Intro to Management Midterm 1 Study Guide.docx

**[Organization:]** a group of people who work together to achieve some specific purpose. **[Management:]** the pursuit of organizational goals efficiently and effectively by integrating the work of people through planning, organizing, leading, and controlling the organization's resources. **[Effi...

**[Organization:]** a group of people who work together to achieve some specific purpose. **[Management:]** the pursuit of organizational goals efficiently and effectively by integrating the work of people through planning, organizing, leading, and controlling the organization's resources. **[Efficiency:]** to use resources, people, money, and raw materials. **[Effectiveness:]** to achieve results, make the right decisions, and successfully carry them out so that they can achieve the organization's goals. **[Planning:]** setting goals and deciding how to achieve them. **[Organizing:]** arranging tasks, people, and other resources to accomplish the work. **[Leading:]** to motivate, direct, and influence people to work hard to achieve the organization's goals. **[Controlling:]** to monitor performance and compare it with goals to take corrective action as needed. **[Top managers:]** make long-term decisions about the overall direction of the organization and establish the objectives, policies, and strategies for it. **[Middle managers:]** implement the policies and plans of the top managers above them and supervise and coordinate the activities of the first-line managers below them. **[First-Line managers:]** make short-term operating decisions. **[Team Leaders:]** facilitate team members activities to help achieve their goals. **[Nonmanagerial employees:]** work alone on tasks or with others on a variety of teams. **[Functional manager:]** responsible for just one organizational activity. **[General manager:]** responsible for several organizational activities, and supervising other managers. **[Interpersonal roles:]** managers interact with people inside and outside of their work units. **[Decision roles:]** managers use information to make decisions to solve problems or take advantage of opportunities. **[Technical skills:]** consist for the job-specific knowledge needed to perform well in a specialized field. **[Conceptual skills:]** consist of the ability to think analytically and visualize an organization as a whole and understand how the parts work together. **[Human skills:]** consist of the ability to work well in cooperation with other people to get things done. **[Soft skills:]** interpersonal "people" skills needed for success at all levels. **[Planning:]** setting goals and deciding how to achieve them **[Plan:]** "a document that outlines how goals are going to be met" **[Business Plan:]** a document that outlines a proposed firm's goals, the strategy for achieving them, and the standards for measuring success **[Strategy:]** sets the long-term goals and direction for the organization. **[Strategic Management:]** a process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals. **[Mission Statement:]** expresses the purpose of the organization. **[Vision Statement:]** expresses what the organization should become, and where it wants to go strategically. **[Strategic Planning:]** a process that determines what the organization's long-term goals should be for the next 1-5 years with the resources they expect to have available. **[Tactical Planning:]** a determination by what contributions their departments or similar work can make with their given resources during the next 6-24 months. **[Operational Planning:]** a determination on how to accomplish specific tasks with available resources within the next 1-52 weeks. **[Goal:]** A specific commitment to achieve a measurable result within a stated period of time. **[Long-Term Goals:]** generally referred to as strategic goals, tend to span 1 to 5 years and focus on achieving the strategies identified in a company's strategic plan. **[Short-Term Goals:]** sometimes referred to as tactical or operational goals, or just plain goals, generally span 12 months and connected to strategic goals in a hierarchy known as a means-end chain. **[Means-end chain:]** shows how goals are connected or linked across an organization. **[Operating Plan:]** a plan that "breaks long-term output into short-term targets" or goals. **[Action Plan:]** defines the course of action needed to achieve a stated goal. **[Contingency Plans:]** responses to possible future events that could threaten a company's operations. **[SMART Goals:]** one that is Specific, Measurable, Attainable, Results-Oriented, and has Target Dates. **[Cascading Goals:]** the process of ensuring that strategic goals set at the top level align, or "cascade" downward with more specific short-term goals at lower levels within an organization, including employees' objectives. **[Planning/Control cycle:]** a continuous process managers use to evaluate the progress in achieving strategic goals and to make modifications as needed. **[Corporate-Level Strategy:]** focuses on the organization as a whole **[Business-Level Strategy:]** focuses on individual business units or product/service lines **[Functional-Level Strategy:]** a plan of action by each functional area of the organization to support higher-level strategies. **[Strategy Formulation:]** the process of choosing among different strategies and altering them to best fit the organization's needs. **[Strategy Implementation:]** putting strategic plans into effect. **[Sustainable Advantage:]** exists when other companies cannot duplicate the value delivered to customers. **[Organizational Strengths:]** the skills and capabilities that give the organization special competencies and competitive advantages in executing strategies in pursuit of its vision. **[Organizational Weaknesses:]** the drawbacks that hinder an organization in executing strategies in pursuit of its vision. **[Organizational Opportunities:]** environmental factors that the organization may exploit for competitive advantage. **[Organizational Threats:]** environmental factors that hinder an organization's achieving a competitive advantage. **[VRIO:]** a framework for analyzing a resource or capability to determine its competitive strategic potential by answering four questions about its value, rarity, imitability, and organization. **[Forecast:]** a vision or projection of the future. **[Trend Analysis:]** a hypothetical extension of a past series of events into the future. **[Scenario Analysis:]** the creation of alternative hypothetical but equally likely future conditions. **[Benchmarking:]** a process by which a company compares its performance with that of high-performing organizations. **[Growth Strategy:]** a grand strategy that involves expansion. **[Stability Strategy:]** a grand strategy that involves little or no significant change. **[Defensive Strategy:]** a grand strategy that involves reduction in the organization's efforts. **[Diversification:]** the strategy of moving into and/or operating new lines of business. **[Related Diversification:]** when a company purchases a new business that is related to the company's existing business portfolio. **[Unrelated Diversification:]** occurs when a company acquires another company in a company unrelated business. **[Cost-Leadership Strategy:]** to keep the costs, and hence prices, of a product or service below those of competitors and to target a wide market. **[Differentiation Strategy:]** to offer products or services that are of unique and superior value compared with those of competitors and to target a wide market. **[Cost-Focus Strategy:]** to keep the costs, and hence prices, of a product or service below those of competitors and to target a narrow market. **[Focused-Differentiation Strategy:]** to offer products and services that are of unique and superior value compared to those of competitors and to target a narrow market. **[Functional Strategy:]** a plan of action by each functional area of the organization to support higher-level strategies. **[Execution:]** consists of using questioning, analysis, and follow-through in order to mesh strategy with reality, align people with goals, and achieve results promised. **[Performance Management:]** a set of activities designed to access and improve employee performance as a means to improve organizational performance. **[Strategic Control:]** monitoring strategic implementation and taking appropriate action based on results. **[Corporate Culture:]** the set of shared, taken-for-granted implicit assumptions that a group holds and that determines how it perceives, thinks about, and reacts to its various environments. **[Organizational Structure:]** a formal system of task and reporting relationships that coordinates and motivates an organization's members so that they can work together to achieve the organization's goals. **[Human resource practices:]** consist of all the activities an organization uses to manage its human capital, including staffing, appraising, training and development, and compensation. **[Espoused Values:]** the explicitly stated values and norms preferred by an organization. **[Enacted Values:]** the values and norms actually exhibited in the organization. **[Clan Culture:]** has an internal focus and values flexibility rather than stability and control. **[Adhocracy Culture:]** has an external focus and values flexibility. **[Market Culture:]** has a strong external focus and values stability and control. **[Hierarchy Culture:]** has an internal focus and values stability and control over flexibility. **[Organization:]** a system of consciously coordinated activities of forces of two or more people. **[Division of Labor:]** the arrangement of having discrete parts of a task done by different people. **[Hierarchy of Authority:]** a control mechanism for making sure the right people do the right things at the right time. **[Organizational Design:]** designing the optimal structures of accountability and responsibility that an organization uses to execute its strategies. **[Boundaryless Organization:]** a fluid, highly adaptive organization whose members, linked by information technology, come together to collaborate on common tasks. **[Human Resource Management (HRM):]** The process of planning for, attracting, developing, and retaining an effective workforce. **[Strategic Human Resource Management (SHRM):]** the process of designing and implementing systems of policies and practices that align an organization\'s human capital with its strategic objectives. **[High-performance work system (HPWS):]** approach to strategic HRM deploys bundles of internally consistent HR practices in order to improve employee ability, motivation, and opportunities across the entire organization **[Talent Marketplaces:]** digital platforms that use Al to match existing employees with job openings, training opportunities. **[Human Capital:]** The economic or productive potential of employee knowledge, experience, and actions. **[Social capital:]** The economic or productive potential of strong, trusting, and cooperative relationships. **[Recruiting:]** the process of locating and attracting qualified applicants for jobs open in the organization. **[Internal recruiting:]** means making people already employed by the organization aware of job openings. **[External recruiting:]** means attracting job applicants from outside the organization. **["Selection":]** the process of screening job applicants and choosing the best candidate for a position **[Unstructured interview:]** involves asking probing questions to find out what the applicant is like **[Structured interview:]** involves asking each applicant the same questions and comparing their responses to a standardized set of answers **["Employment tests":]** standardized devices organizations use to measure specific skills, abilities, traits, and other tendencies. **[Base pay:]** Basic wage or salary paid employees in exchange for doing their job. **[Incentives:]** consist of financial rewards intended to induce employee performance or productivity. **[Benefits:]** (also known as fringe benefits) are additional nonmonetary forms of compensation designed to improve the lives of all employees in the organization **[Performance management:]** defined as a set of processes and managerial behaviors that involve defining, monitoring, measuring, evaluating, and providing consequences for performance expectations. **[Performance appraisal:]** a management process that consists of (1) assessing employees\' performance and (2) providing them with feedback. **[Objective appraisals:]** (also called results appraisals) are based on facts and are often numerical **[Subjective appraisals:]** is based on a manager's perceptions of an employee's (1) traits or (2) behaviors. **[Collective bargaining:]** consists of negotiations between management and employees about disputes over compensation, benefits, working conditions, and job security. **[Equal Employment Opportunity Commission (EEOC):]** to enforce antidiscrimination and other employment-related laws. **[Trait appraisals:]** are ratings of such subjective attributes as "attitude", "initiative", and "leadership" **[Behavioral appraisals:]** measure specific, observable aspects of performance. **["Workplace discrimination":]** occurs when employment decisions about people are made for reasons not relevant to the job, such as skin color or eye shape, gender, religion, national origin, and the like. **["Adverse impact":]** occurs when an organization uses an employment practice or procedure that results in unfavorable outcomes to a protected class (such as Hispanics) over another group of people (such as non-Hispanic whites). **["Disparate treatment":]** results when employees from protected groups (such as disabled individuals) are intentionally treated differently. **["Affirmative action":]** focuses on achieving equality of opportunity within an organization. **[Sexual harassment:]** consists of unwanted sexual attention that creates an adverse work environment. **[Bullying:]** 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. **[Labor unions:]** organizations of employees formed to protect and advance their members\' interests by bargaining with management over job-related issues. **[Right-To-Work laws:]** statutes that prohibit employees from being required to join a union as a condition of employment. **[Cost-of-Living Adjustment (COLA):]** ties future wage increases to increases in the cost of living. **[Mediation:]** the 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. **[Arbitration:]** the 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.