MGT-420 Mid-Term Exam: Key Concepts and Definitions in Management, Exams of Advanced Education

Download MGT-420 Mid-Term Exam: Key Concepts and Definitions in Management and more Exams Advanced Education in PDF only on Docsity!

MGT-420 Mid-Term Exam With 100%

Correct And Verified Answers 2024

intellectual capital - Correct Answer-the collective brainpower or shared knowledge of a workforce (commitment * competency = intellectual capital) knowledge workers - Correct Answer-their mind is a critical asset to employers; add to the intellectual capital of an organization Tech IQ - Correct Answer-the ability to use technology and to stay updated as technology continues to evolve Globalization - Correct Answer-the worldwide interdependence of resource flows, product markets, and business competition job migration - Correct Answer-occurs when firms shift jobs from a home country to foreign ones Corporate Governance - Correct Answer-board of directors hold top management responsible for organizational performance (financial performance, ethical performance, sustainability) Shamrock Organization - Correct Answer-consists of 3 types of workers: permanent full- time, temporary part-time, and freelance/contract free agent economy - Correct Answer-people change jobs more often, and many work on "gigs" or flexible contracts organizations as open systems - Correct Answer-the environment supplies, the organization creates value, the environment consumes value creation - Correct Answer-occurs when an organization's operations add value to the original cost of resource inputs (businesses earn a profit; nonprofit organizations add wealth to a society) performance effectiveness - Correct Answer-an output measure of task or goal accomplishment performance efficiency - Correct Answer-an input measure of resource cost associated with goal accomplishment levels of management - Correct Answer-board of directors, top managers, middle managers, team leaders

accountability - Correct Answer-the requirement of one person to answer to a higher authority for performance in their area of responsibility Quality of Work Life (QWL) - Correct Answer-an indicator of overall quality of human experiences in the workplace (respect, fair pay, safe working conditions, etc.) upside-down pyramid - Correct Answer-view of organizations shows customers at the top being served by workers who are supported by managers (top to bottom: customers and clients, frontline operating workers, team leaders and managers, top managers) 4 functions of management - Correct Answer-1. planning

2. organizing
3. leading
4. controlling Mintzberg's Managerial Roles - Correct Answer-1. interpersonal (how manager interacts with other people)
5. informational (how manager exchanges and processes info)
6. decisional (how manager uses info in decision making) Katz's Managerial Skills - Correct Answer-1. conceptual skills (the ability to think analytically & achieve integrative problem solving)
7. human skills (the ability to work well in cooperation with other persons; emotional intelligence)
8. technical skills (the ability to apply expertise & perform a special task with proficiency) classical management approaches - Correct Answer-1. scientific
9. administrative
10. bureaucratic scientific management - Correct Answer-motion study; science of reducing a job or task to its basic physical motions (eliminating wasted emotions improves performance) administrative principles - Correct Answer-rules/duties of management (foresight, organization, command, coordination, control) bureaucratic organization - Correct Answer-an ideal, intentionally rational, and very efficient form of organization (based on principles of logic, order, and legitimate authority) behavioral management approaches - Correct Answer-1. organizations as communities
11. Hawthorne studies
12. Maslow's theory of human needs
13. McGregor's Theory X & Theory Y
14. Argyris' theory of adult personality

organizational context - Correct Answer-comprised of characteristics of a job, organization, or work situation that affect the way people in that situation act and interact organizational strategy - Correct Answer-the actions an organization takes to achieve long-term business goals (mission, vision, values) Hedonism - Correct Answer-people seek pleasure and avoid pain centralization - Correct Answer-the degree to which decision making is made at upper levels of management decentralization - Correct Answer-the degree to which lower-level employees provide input or actually make decisions (decisions are shared w/ hierarchy) functional departmentation - Correct Answer-groups individuals by skill, knowledge, and expertise divisional departmentation - Correct Answer-groups individuals together by products, territories, services, clients, or legal entities organizational culture - Correct Answer-the shared actions, values, and beliefs in an organization that guide the behavior of its members socialization - Correct Answer-the process of learning the accepted norms or customs of the organization through formal and informal social interaction layers of cultural analysis - Correct Answer-observable culture, shared values, and core values general environment - Correct Answer-economic, legal/political, socio-cultural, technological, natural economic environment - Correct Answer-health of the economy legal/political environment - Correct Answer-philosophy/objectives of political party running the government socio-cultural environment - Correct Answer-norms, customs, social values technological environment - Correct Answer-development and availability of new technology natural environment - Correct Answer-nature and conditions of environment

innovation - Correct Answer-process of taking a new idea and putting it into practice (major driver of competitive advantage) human sustainability - Correct Answer-highlights the importance of valuing employees as organizational stakeholders global economy - Correct Answer-resources, markets, and competition are worldwide in scope global management - Correct Answer-managing business and organizations with business interests in more than one country reasons why businesses go global - Correct Answer-profits, customers, suppliers, capital, labor, risk market entry strategies - Correct Answer-global sourcing, exporting, importing, licensing, franchising, joint venture, strategic alliance, and foreign subsidiary global sourcing - Correct Answer-the process of purchasing materials or services around the world for local use licensing agreement - Correct Answer-one firm pays a fee for rights to make or sell another company's products franchising - Correct Answer-a fee is paid for rights to use another firm's name and operating methods regional economic alliances - Correct Answer-NAFTA, EU, APEC, ASEAN, SADC global corporation - Correct Answer-MNE (multinational enterprise) or MNC (multinational corporation) with extensive business operations in more than one foreign country transnational corporation - Correct Answer-a global corporation that operates worldwide on a borderless basis culture - Correct Answer-the shared set of beliefs, values, and patterns of behavior common to a group of people culture shock - Correct Answer-confusion and discomfort a person experiences in an unfamiliar culture cultural intelligence - Correct Answer-the ability to adapt and adjust to new cultures Ethnocentrism - Correct Answer-tendency to view one's own culture as superior to others

certain environment - Correct Answer-offers complete information on possible action alternatives and their consequences risk environment - Correct Answer-lacks complete information but offers probabilities of the likely outcomes for possible action alternatives uncertain environment - Correct Answer-lacks so much information that it is difficult to assign probabilities to the likely outcomes of alternatives steps in the decision making process - Correct Answer-1. define the problem

2. evaluate alternative solutions
3. choose a preferred course of action
4. implement the decision
5. evaluate results classical decision making model - Correct Answer-choose absolute best among alternatives (acts in a perfect world; rationality) behavioral decision making model - Correct Answer-choose first "satisfactory" alternative (limited information and bounded rationality) bounded rationality - Correct Answer-acts with cognitive limitations decision making pitfalls - Correct Answer-1. availability bias
6. representativeness bias
7. anchoring and adjustment bias
8. framing error
9. confirmation error
10. escalating commitment availability bias - Correct Answer-bases a decision on recent information or events representativeness bias - Correct Answer-bases a decision on similarity to other situations anchoring and adjustment bias - Correct Answer-bases a decision on incremental adjustments from a prior decision point framing error - Correct Answer-trying to solve a problem in the context in which it is perceived confirmation error - Correct Answer-focusing on information that confirms a decision already made

escalating commitment - Correct Answer-continuing a course of action even though it is not working strategic plans - Correct Answer-set broad, comprehensive, and longer-term action directions for the entire organization tactical plans - Correct Answer-helps to implement all or parts of a strategic plan functional plans - Correct Answer-indicate how different operations within the organization will help accomplish the overall strategy operational plans - Correct Answer-identify short-term activities to implement strategic plans planning tools and techniques - Correct Answer-forecasting, contingency planning/scenario planning, benchmarking, staff planning, goal setting, management by objectives (MBO) forecasting - Correct Answer-attempts to predict the future contingency planning - Correct Answer-identifying alternative courses of action to take when things go wrong benchmarking - Correct Answer-uses external and internal comparisons to plan for future improvements nature vs nurture - Correct Answer-nature - are we the way we are because of heredity (genetics)? nurture - or because of environment (culture/situations)? The Big Five - Correct Answer-1. extraversion

2. agreeableness
3. conscientiousness
4. emotional stability
5. openness to experience personal conception traits - Correct Answer-personal beliefs and orientations toward settings and issues emotional adjustment - Correct Answer-indicates how one handles emotional distress or displays unacceptable acts cognitive traits - Correct Answer-1. sensation - feeling
6. sensation - thinking
7. intuitive - feeling
8. intuitive - thinking

halo effect - Correct Answer-when one attribute of a person or situation is used to develop an overall positive impression of that individual or situation horns effect - Correct Answer-opposite of halo effect; gives a negative impression projection - Correct Answer-the unconscious assignment of one's personal attributes to other individuals contrast effect - Correct Answer-occurs when the meaning of something that takes place is based on a contrast with another recent event or situation self-fulfilling prophecies - Correct Answer-the tendency to make something we think will happen come true emotions - Correct Answer-strong positive or negative feelings directed toward someone or something (anger, excitement, attraction, sadness...) moods - Correct Answer-less intense than emotions and often seem to lack a clear source attitudes - Correct Answer-a predisposition to respond in a positive or negative way to someone or something (influenced by friends, family, etc.) cognitive dissonance - Correct Answer-a state of inconsistency between an individual's attitudes and behavior (based on beliefs, values, and information) intrinsic motivation - Correct Answer-the intangible, positive feelings of satisfaction and contentment that one experiences as a result of good performance extrinsic motivation - Correct Answer-the tangible and external inducements that drive someone to do a task (bonuses, benefits, etc.) pay for performance - Correct Answer-bases pay on one's results (earn more when produce more) merit pay - Correct Answer-compensation system that directly ties an individual's salary or wage increase to measures of performance accomplishments during a specific time period performance management - Correct Answer-the supervision and oversight of employees to achieve objectives in an efficient and effective manner Employee Value Proposition (EVP) - Correct Answer-the exchange of benefits provided by an organization in return for the effort, loyalty, commitment, creativity, and performance of employees

psychological contract - Correct Answer-the implicit agreement about the exchange of value between the individual and the organization 360-degree review - Correct Answer-gathers feedback from a jobholder's bosses, peers, and subordinates, internal and external customers, and self-ratings Behaviorally Anchored Rating Scale (BARS) - Correct Answer-links ratings to specific and observable job-relevant behaviors. person-job fit - Correct Answer-the extent to which an individual's skills, interests, and personal characteristics match well with the requirements of the job person-organization fit - Correct Answer-the extent to which an individual's values, interests, and behaviors are consistent with the culture of the organization Needs Theories - Correct Answer-focus on individual needs - physiological, social, or psychological deficiencies - that we want to reduce/eliminate (motivation results from our attempts to satisfy important needs) Maslow's Hierarchy of Needs - Correct Answer-physiological, safety, social, esteem, self-actualization (listed from lowest to highest) self-actualization - Correct Answer-the need and desire of a person to realize their full potential esteem needs - Correct Answer-reflects one's desire for recognition, status, and respect from others as well as the need for self-esteem social needs - Correct Answer-reflect one's desire for relationships, friendships, intimacy, and sense of belonging safety needs - Correct Answer-include an innate desire for security and safety in all aspects of life physiological needs - Correct Answer-the physical requirements for human survival (air, water, food, etc.) higher order needs - Correct Answer-self-actualization and esteem needs lower-order needs - Correct Answer-physiological, safety, and social needs ERG Theory - Correct Answer-existence, relatedness, growth (from lowest to highest)

maintenance activities - Correct Answer-support the emotional life of the team as an ongoing social system communication networks - Correct Answer-centralized, decentralized, restricted centralized network - Correct Answer-activities are coordinated and results pooled by central point of control decentralized network - Correct Answer-all members communicate directly with one another restricted network - Correct Answer-polarized subgroups contest one another groupthink - Correct Answer-the practice of thinking or making decisions as a group in a way that discourages creativity or individual responsibility technical demands - Correct Answer-the degree to which it is routine or not, the level of difficulty involved, and the information requirements social demands - Correct Answer-the degree to which issues of interpersonal relationships, egos, controversies over ends and means, and the like come into play FIRO-B Theory - Correct Answer-identifies differences in how people relate to one another in groups based on their needs to express and receive feelings of inclusion, control, and affection homogeneous teams - Correct Answer-teams in which members are very similar to one another heterogeneous teams - Correct Answer-teams in which members are very dissimilar to one another diversity-consensus dilemma - Correct Answer-the tendency for diversity in groups to create process difficulties even as it offers improved potential for problem solving role ambiguity - Correct Answer-occurs when someone is uncertain about what is expected of him or her intra-sender role conflict - Correct Answer-occurs when the same person sends conflicting expectations inter-sender role conflict - Correct Answer-occurs when different people send conflicting and mutually exclusive expectations

person-role conflict - Correct Answer-occurs when a person's values and needs come into conflict with role expectations inter-role conflict - Correct Answer-occurs when the expectations of two or more roles held by the same individual become incompatible, such as the conflict between work and family demands Leader-Member Exchange Theory (LMX) - Correct Answer-the study of manager- subordinate relationship quality Team-Member Exchange (TMX) - Correct Answer-represents the extent to which team members contribute ideas, feedback, and assistance to one another boundary spanning - Correct Answer-involves building relationships across hierarchal levels (with higher-ups & across departmental boundaries) social exchange - Correct Answer-the process of building relationships through reciprocal interactions between people norm of reciprocity - Correct Answer-an expectation is created when one person does something for someone else that the other will pay them back (equivalence, immediacy, interest) equivalence - Correct Answer-the extent to which the amount given back is roughly the same as what was received immediacy - Correct Answer-the time span of reciprocity - how quickly the repayment is made interest - Correct Answer-the motive the person has in making the exchange dyad - Correct Answer-the connection between two people in a network triad - Correct Answer-connection between three people in a network clique - Correct Answer-connection between more than three actors in a network network centrality - Correct Answer-when an actor has ties with many other actors in a network network density - Correct Answer-indicates the extent to which all actors in a network are connected with each other network maximum - Correct Answer-reached if all actors are connected to all other actors