Management Theory Study Guide PDF

Midterm Strategy Planning: A systematic process that organizations use to define their direction, set goals, and outline the actions needed to achieve those goals over a specified time frame. Porter Competitive Strategies 1) The cost-leader strategy is to keep the costs, and he...

Midterm Strategy Planning: A systematic process that organizations use to define their direction, set goals, and outline the actions needed to achieve those goals over a specified time frame. Porter Competitive Strategies 1) The cost-leader strategy is to keep the costs, and hence prices, of a product or service below those of competitors and to target a wide market. 2) The differentiation strategy is to offer products or services that are of unique and superior value compared with those of competitors but to target a wide market. 3) Cost-Focus Strategy - is to keep cost, and hence process, of a product or service below those of competitors and to target a narrow market. 4) The focused-differentiation strategy is to offer products or services that are of unique and superior value compared to those of competitors and to target a narrow market. Six Sigma - is a rigorous statistical analysis process that is data driven that reduces defects in manufacturing and service-related processes. ISO 9000 - a set of international standards for quality management and assurance, developed by the International Organization for Standardization (ISO). These standards are designed to help organizations ensure that they meet the needs of customers, stakeholders, and regulatory requirements related to product and service quality. Difference between six sigma and ISO 9000: Six Sigma is a methodology aimed at process improvement using statistical tools, while ISO 9000 provides a broad framework for quality management systems focused on consistency and compliance. Both aim to improve quality, but they do so through different approaches, tools, and certification processes. Sexual Harassment- Sexual harassment consists of unwanted sexual attention that creates an adverse work environment. What Managers Can Do To help prevent harassment from occurring, managers can make sure their companies have an effective sexual harassment policy in place.The policy should be shown to all current and new employees, who should be made to understand that sexual harassment will not be tolerated under any circumstances. A formal complaint procedure should be established, which should explain how charges will be investigated and resolved. Supervisors should be trained in Title VII requirements and the proper procedures to follow when charges occur. If charges occur, they should be investigated promptly and objectively, and if substantiated, the offender should be disciplined at once—no matter what his or her rank in the company. Pioneers of business management: someone who made foundational contributions to the way organizations are structured, run, or grow, often introducing innovative theories, methods, or practices that shaped modern business. These pioneers laid down the principles that helped build management as a field, defining its best practices and strategic approaches. What is management - management is defined as (1) the pursuit of organizational goals efficiently and effectively by (2) integrating the work of people through (3) planning, organizing, leading, and controlling the organization’s resources. Natural capital - is the value of natural resources, such as topsoil, air,water,and genetic diversity, which humans depend on. Why is strategic thinking important? Why should you be a strategic thinker? Text book 6.7 : 4 principles of strategic thinking: ○ 1.Thinking strategically requires you to look forward ○ 2.You must have the ability to look at the big picture but also to connect people ○ 3.Strategic thinkers tend to pay attention to what is happening in the business world (intune to current affairs) ○ 4.strategic thinkers are more likely to have a worldly perspective Soft Skills -the ability to motivate, to inspire trust, to communicate with others—are necessary for managers of all levels. Strategic learners - Learners who focus on achieving high performance by using effective, organized study techniques. Strategic planning - strategic planning they determine what the organization’s long-term goals should be for the next 1-5 years with the resources they expect to have available.  Values - are the relatively permanent and deeply held underlying beliefs and attitudes that help determine a person’s behavior, such as the belief that “Fairness means hiring according to ability, not family background.” Strategy - Large-Scale Action Plan that sets the direction for an organization. Mission - An organization's mission is its purpose or reason for being. Vision - a clear, inspirational, and aspirational statement that outlines what a business ultimately wants to achieve and how it envisions its future. What is the difference between a long term and short term strategic plan:The primary difference between a long-term and short-term strategic plan lies in their time frames, focus, and level of detail. ○ Long term is usually over a year while short term is under a year ○ Long term is often more broad and flexible while short term is more concrete and detailed Ethics - Ethics are the standards of right and wrong that influence behavior. These standards may vary among countries and among cultures. Ethical behavior that is accepted as “right” as opposed to “wrong”according to those standards. Culture - is the shared set of beliefs, values, knowledge, and patterns of behavior common to a group of people. CHAPTER 10 Business always have to incorporate change, meaning incorporating new methods advanced technologies. CHAPTER 11 In order for you to be effective and lead you have to have policies. You have to embrace diversity. Work conflict how do you handle work place stress CHAPTER 12 Motivating employees. Can a manager motivate an employee? Employees also have to motivate themselves. Build your own motivation 7 things ( realistic, setting goals ) CHAPTER 13 Employees who are slackers, you must be a good team player and contribute. When a team gets together things get done much quicker, teams must put in the effort to complete task. How to manage teams. Pg510 Tuckerman five-stage model, a framework that shows the natural progression of a team. The five steps are forming, storming, norming, performing, and adjourning. Psychologist who developed the Hierarchy of Needs as part of his motivation theory. Proposed that human behavior is driven by a progression through different levels of needs. Maslow's Hierarchy of Needs (Pyramid Structure) Psychologist who developed the Hierarchy of Needs as part of his motivation theory. Proposed that human behavior is driven by a progression through different levels of needs. 1. Physiological Needs: ○ Basics for survival: food, water, shelter, warmth, sleep 2. Safety Needs: ○ Security and protection: physical safety, financial stability, health 3. Love and Belongingness Needs: ○ Social connections: relationships, friendships, family, intimacy 4. Esteem Needs: ○ Desire for respect and achievement ○ Internal Esteem: self-respect, confidence ○ External Esteem: recognition, status from others 5. Self-Actualization Needs: ○ Reaching full potential: personal growth, creativity, self-fulfillment Random points Human Resources: The biggest component of a company In the short run, everything remains constant. In the long run everything changes. The only thing that does now change is change We innovate to accommodate change, because change is inevitable JcPenney and Sears did not innovate and adapt to change and now is out of business The only person that can motivate an employee is that employee Distributive justice: Concept in ethics and social justice concerned with the fair distribution of resources, benefits, and burdens within a society. Procedural Justice:A concept in law and ethics focused on the fairness of the processes that resolve disputes and allocate resources. It emphasizes the methods and procedures used in decision-making rather than the outcomes of those decisions. Big Data: refers to extremely large and complex data sets that traditional data processing software cannot manage effectively. It encompasses structured, semi-structured, and unstructured data from various sources. ○ Companies like Google and Yahoo are big data companies ○ Big data companies uses these information to create and develop AI Notes: September 10th Management/Manager: Someone who is task oriented, product oriented. The manager has the responsibility to get the task done, done well, and done on time Management is also about the resources. Human resources and capital Leader/Leadership: The influencer. They lead by example and influence people to get things done and done the way the leader wants it without the leader having to be there The leader can get people to get things done through their influence while a manager needs to coarse people to get things done Management is an art and a science Management is an art because it concerns human expression, it concerns the things human creates Efficient vs Effective: Effective is result/goal oriented (think of a medicine, if you take a medicine and it cures you, then that medicine is effective). Efficient is maximizing your resources. Managing your resources to get the best out of it Four principle function of management: Planning, organizing, leading, controlling In management there will always be redundancy, bureaucracy, and bottlenecks If you fail to prepare, then you're preparing to fail September 24th 3 types of managerial roles: interpersonal, informational, decisional Interpersonal: The manager who holds this role is essentially a figurehead Informational: That manager is usually good with providing and receiving information (data analyst, processing, collecting) Oct 1st Things involved in global management involves sales, marketing, hiring, financing Strategic management composed of planning decision making and continua adaptation A company's mission is something that defines the core value of the company Chapter 7: Some disadvantage of individual decision making are that there can be bias, lack of perspective, burden of responsibility Group decision meeting are seen as the meeting of the mind Advantages of group decision making include more perspective, more creativity, compromises The four types of decision making are analytic, conceptual, High level decisions are analytical, you take all the information and make your decision based on that Low Value decision means that the decision you made does not really do anything Behavioral decision making should be avoided When you brainstorm, always defer judgment During brainstorms, always build on the ideas Brainstorming encourages wild thinking (think outside the box) Playing devil's advocate allows group thinking to be more concrete as it challenges common beliefs and encourages higher thinking