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Study Notes for Final

by: Annalea Soudry-Maurer

Study Notes for Final BADM 2101

Annalea Soudry-Maurer
GPA 3.601
Management, Organizations, and Society
Davis, H

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About this Document

This is an overall study guide created for the Final of this class. It covers material that has come straight from the textbook.
Management, Organizations, and Society
Davis, H
Study Guide
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This 11 page Study Guide was uploaded by Annalea Soudry-Maurer on Tuesday September 22, 2015. The Study Guide belongs to BADM 2101 at George Washington University taught by Davis, H in Fall 2014. Since its upload, it has received 30 views. For similar materials see Management, Organizations, and Society in Business Administration at George Washington University.

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Date Created: 09/22/15
MOS Review DecisionMaking I decision making a process of specifying the nature of a particular problem or opportunity and selecting among available alternatives to solve a problem or capture an opportunity I act choosing between two alternatives I process several steps 0 formulation identifying a problem or opportunity acquiring information developing desired performance expectations and diagnosing the causes and relationships among factors affecting the problem or opportunity 0 solution generating alternatives selecting the preferred solution and implementing the decided course of action 0 Individual DecisionMaking I Rational Decision Making 0 Identifying decision situations I problem a gap between existing and desired performance I opportunity a chance to achieve a more desirable state than the current one I perception a way one sees a situation based on experiences personality and current needs 0 Developing objectives and criteria I examining criteria for the job you need done I weighing certain things 0 Generating Alternatives past solutions creative new solutions 0 Analyzing Alternatives feasibility acceptable results 0 Selecting Alternatives I subjectively expected utility managers will choose the alternative that they subjectively believe maximizes the desired outcome 0 Implementing Decisions I assess sources and reasons for potential existence to the decision I determine the chronology and sequence of actions designed to overcome resistance to the decision and ensure the effective implementation of the decision I assessment of the resources required I determine whether you can delegate implementation steps 0 Monitoring and Evaluating Results I gather information and compare it to objectives and standards established I useful for detecting problems with the original decision I allow for corrective actions before it is too late 0 Bounded Rationality Model 0 assumes that people usually settle for acceptable rather than best options because the decisions they confront typically demand greater informationprocessing capabilities than they possess limited rationality 0 Developed by Herbert Simon 0 Argues heuristics a rule that limits the search to areas that have a high probability for yielding success I satisficing choosing a minimally acceptable solution rather than searching exhaustively for the alternative that produces the best results I 1 set the goal you wish to pursue I 2 establish minimum performance criteria I 3 employ heuristics to narrow the solutions to a single promising alternative 0 4 if you can t lower your standards and search again I 5 after identifying an alternative make sure it is sufficient I 6 implement solutions I 7 evaluate 0 Retrospective Decision Making 0 a decision making model that focuses on how decision makers attempt to rationalize their choices after they are made I developed by Peter Soelberg I Perceptual distortion people highlight the positive features of the implicit favorites over alternatives 0 find something and then convince yourself you should get it or buy it 0 intuitive decision making the primary subconscious process of identifying a decision and selecting a preferred alternative 0 Types of Decisions 0 programmed decision a standard response to a simple or routine problem usually made through structured bureaucratic techniques 0 standard operating procedures SOP established procedures for action used for programmed decisions that specify exactly what should be done I Nonprogrammed decision a decision about a problem that is either poorly defined or novel I Gresham s Law of Planning the tendency for managers to let programmed activities overshadow nonprogrammed activities 0 Group DecisionMaking I Assets accumulate more knowledge broader perspective common function 0 bad groups often work more slowly and need to compromise more I Group Think agreement among members becomes so dominant that it overrides a realistic appraisal of alternative courses of action I illusion of invulnerability I collectively rationalize and discount warning signs that should lead them to reconsider earlier decisions I illusion of morality they ignore the obvious ethical or moral consequences of decisions I often take part in selfcensorship where they underestimate the competition I can be overcome by Devils Advocate one member always questions the reasoning of the others 0 Escalation of Commitment 0 the tendency to exhibit greater levels of commitment to a decision as time passes and investments are made in the decision even after significant evidence emerges indicating that the original decision was incorrect I prospective rationality a belief that future courses of action are rational and correct I overcoming 0 stress in your own mind and to others that investments made in the past are sunk costs 0 create an atmosphere in which consistency does not dominate 0 encourage each member to evaluate the prospects of future outcomes and their expected positive value critically O certain members should be appointed to play devils advocate Contingency Model of Participative Decision Making when to make the decision on your own or involve others crossfunctional teams employees from different departments who work together in solving a problem different but relevant knowledge will bring about change resulting change will produce outcomes they value value their participation accelerated cognitive processing the decision maker must be able to process and analyze great amounts of information quickly and efficiently smooth group processes keeping smooth and harmonious relationships confidence to act Strategies for improving decisionmaking structured debate a process to improve problem formulation that includes the processes of devil s advocate multiple advocacy and dialectical inquiry devil s advocacy multiple advocacy more than one opposing view is presented dialectical inquiry group or individual is assigned the role of questioning the underlying assumptions of problem formulation brainstorming nominal group technique a process of having group members record their proposed solutions summarize all solutions and independently rank solutions until a clearly favored solution emerges Delphi technique a decisionmaking technique that never allows decision participants to meet face to face but identifies a problem and offers solutions using a questionnaire until a clearly favored solution emerges 0 Strategic Management Competitive advantage the ability of a firm to win consistently over the long term in a competitive situation goods must I provide superior value 0 products and services that produce value that is superior the value provided by competitors 0 comparative advantage I rare products difficult to imitate nonsubstitutable I substitution whether or not the customers need that you fulfill can be met by alternative means I competitive advantage profits 0 aboveaverage returns profits that are above average for a comparable set of firms 0 having a strategy 0 Setting Direction 0 Strategic mission provides a view of the firm over the long term and what it should achieve in the future 0 mission statement a statement that articulates the fundamental purpose of the organization the statement contains several components 0 company philosophy 0 companies identify of selfconcept 0 External Environment Analysis I General environment sociocultural technological economic politicallegal and global forces that can in uence the effectiveness of an organization s strategy I sociocultural O forces consisting primarily of the demographics and the cultural characteristics of the societies in which n organization operates O descriptive characteristics race age birthrate education 0 can significantly affect organizational inputs and outcomes 0 social values determine whether a product will sell cigarettes I Technological 0 technology can spell the birth and growth of the firm and the decline and death of another 0 product technological changes those that lead to new product features and capabilities 0 process technological changes relate to alterations in how to make products or how to manage enterprises using technology to determine what products to get and who is buying what 0 Economic I current level of in ation can directly affect how quickly costs increase which in turn might reduce profits I current unemployment rate determines difficulty of finding labor moves in cycles 0 Political and legal forces laws frame What organizations can and cannot do federal spending impacts economy 0 Global forces depends on size and scope of the business I institutional forcesthe country s rules policies and enforcement processes that in uence individuals and organizations behaviors that operate Within the country boundaries I physical forces infrastructure that can affect existing and potential business operations in a country such as roads telecommunications air links etc 0 Firms Industry and Competitor Environment 0 five forces that significantly in uence the performance of organizations Within an industry 0 1 nature of rivalry among competitors 0 2 entry barriers the obstacles that make it difficult for firms to enter a particular type of business I 3 potential for substitutes dimensions to Which alternative products or services can substitute for existing products or services 0 customers an organization spends a lot of time pleasing their customers less customers bad for the organization I suppliers if there are less suppliers the suppliers Will have more power over the corporations 0 Internal Analysis I value chain the set of key activities that directly produce or support the production of a firms products and service offered to customers I primary activities those directly involved in the creation of a product or service I support activities facilitate the creation of the product or service and its transfer to the customer 0 Inbound logistics activities that are designed to receive store and disseminate various inputs related to the products raw materials transportation information 0 Operations variety of activities that transform inputs into the products and services of the firm 0 Outbound logistics activities that move the productservice from the firm to the customers 0 Marketing and sales designed to inform potential customers about the products and services the firm has available and entice them to purchase them 0 Service to do What is necessary to ensure that the product satisfies the customer after the purchase and to increase the probability of a repeat purchase 0 Procurement activity of obtaining procuring usable and consumable assets is found in each of the primary activities 0 Technology Development 0 Human resource Management no activity is completely removed from humans their expertise is the basis of the service provided 0 leveraging the value chain determine Where in the value chain there is potential to add the greatest value I core competence focuses on an interrelated set of activities that can deliver competitive advantage in the short term and into the future 0 Integrating Internal amp External Analyses I SWOT analysis an analysis of the firms strengths weaknesses opportunities and threats to its continued operations 0 Strategic objectives objectives that turn strategic intent and mission into concrete and measurable goals long term in nature I allocate resources appropriately I reach a shared understanding of priorities I delegate responsibilities I hold people accountable for results 0 Formulating a Strategy 0 generic strategies for obtaining a competitive advantage 0 Cost Leadership Strategy a strategy that involves being the lowestcost producer of a product or provider of a service While charging only slightly less than industry average prices 0 Differentiation Strategy a strategy to gain competitive advantage by making a product or service different from those of your competitors I styles quality reliability speed fashion I cost of differentiation premium customers will pay for it Starbucks experience 0 Strategic scope the scope of a firm s strategy or breadth of focus I Focus strategy a strategy that targets a particular market segment I the strategy may be a focused cost leadership or differentiation strategy I customer segment a group of customers who share similar preferences or place a similar value on product features 0 Integrated DifferentiationCost Leadership Strategy a set of actions designed to differentiate the firm s product in the marketplace while simultaneously maintaining a lowcost position relative to its competitors 0 Multipoint Competition Strategy competing with firms across markets by using strengths in one market to overcome weaknesses in another market 0 Leadership 0 Organizational leadership an interpersonal process that involves attempts to in uence other people in attaining organizational goals 0 Effective leadership in uence that assists a group or organization to perform successfully and meet its goals and objectives I relationship between leading and managing two separate entities I leadership more important 0 Leadership across cultures 0 SEA the requirement for order and compliance and the requirement for harmony 0 Paternalism leader is regarded as the provider 0 Leadership and the Use of Power 0 Power the capacity or ability to in uence can be used inappropriately 0 Position power power based on a person s position and rank in an organization I Legitimate power a type of position power granted to a person by the organization sometimes called formal power I Reward power a type of position power based on a person s authority to give out rewards I coercive power a type of position power based on a person s authority to administer punishments either by withholding something that is desired or by giving out something that is not desired can generate retaliation 0 Personal power power based on a person s individual characteristics 0 expert is based on specialized knowledge not readily I Referent a type of personal power gained when people are attracted to or identify with that person I it is not obvious how such power can be deliberately and easily developed 0 Using Power effectively 0 How much power to use enough to achieve objectives but avoid using excessive power 0 which types of power to use 0 how can power be put to use in uence tactics specific behaviors used to affect the behavior and attitudes of other people rational persuasion using logical arguments inspirational appeals consultation exchange exchange of favors ingratiation using praise and attery legitimating tactics pressure coalition tactics 0 Should power be shared 0 empowerment sharing of power with others especially by those with high amounts of position power 0 traits relatively enduring characteristics of a person drive motivation honesty selfconfidence emotional maturity research has not considered the impact of culture 0 Charismatic leadership leadership by someone who has in uence over others based on individual inspirational qualities rather than formal power strong need for power high levels of selfconfidence strong belief in own ideas 0 Leader s Skills and Competencies 0 Emotional intelligence involves an awareness of others feelings and a sensitivity to one s own emotions and the ability to control them self awareness self regulation motivation empathy social skill 0 Social intelligence the ability to read other people and their intentions and adjust one s own behavior in response social perceptiveness behavioral exibility savvy 0 Leader s Behaviors Task behaviors initiating structure centers on specifying and identifying the roles and tasks of the leaders and their subordinates 0 plans schedules sets performance goals People behaviors friendly supportive trust confidence 0 Approaches to Leadership Blake amp Mouton s Managerial Grid O 0 each of these two dimensions task and people can be thought of as going from a low score to a high score and the scores can be plotted on a graph heavy emphasis on the leader gives little attention to the attributes of the followers and the characteristics of the situation universal leadership theory one absolute best type of leader under all conditions ignores situational variables I Transformational Leadership 0 0 leadership that motivates followers to ignore self interests and work for the larger good of the organization to achieve significant accomplishments emphasis is on articulating a vision that will convince subordinates to make major changes I Transactional Leadership 0 leadership that focuses on motivating followers selfinterests by exchanging rewards for their compliance emphasis is on having subordinates implement procedures correctly and make needed but relatively routine changes I Situational Leadership Model 0 a model that states that different types of appropriate leadership are contingent on some other variable followers readiness to learn new tasks Hersey and Blanchard I subordinates readiness consists of their ability and willingness to undertake the tasks I certain types of leader behaviors are best depending upon subordinates readiness levels I subordinate readiness levels typically do not simply come in high and low combinations 0 considers only subordinate readiness as a feature of the task and environment 0 ignores other possible elements of the context such as a type of interaction subordinates have with others the culture and the history of past events I Leaderfollower relationship 0 a theory suggesting that leaders develop different levels of relationships With different subordinates and that the quality of these relationships affects subordinate behavior 0 tasks and organizational context affect leadership I Path Goal Theory of Leadership 0 a contingency theory that focuses on the leader s role in increasing subordinate satisfaction and the effort by increasing personal payoffs for goal attainment and making the path to these payoffs easier


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