Test Dos Flashcards

(190 cards)

1
Q

What is compete Intelligence?

A

Gaining information about one’s competitors’ activities you can anticipate their moves and react

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2
Q

What are ways to receive competitive intelligence?

A

Public prints and advertising, investor information, informal sources

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3
Q

What is environmental scanning?

A

Careful monitoring of an organization’s internal and external environments to detect early signs of opportunities and threats that may influence firm’s place

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4
Q

What is the SWOT analysis?

A

Strengths- Internal
Weaknesses-Internal
Opportunities-External
Treats-External

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5
Q

What is a forecast?

A

A vision or projection of the future.

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6
Q

What is trend analysis?

A

Hypothetical extension of a past series of events into the future

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7
Q

What is a contingency plan?

A

Creation of alternative hypothetical but equally likely future conditions.

Also called scenario planning and scenario analysis

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8
Q

What are Porter’s Five competitive forces?

A
  1. Threat of new entrants
  2. Bargaining power of suppliers
  3. Bargaining power of buyers
  4. Threat of substitute products or services
  5. Rivalry among competitors
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9
Q

What are Porter’s four competitive strategies?

A

Cost leadership-wide
Differentiation- wide
Cost-Focus-narrow
Focused-differentiation-narrrow

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10
Q

What is Cost-leadership strategy?

A

Keep the costs, and hence the prices, of a product or service below those of competitors and to target a wide market

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11
Q

What is differentiation strategy?

A

Offer products that are unique and superior value compared to those of competitors but target a wide market.

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12
Q

What is cost-focus strategy?

A

Keep costs of a product below those of competitors and to target a narrow market.

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13
Q

What is focused-differentiation?

A

Off products that are unique and superior value compared to those com competitors and to target a narrow market

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14
Q

What is single-product strategy?

A

company makes and sells only one product within its market
Benefit-focus
Risk-vulnerablilty

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15
Q

What is diversification?

A

Operating several businesses under one ownership that are not related to one another

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16
Q

What are advantages of related diversification?

A
reduced risk (more than 1 product)
Management efficiency (administration spread over several businesses)
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17
Q

What is BCG matrix?

A

Stars, cash cows, question marks, dogs

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18
Q

What is a star?

A

Have high growth, high market share

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19
Q

What is a question mark?

A

Low market share, high market growth

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20
Q

What is a cash cow?

A

Low market growth, high market share

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21
Q

What is a star?

A

High market growth, high market share

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22
Q

What is a dog?

A

Low market growth, low market share

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23
Q

What is execution?

A

Consists of using questioning, analysis, and follow-through in order to mesh strategy with reality, align people with goals, and achieve results promised

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24
Q

What are the three core processes of business?

A
People
Consider who will benefit you in future
Strategy
Consider how success will be accomplished
Operations
Consider what path will be followed
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25
What are ways to builds a foundation of execution?
``` Know your people and business Insist on realism Set clear goals and priorities Follow through Reward the doers Expand the capabilities Know yourself ```
26
What is rational model of decision making?
Explains how managers should make decisions classical model assumes managers will make logical choices that will optimum in furthering organization's interest
27
What are the stages of rational decision model?
Identify problem Think up alternative solutions Evaluate alternatives and select a solution Implement and evaluate the solution chosen
28
What is true about women investors?
They trade much less often than men, do more research, base investment choices on more than numbers similar to Bufet
29
What are three assumptions of the rational model?
Complete information, no uncertainty Logical, unemotional analysis Best choice for the organization
30
What is N=non rational models of decision making?
Assume the decision making is nearly always uncertain and risky, making it difficult for managers to make optimal decisions
31
What is bounded rationality?
Suggest that the ability of decisions makers to be rational is limited by numerous constraints Being ok is ok
32
What is a satisficing model?
Managers seek alternatives until they find one that is satisfactory, not optimal
33
What is an incremental model?
Managers take small, short-term, steps to alleviate a problem
34
What is intuition?
Making a choice without the use of conscious thoughts or logical inference. Sources are expertise and feelings.
35
What are things that make it hard to be evidence based?
``` Too much evidence Not enough good evidence. The evidence doesn't apply People are trying to mislead you. People are trying to mislead you. The side effects outweigh the cure. Stories are more persuasive . ```
36
What is analytics?
sophisticated forms of business data analysis portfolio analysis, time-series forecast also called business analytics
37
What is organizational culture?
System of shared beliefs and values that develops within an organization and guides the behavior of its members Corporate culture
38
What is a culture structure?
``` Vision Strategy Culture Structure and internal practices Collective attitudes and behaviors Achievement of goals ```
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What is clan culture?
Internal focus Values flexibility rather than stability Encourages collaboration Amon employees Family
40
What is adhocracy culture?
Attempts to create innovative products by being adaptable, creative, and quick to respond to changes in the marketplace
41
What is market culture?
Focused on the external environment | Driven by competition and a strong desire to deliver results
42
What is hierarchy culture?
Have a formalized structured work environment aimed at achieving effectiveness through a variety of control mechanisms
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What is level 1 of organizational culture?
Observable artifacts Physical manifestations such as manners of dress, awards, myths and stories about the company Visible behavior exhibited by managers and employees
44
What is level 2 of organizational culture?
Espoused values | Explicitly stated values and norms proffered by an organization
45
What is enacted values?
Values and norms actually exhibited
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What is level 3 of organizational culture?
Basic assumption Core values of the organizations culture Those taken for granted and highly resistant to change
47
What is a symbol?
An object, act, quality, or event that conveys meaning to others
48
What is a story?
Narrative based on true events, which is repeated and sometimes exaggerated upon, to emphasize a particular value
49
What is a hero?
A person whose accomplishments embody that values of an organization
50
What are rites and rituals?
Activities and ceremonies, planned and unplanned, that celebrate important occasions and accomplishments in the organizations life.
51
What are the three perspectives for enhancing economic performance?
Strength, fit, adaptive
52
What is the process of cultural change?
``` Formal statements Slogans and sayings Stories, legends, myths Leader reaction to crises Role modeling, training, coaching Physical design Rewards, titles, promotions, and bonuses Organizational goals and performance criteria Measurable and controllable activities Organizational structure Organizational systems and procedures ```
53
What is an organization?
System, of consciously coordinated actives or forces of two or more people
54
What is an organization chart?
Box and lines illustration showing the formal lines of authority and he organizations official positions or work specialization
55
What are four common elements of an organization?
Common purpose, coordinated effort, division of labor, hierarchy or authority Span of control Authority responsibility delegation Centralized versus decentralization of authority
56
What is authority?
Rights inherent in a marginal position to make decisions and utilize resources
57
What is accountability?
Managers must report and justify work results to the managers above them
58
What is responsibility?
Obligation you have to perform the tasks assigned to you
59
What is delegation?
Process of assigning managerial authority and responsibility to managers and employees lower in hierarchy
60
What is centralized authority?
Important decisions are made by higher level managers
61
What is decentralized authority?
Important decisions are made by middle-level and supervisory level managers
62
What is simple structure?
Authority is centralized in a single person with few rules and low work specialization
63
What is functional structure?
People with similar occupational specialties are put together in formal groups
64
What is divisional structure?
People with diverse occupational specialties are out together in formal groups by similar products, costumers or geographic region
65
What is matrix structure?
An organization combines functional am divisional chains of command in a grid so there are two command structures, vertical and horizontal
66
What is horizontal design?
Teams or workgroups, either temporary or permanent, are used to improve collaboration and work on shared tasks by breaking down internal boundaries People working together
67
What is a hollow structure?
The organization has a central core of key functions and outsources other functions to vendors
68
What is modular structure?
Firm assembles product chunks, or
69
Virtual organization
Organization who's members are geographically apart. But collaborate to be a single organization with real physical location
70
Virtual structure?
A company outside a company that
71
What are four factors in designing the best structure?
Environment,
72
What is differentiation?
Tendency of the parts of an organization to disperse and fragment
73
What is integration?
Tendency of the parts of an organization to draw together to achieve a common purpose
74
What are the stages of life of an organization?
``` Stage 1birth stage Org is created Stage 2 youth stage Growth and expansion Stage 3 midlife stage Period of growth evolving into stability Stage 4 maturity stage Organization becomes very bureaucratic, large, and mechanistic ```
75
What is human resource management?
Consists of the activities manager perform to plan for, attract, develop, and retain an effective workforce
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What is human capital?
economic or productive potential of employee knowledge, experience, and actions
77
What is a knowledge worker?
Someone whose occupation is principally concerned with generating or interpreting information, as opposed to manual labor
78
What is social capital?
Economic or productive potential of strong, trusting, and cooperative relationship
79
What is strategic human resource planning?
Consists of developing a systematic, comprehensive strategy for understanding current employees needs and predicting future employee needs
80
What is job analysis?
Determining the basic elements of a job by observation and analysis
81
What is a job description?
Summarizes what the holder of a job does and why they do it
82
What are job specifications?
Describes the minimum qualifications a person must have to perform a job successfully
83
What is human resource inventory?
Report listing your organization's employees by name, education, training, languages, and other important information
84
What is the National Labor Relations Board?
Enforces procedures whereby employees may vote for a union and collective bargaining
85
What is collective bargaining?
Negotiations between management and employees about disputes over compensation, benefits, working conditions, and job security
86
What is the Fair Labor Standards Act of 1938?
Established minimum standards for workers engaged in interstate commerce including provisions of a federal minimum wage
87
What is equal employment opportunity commission?
Job is to enforce nondiscrimination and other employment related laws
88
Discrimination
When people are hired or promoted or denied hiring or promotion for reason not relevant to the job
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What is affirmative action?
Focuses on achieving equality of opportunity within an organization including establishment of minority hiring goals
90
What is sexual harassment?
Consists of unwanted sexual attention that creates an adverse work environment
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What is adverse impact?
Occurs when an organization uses an employment practice or procedure that results in unfavorable outcomes to a protected class
92
What is disparate treatment?
Results when employees from protected groups are intentionally treated differently
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What is Quid pro quo?
Doing something for sexual favors
94
What is a hostile environment?
Offensive work environment
95
What is recruitment?
Process of locating and attracting qualified applicants for jobs open in the organization Internal and external
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What is realistic job preview?
Gives candidates a picture of both the positive and negative features of the job and the organization before he is hired Keep people happier
97
What is the selection process?
Screening of job applicant forms, resume, reference checks
98
What is an unstructured interview?
No fixed set of questions and no systematic scoring procedure Involves asking probing question to find out Suzy the applicant is like
99
What is a structured interview?
Involves asking each applicant the same questions and comparing their responses to a standardization set of answers Situation- hypothetical situations
100
What are employment tests?
Legally considered to consist of procedure used un the employment selection decision process
101
What is orientation?
helping the newcomer fit smoothly into the job and the organization
102
What is training?
educating technical and operational employees in how to better do their current jobs
103
What is development?
educating professionals and managers in the skills they need to do their jobs in the future
104
What is a performance appraisal?
consists of assessing an employer’s performance and providing him with feedback
105
What is performance appraisal?
the continuous cycle of improving job performance through goal setting, feedback and coaching, and rewards and positive reinforcement
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What makes an objective appraisal?
based on fact and often numerical measure results harder to challenge legally also called results appraisal
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What makes a subjective appraisal?
based on a manager’s perceptions of an employees traits and behaviors
108
What is BARS?
rates employee gradations in performance according to scales of specific behaviors
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What is a 360-degree assessment?
employees are appraised not only by their managerial superiors but also by peers, subordinates, and sometimes clients.
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What is forced ranking?
all employees within a business unit are ranked against one another and grades are distributed along some sort of bell curve
111
What is a formal appraisal?
conducted at specific times throughout the year and based on performance measures that have been established in advance
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What is an informal appraisal?
conducted on an unscheduled basis and consists of less rigorous indications of employee performance
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What is compensation?
wages or salaries, incentives, and benefits
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What is base pay?
basic wage or salary paid employees in exchange for doing their jobs
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What are fringe benefits?
are additional nonmonetary forms of compensation designed to enrich the lives of all employees in the organization.
116
What is a promotion?
moving upward
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What is a transfer?
moving sideways
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What is disciplining and demotion?
the threat of moving downward
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What is dismissal?
moving out of the organization
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What are labor unions?
organizations of employees formed to protect and advance their members’ interests by bargaining with management over job-related issues
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What is collective bargaining?
negotiating pay and benefits and other work terms
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What is union security clause?
the part of the labor-management agreement that states that employees who receive union benefits must join the union, or at least pay dues to it
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What are two-tier contracts?
new employees are paid less or receive lesser benefits than veteran employees have
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What is cost-of-living adjustment?
clause during the period of the contract ties future wage increases to increases in the cost of living
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What are givebacks?
the union agrees to give up previous wage or benefit gains in return for something else
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What is a grievance?
a complaint by an employee that management has violated the terms of the labor-management agreement
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What is meditation?
process in which a neutral third party, a mediator, listens to both sides in a dispute, makes suggestions, and encourages them to agree on a solution.
128
What is an arbitration?
process in which a neutral third party, an arbitrator, listens to both parties in a dispute and makes a decision that the parties have agreed will be binding on them
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What is Collins' 5 stages of decline?
``` Stage 1 Hubris Born of Success Stage 2 Undisciplined Pursuit of More Stage 3 Denial of Risk and Peril Stage 4 Grasping for Salvation Stage 5 Capitulation to Irrelevance or Death ```
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What is the fundamental change?
- segmented & moving toward more niche products - more competitors offering targeted products - Some traditional companies may not survive radically innovative change
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What is reactive change?
making changes in response to problems or opportunities as they arise (BP Oil Spill)
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What is proactive change?
involves making carefully thought-out changes in anticipation of possible or expected problems or opportunities
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What are outside forces for change?
``` Demographic characteristics Market changes Technological advancement Shareholder & customer demands Supplier practices Social & political pressures ```
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What are inside forces for change?
Employee problems | Managers’ behavior
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Where are changes often needed?
``` Changing people Perceptions, attitudes, performance, skills Changing technology Changing structure Changing strategy ```
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What is technology?
any machine or process that enables an organization to gain a competitive advantage in changing materials used to produce a finished product
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What is resistance to change?
an emotional/behavioral response to real or imagined threats to an established work routine.
138
What is the least threatening of change?
Adaptive change
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What is the more threatening change?
Innovative change
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What is adaptive change?
Reintroduction of a familiar practice
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What is innovative change?
Introduction of a practice that is new to the organization
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What is very threatening change?
Radically innovative change
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What is radically innovative change?
Involves introducing a practice that is new to the industry
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What are reasons employees resist change?
``` Individual’s predisposition toward change Surprise and fear of the unknown Climate of mistrust Fear of failure Loss of status or job security Peer pressure Disruption of cultural traditions or group relationships Personality conflicts Lack of tact or poor timing Non-reinforcing reward system ```
145
What is unfreezing?
creating the motivation to change Use benchmarking- compares performance with other companies
146
What is changing?
Learning new ways of doing things
147
What is refreezing?
Making the new ways normal
148
What are parts of Lewin's Change Model?
Unfreezing, changing, refreezing
149
What is organization development?
set of techniques for implementing planned change to make people and organizations more effective
150
What is a change agent?
a consultant with a background in behavioral sciences who can be a catalyst in helping organizations deal with old problems in new ways
151
What can OD be used for?
Managing conflict Revitalizing organizations Adapting to mergers
152
What is the OD process?
Diagnosis Intervention Evaluation
153
What are two myths of OD?
Myth No. 1: Innovation happens in a “Eureka!” moment | Myth No. 2: Innovation can be systematized
154
What is product innovation?
change in the appearance or performance of a product or the creation of a new one
155
what is process innovation?
change in the way a product is conceived, manufactured, or disseminated
156
What is incremental innovation?
creation of products, services, or technologies that modify existing ones
157
What is radical innovation?
creation of products, services, or technologies that replace existing ones
158
How can an organization make innovation happen?
by providing 1) the right organizational culture, 2) the appropriate resources, and 3) the correct reward system
159
What are four steps towards fostering innovation?
Recognizing problems and opportunities and devise solutions Gain allies by communication your vision Overcome employee resistance and empower and reward them to achieve progress Execute well by effectively managing people, groups, and organizational processes and systems in the pursuit of innovation
160
How can you gain allies
Showing how the product or service will be made Showing how potential customers will be reached Demonstrating how you’ll beat your competitors Explaining when the innovation will take place
161
What to study
Stages for strategic management plan BCG Matrix Different types of strategy (based off a scenario) Understand rationale model of decision making 1 example analytic Different types of planning How decision makers are influenced Delegation Understand differences between organizational cultures Understand different spans of organizational lifestyles Interview process MBO Process to demote and promote
162
What is strategy?
large-scale action plan that sets the direction for an organization
163
What is strategic management?
process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals
164
Why is strategic management important?
Provide direction and momentum Encourage new ideas Develop a sustainable competitive advantage
165
When does sustainable competitive advantage occur?
``` when an organization can stay ahead in four areas: Being responsive to customers Innovation Quality Effectiveness ```
166
What is strategic positioning?
attempts to achieve sustainable competitive advantage by preserving what is distinctive about a company
167
What is the strategic-management process?
``` Establish the mission Establish the grand strategy Formulate the strategic plans Carry out strategic plans maintain strategic control ``` feedback and revise as needed
168
What is growth strategy?
involves expansion - as in sales revenues, market share, number of employees, or number of customers
169
What is stability strategy?
involves little or no significant change
170
What is defensive strategy?
involves reduction in the organization’s efforts | retrenchment
171
What is strategy formulation?
process of choosing among different strategies and altering them to best fit the organization’s needs
172
What is strategy implementation?
putting strategic plans into effect
173
What is strategic control?
``` consists of monitoring the execution of strategy and making adjustments, if necessary Engage people Keep it simple Stay focused Keep moving ```
174
What are the internal and external factors in a SWOT analysis?
internal strengths and weaknesses | outside opportunities and threats
175
What is risk propensity?
the willingness to gamble or to undertake risk for the possibility of gaining an increased payoff
176
What is decision making style?
reflects the combination of how an individual perceives and responds to information value orientation tolerance for ambiguity
177
What is directive decision making style?
people are efficient, logical, practical, and systematic in their approach to solving problems action-oriented, decisive, and likes to focus on facts
178
What is analytical decision making style?
considers more information and alternatives
179
What is conceptual dec making style?
takes a broad perspective to problem solving | likes to consider many options and future possibilities
180
What is behavioral dec making style?
supportive, receptive to suggestions, show warmth | prefer verbal to written information
181
What are three effective reactions to decide?
importance, credibility, urgency
182
What are advantages of group decision making?
``` Greater pool of knowledge Different perspectives Intellectual stimulation Better understanding of decision rationale Deeper commitment to the decision ```
183
What are disadvantages of group decision making?
A few people dominate or intimidate Groupthink Satisficing Goal displacement
184
When does a group help decision making?
When it can increase quality When it can increase acceptance When it can increase devlopment
185
what is participative management?
process of involving employees in setting goals, making decisions, solving problems, and making changes in the organization
186
What is a consensus?
occurs when members are able to express their opinions and reach agreement to support the final decision
187
What is brainstorming?
technique used to help groups generate multiple ideas and alternatives for solving problems
188
What is delphi technique?
group process that uses physically dispersed experts who fill out questionnaires to anonymously generate ideas which are combined and in effect averaged to achieve a consensus of expert opinion
189
What is chauffuer-driven systems?
ask participants to answer predetermined questions on electronic keypads or dials
190
What is group driven systems?
involves a meeting within a room of participants who express their ideas anonymously on a computer network for anonymous networking