MGMT Exam 1

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  1. What are the key characteristics of teams?
    Common goal, interdependance, clear boundaries, authority to manage own work, operate in social system
  2. Department Teams
    Members have similar skills, and work in a same unit of functional structure with minimal task interdependence
  3. Production/Service/Leadership Team
    multiple skills, assembly line type of interdependence
  4. Self-Directed (team)
    Produce an entire product, with little supervision, and low interdependance between groups
  5. Advisory team
    review panel, advisory council, committee; provides recommendations to decision makers
  6. Task force/Project Team
    Multi skilled temporary entity whose job is to solve a problem, realize an opportunity, or create a product or service
  7. Skunk work
    Multi Skilled workers, located away from the organization, relatively free of hierarchy
  8. Virtual Teams
    Members operate across space, time, and organizational boundaries
  9. Team Type based on type of work
    • Tactical- excecute and operationalize well-defined plans
    • Problem-Solving- to resolve problems on an ongoing basis
    • Creative- to create something new, to innovate
  10. Goals
    Desired and valued future toward what team members are working
  11. Advantages of team goals
    Foundation of team vision, motivating team while providing common direction and purpose
  12. 3 Characteristics of Good Goals
    • 1. Specific
    • 2. Difficult
    • 3. Shared
  13. 3 Forms of task interdependence
    • 1.  Sequential
    • 2.  Pooled
    • 3.  Reciprical
  14. Social Loafing
    Disengaging from the team process and failing to contribute to the team's recommendations or other deliverables
  15. How can managers reduce social loafing
    remind them of team norms
  16. 3 parts of an Effective team
    • 1.  Produce Meaningful Results
    • 2.  Contribute to Team Members' Satisfaction
    • 3.  Enhance Ability of Team Members to Work Together in the future
  17. Role
    Set of behavior people are expected to perform because they hold a certain position
  18. Tuckmans Stages Model
    • Forming
    • Storming
    • Norming
    • Performing
    • Adjourning
  19. Forming (1st)
    Team defines task
  20. Storming (2nd)
    Team members experience conflict and different perspectives
  21. Norming (3rd)
    Uncovering ways to create new standards
  22. Performing (4th)
    Adopting and playing roles that enhance activities of the group
  23. Adjourning (5th)
    team completes the task
  24. Team Identity
    Sense of belonging
  25. Faultline in a team
    Team is composed of individuals who identify within a subgroup of the team
  26. Norms
    Informal rules and shared expectations
  27. Factors that effect team cohesion
    • team size
    • team similarity
    • member interaction
    • difficulty to enter team
    • team success
    • external competition and challenges
  28. Team Cohesion
    Degree of attraction members feel towards their team and their motivation to remain members
  29. Team Cohesion and team performance
    generally positive, but can lead to group think and misalignment of team goal and organization goal
  30. 3 dimensions of interpersonal trust
    • 1. competence ie: education, career, family
    • 2. integrity ie: code of honor
    • 3. benevolance/compassion
  31. Foundations of team trust
    • ID based- (high trust) values, and mental models increases with social team identity
    • Knowledge Based- (medium trust )Predictability and competence, fairly robust
    • Calculus Based- based on deterance, fragile and limited potential
  32. Three Types of Team Conflict
    • 1. Task
    • 2. Procedural
    • 3. Emotional/Interpersonal/Relational
  33. Task Conflict
    Difference in opinion and view point about task.  Can be constructive.  Also called "substantive".
  34. Procedural Conflict
    Disagreement on how to work together on a team, can be minimized by agreeing on rules ahead of time.
  35. Emotional/Relational/Interpersonal
    Not related to task, personal accusations, destructive for teams.
  36. 5 conflict styles
    • Problem Solving
    • Avoiding
    • Yielding
    • Compromising
    • Forcing
  37. Problem Solving
    Tries to find a mutually beneficial solution for both parties
  38. Avoiding
    Tries to sooth over, avoid conflicts altogether
  39. Forcing
    Tries to win conflict
  40. Yielding
    Giving in to other sides wishes
  41. Compromise
    actively searching for a middle ground between parties
  42. Steps to minimize conflict
    • 1. Define issues, positions, and perspectives
    • 2. Identify differences in interests in issues
    • 3. Take specific actions to resolve disagreement

    • High Emotional Intelligence EQ
    • Supported team norms
  43. Subordinate Goal
    Smaller goals to reach a larger one.  Reduces team conflict somehow?
  44. Three Perspectives on organizations (Scott & Davis)
    • Rational System
    • Natural System
    • Open System
  45. Rational System Organization
    • Pursuit specific goals with formalized structures.
    • -like machines
    • focuses on efficiency: how well resources are used to achieve a goal
  46. Natural System Organization
    • Participants are pursuing multiple interests, both disparate and common, using the organization as a resource
    • -organizations are like people focuses on effectiveness internal appropriateness of goals chosen and goal achievement
  47. Open System Organization
    • Interdependant flows and activities embedded in wider source materials and environment
    • -organizations are like an ecosystem
    • -focuses on effectiveness external appropriateness of goals chosen and goal achievement
  48. 5 elements of organizations
    • 1. Group of people
    • 2. strategy and goal orientated
    • 3. exist in a definable environment and attempt to create and maintain boundaries
    • 4. formal and informal structure
    • 5. tasks that must be completed using technology to accomplish goals
  49. efficiency
    how well resources are used to achieve a goal
  50. effectiveness
    the appropriateness of the goals chosen and the degree to which they are achieved
  51. Scientific Management
    (Taylor & Gilbreth) Study of the relationships between people and tasks to redesign the work for higher efficiency.
  52. disadvantages of Scientific Management
    Workers could under perform, Dull work, workers did not get a shared of the increased output
  53. Contingency theory
    There is no "one best way" of managing, environment is constantly changing and managers have to adapt.
  54. Humanistic Perspective
    • (Follet & Balnard)(1868-1933)
    • emphasized understanding human behaviors, needs, and attitudes, as well as social interactions and group  processes.
  55. Quantitative Perspective
    • (in response to WWII)
    • optimizing operations
  56. Administrative Management
    Focusing on both efficiency and effectiveness
  57. Total Quality Management
    • (Edwards)
    • managing total organization to deliver better quality to customers
  58. Webers Beauracracy
    system of organization and administration to ensure efficiency and effectiveness
  59. 5 characteristics of bureaucracy (Administrative Management)
    • 1. Division of Labor
    • 2. hierarchical authority
    • 3. Managers subject to rules and procedures
    • 4. Management separate from the ownership
    • 5. Personel selected and promoted based on qualifications
  60. Fayol 14 principles
    Part of Administrative Management
  61. Theory X
    Average human is lazy, dislikes work, and will do as little work as possible.

    Managers should closely supervise them and create strict rules.
  62. Theory Y
    Employees are not lazy, and given the chance they will do good for an organization.

    Managers should decentralize authority and give employees an environment that provides for workers to be self directed and execute initiative.
  63. "Hawthorne Effect"
    Workers attitude toward their managers affect the level of workers' performance
  64. System Thinking
    Ability to see both distinct elements of a system or situation and the complex changing interaction among those elements
  65. 5 Elements of General Environment
    Global, Technological, Political/Legal, Economic, Socio-Cultural
  66. Incremental Change
    Changes that do not alter the basic nature of competition in the task environment
  67. Discontinuous Change
    Change that fundamentally transforms the nature of competition in the task environment
  68. Technological Dimension of Gen. Environment
    Means firm uses to produce outputs  (new espresso machines)
  69. Economic Dimension of Gen. Environ
    General economic environment where firm performs activity (first quarterly loss ever in 2002)
  70. Political/Legal Dimension in Gen Environment
    Politcal events, regulations, and laws that affect firm in its environment (lawsuits related to obesity)
  71. Socio/Cultural Dimension in Gen. Environment
    demographic characteristics, and customs and values, of a society (changing values with respect to diet)
  72. Global Dimension in a Gen. Environment
    extent a firm effects or effects other entities in a foreign countries (resistance on cultural grounds to new stores)
  73. How does the task environment differ to the general environment?
    The task environment includes enitites that directly affect the firm in a more immediate way.
  74. 3 components of Task Environment
    • 1. Customers
    • 2. Suppliers
    • 3. Competitors
  75. Competitiors in Task Environment
    Any organization that produces goods or services targeted at a similar group of customers.  (Burger King vs. McDonalds)
  76. Supplier in Task Environment
    Company that provides resources or services for a firm.  (Coca-Cola provides soft drinks for McDonalds)
  77. Customers in Task Environment
    People or other organizations that buy the firm's products or services.
  78. Elements of Internal Environment (4)
    • 1. Owners
    • 2. Board of Directors
    • 3. Employees
    • 4. Culture
  79. Owners (Internal Environment)
    People or institutions that maintain legal control of the organization.  (Stockholders)
  80. Board of Directors (Internal Environment)
    Group of individuals elected by the shareholders and charged with overseeing the direction of the firm.
  81. Employees (Internal Environment)
    People that make the products and provide the services that allow the firm to exist.
  82. Culture (Internal Environment)
    Pattern of basic assumptions about the way the organization should work, and manner in which individuals in the organization should interact with each other.
  83. Internal Environment
    Several Dimensions of a firm that directly affect the firm from within its boundaries.
  84. How to deal with environmental uncertainty?
    Develop models and forecasts.  Systematic Data Collection.  Brand Loyalty and barriers to entry.
  85. 2 components of uncertainty
    • Complexity- multiple and interconnected components
    • Dynamism- Frequency, speed of change & magnitude of change
  86. Difference between market force and non market forces.
    • Market force (brand loyalty) (influences environment)
    • Nonmarket force (legislative barriers to entry)(controls environment)
  87. WHat is Strategy
    A set of decisions and actions used to formulate  a competitively superior fit between the organization and the environment
  88. Strategic Framework
    External and internal converge to vision/mission,to objectives, to strategy formulation, to strategy implementation
  89. Mission Statement
    The summary of the aims and values of a company, organization, or individual.
  90. What constitutes an effective mission statement?
    • defines purpose
    • motivates employees
    • provides direction and inspiration
    • serves as a focal point
  91. Strategy formulation
    Process of identifying how a firm can best align its resources to carve out a defensible position in the market place
  92. 3 components of strategy
    • 1. Choosing a set of activities
    • 2. Makng Tradeoffs
    • 3. Creating Fit among activities
  93. Corporate Level Strategy
    • set of strategic alternatives that an organization chooses as it manages its operations simultaneously across several industries and several markets.  
    • ie: Industry attractiveness, what industries should we be in? Allocation of resources among businesses.
  94. Different Business level Strategies
    • competitive advantage
    • -cost leadership
    • -differentiation
    • -focus
  95. Porter's 5-force Model
    • 1. Threat of New Entrants
    • 2. Bargaining Power of Suppliers
    • 3. Rivalry among Existing Competitors
    • 4. Threat of Substitutes
    • 5. Bargaining Power of Customers
  96. Cost Leadership
    when volume of a product produced by a firm enables it to reduce per unit cost
  97. Differentiation
    Firm seeks to be unique in its industry
  98. Focus
    Stretegy which company "focuses" sales efforts on a specific geopgraphical region, specific group of purchasers, or a specific product type.
  99. SWOT Analysis
    tool allows managers to take a snapshot of their firm's internal strengths, weaknesses, as well as opportunities and threats that are evident in the external environment
  100. Value Chain
    The process or activities by which a company adds value to an article, including production, marketing, and the provision of after-sales.
  101. How can value chain help managers create a sustainable competitive advantage?
    By studying value chains, managers can better understand the connections among the different systems.  These enhance competitive advantage by creating tight links between producer and supplier.
  102. What are 3 types of diversification strategies?
    • 1. Single-Product Strategy
    • 2. Related (Horizontal Diversification)
    • 3. Unrelated Diversification
  103. Single-Product Strategy
    develops greater core competency but suffers more from cyclicity
  104. Related (Horizontal) Diversification
    • Firm that owns more than one business that uses similar tangible and intangible resources.
    • tries to achieve economies of scope
  105. Unrelated Diversification
    firm that manages several businesses with no relation.
  106. Vertical Integration
    one corporation owns business units that make inputs for other business units in the same corporation
  107. Advantages and Disadvantages to Vertical Integreation
    • Advantages
    • potentioal cost reductions, improved coordination and quality control

    • Disadvantages
    • tendency for lack of efficiency, potential for obsolescence in technology, higher administrative costs
Card Set:
MGMT Exam 1
2013-03-06 05:03:30

Management test
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