Find Vo in the network in Fig. P3.45 using nodal analysis.

MGMT 321 – Exam 1: Studyguide Chapter 1  What are the challenges for managers o What does it mean to manage for change  Technology  Globalization o What does it mean to manage resources o What does it mean to manage strategically o What does it mean to manage entrepreneurially  4 functions of management o Planning  Set goals and decide how to achieve them o Organizing  Arrange tasks, people, and resources to accomplish the work o Leading  Motivate, direct, and influence people to work hard to achieve goals o Controlling  Monitor performance, compare it with goals and take corrective action as needed  Mintzberg’s managerial roles o Interpersonal  Managers act as figureheads (attending events as a representative)  Ex: LCB dean attends a basketball game (acts as a representative from the entire LCB)  Leader (influencing and directing) th  Ex: LCB dean wants to add a 5 center to the LCB, would appoint and direct a person to do it  Liaison (maintaining contacts) o Informational  Monitor (seeking and gathering information)  Disseminator (ensuring information gets to those who need access to it)  Spokesperson (representing a work product)  Ex: LCB dean talks about a paper an LCB associate wrote o Decisional  Entrepreneur (dealing with new products or opportunities)  Disturbance Handler (settling conflicts among employees)  Resource Allocator (deciding how resources are distributed)  Ex: Office space  Negotiator (representing the organization in mediating agreements)  Managerial skills o Technical skills  Having an expertise in something (increases respect) o Interpersonal skills  Persuasion, empathy o Conceptual skills  Logic, reasoning, judgement, analytic ability Chapter 4  Elements of a competitive advantage o Provide superior value o Be rare o Be difficult to imitate/substitute o Organized to use or exploit the resource  Mission and vision statements o Mission: What is our purpose  Ex: An organization’s philosophy, its commitment to its employees o Vision: What do we want to become  Very forward looking  Porter’s Five Forces Industry Analysis o Goal: maximize profits o Rivalry among firms  Price  Quality  Nature of rivalry  Many or few competitors o Threat of new entrants  Barriers to entry  Switching costs o Threat of substitutes  Identify substitutes o Bargaining power of buyers  Many or few customers  Fragmented or united o Bargaining power of suppliers  Many or few suppliers o Which factors lead to higher profits for an industry o Which factors lead to lower profits for an industry  VRIO Analysis o Is the resource Valuable o Rare o Imitable o Exploited by an Organization  SWOT/TOWS Analysis o What are the elements of a SWOT/TOWS Analysis o TOWS – use SWOT to generate options for managers  Porter’s Four Generic Positioning Strategies o What are the four strategies o How does one distinguish among the strategies o What are the two dimensions used to distinguish between the strategies Chapter 5  Strategic o Planning for 3­5 years forward o Broad view of an entire organization o Ex: Cut costs and keep fares low  Tactical o Planning for 1­2 years forward o Focused on a strategic business program o Ex: Cut costs in the maintenance program  Operational o Planning for 12 months or less o Most narrow, centered on a single department o Ex: Enhance productivity in unloading, refueling, and cleaning of arrival planes  SMART Goals o Specific o Measurable o Agreement (committed) o Realistic o Time Bound Chapter 6  What is organizational structure o How an organization divides and coordinates its labor into distinctive tasks o  the result  What is organizational design o Process of assessing the organization’s structure and determining appropriate structure o  process of deciding what structure to use  What is an organizational chart o Illustrates the relationship among units/lines of authority/subordinates o  visual representation of the structure you decided on  Differentiation – division of tasks into subtasks performed by specialists o Benefit: increases specialization o Trade off: challenges in coordination/integration o Ex: Low differentiation – everybody coming up with their own words and sentences; High differentiation – 2 people coming up with words, 2 people writing sentences, 2 people working quality assurance  What is task differentiation  What is cognitive differentiation  How do these two types of differentiation differ  Integration – extent to which different parts of an organization interact, coordinate, and cooperate with one another o Benefit: allows coordinated movement  What is pooled interdependence o Work independently  What is sequential interdependence o Group A creates words, then Group B writes, then Group C gives QA  What is reciprocal interdependence o 2 or more groups rely on each other for inputs o Ex: 2 people conduct the interview, 2 people give the presentation  Formalization – the greater an organization’s reliance on rules and standard procedures, the more formal the structure o Formal organizations stress:  Line of authority  Unity of command  Span of control – (less formal organization = wider span of control)  Informal organization – unofficial but influential means of communication, decision making, and control  Centralization – level at which decision are made within an organization o Centralized: as close to top of organization as possible  Ex: Boss makes all the decisions o Decentralized: pushed down to the lowest feasible level  6 generic organizational structures o Functional  Divided by a traditional, functional area (Marketing, Finance)  Horizontal differentiation  Ex: Manager of marketing – everyone in marketing is under that person (won’t find a marketer in another department) o Product  Divided based on products  Each division has a marketer, accountant, finance member (similar to OBA groups) o Customer  Divided based on customer  Customers’ needs may be very different  would make sense to divide needs o Division  Similar to Product, but group similar products o Geographical/regional  Customer demands and regulations differ among regions  Ex: Oil and gas companies have very different regulations depending on the state o Matrix  Division + Geographical structure  May enhance decision making (report to 2 different managers)  Moves very slowly  Rules/Values/Goals o When are rules vs. goals and values a more effective coordination mechanism  External environment o Simple vs. complex environments  What is a simple external environment  What is a complex external environment  What are the core categories of environmental complexity  Products  Customers  Geography  Technology  Competitors  Suppliers  What are the consequences of this distinction for organizational structure o Static vs. dynamic environments  What is a static external environment  Ex: Ball point pens – production hasn’t really changed over the years  What is a dynamic external environment  Ex: Airplane technology  What are the consequences of this distinction for organizational structure MGMT 321 – Exam 1: Studyguide Chapter 1  What are the challenges for managers o What does it mean to manage for change  Technology  Globalization o What does it mean to manage resources o What does it mean to manage strategically o What does it mean to manage entrepreneurially  4 functions of management o Planning  Set goals and decide how to achieve them o Organizing  Arrange tasks, people, and resources to accomplish the work o Leading  Motivate, direct, and influence people to work hard to achieve goals o Controlling  Monitor performance, compare it with goals and take corrective action as needed  Mintzberg’s managerial roles o Interpersonal  Managers act as figureheads (attending events as a representative)  Ex: LCB dean attends a basketball game (acts as a representative from the entire LCB)  Leader (influencing and directing) th  Ex: LCB dean wants to add a 5 center to the LCB, would appoint and direct a person to do it  Liaison (maintaining contacts) o Informational  Monitor (seeking and gathering information)  Disseminator (ensuring information gets to those who need access to it)  Spokesperson (representing a work product)  Ex: LCB dean talks about a paper an LCB associate wrote o Decisional  Entrepreneur (dealing with new products or opportunities)  Disturbance Handler (settling conflicts among employees)  Resource Allocator (deciding how resources are distributed)  Ex: Office space  Negotiator (representing the organization in mediating agreements)  Managerial skills o Technical skills  Having an expertise in something (increases respect) o Interpersonal skills  Persuasion, empathy o Conceptual skills  Logic, reasoning, judgement, analytic ability Chapter 4  Elements of a competitive advantage o Provide superior value o Be rare o Be difficult to imitate/substitute o Organized to use or exploit the resource  Mission and vision statements o Mission: What is our purpose  Ex: An organization’s philosophy, its commitment to its employees o Vision: What do we want to become  Very forward looking  Porter’s Five Forces Industry Analysis o Goal: maximize profits o Rivalry among firms  Price  Quality  Nature of rivalry  Many or few competitors o Threat of new entrants  Barriers to entry  Switching costs o Threat of substitutes  Identify substitutes o Bargaining power of buyers  Many or few customers  Fragmented or united o Bargaining power of suppliers  Many or few suppliers o Which factors lead to higher profits for an industry o Which factors lead to lower profits for an industry  VRIO Analysis o Is the resource Valuable o Rare o Imitable o Exploited by an Organization  SWOT/TOWS Analysis o What are the elements of a SWOT/TOWS Analysis o TOWS – use SWOT to generate options for managers  Porter’s Four Generic Positioning Strategies o What are the four strategies o How does one distinguish among the strategies o What are the two dimensions used to distinguish between the strategies Chapter 5  Strategic o Planning for 3­5 years forward o Broad view of an entire organization o Ex: Cut costs and keep fares low  Tactical o Planning for 1­2 years forward o Focused on a strategic business program o Ex: Cut costs in the maintenance program  Operational o Planning for 12 months or less o Most narrow, centered on a single department o Ex: Enhance productivity in unloading, refueling, and cleaning of arrival planes  SMART Goals o Specific o Measurable o Agreement (committed) o Realistic o Time Bound Chapter 6  What is organizational structure o How an organization divides and coordinates its labor into distinctive tasks o  the result  What is organizational design o Process of assessing the organization’s structure and determining appropriate structure o  process of deciding what structure to use  What is an organizational chart o Illustrates the relationship among units/lines of authority/subordinates o  visual representation of the structure you decided on  Differentiation – division of tasks into subtasks performed by specialists o Benefit: increases specialization o Trade off: challenges in coordination/integration o Ex: Low differentiation – everybody coming up with their own words and sentences; High differentiation – 2 people coming up with words, 2 people writing sentences, 2 people working quality assurance  What is task differentiation  What is cognitive differentiation  How do these two types of differentiation differ  Integration – extent to which different parts of an organization interact, coordinate, and cooperate with one another o Benefit: allows coordinated movement  What is pooled interdependence o Work independently  What is sequential interdependence o Group A creates words, then Group B writes, then Group C gives QA  What is reciprocal interdependence o 2 or more groups rely on each other for inputs o Ex: 2 people conduct the interview, 2 people give the presentation  Formalization – the greater an organization’s reliance on rules and standard procedures, the more formal the structure o Formal organizations stress:  Line of authority  Unity of command  Span of control – (less formal organization = wider span of control)  Informal organization – unofficial but influential means of communication, decision making, and control  Centralization – level at which decision are made within an organization o Centralized: as close to top of organization as possible  Ex: Boss makes all the decisions o Decentralized: pushed down to the lowest feasible level  6 generic organizational structures o Functional  Divided by a traditional, functional area (Marketing, Finance)  Horizontal differentiation  Ex: Manager of marketing – everyone in marketing is under that person (won’t find a marketer in another department) o Product  Divided based on products  Each division has a marketer, accountant, finance member (similar to OBA groups) o Customer  Divided based on customer  Customers’ needs may be very different  would make sense to divide needs o Division  Similar to Product, but group similar products o Geographical/regional  Customer demands and regulations differ among regions  Ex: Oil and gas companies have very different regulations depending on the state o Matrix  Division + Geographical structure  May enhance decision making (report to 2 different managers)  Moves very slowly  Rules/Values/Goals o When are rules vs. goals and values a more effective coordination mechanism  External environment o Simple vs. complex environments  What is a simple external environment  What is a complex external environment  What are the core categories of environmental complexity  Products  Customers  Geography  Technology  Competitors  Suppliers  What are the consequences of this distinction for organizational structure o Static vs. dynamic environments  What is a static external environment  Ex: Ball point pens – production hasn’t really changed over the years  What is a dynamic external environment  Ex: Airplane technology  What are the consequences of this distinction for organizational structure