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management > Exam 2 > Flashcards

Exam 2 Flashcards

1
Q

Two systems of decision making

A

1) System 1 -> intuitive and largely unconscious
- automatically and quickly make decision

2) System 2-> analytical and conscious
- slow, deliberate thinking

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2
Q

The hindsight bias

A
  • I knew it all along effect
  • the tendency of people to view events as being more predictable than they really are

Ex: at the end of a sports game we decide the outcome was obvious and predicable meanwhile it wasn’t at all

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3
Q

How employees learn culture

A

1) symbols
2) stories
3) heroes
4) rites and rituals

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4
Q

Environmental scanning

A
  • careful monitoring of an organizations internal and external environments to detect early signs of opportunities and threats that may influence the firms plans
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5
Q

Human capital

A
  • potential of employee knowledge and actions

- the economic or productive potential of employee knowledge, experience and actions

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6
Q

Evaluate alternatives and select a solution …questions to consider

A
  • stage 3 of rational decision making
    1) is it ethical
    2) is it feasible
    3) is it ultimately effective
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7
Q

Decision

A
  • a choice made among other available alternatives
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8
Q

Narrow span of control

A
  • tall
  • manager has a limited number of people reporting
  • advised when managers must be closely involved with their subordinates and management duties are complex

Ex: 3 Vice Presidents reporting to the prez instead of 9 vps reporting

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9
Q

Deciding to decide

A
  • a manager agrees that he or she must decide what to do about a problem or opportunity and take effective decision making steps
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10
Q

Centralized authority

A
  • important decisions are made by higher-level managers
  • very small companies tend to be the most centralized

Advantages: less duplication of work because fewer employees perform the same task, and procedures are uniform and thus easier to control

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11
Q

Regarding authority and responsibility the organization chart distinguishes between two positions

A

1) line position

2) staff position

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12
Q

Personality tests

A
  • measure such personality traits as adjustment, sociability, independence and need for achievement
  • career assessment tests that help workers identify suitable jobs tend to be of this type
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13
Q

Strategy formulation

A
  • is the process of choosing among different strategies and altering them to best fit the organizations needs
  • time consuming because it must be translated into strategic plans, which determine the organizations long term goals for the next 1-5 years
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14
Q

Clan culture

A
  • an employee focused culture valuing flexibility, not stability
  • has internal focus and values flexibility rather than stability and control
  • encourages collaboration among employees
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15
Q

Coordinated effort

A
  • working together for common purpose

- the coordination of individual efforts into a group or organization wide effort

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16
Q

Employers don’t give honest references for two reasons

A

1) they fear that if they say anything negative, they can be sued by the former employee
2) they fear if they say anything positive and the job candidate doesn’t work out, they can be sued by the new employer

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17
Q

Division of labor

A
  • work specialization for greater efficiency

- the arrangement of having discrete parts of a task done by different people

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18
Q

Advantages of group decision making

A

1) greater pool of knowledge
2) different perspectives
3) intellectual stimulation (brainstorming)
4) better understanding of decision rationale
5) deeper commitment to the decision

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19
Q

Accountability

A
  • authority means this
  • managers must report and justify work results to the managers above them
  • you have the responsibility for performing assigned tasks
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20
Q

Horizontal specialization

A
  • who specializes in what work, different jobs
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21
Q

Current reality assessment

A
  • also called organizational assessment
  • to look at where the organization stands and see what is working and what could be different so you can maximize efficiency and effectiveness in achieving the organizations mission
  • can be done by using SWOT analysis, forecasting benchmarking and Porters model of industry analysis
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22
Q

Organizational culture

A
  • also called corporate culture
  • a set of shared, taken for granted implicit assumptions that a group holds and that determines how it perceives, thinks about and wants to its various environments
  • social glue that binds members together
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23
Q

Organizational opportunities

A
  • environmental factors that the organizations may exploit for competitive advantage
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25
Q

Evaluating a decision and what actions to take if it isn’t working

A
  • stage 4 rational decision making
    1) give it more time
    2) change it slightly
    3) try another alternative
    4) start over (back to stage 1)
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26
Q

Culture

A
  • the shared set of beliefs, values, knowledge and patterns of behavior common to a group of people
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27
Q

Nine common decision making biases

A

1) availability
2) representative
3) confirmation
4) sunk cost
5) anchoring and adjustment
6) overconfidence
7) hindsight
8) framing
9) escalation of commitment

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28
Q

Validity

A
  • the test measures what it purports to measure and is free of bias
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29
Q

Three factors that should be considered when determining the best organizational structure

A

1) whether an organizations environment is mechanistic or organic
2) whether it’s environment stresses differentiation or integration
3) how it’s strategy can affect its structure

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30
Q

Wide span of control

A
  • a manager has several people reporting
  • an organization is said to be flat when there are only a few levels with wide spans of control
  • useful when first line supervisors are directing subordinates with similar work tasks
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31
Q

The rational model of decision making

A
  • the classical model
  • explains how managers should make decisions, it assumes managers will make logical decisions that will be the optimum in furthering the organizations best interests
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32
Q

Staff personnel

A
  • have authority functions; they provide advice, recommendations, and research to line managers
  • indicated on the organization chart by a dotted line (usually a horizontal line)
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33
Q

Human resource inventory

A
  • a report listing your organizations employees by name, education, training, languages and other important information
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34
Q

Problems

A
  • difficulties that inhibit the achievement of goals
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35
Q

Unity of command

A
  • an employee should report to no more than one manager in order to avoid conflicting priorities and demands
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36
Q

Understanding current employee needs: today’s staffing picture

A

1) do a job analysis

2) write a job description and a job specification

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37
Q

Compensation has three parts

A

1) wages or salaries
2) incentives
3) benefits

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38
Q

Affirmative action

A
  • focuses on achieving equality of opportunity within an organization
  • tries to make up for past discrimination in employment by actively finding, hiring and developing the talents of people from groups traditionally discriminated against
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39
Q

Grand strategy

A
  • after the assessment of the current reality, this explains how the organizations mission is to be accomplished

Three common grand strategies:

1) growth
2) stability
3) defensive

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40
Q

Structured interview

A
  • involves asking each applicant the same questions and comparing their responses to a standardized set of answers
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41
Q

Questions to put on a decision tree

Questions a manager should ask when making decisions

A

1) is the proposed action legal

2) does the proposed action maximize shareholder values
- if yes to 1

3) is the proposed action ethical
- if yes to 2

4) would it be ethical NOT to take the proposed action
- if no to 2

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42
Q

The anchoring and adjustment bias

A
  • tendency to make decisions based on an initial figure
  • initial figure may be irrelevant to market realities

Ex: give a raise based on what the worker was paid the preceding year even if it’s higher than what other companies are paying the same position

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44
Q

Four types of organizational culture

A

1) clan
2) adhocracy
3) market
4) hierarchy

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45
Q

Dos and donts for reaching concensus

A

Dos
- use active listening skills, involve as many members as possibly, seek out the reasons behind arguments, dig for the facts

Donts
- avoid log rolling and horse trading (I’ll support ur pet projects if you support mine), avoid agreeing to not rock the boat, don’t try to achieve consensus by putting questions to a vote

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46
Q

Span of control

A
  • narrow(or tall) versus wide (or flat)
  • or span of management, refers to the number of people reporting directly to a given manager

Two spans of control

1) narrow
2) wide

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47
Q

Line managers

A
  • have authority to make decisions and usually have people reporting to them
  • indicated in the organization chart by a solid line (usually a vertical line)
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48
Q

Two kinds of information that organization charts reveal about organizational structures

A

1) the verticals hierarchy of authority
- who reports to whom

2) the horizontal specialization
- who specializes in what work

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49
Q

Minority dissent

A
  • dissent that occurs when a minority in a group publicly opposes the beliefs, attitudes, ideas, procedures and policies assumed by the majority of the group
  • associated w increased innovation in groups
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50
Q

The Delphi technique

A
  • a group process that uses physically dispersed experts who fill out questionnaires to anonymously generate ideas
  • the judgements are combined and in effect averaged to achieve a consensus of expert opinion
  • useful when face to face discussions are impractical, when disagreements or conflicts are likely to impair communication, when individuals might dominate group discussions, or when there is a high risk of group think
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51
Q

Inside matters of SWOT

A
  • analysis of internal strengths and weaknesses
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53
Q

Quid pro quo harassment type

A
  • the person whom the unwanted sexual attention is directed is put in the position of jeopardizing being hired for a job or obtaining job benefits or opportunities unless he or she implicitly or explicitly acquiesces
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54
Q

Bullying

A
  • a repeated mistreatment of one or more persons by one or more perpetrators
  • it is abusive physical, psychological, verbal or nonverbal behavior that is threatening, humiliating or intimidating
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55
Q

The most commonly used employee selection technique of interviewing has three forms

A

1) unstructured interviews
2) structured interview type 1
3) structured interview type 2

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56
Q

Four areas of human resource law any manager needs to be aware of

A

1) labor relations
2) compensation and benefits
3) health and safety
4) equal employment opportunity

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57
Q

Vision statement

A
  • should be positive and inspiring, and it should stretch the organization and its employees to achieve a desired future state that appears beyond its reach
  • describes its long term direction and strategic intent
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58
Q

Delegation

A
  • the process of assigning managerial authority and responsibility to managers and employees lower in the hierarchy
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59
Q

Observable artifacts

A
  • Level 1
  • physical manifestations of culture
  • at the most visible level … Dress, awards, myths and stories about the company, rituals and ceremonies, and decorations as well as visible behavior exhibited by managers and employees
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61
Q

Adhocracy culture

A
  • a risk taking culture valuing flexibility
  • has an external focus and values flexibility
  • creates innovative products by being adaptable, creative and quick to respond to changes in the market place
  • encourage employees to take risks and experiment with new ways of getting things done
  • good for new companies, those changing, and those that need innovation to enhance growth
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64
Q

Job specification

A
  • describes the minimum qualifications a person must have to perform the job successfully
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65
Q

External recruiting

A
  • hiring from the outside

- attracting job applicants from outside organizations

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66
Q

Big data

A
  • stores of data so vast that conventional databases management systems can not handle them
  • includes data in corporate databases, web browsing data trails, social network communications, sensor data and surveillance data
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67
Q

Most common employment tests

A

1) ability tests
2) performance tests
3) personality tests
4) integrity tests

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68
Q

Symbol

A
  • an object, act, quality, or event that conveys meaning to others
  • convey the most important values
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69
Q

Drivers and flow of organizational culture

A

1) drivers of culture
2) organizational culture
3) organizational structure and internal processes
4) group and social processes
5) work attitudes and behaviors
6) overall performance

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69
Q

Human resource (HR) management

A
  • consists of the activities managers perform to plan for, attract, develop and retain an effective workforce
  • people are an organizations most important asset and it is important to invest in human resources
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70
Q

Person-organization fit

A
  • reflects the extent to which your personality and values match the climate and culture in an organization
  • associated with positive work attitudes and performance, lower stress and fewer expressions of intention to quit
  • high priority
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70
Q

Unstructured interview

A
  • involves asking probing questions to find out what the applicant is like
  • no fixed questions and no scoring procedure
  • provides a more accurate assessment of an applicants job related personality traits
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71
Q

Automated experience

A
  • intuition based on feelings, the involuntary emotional response to those same matters
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72
Q

The tools for assessing the current reality

A

1) competitive intelligence
2) SWOT analysis
3) forecasting
4) benchmarking
5) porters model for industry analysis

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73
Q

Disadvantages of group aided decision making

A

1) a few people dominate or intimidate
2) groupthink
3) satisficing(due to limited time, lack of info, unable to handle large amounts of info)
4) goal displacement

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74
Q

Structured interview type 1

A
  • the situational interview
  • the interviewer focuses on hypothetical situations
  • purpose is to find out if the applicant can handle difficult situations that may arise on the job
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75
Q

Confirmation bias

A
  • when people seek information to support their point of view and discount data that do not
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77
Q

Organizational strengths

A
  • the skills and capabilities that give the organization special competencies and competitive advantages in executing strategies in pursuit of its vision
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78
Q

Trend analysis

A
  • a hypothetical extension of past series of events into the future

Ex: time series forecast-> predicts future data based on patterns of historical data… It is used to predict long term trends, cyclic patterns and seasonal variations

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79
Q

Brainstorming

A
  • a technique used to help groups generate multiple ideas and alternatives for solving problems
  • for increasing creativity
  • two sessions first problem is reviewed and group members write down there ideas and second meet again and critique and analyze the different alternatives
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80
Q

Occupational safety and health Act (OSHA) of 1970

A
  • requires organizations to provide employees with nonhazardous working conditions
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82
Q

Strategic positioning

A
  • attempts to achieve sustainable competitive advantage by preserving what is distinctive about a company
  • “it means performing DIFFERENT activities from rivals, OR performing SIMILAR activities in different ways” -Michael Porter
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83
Q

Job posting

A
  • placing information about job vacancies and qualifications on bulletin boards, in newsletters and on organizations intranet
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84
Q

Vision

A
  • it’s long term goal describing what it wants to become

- expressed in its vision statement -> describes its long term direction and strategic intent

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85
Q

Five conclusions that came from the relationship between organizational cultures and effectiveness

A

1) an organizations culture matters-> can be a source of competitive advantage
2) employees are happier in clan cultures
3) elements of these cultures can be used to boost innovation and quality
4) changing the organizational culture won’t necessarily boost financial performance (but it might)
5) market culture tend to produce better results

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86
Q

Sexual harassment

A
  • consists of unwanted sexual attention that creates an adverse work environment
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87
Q

Urgency

A
  • “how quickly must I act on the information about the situation”
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88
Q

Outside matters of SWOT

A
  • analysis of external opportunities and threats
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88
Q

Big data analytics

A
  • the process of examining large amounts of data of a variety of types to uncover hidden patterns, unknown correlations and other useful information
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89
Q

Hierarchy of authority

A
  • chain of command

- a control mechanism for making sure the right people do the right things at the right time

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93
Q

Organization chart

A
  • a box and lines illustration showing the formal lines of authority and the organizations official positions or work specializations
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94
Q

Assumptions of the rational model

A
  • prescriptive-> describes how managers SHOULD make decisions, not how they do
    1) managers have complete information with no uncertainty
    2) are able to make logical and unemotional analysis
    3) are able to make the best decision for the organization and be completely confident
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95
Q

Collective bargaining

A
  • consists of negotiations between management and employees about disputes over compensation, benefits, working conditions and job security
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98
Q

Disparate treatment

A
  • results when employees from protected groups(such as disabled individuals) are intentionally treated differently

Ex: give all international assignments to people with no disabilities bc transport is believed to be difficult for them

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99
Q

Integration

A
  • when forces pull an organization together
  • the tendency of the parts of an organization to draw together to achieve a common purpose
  • the means for achieving are a formal chain of command, standardization of rules and procedures and use of cross functional teams and computer networks so that there is frequent communication and coordination of the parts
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100
Q

Intuition model has two benefits

A

1) it can speed up decision making
2) it can be helpful to managers with limited resources

Drawback: it can be hard to convince others that your hunch makes sense and it is subject to the biases of rational decision making

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101
Q

Heroes

A
  • a person whose accomplishments embody the values of the organization
102
Q

Benefits

A
  • fringe benefits
  • are additional nonmonetary forms of compensation designed to enrich the lives of all employees in the organization, which are paid all or in part by the organization

Ex: health insurance

103
Q

Integrity tests

A
  • assess attitudes and experiences related to a persons honesty, dependability, trustworthiness, reliability and prosocial behavior
  • designed to identify people likely to engage in inappropriate, antisocial or dishonest workplace behavior
  • asks direct questions about past experiences related to ethics and integrity
104
Q

Four characteristics of groups

A

1) they are less efficient (take longer to reach a decision)
2) their size affects decision quality
3) they may be too confident
4) knowledge counts
- when people know each other it’s better when members have unique info, but when they don’t know each other better when they have common info

106
Q

Porters five competitive forces

A

1) threats of new entrants
2) bargaining power of suppliers
3) bargaining power of buyers
4) threats of substitute products or services
5) rivalry among competitors

107
Q

Job analysis

A
  • to determine, by observation and analysis, the basic elements of a job
  • specialists that observe the work flow and learn how results are accomplished
108
Q

Panic

A
  • “this is so stressful I’ve got to do something, anything, to get rid of the problem”
  • a manager is so frantic to get rid of the problem that he or she can’t deal with the situation realistically
110
Q

Three concepts important in this view of human resource management

A

1) human capital
2) knowledge workers
3) social capital

111
Q

Relaxed avoidance

A
  • “there’s no point in doing anything, nothing bad is going to happen”
  • a manager decides to take no action in the belief that there will be no great negative consequences
  • a form of complacency -> you either don’t see or you disregard the signs of danger (or of opportunity)
111
Q

Organic organizations

A
  • when looseness and flexibility work best
  • authority is decentralized, there are fewer rules and procedures, and networks of employees are encouraged to cooperate and respond quickly to unexpected tasks
  • adhocracies because they operate on ad hoc basis, improvising as they go along
  • information technology companies favor the organic arrangement because they constantly need to adjust to technology changing
112
Q

Three types of organizations

A

1) for profit organizations
2) nonprofit organizations
3) mutual benefit organizations

113
Q

Basic assumptions

A
  • level 3
  • core values of the organization
  • not observable, represent the core values of an organizations culture, those that are taken for granted and as a result are difficult to change
113
Q

Performance tests

A
  • skills tests

- measures performance on actual job tasks, or job try outs,

114
Q

Seven proposed elements of an organization according to Edgar Schein

A

1) common purpose
2) coordinated effort
3) division of labor
4) hierarchy of authority
5) span of control
6) authority, responsibility and delegation
7) centralization versus decentralization of authority

115
Q

What drives an organizational culture

A

1) founders values
2) industry and business environment
3) national culture
4) organizations visions and strategies
5) behavior of leaders

116
Q

Job description

A
  • summarizes what the holder of a job does and how and why he or she does it
117
Q

Four ineffective reactions to making a decision

A

1) relaxed avoidance
2) relaxed change
3) defensive avoidance
4) panic

117
Q

Mutual benefit organizations

A
  • these are voluntary collectives whose purpose is to advance members interests (ex: unions, trade associations)
118
Q

Groupthink

A
  • when group members strive to agree for the sake of unanimity and thus avoid accurately assessing the decision situation
118
Q

The purpose of strategic human resource process

A
  • to get the optimal work performance that will help the company’s mission and goals
119
Q

Three selection tools

A

1) background information
2) interviewing
3) employment tests

121
Q

Nonprofit organization

A
  • these are formed to offer services to some clients, not to make a profit (ex: hospital and colleges)
123
Q

Assessment center

A
  • management candidates participate in activities for a few days while being assessed by evaluators
125
Q

Decision support system

A
  • a computer based information system that provides a flexible tool for analysis and helps managers focus on the future
126
Q

Internal recruiting advantages and disadvantages

A

Advantages:

1) employees tend to be inspired to greater effort and loyalty. Morale increases because they realize working hard can result in promotion
2) advertising, interviewing etc is cheaper
3) fewer risks because you know the candidate and the candidate knows the organization

Disadvantages:

1) restricts the competition and limits the pool of fresh talent and view points
2) employees might think seniority will automatically result in getting the promotion
3) whenever a job is filled, it creates a vacant spot elsewhere

127
Q

Availability bias

A
  • using only the info available
  • managers use information readily available from memory to make judgements

Ex: never late in ur life then late 6 times that week but manager gives weight to more recent behavior than past

128
Q

Bounded rationality

A
  • the concept suggests that the ability of decision makers to be rational is limited by numerous constraints such as complexity, time and money, and their cognitive capability
129
Q

The strategic human resource management process

A

1) establish the mission and vision
2) establish the grand strategy
3) formulate the strategic plans
4) plan human resources needed
5) recruit and select people
6) orient, train and develop
7) perform appraisals of people
8) purpose: get optimal work performance to help realize a company’s mission and vision

130
Q

Predictive modeling

A
  • data-mining technique used to predict future behavior and anticipate the consequences of change
130
Q

For profit organizations

A
  • these are formed to make money, or profits, by providing a product or service
131
Q

The framing bias

A
  • how a problem is presented
  • the tendency of decision makers to be influenced by the way a situation or problem is presented to them

Ex: customers prefer to buy meat that says 85% lean meat versus 15% fat meanwhile they are the same thing

132
Q

Fair labor standards act of 1938

A
  • established minimum living standards for workers engaged in interstate commerce, including provision of a federal minimum wage (currently 7.25/hr) and a max work week (now 40 hours), along with banning products from child labor
133
Q

The escalation of commitment bias

A
  • feeling overly invested in a decision
  • decision makers increase their commitment to a project despite negative information about it

Ex: a rational decision may continue to be supported for irrational reasons like pride, ego, the spending of enormous amount of time etc arguing bc argued for a while

134
Q

National Labor relations board

A
  • legislation passed in 1935 (the Wagner act)

- enforces procedures whereby employees may vote to have a union and for collective bargaining

135
Q

Defensive avoidance

A
  • “there’s no reason for me to explore other solution alternatives”
  • a manager can’t find a good solution and follows by
    A) procrastinating
    B) passing the buck
    C) denying the risk of any negative consequences
  • a posture of resignation and a denial of responsibility for taking action
136
Q

External recruitment advantages and disadvantages

A

Advantages:

1) applicants may have specialized knowledge and experience
2) applicants may have fresh view points

Disadvantages:

1) recruitment process is more expensive and takes longer
2) the risks are higher because the new employee is not as well known if known at all

137
Q

Analytics

A
  • business analytics, the term used for sophisticated forms of business data analysis

Ex: portfolio analysis-> investment advisers evaluates the risk of stocks
time series forecast -> predicts future data based on patterns of historical data

138
Q

Vertical hierarchy

A
  • the chain of command, whom reports to whom

- also shows the official communication network- who talks to who

139
Q

Contingency planning

A
  • also known as scenario planning or analysis
  • the creation of alternative hypothetical but equally likely future conditions
  • create scenarios by presenting alternative combinations of different factors such as different economic pics, different budgets and different strategies by competitors
140
Q

Ethics officer

A
  • someone trained about matters of ethics in the workplace, particularly about resolving ethical dilemmas
141
Q

Espoused values

A
  • level 2
  • explicitly stated values and norms
  • the explicitly states values and Norms preferred by a organization as may be established by the firms founder or top managers
142
Q

Seven ideas for brainstorming

A

1) defer judgement
2) build on ideas of others
3) encourage wild ideas
4) go for quantity over quality
5) be visual
6) stay focused on the topic
7) one conversation at a time

143
Q

Differentiation

A
  • when forces push the organization apart
  • the tendency of the parts of an organization to disperse or fragment
  • the more subunits the more highly differentiated
  • dispersal arises because of technical specialization and division of labor
    ….as a result specialists behave in specific delimited ways without coordinating with other parts of the organization
143
Q

Internal recruiting

A
  • hiring from the inside
  • making people already employed by the organization aware of job openings
  • most are filled this way
144
Q

Strategic human resource planning

A
  • consists of developing a systematic, comprehensive strategy for
    A) understanding current employee needs
    B) predicting future employee needs
147
Q

Enacted values

A
  • the values and norms ACTUALLY exhibited in the organization
148
Q

Decentralized authority

A
  • important decisions are made by middle level and supervisory level managers
  • power is delegated through the organization

Advantages: managers are encouraged to solve their own problems rather than to buck the decision to a higher level and decisions are made more quickly which increases the organizations flexibility and efficiency

150
Q

Procrastinating

A
  • you put off making decisions

- “I’ll get to this later”

150
Q

Heuristics

A
  • or rules of thumb

- strategies that simplify the process of making decisions

151
Q

Hostile environment harassment type

A
  • the person being sexually harassed does not risk economic harm but experiences an offensive or intimidating work environment
152
Q

Three key principles that underlie strategic positioning

A

1) strategy is the creation of a unique and valuable position in the market
2) strategy requires trade-offs in competing
3) strategy involves creating a “fit” among all activities in the organization

156
Q

Two nonrational models

A

1) satisficing

2) intuition

157
Q

Two things for successful implementation

A
  • stage 4 rational decision making
    1) plan carefully
    2) be sensitive to those affected
158
Q

Strategy implementation

A
  • putting strategic plans into effect
  • top managers need to check on roadblocks in the organizations structure and culture and see if the right people are in the position to execute the plans
159
Q

Covert tests

A
  • interviewers ask questions about preferences and interests from which inferences can be drawn about future behavior
  • the answers give a sense of the persons conscientiousness, emotional maturity and so on
160
Q

Concensus

A
  • occurs when members are able to express their opinions and reach agreement to support the final decision
  • everyone supports the final outcome not necessarily agrees with it
161
Q

Contingency design

A
  • the process of fitting the organization to its environment

“What method is the best to use under these particular circumstances”

162
Q

Porters model for industry analysis

A
  • business level strategies originate in five primary competitive forces in the firms environment
163
Q

Relaxed change

A
  • “why not just take the easiest way out?”
  • a manager realizes that complete inaction will have negative consequences but opts for the first available alternative that involves low risk
  • a form of satisficing-> the manager avoids exploring a variety of alternatives in order to make the best decision
164
Q

Different ways to gain competitive intelligence

A

1) the public prints and advertising
- press release, advertising piece, news leak etc

2) investor information
- reports filed with securities and exchange commission and through corporate annual reports

3) informal sources
- industry gossip convos

165
Q

Credibility

A
  • “how believable is the information about the situation”
167
Q

strategic position emerges from three sources

A

1) serving the few needs of many customers
2) serving the broad needs of few customers
3) serving the broad needs of many customers

168
Q

The Taft Harley Act of 1947

A
  • allows the president of the U.S. To prevent or end strikes that threaten national security
170
Q

Satisficing model

A
  • managers seek alternatives until they find one that is satisfactory, not optimal
171
Q

The five steps to strategic management

A

1) establish the mission and vision
2) asses the current reality
3) formulate the grand strategy
4) implement the strategy
5) maintain strategic control

At the end -> feedback loop: revise actions if necessary based on feedback

171
Q

Evidence based management

A
  • the translation of principles based on best evidence into organizational practice, bringing rationality to the decision making process
  • “attitude of wisdom”
172
Q

Selection process

A
  • the screening of job applicants to hire the best candidate
173
Q

Denying the risk that there will be any negative consequences

A
  • engaging in rationalizing

- “how bad could it be”

175
Q

Market culture

A
  • competitive culture valuing profits over employee satisfaction
  • has a strong external focus and values stability and control
  • driven by competition to deliver results, customers, productivity and profits take precedence over employee development and satisfaction
  • employees are expected to work hard, fast and deliver quality work on time-> rewarded if do
176
Q

Passing the buck

A
  • you let someone else take the consequences of making decisions
  • “let George do it”
177
Q

The sunk cost bias

A
  • money already spent seems to justify continuing
  • sunk cost fallacy, when managers add up all the money already spent on a project and conclude it is too costly to simply abandon it
178
Q

Intuition

A
  • going with your gut

- making a decision without the use of conscious thought or logical inference

180
Q

Hierarchy culture

A
  • a structured culture valuing stability and effectiveness
  • has an internal focus and values stability over flexibility
  • have a formalized, structured work environment aimed at achieving effectiveness through a variety of control mechanisms that measure efficiency, timeliness and reliability in the creation and delivery of products

Drawback: can lead to info silos or stove pipes aka different divisions don’t share info

181
Q

Holistic hunch

A
  • intuition that stems from expertise, or a persons explicit and tacit knowledge about a person, situation, object or decision opportunity
181
Q

Two types of work place discrimination

A

1) adverse impact

2) disparate treatment

182
Q

Decision tree

A
  • a graph of decisions and their possible consequences.. It is used to create a plan and reach a goal
182
Q

Golden parachutes

A
  • for top executives

- they get generous severance pay for those who might be let go in the event the company is taken by another company

183
Q

Goal displacement

A
  • when the primary goal is subsumed by a secondary goal

Ex: although the primary task of a meeting may be to solve a particular issue, other considerations may rise to the discussion, such as rivals trying to win an argument

184
Q

Mission

A
  • the organizations purpose or reason for being

- expressed in the mission statement

185
Q

Opportunities

A
  • situations that present possibilities for exceeding existing goals
186
Q

Story

A
  • a narrative based on true events, which is repeated and sometimes embellished upon to emphasize a particular value
  • oral histories that are told and retold by members about incidents in the organizations history
187
Q

Two types of sexual harassment

A

1) quid pro quo harassment

2) hostile environment type harassment

188
Q

Organization

A
  • a system of consciously coordinated activities or forces of two or more people
188
Q

Common purpose

A
  • the means for unifying members

- unifies employees or members and gives everyone an understanding of the organizations reason for being

189
Q

Employment tests

A
  • legally considered to consist of any procedure used in the employment selection decision process, even application forms, interviews and educational requirements
192
Q

Three important concepts covered by EEO laws

A

1) workplace discrimination
2) affirmative action
3) sexual harassment

193
Q

Realistic job preview (RJP)

A
  • gives a candidate a picture of both positive and negative features of the job and the organization before he or she is hired
  • effective at reducing turnover within 30-90 days
194
Q

Authority

A
  • the rights inherent in a managerial position to make decisions, give orders and utilize resources
195
Q

Three practical guidelines when a group can help in decision making

A

1) when it can increase quality
2) when it can increase acceptance
3) when it can increase development

196
Q

Electronic brainstorming

A
  • sometimes calls brain writing

- members of a group come together over a computer network to generate ideas and alternatives

197
Q

Decision making

A
  • the process of identifying and choosing alternative courses of action
199
Q

Strategic control

A
  • consists of monitoring the execution of strategy and making adjustments, if necessary
  • managers need control systems to monitor progress and take corrective action when things go south.
199
Q

Base pay

A
  • consists of the basic wage or salary paid employees in exchange for doing their jobs
200
Q

Nonrational models of decision making

A
  • explains how managers make decisions
  • they assume that decision making is nearly always uncertain and risky, making it difficult for managers to make optimal decisions
  • descriptive rather than prescriptive-> they describe how managers actually make decisions rather than how they should
201
Q

Mechanistic organizations

A
  • when rigidity and uniformity work best
  • authority is centralized, tasks and rules are clearly specified and employees are closely supervised
  • bureaucratic, with rigid rules and top down communication
  • works best when an organization is operating in a stable environment
202
Q

Recruiting

A
  • the process of locating and attracting qualified applicants for jobs open in the organization
  • want qualified people-> those whose skills, abilities and characteristics are best suited to your organization

Two types: internal and external recruitment

203
Q

Ability tests

A
  • measure physical abilities, strength and stamina, mechanical ability, mental abilities and clerical abilities
204
Q

Flat organization

A
  • one with an organizational structure with few or no levels of middle management between top managers and those reporting to them
205
Q

Organizational threats

A
  • environmental factors that hinder an organizations chance of achieving a competitive advantage
206
Q

Four most frequently asked interview questions

A

1) what’s your favorite movie
2) what’s your favorite website
3) what’s the last book you read for fun
4) what makes you uncomfortable

206
Q

To implement a particular strategy, managers must decide the correct

A

1) organizational culture

2) organizational structure

207
Q

Forecast

A
  • a vision or projection of the future
208
Q

Three effective reactions in decision making

A
  • deciding to decide
    1) Importance
    2) Credibility
    3) urgency
208
Q

Representative bias

A
  • faulty generalizing from a small sample or a single event
  • the tendency to generalize from a small sample of a single event

Ex: 1 in a million win the lottery yet tons of people buy tickets anyway bc of the few people who have won

208
Q

The three layers of organizational culture

A

1) observable artifacts
2) espoused values
3) basic assumptions

209
Q

Benchmarking

A
  • a process by which a company compares its performance with that of high performing organizations
210
Q

Adverse impact

A
  • occurs when an organization uses an employment practice or procedure that results in an unfavorable outcome to a protected class (such as Hispanics) over another group of people (whites)

Ex: require workers to have a college degree

211
Q

Eight measures of organizations effectiveness

A

1) job satisfaction
2) organizational commitment
3) subjective innovation
4) quality of products and services
5) subjective profit
6) subjective growth
7) objective profit
8) objective growth

212
Q

The four steps in rational decision making

A

1) identify the problem or opportunity
2) think up alternative solutions
3) evaluate alternatives and select a solution
4) implement and evaluate the solution chosen

212
Q

Title VII of the Civil a Rights Act of 1964

A
  • began the effort to reduce discrimination in employment based on racial, ethnic, and religious bigotry and gender stereotypes
213
Q

Organizational weaknesses

A
  • the drawbacks that hinder an organization in executing strategies in pursuit of its vision
213
Q

Prospect theory

A
  • decision makers find the notion of an actual loss more painful than giving up the possibility of a gain
  • part of the escalation of commitment bias

Ex: investors hold on to their losers but cash in their winners

213
Q

Rites and rituals

A
  • are the activities and ceremonies, planned and unplanned, that celebrate important occasions and accomplishments in the organizations life

Ex: new Belgium brewery after 10 years of being an employee you get an orchard tree planted in ur name

213
Q

Social security act of 1935

A
  • established the U.S. retirement system
213
Q

Workplace discrimination

A
  • occurs when people are hired or promoted, or denied hiring or promotion, for reasons not relevant to the job
214
Q

The seven implementation principles to help companies that are committed to doing what it takes to profit from evidence based management

A

1) treat your organization as an unfinished prototype
2) no bragging, just facts
3) see yourself and your organization as others do
4) evidence based management is not just for senior executives
5) like everything else, you need to sell it
6) if all else fails, slow the spread of bad practice
7) the best diagnostic q: what happens when people fail?

215
Q

Knowledge workers

A
  • potential of brain works
  • someone who’s occupation is principally concerned with generating or interpreting information, as opposed to manual labor
  • add value by using their brains rather than muscle and sweat, the most common type of worker in the 21st century
217
Q

SWOT Analysis

A
  • situational analysis
  • a search for the Strengths, weaknesses, opportunities and threats affecting the organization
  • should provide you with a realistic understanding of your organization in relation to its internal and external environments so you can better formulate strategy in pursuit of its mission
217
Q

Computer aided decision making

A
  • aims to produce collected info known as business intelligence, gathering data from a wide range of sources in a way that can be interpreted by humans and used to support better business decision making

Ex: American Airlines made a decision support system called yield management system to help managers decide how much to over book and how to set prices for each seat to max profits and seats

217
Q

Managers taking the contingency approach must consider the following factors in designing the best kind of structure for their particular organization at that particular time

A

1) environment-> mechanistic versus organic
- Tom Burns and GM Stalker
2) environment-> differentiation versus integration
- Paul R Lawrence and jay W Lorsch
3) link between strategy, culture and structure

217
Q

Reliability

A
  • the degree to which a test measures the same thing consistently
220
Q

Mission statement

A
  • should express the organizations purpose or reason for being
220
Q

Equal employment opportunity (EEO) Commision

A
  • they enforce antidiscrimination and other employment related laws
221
Q

Competitive intelligence

A
  • gaining information about ones competitors activities through public news sources, investor information or informal sources, so that you can anticipate their moves and react appropriately
221
Q

Diagnosis

A
  • analyzing the underlying causes
221
Q

Structured interview type 2

A
  • the behavioral description interview
  • the interviewer explores what applicants have actually done in the past
  • purpose is to asses the applicants ability to influence others

Ex: what was the best idea you ever sold to a supervisor?

222
Q

Seven reasons it is hard for management to be evidence based

A

1) there’s too much evidence
2) there’s not enough good evidence
3) the evidence doesn’t quite apply
4) people are trying to mislead you
5) you are trying to mislead you
6) the side effects outweigh the cure
7) stories are more persuasive regardless

223
Q

Three key attributes among analytics competitors

A

1) use of modeling
2) having multiple applications
3) support from top management

223
Q

Responsibility

A
  • the obligation you have to perform the tasks assigned to you
224
Q

Strategy

A
  • consists of the large scale action plans that reflect the organizations vision and are used to set the direction for the organization
224
Q

Social capital

A
  • potential of strong and cooperative relationships
  • the economic or productive potential of strong, trusting and cooperative relationships
  • goodwill, mutual respect, cooperation, trust and team work
225
Q

Importance

A
  • “how high priority is the situation”
225
Q

Group problem solving techniques

A

1) brainstorming
2) the Delphi technique
3) computer aided decision making

225
Q

Companies use tracking devices to help make decisions

A
  • fan Zhang owner of happy child, an Asian restaurant, knows a bunch of knowledge about his customers without them knowing (intelligence)
  • promote specifically to a consumers tastes aka he knows his customers go to the gym so makes gym shirts to sell
  • turnstyle is the leader of a movement to track customers -> follow where people live, work, shop, gym etc (can track any phone on wifi)
  • close knit teams talked more together and had higher productivity
225
Q

Organizational structure

A
  • a formal system of task and reporting relationships that coordinates and motivates an organizations members so that they can work together to achieve the organizations goals
  • who reports to whom and who does what

management (3 decks)

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