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What is the process of identifying a discrepancy between actual and desired performance called?
Which term describes the environment where the outcome of decisions can be predicted with certainty?
Which decision-making style is characterized by actively seeking problems rather than avoiding them?
What type of decision involves a choice made without established rules or guidelines?
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What is the primary advantage of information technology in management?
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Which of the following is NOT a criterion for choosing a joint venture partner?
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What does the term Multinational Corporation (MNC) refer to?
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Which complication in global business pertains to the need for managing diverse environments across countries?
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Which of the following could complicate global trading relationships?
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What is one characteristic of the global business environment?
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Which of the following is NOT one of the criteria that ethical decisions should satisfy?
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What is a characteristic of direct investment strategies in international business?
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Which of the following terms relates to the integration of economies, cultures, and societies?
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Which market entry strategy is NOT typically categorized as requiring major investments?
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What is an example of regional economic cooperation?
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Which of the following is a benefit of engaging in international business?
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What aspect is NOT a challenge for global managers?
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Which of the following terms refers to agreements allowing companies to produce and sell products under another company's brand?
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What is a key factor influencing the readiness for global organizational learning?
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Which attitude is characterized by a belief that a company should operate independently in each foreign market?
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Who is associated with the development of scientific management techniques that focus on task efficiency?
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Which management approach focuses specifically on the efficiency of tasks and worker selection?
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What principle of management emphasizes the need for a clear chain of command?
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Which of the following is NOT a component of Henri Fayol's administrative principles?
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What concept is emphasized by the Gilbreths in their motion study?
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Which type of management theorizes that every job should have predefined working conditions and obstacles removed?
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What does Theory X assume about workers?
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Which characteristic is associated with Theory Y?
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What is a result of managers adhering to Theory X?
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According to Theory Y, how do managers influence worker behavior?
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What does Argyris' Theory suggest about classical management principles?
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What underlying assumption does Theory X imply about employee ambition?
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What effect do Theory X managers have on workplace culture?
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Which of the following best describes a characteristic of Theory Y workers?
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Study Notes
Management Information System (MIS)
- A system that provides information to managers to help them make decisions.
- Examples:
- Sales reports
- Financial statements
- Inventory levels
Decision Support System (DSS)
- A system that helps managers make decisions by providing them with tools to analyze data.
- Examples:
- What-if analysis
- Goal seeking
Artificial Intelligence (AI)
- A branch of computer science that deals with the creation of intelligent agents, which are systems that can reason, learn, and act autonomously.
- Examples:
- Expert systems
- Machine learning
Expert Systems (ES)
- A computer program that emulates the decision-making ability of a human expert.
- Examples:
- Medical diagnosis
- Financial forecasting
Intranets & Corporate Portals
- Private networks that are accessible only to employees of an organization.
- Used for internal communication and collaboration.
Extranets & Enterprise Portals
- Private networks that are accessible to authorized users outside of an organization.
- Used for communication and collaboration with partners, suppliers, and customers.
Electronic Data Interchange (EDI)
- A system that allows businesses to exchange documents electronically.
- Examples:
- Purchase orders
- Invoices
Advantages of IT
-
Planning Advantages:
- Improved forecasting
- Better resource allocation
-
Organizing Advantages:
- Improved communication
- Increased efficiency
-
Leading Advantages:
- Enhanced decision-making
- Improved customer service
-
Controlling Advantages:
- Improved monitoring
- Reduced costs
The Manager as the Processing Nerve Centre
- The manager plays a key role in processing information and transforming it into decisions.
- Information is essential for effective decision-making.
Performance Deficiency vs. Performance Opportunity
- Performance Deficiency: Actual performance is less than desired performance.
- Performance Opportunity: Actual performance is better than desired performance.
Problem Solving
- Identifying a discrepancy between actual and desired performance and taking action to correct it.
Types of Decisions
- Programmed Decisions: Routine decisions that can be made using established procedures.
- Non-Programmed Decisions: Unique decisions that require judgment and creativity.
- Crisis Decisions: Decisions that must be made quickly in response to an unexpected event.
Decision Environments
- Certain Environments: All information needed to make a decision is available.
- Risk Environments: The outcome of a decision is uncertain, but probabilities can be assigned to different outcomes.
- Uncertain Environments: The outcome of a decision is uncertain, and probabilities cannot be assigned to different outcomes.
Problem-Solving Styles
- Problem Avoiders: Ignore problems and hope they will go away.
- Problem Solvers: Take action to solve problems once they arise.
- Problem Seekers: Actively look for problems and opportunities to improve.
Systematic vs. Intuitive Thinking
- Systematic Thinking: A logical and analytical approach to problem-solving.
- Intuitive Thinking: A more creative and spontaneous approach to problem-solving.
Rational vs. Flexible
- Rational: Based on logic and reason.
- Flexible: Adaptable to changing circumstances.
Ethical decision making
- Ethical decisions need to consider a number of criteria.
- Utility: The decision should produce the greatest good for the greatest number of people.
- Justice: The decision should be fair and impartial.
- Rights: The decision should respect the rights of all individuals.
- Caring: The decision should show compassion and concern for others.
Global Dimension Management
- The international management challenges of globalization.
Key Concepts in the Challenges of Globalization
- Global Economy: The interconnectedness of economies around the world.
- Globalization: The increasing integration of economies and cultures worldwide.
- International Management: The management of businesses that operate in multiple countries.
- Global Manager: A manager who has the skills and experience to work effectively in a global environment.
- Europe: The European Union (EU) is a political and economic union of 27 European countries.
- The Americas: NAFTA (USMCA-2018) and the Free Trade Area of the Americas (FTAA) are regional trade agreements.
- Asia Pacific: A region with a rapidly growing economy.
- Africa: Organizations like the Southern Africa Development Community (SADC) and the Economic Community of West African States (ECOWAS) are promoting economic cooperation.
Forms & Opportunities of International Business
-
Reasons for engaging in international business:
- Profits: Expanding into new markets can increase profits.
- Customers: International businesses have access to larger customer bases.
- Capital : Foreign investment can provide a source of capital for businesses.
- Labor: International businesses can take advantage of lower labor costs in other countries.
- Suppliers: Access to new suppliers can reduce costs and increase efficiency.
Market Entry Strategies
- Global Sourcing: Obtaining goods and services from around the world.
- Licensing Agreement: Granting a foreign company the right to produce and sell a product or service under a license.
- Exporting: Selling goods and services to foreign markets.
- Franchising: Granting a foreign company the right to operate a business under a franchise agreement.
- Importing: Buying goods and services from foreign suppliers.
Direct Investment Strategies
- Joint ventures: Two or more companies join together to create a new business.
- Foreign subsidiaries: A wholly owned subsidiary of a parent company that is located in a foreign country.
Criteria for Choosing a Joint Venture Partner
- Familiarity with the firm's major business
- Strong local workforce
- Future expansion possibilities
- Strong local market for the partner's own products
- Good profit potential
- Sound financial standing
Complication in the Global Business Environment
- Complex, dynamic, and highly competitive: The global business environment is constantly changing and complex.
- Differences in the environment of business in different countries: Business practices and regulations can vary significantly from country to country.
- World Trade Organization (WTO): Settles trade and tariff disputes among countries.
- Protectionism: Government policies designed to protect domestic industries from foreign competition.
Definition of a Multinational Corporation (MNC)
- A business with extensive international operations in more than one foreign country.
Global Organizational Learning
- Companies can learn from each other.
-
Readiness for global organizational learning: Varies based on managerial attitudes.
- Ethnocentric Attitudes: The home country's culture and practices are superior to those of other countries.
- Polycentric Attitudes: Each country's culture and practices are unique and important.
- Geocentric Attitudes: A global perspective that values the best ideas and practices from around the world.
- Be alert, open, and curious, but always cautious.
Management Learning: Past Present
-
Classical School of Thought: Focuses on the formal structure of organizations and the management of resources.
- Scientific Management: Focuses on improving efficiency by breaking down tasks into smaller, simpler steps.
- Administrative Principles: Focuses on the roles and responsibilities of managers.
- Bureaucratic Organization: Focuses on creating a formal structure with clear rules and procedures.
Scientific Management - Frederick Taylor
- Develop rules of motion, standardized work implements, and working conditions for every job.
- Carefully select workers with the right abilities for the job.
- Carefully train workers.
- Provide proper incentives.
- Support workers by carefully planning their work and removing obstacles.
Scientific Management - The Gilbreths
- Motion Study: The study of work methods to eliminate wasted motions.
Administrative Principles - Henri Fayol
-
Key Principles of Management:
- Scalar Chain: A chain of command that extends from the top to the bottom of an organization.
- Unity of Command: Each employee should report to only one manager.
- Unity of Direction: All activities in an organization should be coordinated and directed toward a common goal.
McGregor's Theory X & Y
- Theory X: Assumes that workers dislike work, resist change, lack ambition, prefer to be led, and are irresponsible.
- Theory Y: Assumes that workers are willing to work, imaginative and creative, capable of self-control, capable of self-direction, and willing to accept responsibility.
Implications of Theory X & Y
- Self-Fulfilling Prophecies: Managers create situations where workers become either dependent and reluctant (Theory X) or respond with initiative and high performance (Theory Y).
- Empowerment: Both theories are central to notions of empowering employees in self-management.
Argyris' Theory of Adult Personality
- Classical management principles and practices inhibit worker maturation and are inconsistent with the mature adult.
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