5956586
Description
Flashcards by Hugo James, updated more than 1 year ago
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Created by Hugo James
over 7 years ago
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| Question | Answer |
| Managerial functions | POLC Planning Organising Leading Controlling |
| Planning | Selecting goals and ways to attain them |
| Organising | Resource allocation Assigning responsibility for task accomplishment |
| Leading | Influencing and motivating people |
| Controlling | Measuring achievement against plans |
| Satisficing | Choice that will satisfy the minimum requirements necessary to achieve a goal (NOT a rational decision maker) |
| Feedback | Monitoring activities and making corrections |
| Advantages of plans | Guide for resource allocation Sets a standard of performance Commitment |
| Disadvantage of plans | False sense of certainty Rigidity in turbulent environment Can inhibit creativity and innovation |
| SMART goals | Specific Measurable Achievable Realistic Time bound |
| Types of goals | Strategic (upper management - long term) Tactical (middle management - medium term) Operational (staff - short term) |
| Political Model | You have to lobby Coalitions occur |
| Decision making process | Recognise a decision needs to be made Diagnose and analyse the cause Develop Alternatives Select based on criteria Implement Evaluate and feedback |
| Group decision making Advantages & disadvantages | Advantages Diversity: experience, professions Learning ground for decision making Disadvantages Groupthink Dominating leaders Logrolling (exchanging favors) |
| Groupthink | A group values harmony over analysis and critical evaluation. Individuals follow the word of the leader discouraging healthy conflict. |
| Anchoring | Basing the budget on last year Instead of thinking what is needed this year |
| Confirmation bias | Interpret evidence as confirmation of one's beliefs |
| 4 varying things everyone has | Authority Accountability Responsibility Delegation |
| Centralised Authority | Boss makes decisions Policies, roles (Old, tall structure) |
| Decentralised authority | Decision making is spread Everyone is responsible (New, wide structure) |
| Line functions | Essential to the business e.g. manufacturing division in Sistema |
| Staff functions | Support roles e.g. HR, Accounting |
| Functional Structure | Grouped by activity e.g. accounting, marketing |
| Divisional structure | Mixed disciplines grouped by a common trait e.g. product (John Deer), North Island / South Island |
| Matrix structure | Combines Functional and Divisional Multiple bosses More accountability and communication But can have conflicting orders |
| Team based structure | Teams in a lateral structure Team self manages with mixed roles Flexible but can exhibit team bias and bad communication |
| Virtual Network | Never have a face to face meeting Communicate via technology Out source to other companies |
| Project Based Organisation | Similar to Team based but everyone works on a project e.g. a construction site |
| Examples of reasons for Satisficing | Expensive to search Personal bias Time pressure |
| Organisational control | Process: activities consistent with the plan? |
| Perspectives of control | Feed forward Concurrent Feedback |
| Feed forward control | Anticipates and prevents problems Looks at inputs e.g. pre-employment drug test, inspecting raw materials |
| Concurrent control | Solves problems as they happen An ongoing process Adaptive, employee self-control |
| Feedback control | Solves problems after they occur Looks at outputs e.g. final product inspection, customer survey |
| Closed loop | Automatic control Needs a feedback system e.g. thermostat for heating |
| Open loop | External monitoring and input People involved |
| An effective control system | Linked to strategy Accepted by staff Balances objectives and subjective data Provides timely feedback Enables management to take corrective action |
| Controls (e.g. financial / manufacturing) | Sales Revenue Profit Production rates Defects Staff performance |
| DIFOT EBIT | Delivered in full on time Earnings Before Interest & Tax |
| How to measure Innovation | New ideas per month Conversion rate - Ideas to products |
| Staff Performance | Absenteeism Staff turnover |
| Balance Sheet | Shows the firms financial position (Assets, Liabilities etc.) |
| Income Statement | Shows sales, costs of sales, profit / loss |
| A = L + E | Assets = Liability + Owners Equity |
| Ratio Analysis | Liquidity ratio - (cash on hand) Leverage ratio - (debt to equity) Activity ratio - (stock turnover) Profitability ratio - (gross profit) |
| Budgetary Control | Op Ex (budget for day to day operations) Cap Ex (budget for capital expenditures) |
| Physical Asset Control | Land, buildings, machinery and information systems should be safe and maintained |
| Control of People | Set objectives Track achievement Review Feedback on performance Plan for the future |
| Total Quality Management | Decentralised quality control where everyone self manages e.g. Mitutoyo |
| Quality | Totality of the products ability to satisfy customers needs |
| Six Sigma | 3.4 defects per million |
| ISO 9000 | Standards set by the International Standards Organisation |
| Benchmarking | Comparing yourself to your competitors |
| Balanced Scorecard | Financial Internal processes Innovation Customers Targets, Measures, Outcomes, Initiative |
| Leadership vs Management | "Doing the right thing" vs "Doing things right" |
| Position power | Legitimate power Reward power Coercive power |
| Personal power | Referent power - (charisma) Expert power - (knowledge) |
| Functions of a Manager | Focus on the organisation Stability Assign tasks |
| Functions of a Leader | Change Purpose Nurtures Innovates Personal power |
| Effective leadership | Know your strengths Know your situation Assess followers |
| Evolution of Leadership theory | Trait theory Behavioral theory Situational theory Transformation theory |
| Behavioral Approach | People vs Task orientated Impoverished Authority compliant Middle management Country club Team management |
| Relationship & Guidance | Telling - (hi G, low R) Delegating - (low G, low R) Participating - (low G, hi R) Selling - (hi G, hi R) |
| Charismatic Leadership | Inspire and motivate Appeals emotionally Be part of something big |
| Transformational leadership | Innovation Followers needs Change |
| Authentic leadership | Great deal of trust Good values Self-discipline |
| Transactional leadership | Clarify tasks Structure POLC |
| Servant leadership | Transcend self-interest for the good of the organisation Develop workers |
| Traits of Technical Employees | Highly motivated High need for achievement High need for autonomy Strong professional identity Focus on building expertise |
| Leadership | Coach for peak performance Delegating/participating style Professional development Facilitate self-management |
| Group | People working together for a common task |
| Group characteristics | Single designated leader Individuals accountable Individual work Measured by financial effectiveness |
| Team | People working together for a common task AND Interacting and coordinating |
| Team characteristics | Shared leadership Accountable to the team Meetings - open minded Measured by collective product |
| Why are Teams good? | Creative Quality Speed Productivity Employee satisfaction = Competitive advantage |
| Formal Team | Structured e.g. HR |
| Cross-function Team | Mixed disciplines e.g. project team |
| Self managed Team | Diverse skills Team discussions Access to resources |
| Effective Team | Trust Healthy conflict Commitment Accountability Results orientated |
| Dysfunctional Team | Lack of trust Fear of conflict Lack of commitment Avoidance of accountability Inattention to results (personal ambition) |
| Successful Team | ~ 5 members Clarity of role and goal of the team Diversity (profession, age, no group-think and helps mentoring and reflect customer base) |
| Task roles | Ideas Summarising Opinion Seeking info |
| Social roles | Encouragement Harmonising Following Reduce tension |
| Belkin's Team roles | Plant, Resource Investigator Coordinator, Shaper Monitor Evaluator, Team worker Implementer, Completer Finisher Specialist |
| Stages of Team development | Forming - (Orientation - getting to know other team members) Storming - (Conflict) Norming - (Order) Performing - (Cooperating - engage in joint problem solving and decision-making) Adjourning - (Task completion) |
| Main reason it is hard to maintain competitive advantage | Hyper-competition |
| In SWOT analysis, opportunities and threats refer to: internal / external? | The external enviroment |
| In the resource based model of competitive advantage, a capability is best defined as: | Bundling advanced technology with specialist human resources |
| Strategic management Stakeholder | People who are affected by an organisations performance and claims on it's performance (shareholders, suppliers, employess, customers) |
| Four criteria for Sustained Competitive Advantage | Valuable Costly o imitate Non-substitutable Rare |
| Porters five forces Industry attractive when | Few threats of substitutes Suppliers hold little power Moderate level of rivalry among competitors |
| Example of radical innovation | Iphone |
| Kondratievs long wave cycles of innovation , fifth long wave | Computers telecommunication, biotech |
| Which element of the marketing mix is addressed only by the decision to not have bricks and mortar | Distribution |
| 4 P's of marketing | Price Promotion Place Product |
| A person who camps out at an Apple store would fit where in the Diffusion of innovations? Early majority, Late majority, Early adopter or Laggard? | Early adopter |
| Which is not a benefit of using social media for marketing? Compare product with others Extend lifecyle Boost word of mouth Cheaper than traditional | Automatically extends the lifecycle of a product or service |
| OSH addresses | All working enviroments |
| The individual level of OSH refers to: | Health and safety knowledge, attitudes and behaviours of employees |
| The interpersonal level | Policies and procedures |
| NZ has higher rate of work-related fatalities Australia | True |
| A reason to accurately quantify the costs of work related injury | Total costs need to include both the direct and indirect costs The impacts of many potential risks could takes years to become evident Reported injuries are often conservative and unreliable. |
| Which of the following is not a PCBU accHSWA,2015 | Self employed ***** Home owners Local council Sub-contractors |
| Under HSWA,2015 When are business required to appoint anOSH rep | A business with more than 20 employees if requested by more than 5 employees |
| Project | Cross functional Multiple stakeholders One time effort Constraints: time, money, resources Established objective |
| Benefits of Project Management | Framework Consistency Environment Risk Assessment Development |
| 2 types of skills for Project Management EXAM | Technical (Scope, schedules, resource allocation, budgets, status reports) Sociocultural (Leadership, teamwork,negotiation, politics, customer expectations) |
| Quality (3 constraints) | Scope Cost Time |
| The Waterfall Method | Understand the requirement Design the solution Implement and test Maintain it Problem: separates stakeholders, no rapid prototypes (fast failure - test at the start) |
| Agile approach | Focus on collaboration Self-management Accountability Aligned with customer needs Low constraints challenging for PM |
| Implementation Gap | Gap between vision, strategy and implementation Lack of consensus and trust Under-resourced People feel inefficeint |
| In Project Management, The Iron Triangle refers to: | A model of the constraints of scope, time and cost that will impact the quality of the project |
| A sign of a project team struggling with an implememntation gap | Teams members cannot prioritise projects clearly and often switch between projects High levels of conflict and lack of trust among functional (middle) managers Projects are not properly resourced |
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