Contemporary Management Principles
Contemporary Management Principles MGT 320
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This 7 page Class Notes was uploaded by Jordy Will on Tuesday September 22, 2015. The Class Notes belongs to MGT 320 at Colorado State University taught by James McCambridge in Fall. Since its upload, it has received 16 views. For similar materials see /class/210365/mgt-320-colorado-state-university in Business, management at Colorado State University.
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Date Created: 09/22/15
MGT3 20 Exam 2 Study Guide Key Concepts from Global Management 0 Distinguish among multidomestic boundaryless amp multinational organizations 0 Mutli domestic an international company that decentralizes management and other decisions to the local county 0 Boundaryless A type ofinternational company in which artificial geographic barriers are eliminated o Multinational A broad term that refers to any and all types of international companies that maintain operations in multiple countries 0 What is meant by NAFTA ASEAN and EU 0 NAFTA North American Free Trade Agreement An agreement among the Mexican Canadian and US governments that has eliminated barriers to trade 0 ASEANAssociation of Southeast Asian Nations A trading alliance of 10 Southeast Asian nations 0 EU European Union An economic and political partnership of 27 democratic European counties created as a unified economic and trade entity Three additional countries have applied for membership 0 Distinguish among nationalistic parochial global geocentric ethnocentric and polycentric perspectives o Nationalistic The values and attitudes shared by individuals from aspecific country that shape their behavior and beliefs about what is important 0 Parochialism Viewing the world solely through one s own eyes and perspectives and not recognizing that others have different ways of living and working Parochialism leads to an inability to recognize differences between people 0 Global An international company that centralizes management and other decisions in the home country 0 Geocentric A worldoriented view that focuses on using the best approaches and people from around the globe o Ethnocentric The parochialistic belief that the best work approaches and practices are those of the home country 0 Polycentric The view that managers in the host country know the best work approaches and practices for running their business Key Concepts from Org StructureZDesign o What is meant by authority responsibility delegation work specialization unity of command and departmentalization 0 Authority The rights inherent in a managerial position to tell people what to do and expect them to do it 0 Responsibility The obligation or expectation to perform any assigned duties 0 Delegation the assignment of authority and responsibility to another person normally from a manager to a subordinate to carry out specific activities 0 Work specialization Dividing work activities into separate job tasks 0 Unity of command The management principle that each person should report to only one manager 0 Departmentalization The degree to which lowerlevel employees provide input or actually make decisions 0 What is a matrix structure and what are its advantages and disadvantages 0 Matrix Structure An organizational structure that assigns specialists from different functional departments to work on one or more projects I Advantages Fluid and exible design that can respond to environmental changes Faster decision making I Disadvantages Complexity ofassigning people to projects Task and personality con icts o What are the different types of departmentalization O O 0 Functional Groups jobs according to function Geographical Groups jobs according to geographic region Product Groups jobs by product line Process Groups jobs on the basis ofproduct or customer ow Customer Groups jobs on he basis of specific and unique customers who have common needs Key Concepts from Planning 0 What are the purposes ofplanning 0 Defining an organization s goals establishing an overall strategy for achieving those goals and developing plans to integrate and coordinate work activities 0 Does planning lead to higher organizational performance 0 Formal planning is associated with positive financial performance 0 What does planning accomplish in terms of the hierarchy of organizational goals 0 Goals are desired outcomes plans are documents that outline how goals are going to be met 0 What is MBO What are its s and s O O O MBO Management by objectives A process of setting mutually agreed upon goals and using those goals to evaluate employee performance Prosincrease employee performance and organizational productivity Cons Key Concepts from Motivation 0 What are the key elements of motivation The energy element is a measure ofintensity or drive 0 The high level of effort needs to be directed in ways that help the organization achieve its goals 0 Employees mush persist in putting forth an effort to achieve those goals 0 Distinguish between Herzberg s motivation theory goal setting theory and McGregor s Theory XTheory Y 0 Herzberg s twofactor motivation theoryProposes that intrinsic factors are related to job satisfaction and motivation whereas extrinsic factors are associated with job dissatisfaction Goal setting theory The proposition that specific goals increase performance and that difficult goals when accepted result in higher performance than do easy goals Theory X The assumption that employees dislike work are lazy avoid responsibility and must be coerced to perform Theory Y The assumption that employees are creative enjoy work seek responsibility and can exercise selfdirection Why is goal setting considered to be the most effective motivational approach 0 Intention to work toward a goal is a major source ofjob motivation specific harder goals produce high levels of output that generalized goals What is the ICM and how does it relate to job enlargement and job enrichment ICM job characteristic model A framework for analyzing and designing jobs thatidentifies five primary core job dimensions their interrelationships and their impact on outcomes Iob enlargement The horizontal expansion ofa job by increasing job scope Iob enrichment The vertical expansion of a job by adding planning and evaluating responsibilities How does it relate Combine tasks put fragmented tasks back together to form a new larger work module enlargement to increase skill variety and task identity Create natural work units design tasks that form an identifiable and meaningful whole to increase employee quotownershipquot of the work Encourage employees to view their work as meaningful and important rather than irrelevant and boring Establish client internal or external relationship whenever possible establish direct relationships between works and their clients to increase skill variety autonomy and feedback Expand jobs vertically vertical expansion gives employees responsibilities and controls that were formerly reserved for managers which can increase autonomy Open feedback channels direct feedback lets employees know how well they re performing in their jobs and whether their performance is improving 0 What are the major differences between equity theory and expectancy theory of motivation Equity theory an employee compares his or her job s inputoutcomes ratio with that of relevant others and then corrects any inequity Expectancy theory an individual tends to act in a certain way based on the expectation that the act will be followed by a given outcome and on the attractiveness of that outcome to the individual 0 What motivates professionals Are those elements different than that which motivates other types of workers 0 Professionals are motivated by job challenge and support and are motivated by the work itself Contingent workers want an opportunity to become permanent and receive skills and training Recognition programs for minimum wage workers Key Concepts from Leadership 0 What are the five types ofleader power 0 Legitimate power The power a leader has as a result of his or her position in an organization 0 Coercive power The power a leader has to punish or control 0 Reward power The power a leader has to give positive rewards 0 Expert power Power that s based on expertise special skills or knowledge 0 Referent power Power that arises because ofa person s desirable resources or personal traits o Distinguish between transactional and transformational leadership 0 Transactional leaders Leaders who lead by primarily using social exchanges or transactions 0 Transformational leaders Leaders who stimulate and inspire transform followers to achieve extraordinary things 0 What role does follower readiness play in pathgoal leadership theory 0 Pathgoal theory A leadership theory that says the leader s job is to assist followers in attaining their goals and to provide direction or support needed to ensure that their goals are compatible with the goals of the organization or group 0 What are the three central elements of modern leadership thought 0 O O O notsuuuure Leadermember relations One of Fielder s situation contingencies that describe the degree of confidence trust and respect that employees had for their leader Task structure One of Fielder s situation contingencies that described the degree to which job assignments were formalized and structured Position power One of Fielder s situation contingencies that described the degree ofin uence a leader had over activities such as hiring firing discipline promotions and salary increases 0 What did Fiedler s contingency theory of leadership effectiveness propose as its basic principle 0 A leadership theory which proposed that effective group performance depended on the proper match between a leader s style and the degree to which the situation allowed the leader to control and in uence Key Concepts from NWSS Presentation I39d