guide
Management Chapters 5-9 Study Guide MGT 2010
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This 45 page Study Guide was uploaded by Alicia Notetaker on Monday February 29, 2016. The Study Guide belongs to MGT 2010 at Clemson University taught by Tina Robbins in Spring 2016. Since its upload, it has received 335 views. For similar materials see Principles of Management in Business, management at Clemson University.
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Date Created: 02/29/16
Management 2010 Ch 5-9 Study Guide Should understand meaning and use of the terms and concepts Planning Strategy Strategic Management Mission & Vision Statements o What kinds of questions should they answer? Types of planning o Strategic Planning o Tactical Planning o Operational Planning SMART Goals o Specific, Measurable, Attainable, Result Oriented, Target Dates Management by Objectives (MBO) o Jointly set objectives o Develop action plan o Periodically review performance o Giver performance appraisal & rewards o How does MBO work? How is it structured? Deadlines in the workplace 4 step planning/control cycle Business model Business plan Competitive Advantage Why is planning and strategy important? Strategic positioning o Strategy o Trade-Offs o Creating a “fit” How do small and large firms use and benefit from strategic planning differently? Strategic Management Process o Establish mission & vision o Assess current reality o Formulate grand strategy o Implement strategy o Maintain strategic control Competitive Intelligence Environmental Scanning SWOT Analysis o Inside matters o Outside matters o Organizational strengths & weaknesses o Organizational opportunities & threats Forecasting o Trend analysis o Contingency planning o Benchmarking Porter’s 5 competitive forces o Threats of new entrants o Bargaining power of suppliers o Bargaining power of buyers o Threats of substitutes o Rivalry among competitors Decision & Decision making process Rational model of decision making o Identify problem o Find alternative solutions o Evaluate solutions and select best one o Implement and evaluate chose solution Successful implementation Evaluation *** This model shows what managers SHOULD do, not what they actually do Nonrational decision making models o Satisficing o Intuition Decision Tree o Is it legal? o Does it maximize shareholder value? o Is it ethical? o Is it ethical NOT to take action? Ethics officer Evidence based management Analytics o Use of modeling o Having multiple applications o Support from the top Portfolio analysis Big Data o Big Data analytics Ineffective reactions to a decision o Relaxed avoidance o Relaxed change o Defensive avoidance o Panic Effective reactions to a decision o Importance o Credibility o Urgency o Deciding to decide Heuristics Decision Making Biases o Availability o Representativeness o Confirmation o Sunk-cost o Anchoring & Adjustment o Overconfidence o Hindsight o Framing o Escalation of commitment Group Decision Making o Advantages & Disadvantages Consensus Group Problem- Solving techniques o Brainstorming o Delphi Technique o Computer Aided Two Decision-Making Systems o Intuitive & largely unconscious o Analytical & conscious Person- Organization Fit Organizational Culture o Clan o Adhocracy o Market o Hierarchy Organizational Structure o Observable Artifacts o Espoused Values o Basic Assumptions How Employees Learn Culture o Stories o Heroes o Symbols o Rites & rituals o Importance of culture Organization & organizational chart o Vertical hierarchy o Horizontal hierarchy Common elements of organizations o Common purpose o Coordinated effort o Division of labor o Hierarchy of Authority Flat organization Unity of command o Span of control Narrow span Tall span o Authority, responsibility, and delegation Responsibility Delegation Line position Staff position Accountability o Centralization Decentralized authority Centralized authority Organization’s structure o Environment- mechanist v organic o Environment- differentiation v integration o Link between strategy, culture, and structure o Contingency design Human Resource (HR) management Human Capital Knowledge Workers Social Capital HR Planning o Strategic HR planning Current needs job description job analysis job specifications Future needs Staffing needed Sources for staffing HR inventory Recruitment o Internal & External o Realistic job previews Selection o Background o Interviewing Unstructured Situational Behavioral Description o Employment tests Ability Performance Personality Integrity Reliability and validity Compensation o Wages/Salaries Base pay o Incentives o Benefits Legal Requirements of HR Management o Labor Relations National Labor Relations Board Collective Bargaining o Compensation Fair labor standards act o Equal Employment Opportunity (EEO) Workplace discrimination o Adverse Impact o Disparate Treatment o Affirmative Action Sexual harassment o Quid pro quo harassment o Hostile environment harassment o What can managers do to prevent this? Bullying o What is it? o How can we combat bullying?
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