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MGT 305: EXAM 2
Decision |
A choice between two or more alternatives |
Problem |
An obstacle that makes it difficult to achieve a desired goal or purpose |
Decision criteria |
Criteria that defines whats important or relevant to resolving a problem |
Rational decision making |
Describes choices that are logical and consistent and maximize value
|
Bounded rationality |
Decision making thats rational, but limited (bounded) by an individuals ability to process information |
Satisfice |
Accept solutions that are "good enough"
|
Escalation of commitment |
An increases commitment to a previous decision despite evidence it may have been wrong |
Intuitive decision making |
Making decisions in the basis of experience, feelings, and accumulated judgment |
Evidence-based management (EBMgt) |
The systematic use of the best available evidence to improve management practice |
Structured problems |
straightforward familiar and easily defined problems
|
programmed decision |
a repetitive decision that can be handled by a routine approach |
Procedure |
A series of sequential steps used to respond to a well structured problem
|
Rule |
An explicit statement that tells managers what can or cannot be done |
Policy |
A guideline for making decisions
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Unstructured problems |
Problems that are new or unusual and for which information is ambiguous or incomplete
|
nonprogrammed decisions |
Unique and non recurring decisions that require a custom made solution |
Certainty |
A situation in which a manager can make accurate decisions because all outcomes are known |
Risk |
A situation in which the decision maker is able to estimate the likely hood of certain outcomes |
uncertainty |
a situation in which a decision maker has neither certainty nor reasonable probability estimates available |
Linear thinking style |
decision style characterized by a person's preference for using external data and facts and processing this information through rational leogical thinking |
Nonlinear Thinking Style |
decision style characterized by a person's preference for internal sources of information and processing the information with internal insights, feelings, and hunches |
Heuristics |
rules of thumb that mangers us to simplify decsion making
|
Group |
two or more interacting and interdependent individuals who come together to achieve specific goals
|
Forming stage |
the first stage of group development in which people join the group and then define the group's purpose, structure, and learning
|
Storming stage |
the second stage of group development, characterized by intragroup conflict
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Norming stage |
the third stage of a group development, characterized by close relationships and cohesiveness
|
Performing stage |
the fourth stage of group development when the group is fully functional and works on group task
|
Adjourning |
the final stage of a group development for temporary groups during which group members are concerned with wrapping up activities rather than task performance
|
Role |
Behavior patterns expected of someone occupying a given position in a social unit |
Norms |
Standards or expectations that are accepted and shared by a groups members |
Groupthink |
When a group exerts extensive pressure on an individual to align his or her opinion with others opinions |
Status |
A prestige grading, position, or rank within a group |
Social loafing |
The tendency for individuals to expend less effort when working collectively than when working individually |
Group cohesiveness |
The degree to which group members are attracted to one another and share groups goals
|
conflict |
Perceived incompatible differences that result in interference or opposition |
Traditional view of conflict |
The view that all conflict is bad and must be avoided |
Human relations view of conflict |
The view that conflict is a natural and inevitable outcome in any group |
Interactionist view of conflict |
The view that some conflict is necessary for a group to perform effectively
|
Functional conflicts |
Conflicts that support a groups goals and improve its performance |
Dysfunctional conflicts |
Conflicts that prevent a group from achieving its goals |
Task conflict |
Conflicts over content and goals of the work |
Relationship conflict |
Conflict based on interpersonal relationships |
Process conflict |
Conflict over how work gets done |
work teams |
Groups whose members work intensely on a specific, common goal using their positive synergy, individual and mutual accountability, and complementary skills |
Problem solving teams |
A team from the same department of functional area thats involved in efforts to improve work activities or to solve specific problems
|
Self-managed work team |
A type of work team that operates without a manger and its responsible for a complete work process or segment |
cross- functional team |
A work team composed of individuals from various functional specialties |
Virtual team |
A type of work team that uses technology to link physically dispersed members in order to achieve a common goal |
social network structure |
the patterns of informal connections among individuals within a group
|
Planning |
Defining the organizations goals, establishing strategies for achieving those goals, and developing plans to integrate and coordinate work activities |
goals (objectives) |
desired outcomes or targets |
plans |
documents that outline how goals are going to be met |
stated goals |
official statements of what an orgnaiations says and what it wants its various stakeholders to believe, its goals are |
real goals |
goals that are organization actually pursues, as defined by the actions of its members |
strategic plans |
plans that apply to the entire organization and establish the organizations overall goals |
operational plans |
plans that encompass a particular operational are of the organization
|
long term plans |
plans with a time frame beyond three years |
Short term plans |
plans covering one year or less
|
specific plans |
plans that are clearly defined and leave no room for interpretation
|
Directional plans |
plans that are flexible and set out general guidelines
|
single- use plan |
a one time plan specifically designed to meet the needs of a unique situation |
standing plans |
ongoing plans that provide guidance for activities performed repeatedly
|
traditional goal setting |
an approach to setting goals in which top managers set goals that then flow down through the organization and become subgoals for each organizational area |
mean-ends chain |
an integrated network of goals in which the accomplishment of goals at one level serves as the means for achieving the goals, or ends, at the next level
|
management by objectives (MBO) |
a process of setting mutually agreed-upon goals and using those goals to evaluate employee performance
|
mission |
the purpose of an organization
|
commitment concept |
plans should extend far enough to meet those commitments made when the plans were developed |
Formal planning department |
A group of planning specialists whole sole responsibilty is helping to write organizational plans |
environmental scanning |
The screening of large amounts of information to anticipate and interpret changes in the environment |
competitor intelligence |
Environmental scanning activity by which organizations gather information about competitors
|
forecasts |
Predictions of outcome
|
Quantitative forecasting |
Forecasting that applies a set of mathematical rules to a series of past data to predict outcome |
Qualitative forecasting |
Forecasting that uses the judgement and opinions of knowledgeable individuals to predicts outcomes |
Benchmarking |
The search for the best practices among competitors or non competitors that lead to their superior performance |
Resources |
The assets of the organization including financial, physical, human, intangible, and structural cultural |
Budget |
A numerical plan allocating resources to specific activities |
Scheduling |
Detailing what activities have to be down, the order in which they are to be completed, who is to do each, and when they are to be completed. |
Gantt chart |
A scheduling chart developed by Henry Gantt that shows actual and planned output over a period a time |
Load chart |
A modified Gantt chart that schedules capacity by entire departments or specific resources |
PERT network |
A flowchart diagram showing the sequence of activities needed to complete a project and the time or cost associated with each |
Events |
End points that represent the completion of major activities in a PERT network
|
Activities |
The time or resources needed to progress from one event to another in a PERT network |
Slack time |
The amount of time an individual activity can be delayed without delaying the whole project |
Critical path |
The longest sequence of activities in a PERT network |
Breakdown analysis |
A technique for identifying the point at which total revenue is just sufficient to cover total costs |
Linear programming |
A mathematical technique that solves resource allocation problems |
Project |
A one-time set if activities that has a definite beginning and ending point in time
|
Project management |
The task of getting a projects activities done on time, within budget, and according to specifications |
Scenario |
A consistent view of what the future is likely to be |