MAN3025 Exam 3 Notes Chapter 9 1 You want to motivate people to a Join your organization b Stay with your organization Show up for work at your organization c d Be engaged while at your organization e Do extra for your organization 2 Motivation cycle a Unfulfilled need b Motivation c Behaviors d Rewards e Feedback repeat 3 Extrinsic vs intrinsic rewards a Extrinsic rewards payoff a person receives from others for performing a task Intrinsic rewards satisfaction a person receives from performing the task b Intrinsic is better in the long run for the overall organization c 4 Content perspectives theories that emphasize the needs that motivate people a Hierarchy of needs motivate from the bottom up i Physiological ii Safety iii Love iv Esteem v Self actualization i Existence ii Relatedness iii Growth i Achievement ii Affiliation iii Power b ERG theory three basic needs that influence behavior c Acquired needs theory three needs determining behavior that should be balanced d Two factor theory first eliminate dissatisfying factors then incorporate satisfying ones i Hygiene factors job dissatisfaction ii Motivating factors job satisfaction e Equity theory cost benefit analysis i My inputs vs their inputs ii My outputs vs their outputs iii Equity vs Inequity f Expectancy theory i People are motivated by two things 1 How much they want something 2 How likely they are to get it ii Expectancy level of effort will lead to a level of performance iii iv Valence the value a worker assigns to a task outcome Instrumentality successful performance will lead to a desired outcome g Goal setting theory i Specific ii Challenging iii Achievable iv Linked to action plans 5 Job design division of work among employees and application of motivational theories a Simplification jobs are broken down into simpler easier tasks b Enlargement the number of tasks are increased for a particular job c Enrichment giving employees a chance to decrease repetitiveness through variation 6 Other ways to redesign a job a Flex time everyone has to work a certain amount of time but the shift is flexible b Job sharing splitting the work with another co worker c Telecommunicate working from home or another location 7 Job characteristics a Skill variety b Task Identity c Task significance d Autonomy e Feedback 8 Reinforcement theory a Positive reinforcement use of positive consequence to encourage behavior b Negative reinforcement removal of unpleasant consequence to encourage behavior c Punishment application of negative consequences to stop behavior d Extinction withdrawal of positive rewards for a desirable behavior bad method 9 Popular incentive compensation plans a Piece rate employee is paid for each unit produced b Sales commission extra pay that an employee receives for making a sale c Bonuses an additional payment to an employee s usual income d Profit sharing payments to employees based on the success of the company e Gain sharing payments are based on employee involvement and participation f g Pay for knowledge higher pay based on new skills employees learn Stock options giving employees the option to trade stock at a pre arranged price Chapter 10 1 Leadership the ability to influence employees to pursue organizational goals a Management is about coping with complexity planning organizing and controlling Leadership is about coping with change direction aligning people and motivating b 2 Five sources of power Legitimate power managers formal positions within the organization a b Reward power managers authority to reward subordinates c Coercive power managers authority to punish subordinates d Expert power managers specialized expertise e Referent power managers personal attraction 3 Approaches to leadership a Trait identifying distinctive characteristics that account for effectiveness of leaders i Ex Tasks interpersonal intuition character biophysical and personal ii Women have more leadership traits than men b Behavioral attempts to determine distinctive styles used by effective leaders i Michigan leadership model Job centered concerned with efficiency low costs and schedules 1 2 Employee centered concerned with employee satisfaction ii Ohio State leadership model Initiating structure organizing what group member should be doing 1 2 Consideration establishing a warm friendly and supportive climate c Contingency determines if a leader is task oriented or relationship oriented i Situational control Leader member relations 1 2 Task structure 3 Position power d Full range 1 2 3 4 Inspirational motivation Idealized influence Individualized consideration Intellectual stimulation i Transactional rewarding or punishing based on performance ii Transformational transforms employees to pursue organizational goals e Servant leaders provide service to others to meet goals rather than to themselves Chapter 11 1 Four functions of planning a Setting goals b Organizing c Leading d Controlling 2 Productivity outputs divided by inputs P O I 3 Control process a Establish standards b Measure performance c Compare performance to standards d Take corrective action if necessary repeat 4 Levels of control STO a Strategic top management b Tactical middle management c Operational lower management 5 Six areas of control a Physical b Human resources Informational c d Financial e Structural Cultural f a Customer satisfaction Internal processes b c Innovation and improvement d Financial measures 7 Why measure managed firms succeed a Agreement on a strategy b Clear communication c Focus d Teamwork 8 Barriers to effective measurement a Fuzzy objectives b c Resistant employees d Measuring activities instead of results Informal feedback systems 9 Financial tools for control 6 Balanced scoreboard a fast but comprehensive view of the organization a Budget formal financial projection b c Incremental uses the last budget period as a reference point Zero based manager must justify every budget dollar requested 10 Fixed vs variable budgets a Fixed budgets resources are allocated on a single estimate of costs b Variable budgets resources are varied in proportion to various levels of activity 11 Balanced sheet vs income statement a Balanced sheet overall financial worth at a specific point in time b Income statement financial results over a specified period of time 12 Ratio analysis a Liquidity current ratio how easily a firm s assets can be converted to cash i Current ratio current assets current liabilities b Debt management ratio degree to which a firm
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