Study Guide for Exam 2
Study Guide for Exam 2 MGMT 300
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This 4 page Study Guide was uploaded by Eric LaPree on Tuesday March 1, 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 39 views. For similar materials see Principles of Management in Business, management at University of North Dakota.
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Date Created: 03/01/16
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 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. 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. 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.
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