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Terms in this set (369)Define: choosing one alternative from among several decision making A manager seeking a location for a new factory is decision making or problem solving? decision making Define decision making choosing one alternative from among several Define problem solving involves finding the answer to a question Define: involves finding the answer to a question problem solving A decision makers actions are guided by a ____ goal What are the elements of decision making? (in order) goals, alternative action, action-outcome probabilities, value of outcomes relative to goals, choice of one alternative In a decision making context, ___ is how often a particular decision situation recurs, and __ ___ describe how much information is available about the likelihood of various outcomes frequency, information conditions The ___ of recurrence determines whether a decision is programmed or nonprogrammed frequency The frequency of recurrence determines whether a decision is... programmed or nonprogrammed Define: recurs often enough for decision rules to be developed programmed decision Define programmed decision recurs often enough for decision rules to be developed Define decision rule tells decision makers which alternative to choose once they have predetermined information about the decision situation Define: tells decision makers which alternative to choose once they have predetermined information about the decision situation decision rule T/F: programmed decisions are highly structured true T/F: In programmed decisions, goals are clear and well known, the decision making procedure is already established, and the sources and channels of information are clearly defined true Airlines often use ___ decision rules (programmed/ nonprogrammed?) programmed Define nonprogrammed decision a decision that recurs infrequently and for which there is no previously established decision rule Define: a decision that recurs infrequently and for which there is no previously established decision rule nonprogrammed decision T/F: nonprogrammed decisions often require developing and evaluating alternatives without the aid of a decision rule true T/F: nonprogrammed decisions are poorly structured true T/F: with nonprogrammed decisions, information is ambiguous, there is no clear procedure for making the decision, and the goals are often vague true T/F: a key element in dealing with nonprogrammed decision making is good judgement on the part of leaders and decision makers true Do these characteristics describe programmed or nonprogrammed decisions? well structured, repetitive and routine frequency, clear, specific goals, information readily available, minor consequences, lower levels of organization, short time for solution; basis for solution: decision rules, set procedures programmed decisions Do these characteristics describe programmed or nonprogrammed decisions? poorly structured, new and unusual frequency, vague goals, information not available; unclear channels, major consequences, upper levels of organization, relatively long time for solution; basis for solution: judgement and creativity nonprogrammed decisions What is the basis for solution for programmed decisions? decision rules, set procedures What is the basis for solution for nonprogrammed decisions? judgment and creativity Define condition of certainty manager knows what the outcomes of each alternative of a given action will be and has enough information to estimate the probabilities of various outcomes Define: manager knows what the outcomes of each alternative of a given action will be and has enough information to estimate the probabilities of various outcomes condition of certainty What are the 3 decision making conditions? certainty, risk, uncertainty Define: the decision maker cannot know with certainty what the outcome of a given action will be but has enough info to estimate the probabilities of various outcomes condition of risk Define condition of risk the decision maker cannot know with certainty what the outcome of a given action will be but has enough info to estimate the probabilities of various outcomes Define condition of uncertainty decision maker lacks enough information to estimate the probability of possible outcomes Define: decision maker lacks enough information to estimate the probability of possible outcomes condition of uncertainty What are two approaches to decision making? rational approach, behavioral approach T/F: the rational decision making approach has to do with logic and economy true T/F: the behavioral decision making approach attempts to account for the limits on rationality in decision making true T/F: many managers combine rational and behavioral decision making true Define: assumes that managers follow a systematic, step by step process rational decision making process The ___ decision making process assumes the organization is dedicated to making logical choices and doing what makes the most sense economically rational The ___ decision making approach assumes that it is managed by decision makers who are entirely objective and have complete information rational Define rational decision making approach assumes that managers follow a systematic, step by step process What are the steps of rational decision making? state situational goal, identify problem, determine decision type, if nonprogrammed generate and evaluate alternatives, choose alternative, if programmed implement decision rule; control: measure and adjust Define: doubt about a choice that has already been made post decision dissonance T/F: decision making is a dynamic, self correcting, and ongoing process in organizations true Define: contingency plans alternative actions that can be taken if the primary course of action is unexpectedly disrupted or rendered inappropriate Define Evidence based management (EBM) the commitment to identify and utilize the best theory and data available to make decisions Define the commitment to identify and utilize the best theory and data available to make decisions Evidence based management (EBM) T/F: EBM advocates are particularly persuasive when they use EBM to question the outcomes of decisions based on "untested but strongly held beliefs" or on "uncritical 'benchmarking.' true Define: argues that managers use bounded rationality, rules of thumb, sub-optimizing, and satisficing in making decisions administrative model Define: administrative model argues that managers use bounded rationality, rules of thumb, sub-optimizing, and satisficing in making decisions T/F: One crucial assumption of the administrative model is that decision makers operate with bounded rationality rather than with the perfect rationality assumed by the rational approach true Define: the idea that although individuals may seek the best solution to a problem, the demands of processing all the information bearing on the problem, generating all possible solutions, and choosing the single best solution are beyond the capabilities of most decision makers bounded rationality Define bounded rationality the idea that although individuals may seek the best solution to a problem, the demands of processing all the information bearing on the problem, generating all possible solutions, and choosing the single best solution are beyond the capabilities of most decision makers If someone accepts less than ideal solutions based on a process that is neither exhaustive nor entirely rational, they have shown ___ ___ bounded rationality The administrative model is characterized by what 3 things? use of procedures and rule of thumb, suboptimizing, and satisficing Define suboptimizing knowingly accepting less than the best possible outcome Define: knowingly accepting less than the best possible outcome suboptimizing Define satisficing examining alternatives only until a solution that meets minimal requirements is found and then ceasing to look for a better one Define: examining alternatives only until a solution that meets minimal requirements is found and then ceasing to look for a better one satisficing Define coalition an informal alliance of individuals or groups formed to achieve a common goal Define: an informal alliance of individuals or groups formed to achieve a common goal coalition T/F: the impact of coalitions can be either positive or negative true T/F: Coalitions can help astute managers get the organization on a path toward effectiveness and profitability, or they can strangle well-conceived strategies and decisions true Define intuition an innate belief about something without conscious consideration Define: an innate belief about something without conscious consideration intuition Define escalation of commitment occurs when a decision maker stays with a decision even when it appears to be wrong Define: occurs when a decision maker stays with a decision even when it appears to be wrong escalation of commitment Escalation of commitment is sometimes called the sunk cost fallacy Define risk propensity the extent to which a decision maker is willing to gamble when making a decision Define: the extent to which a decision maker is willing to gamble when making a decision risk propensity Define: Ethics a person's beliefs about what constitutes right and wrong behavior Define: a person's beliefs about what constitutes right and wrong behavior ethics T/F: Ethical behavior is that which conforms to generally accepted social norms; unethical behavior does not conform to generally accepted social norms true
In general, ethical dilemmas for managers may center on... direct personal gain, indirect personal gain, or simple personal preferences Define: Prospect theory argues that when people make decisions under a condition of risk they are more motivated to avoid losses than they are to seek gains Define: argues that when people make decisions under a condition of risk they are more motivated to avoid losses than they are to seek gains prospect theory According to ____ theory, people may be more motivated by the threat of losing something they have than they are by the prospect of gaining something they do not have prospect The ____ approach suggests that rather than generating all alternatives, the decision maker should try to go beyond rules of thumb and satisficing limitations and generate as many alternatives as time, money, and other practicalities of the situation allow. integrated T/F: the rational approach provides an analytical framework for making decisions, whereas the behavioral approach provides a moderating influence. true T/F: The integrated approach process is as follows: state situational goals, which may be multiple and changing --> identification of problem: develop adequate criteria --> determine decision type (potential for misdiagnosis?) --> nonprogrammed (generate alternatives and evaluate) --> programmed (apply decision rule) --> rational choice of best possible alternatives, develop contingency plans --> implement _-> control measurement and adjustment and monitor environmental changes true Members' attitudes and opinions may change during group discussion; sometimes being a fairly consistent movement toward a more risky solution, called "___ __" risky shift Define group polarization occurs when the average of the group members' post discussion attitudes tends to be more extreme than average pre-discussion attitudes Define: occurs when the average of the group members' post discussion attitudes tends to be more extreme than average pre-discussion attitudes group polarization T/F: When individuals discover during group discussion that others share
their opinions, they may become more confident about their opinions, resulting in a more extreme view true T/F: Persuasive arguments also can encourage group polarization true T/F: If members who strongly support a particular position are able to express themselves cogently in the discussion, less avid supporters of the position may become convinced that it is correct. (group polarization) true T/F: members may believe that because the group is deciding, they are not individually responsible for the decision or its outcomes (group polarization) true Define groupthink a mode of thinking that people engage in when they are deeply involved in a cohesive in-group, and when the members' strivings for unamity override their motivation to realistically appraise alternative courses of action Define: a mode of thinking that people engage in when they are deeply involved in a cohesive in-group, and when the members' strivings for unamity override their motivation to realistically appraise alternative courses of action
groupthink T/F: When groupthink occurs, then, the group unknowingly makes unanimity rather than the best decision its goal. true What are the 3 primary conditions that foster the development of groupthink? cohesiveness, leader's promotion of preferred solution, insulation of group from experts' opinions T/F: The original idea of groupthink symptoms was enhanced to include the effects of increased time pressure and the role of the leader in not stimulating critical thinking in developing the symptoms of groupthink. true T/F: One of the 8 symptoms of group think is: An illusion of invulnerability, shared by most or all members, that creates excessive optimism and encourages extreme risk taking true T/F: One of the 8 symptoms of group think is: Collective efforts to rationalize or discount warnings that might lead members to reconsider assumptions before recommitting themselves to past policy decisions true T/F: One of the 8 symptoms of group think is: An unquestioned belief in the group's inherent morality, inclining members to ignore the ethical and moral consequences of their decisions true T/F: One of the 8 symptoms of group think is: Stereotyped views of "enemy" leaders as too evil to warrant genuine attempts to negotiate or as too weak or stupid to counter whatever risky attempts are made to defeat their purposes true T/F: One of the 8 symptoms of group think is: Direct pressure on a member who expresses strong arguments against any of the group's stereotypes, illusions, or commitments, making clear that such dissent is contrary to what is expected of loyal members true T/F: One of the 8 symptoms of group think is: Self-censorship of deviations from the apparent group consensus, reflecting each member's inclination to minimize the importance of his or her doubts and counterarguments true T/F: one of the 8 symptoms of group think is: A shared illusion of unanimity, resulting partly from self-censorship of deviations, augmented by the false assumption that silence means consent true T/F: One of the 8 symptoms of groupthink is: The emergence of self-appointed "mindguards," members who protect the group from adverse information that might shatter their shared complacency about the effectiveness and morality of their decisions. true T/F: time and leadership style affect the groupthink process true Prescriptions for preventing groupthink fall into 4 categories, depending on whether they apply to the.... leader, organization, individual, or process What are some leader prescriptions for groupthink? assign everyone role of critical evaluator, be impartial, be devil's advocate, use outside experts, be open to dissenting points of view What are some organizational prescriptions for group think? set up several independent groups to study the same issue, train managers and group leaders in groupthink prevention techniques What are some individual prescriptions for groupthink? be a critical thinker, discuss group deliberations with a trusted outsider and report back to group What are some process prescriptions for groupthink? periodically break group into subgroups to discuss issues, take time to study external factors, hold second change meetings to rethink issues before making a commitment T/F: In tasks that require an estimation, a prediction, or a judgment of accuracy— usually referred to as "judgmental tasks"—groups typically are superior to individuals simply because more people contribute to the decision-making process. true T/F: An additional advantage of group decision making is that it often creates greater interest in the task. true Define: producing totally new ideas and solutions by stimulating the creativity of group members and encouraging them to build on the contributions of others brainstorming T/F: Brainstorming does not provide the resolution to the problem, an evaluation scheme, or the decision itself. Instead, it should produce a list of alternatives that is more innovative and comprehensive than one developed by the typical interacting group true Define nominal group technique group members follow a generate-discuss-vote cycle until they reach a decision Define: group members follow a generate-discuss-vote cycle until they reach a decision nominal group technique NGT stands for what? nominal group technique What are the 2 principal advantages of the nominal group technique
helps overcome negative effects of power and status differences among group members, can be used to explore problems to generate or evaluate alternatives What is the primary disadvantage of the NGT structured nature may limit creativity Define delphi technique a method of systematically gathering judgments of experts for use in developing forecasts Define: a method of systematically gathering judgments of experts for use in developing forecasts delphi technique T/F: The Delphi technique is designed for groups that do not meet face to face true T/F: the product development manager of a major toy manufacturer might use the Delphi technique to probe the views of industry experts to forecast developments in the dynamic toy market. true T/F: The Delphi technique is useful when experts are physically dispersed, anonymity is desired, or the participants are known to have trouble communicating with one another because of extreme differences of opinion. true When is the Delphi technique useful? (3 things) experts are physically dispersed, anonymity is desired, or participants are known to have trouble communicating with one another because of extreme differences of opinion T/F: The delphi technique avoids the intimidation problems that may exist in decision-making groups. true T/F: The delphi technique eliminates the often fruitful results of direct interaction among group members. true What are the 6 steps for improving creativity (DBCIJE) defining, borrowing, combining, incubating, judging, enhancing What's involved in the Defining step for improving creativity define problem you are trying to solve What's involved in the Borrowing step for improving creativity borrow ideas from places that have faced a similar problem What's involved in the Combining step for improving creativity combine borrowed ideas
What's involved in the Incubating step for improving creativity give subconscious mind time to work and listen to ideas it generates; sleep on it What's involved in the Judging step for improving creativity identify strengths and weaknesses of the decision What's involved in the Enhancing step for improving creativity tweak your decision to contain more positives and fewer negatives Define step of creative process: A period of education, formal training, and on the job experiences preparation Define step of creative process: A period of less intense conscious concentration incubation Define step of creative process: A spontaneous breakthrough to achieve a new understanding insight Define step of creative process:A test of the validity or truthfulness of the insight verification Define Group 2+ people who interact with one another such that each person influences and is influenced by each other person Define: 2+ people who interact with one another such that each person influences and is influenced by each other person group Define team an interdependent collection of at least 2 individuals who share a common goal and share accountability for the team's as well as their own outcomes Define: an interdependent collection of at least 2 individuals who share a common goal and share accountability for the team's as well as their own outcomes team T/F: All teams are groups, but not all groups are teams true Are all teams groups? yes Are all groups teams not all Define: formal groups established by the organization to do its work workgroups Workgroups include what two types of groups? command groups, affinity groups Define: a relatively permanent, formal group with functional reporting relationships and is usually included in the organization chart command group Define command group a relatively permanent, formal group with functional reporting relationships and is usually included in the organization chart Define affinity group collections of employees from the same level in the organization who meet on a regular basis to share information, capture emerging opportunities, and solve problems (relatively permanent) Define: collections of employees from the same level in the organization who meet on a regular basis to share information, capture emerging opportunities, and solve problems (relatively permanent) affinity group T/F: In business organizations, most employees work in command groups true T/F: Affinity groups are a special type of formal group: They are set up by the organization, yet they are not really part of the formal organization structure true T/F; Affinity groups are groups of employees who share roles, responsibilities, duties, and interests, and which represent horizontal slices of the normal organizational hierarchy. true Define functional team a team whose members come from the same department or functional area Define: a team whose members come from the same department or functional area functional team What is an example of a functional team a team of marketing employees (or a team of finance employees) Define cross functional team members come from different departments or functional areas Define: members come from different departments or functional areas cross functional team T/F: cross functional teams are one of the most common types of work teams true a top management team with members representing different functions or units of the organization is an example of a ..... cross functional team What are some strengths of a cross functional team gets things done fast, customer service and new product development, increasing creativity, improve a firm's ability to solve complex problems by bringing different skill sets, perceptions, and experiences together These strengths describe what type of team? Getting things done faster, cross functional team Define problem solving teams teams created to solve problems and make improvements Define: teams created to solve problems and make improvements problem solving teams These strengths describe what kind of team? because employees are the ones actually doing the work, they usually know the job best. problem solving team The following is an example of what kind of team? When online movie rental site Netflix sponsored a contest to improve the accuracy of its movie recommendation system, more than 40,000 teams from 186 countries formed to vie for the million dollar prize problem solving team Define self directed team set their own goals and pursue them in ways defined by the team Define: When online movie rental site Netflix sponsored a contest to improve the accuracy of its movie recommendation system, more than 40,000 teams from 186 countries formed to vie for the million dollar prize self directed team The following is an example of what kind of team?At 3M, ___ ____ work teams have made improvements in products, services, and processes while increasing customer responsiveness, lowering operating costs, increasing productivity, and decreasing cycle times. self directed or problem solving? T/F: Self-directed teams are difficult to implement, however, as they require specific self-management and team skills that many employees lack. true Define venture teams teams that operate semi-autonomously to create and develop new products, processes, or businesses Define: teams that operate semi-autonomously to create and develop new products, processes, or businesses venture teams T/F: Venture teams operate semi-autonomously to create and develop new products (product development teams), processes (process design teams), or businesses (venture teams). true Define virtual team teams of geographically and/or organizationally dispersed coworkers who communicate using telecommunications and information technologies Define: teams of geographically and/or organizationally dispersed coworkers who communicate using telecommunications and information technologies virtual team T/F; some virtual team members may never see each other face to face true Define global teams face to face or virtual teams whose members are from different countries Define: face to face or virtual teams whose members are from different countries global team T/F: global teams can be virtual or meet face to face true Define informal groups formed by their members and consist of friendship groups, which are relatively permanent, and interest groups, which may be shorter lived Define: formed by their members and consist of friendship groups, which are relatively permanent, and interest groups, which may be shorter lived informal groups Define: arise out of cordial relationships among members and the enjoyment they get from being together friendship group Define friendship group arise out of cordial relationships among members and the enjoyment they get from being together Define interest group organized around a common activity or interest, although friendships may develop among members Define: organized around a common activity or interest, although friendships may develop among members interest group networks of working women that have developed over the last few decades are an example of what type of group? interest group (type of informal group) What are the 5 basic group performance factors? composition, size, norms, cohesiveness, informal leadership Define group composition the degree of similarity (homogeneity) or difference (heterogeneity) among group members on factors important to the group's work Define: the degree of similarity (homogeneity) or difference (heterogeneity) among group members on factors important to the group's work group composition Define: if members are similar in one or several ways that are critical to the work of the group, such as in age, work experience, education, technical specialty, or cultural background homogeneous T/F; Homogeneous groups often are created in organizations when people are assigned to command groups based on a similar technical specialty true T/F: A homogeneous group is likely to be more productive when the group task is simple, cooperation is necessary, the group tasks are sequential, or quick action is required. true A homogeneous group is likely to be more productive when... (4 things) the group task is simple, cooperation is necessary, group tasks are sequential, or quick action is required Define: members differ in one or more ways that are critical to the work of the group heterogeneous The group's heterogeneity in terms of age and tenure with the group has been shown to be related to... turnover T/F: Groups with members of different ages and experiences with the group tend to experience frequent changes in membership. true T/F; A heterogeneous group is more likely to be productive when the task is complex, requires a collective effort (that is, each member does a different task, and the sum of these efforts constitutes the group output), demands creativity, and when speed is less important than thorough deliberations. true A heterogeneous group is more likely to be productive when... the task is complex, requires collective effort (that is, each member does their own task for group output), demands creativity, and when speed is less important T/F: a group asked to generate ideas for marketing a new product probably needs to be heterogeneous to develop as many different ideas as possible. true T/F: When a task requires cooperation and speed, a homogeneous group is therefore more desirable. true T/F: If, however, the task requires complex analysis of information and creativity to arrive at the best possible solution, a heterogeneous group may be more appropriate because it generates a wide range of viewpoints. true T/F: A group with many members has more resources available and may be able to complete a large number of relatively independent tasks. true T/F: In groups established to generate ideas, those with more members tend to produce more ideas, although the rate of increase in the number of ideas diminishes rapidly as the group grows. true T/F: Beyond a certain point, the greater complexity of interactions and communication may make it more difficult for a large group to achieve agreement true T/F: Interactions and communication are much more likely to be formalized in larger groups true T/F: Large groups tend to set agendas for meetings and to follow a protocol or parliamentary procedure to control discussion. true T/F: Also, the large size may inhibit participation of some people and increase absenteeism; some people may stop trying to make a meaningful contribution and may even stop coming to group meetings if their repeated attempts to contribute or participate are thwarted by the sheer number of similar efforts by other members. true Define social loafing the tendency of some members of groups not to put forth as much effort in a group situation as they would working alone. Define: the tendency of some members of groups not to put forth as much effort in a group situation as they would working alone. social loafing T/F: Social loafing often results from the assumption by some members that if they do not work hard, other members will pick up the slack. true T/F: The most effective size of a group, therefore, is determined by the group members' ability to interact and influence each other effectively true Define norm a standard against which the appropriateness of a behavior is judged Define: a standard against which the appropriateness of a behavior is judged norm T/F: Norms can be positive or negative for individual and organizational outcomes because group members tend to follow them even if the consequences are negative. true T/F: Lack of conformity to group norms may result in attempts to correct the deviant behavior, verbal abuse, physical threats, ostracism, or even ejection from the group. true T/F: if the office norm is for employees to wear suits to convey a professional image to clients, a staff member who wears blue jeans and a sweatshirt violates the group norm and will hear about it quickly true What are the 4 purposes of norms in organizations they help the group survive, simplify and make more predictable the behaviors expected of group members, norms help the group avoid embarrassing situations, express the central values of the group and identify the group to others Define group cohesiveness the extent to which a group is committed to remaining together; it results from forces acting on the members to remain in the group Define: the extent to which a group is committed to remaining together; it results from forces acting on the members to remain in the group group cohesiveness What factors increase group cohesiveness homogeneous composition, mature development, relatively small size, frequent interactions, clear goals, success What factors decrease cohesiveness heterogeneous composition, recent formation, large size, physical dispersion, ambiguous goals, failure T/F: A group that is successful may become more cohesive and hence possibly even more successful. true Define: a group's overriding concern is a unanimous decision rather than critical analysis of alternatives groupthink T/F: emotional intelligence of group members can promote cohesiveness. true Define: refers to interpersonal capability that includes the ability to perceive and express emotions, to understand and use them, and to manage emotions in oneself and other people emotional intelligence Define informal leader a person who engages in leadership activities but whose right to do so has not been formally recognized Define: a person who engages in leadership activities but whose right to do so has not been formally recognized informal leader What is the 4 stage development process (MCMC) mutual acceptance, communication & decision making, motivation & productivity, control & organization The mutual acceptance stage is also known as the forming stage The forming stage is also known as the mutual acceptance stage What's involved in the Mutual Acceptance Stage characterized by members' sharing info about themselves and getting to know each other T/F: in the mutual acceptance stage (forming stage) people often test one another's opinions by discussing subjects that have little to do with the group, such as the weather, sports, or recent events within the organization true The communication and decision making stage is also known as the storming stage The storming stage is also known as the communication and decision making stage What's involved in the communication and decision making stage members discuss their feelings more openly and agree on group goals and individual roles in the group T/F: IN the communication and decison making stage (storming), members discuss their feelings and opinions more openly, which can increase conflict; they may show more tolerance for opposing viewpoints and explore different ideas to bring about a reasonable solution or decision true T/F: in the communication and decision making stage (storming), membership usually begins to develop norms of behavior true T/F: In the communication and decision making stage (storming), members discuss and agree on group goals true T/F: In the communication and decision making stage (storming), members are assigned roles and tasks to accomplish goals true The motivation and productivity stage is also known as the norming stage The norming stage is also known as the motivation and productivity stage Define motivation and productivity stage (norming stage) members cooperate, help each other, and work toward accomplishing tasks
Define: members cooperate, help each other, and work toward accomplishing tasks motivation and productivity stage (norming stage) T/F: In the motivation and productivity stage (norming stage), members are highly motivated and may carry out their tasks creatively. In this stage, the group is accomplishing its work and moving toward the final stage of development true The control and organization stage is also known as the performing stage The performing stage is also known as the control and organization stage What's involved in the control and organization stage (performing stage)? the group is mature; members work together and are flexible, adaptive, and self correcting What stage is this? the group is mature; members work together and are flexible, adaptive, and self correcting control and organization stage (performing stage) What are the stages of group and team development in order? forming, storming, norming, performing Which stage is this? characterized by members' sharing information about themselves and getting to know each other forming Which stage is this? members discuss their feelings more openly and agree on group goals and individual roles in the group storming Which stage is this? members cooperate, help each other, and work toward accomplishing tasks norming What stage is this? the group is mature; members work together and are flexible, adaptive, and self correcting performing T/F; In a mature group, the members' activities are relatively spontaneous and flexible rather than subject to rigid structural restraints. true T/F: The best reason to start teams in any organization is to achieve the positive benefits that can result from a team-based environment: enhanced performance, employee benefits, reduced costs, and organizational enhancements. true What are the 4 benefits of teams in organizations (EERO) enhanced performance, employee benefits, reduced costs, organizational enhancements Define: competitive advantage anything that gives a firm an edge over rivals in attracting customers and defending itself against competition Define: anything that gives a firm an edge over rivals in attracting customers and defending itself against competition competitive advantage T/F: some examples of competitive advantage are: having the best made or cheapest product, providing the best customer service, being more convenient to buy from, having shorter product development times, and having a well known brand name true T/F: having the best made or cheapest product is an example of competitive advantage true T/F; providing the best customer service is an example of competitive advantage true T/F; being more convenient to buy from, or having shorter product development times are examples of competitive advantage true T/F: having a well known brand name is an example of competitive advantage true T/F: According to Michael Porter, to have a competitive advantage a company must ultimately be able to give customers superior value for their money (a combination of quality, service, and acceptable price)—either a better product that is worth a premium price or a good product at a lower price can be a source of competitive advantage. true According to Michael Porter, to have a competitive advantage a company must be able to... give customers superior value for their money (either a better product worth a premium price or a good product at a lower price) What are the sources of competitive advantage innovation, distribution, speed, convenience, first to market, cost, service, quality, branding One can gain competitive advantage in innovation by developing new products, services, and markets and improving current ones One can gain competitive advantage in distribution by dominating distribution channels to block competition One can gain competitive advantage in speed by excelling at getting your product or service to consumers quickly One can gain competitive advantage in convenience by excelling at getting your product or service to consumers quickly T/F: One can gain competitive advantage by being first to market true One can gain competitive advantage in cost by being the lowest cost provider One can gain competitive advantage in service by providing the best customer support One can gain competitive advantage in quality by providing highest quality product or service One can gain competitive adventure in branding by developing the most positive image A company may create value based on what 3 things? price, tech leadership, customer service (or some combo of these and other factors) T/F; According to Michael Porter, businesses can compete successfully by being the cheapest producer, by making unique products valued by consumers, or by applying their expertise in a narrow market segment to meet that segment's particular product or service needs true Michael Porter says businesses can compete successfully by doing what 3 things? being the cheapest producer, making unique products valued by consumers, or by applying expertise in a narrow market segments to meet that segment's particular product or service needs What are the 3 primary business strategies cost leadership, differentiation, specialization Define cost leadership strategy striving to be the lowest cost producer for a particular level of product quality Define: striving to be the lowest cost producer for a particular level of product quality cost leadership strategy Businesses that implement the cost leadership strategy are typically good at... designing products that can be efficiently manufactured & engineering efficient manufacturing processes to keep production costs and customer prices low What's an example of a business that utilizes cost leadership strategy walmart Organizations pursuing a strategy of keeping costs and prices low (cost leadership strategy) try to develop a competitive advantage in __ ___ operational excellence Define operational excellence Maximizing the efficiency of the manufacturing or product development process to minimize costs Define: Maximizing the efficiency of the manufacturing or product development process to minimize costs operational excellence What type of companies frequently adopt the cost leadership strategy and operational excellence approach manufacturing and transportation Cost leadership strategy :: __ ___ :: Differentiation strategy :: __ ___ :: Specialization Strategy __ __ operational excellence, product innovation, customer intimacy What are some examples of companies that implement the cost leadership strategy? dell computers, federal express, walmart Cost leadership strategy --> __ ___ --> ex: __ __ operational excellence --> manufacturing/transportation Define differentiation strategy developing a product or service that has unique characteristics valued by customers Define: developing a product or service that has unique characteristics valued by customers differentiation strategy T/F: with differentiation strategy, the value added by the product's uniqueness may enable the business to charge a premium price for it true A business may be able to charge a premium price for a unique product. This is known as.. differentiation strategy Organizations pursuing a differentiation strategy often try to develop a competitive advantage based on product innovation Define product innovation developing new products or services Define: developing new products or services product innovation Differentiation strategy is common in what type of business? technology and pharmaceutical companies What are some examples of companies that employ the differentiation strategy? johnson & johnson, Nike, 3M Differentiation strategy --> ___ __ --> ex: __ __ product innovation --> technology and pharmaceutical companies Define specialization strategy Focusing on a narrow market segment or niche and pursuing either a differentiation or cost leadership strategy within that market segment
Define: Focusing on a narrow market segment or niche and pursuing either a differentiation or cost leadership strategy within that market segment specialization strategy T/F: The specialization strategy can be successful if it results in either lower costs than competitors serving the same niche, or an ability to offer customers something other competitors do not (e.g., manufacturing nonstandard parts) true What are the dimensions along which a firm can differentiate? (IPQSU) image, product durability, quality, safety, usability What are some examples of businesses that employ specialization strategy chuck e cheese, dunkin donuts, starbucks Organizations pursing a specialization strategy often try to develop a competitive advantage based on customer intimacy Define customer intimacy Delivering unique and customizable products or services to meet customers' needs and increase customer loyalty Define: Delivering unique and customizable products or services to meet customers' needs and increase customer loyalty customer intimafy What types of companies often utilize the specialization strategy? (customer intimacy) consulting, retail, banking organizations, starbucks Specialization strategy --> __ __ --> Ex: customer intimacy --> consulting, retail, and banking organizations, starbucks Define growth strategy Company expansion organically or through acquisitions Define: Company expansion organically or through acquisitions growth strategy T/F: Companies often pursue a growth strategy in response to investor preferences for rising earnings per share, and the required business expansion generally requires the acquisition of additional talent. true What are some examples of growth strategy Chipotle (regularly opens new stores that require additional management, employees, and even product distribution staff) The success of a growth strategy depends on... the firm's ability to find and retain the right number and types of employees to sustain its intended growth. What are 3 ways growth can happen? organically, mergers, acquisitions T/F: Mergers and acquisitions often fail because of culture issues rather than technical or financial issues. true Define diversity The variety of observable and unobservable similarities and differences among people Define: The variety of observable and unobservable similarities and differences among people diversity What are often the first diversity characteristics to come to mind gender, race, age What are the 5 types of diversity surface level, deep level, separation, variety, disparity Define surface level diversity Observable differences in people, including race, age, ethnicity, physical abilities, physical characteristics, and gender Define: Observable differences in people, including race, age, ethnicity, physical abilities, physical characteristics, and gender surface level diversity T/F: Surface-level diversity reflects characteristics that are observable and known about people as soon as you see them. true Define deep level diversity Individual differences that cannot be seen directly, including goals, values, personalities, decision-making styles, knowledge, skills, abilities, and attitudes Define: Individual differences that cannot be seen directly, including goals, values, personalities, decision-making styles, knowledge, skills, abilities, and attitudes deep level diversity T/F: with deep level diversity, "invisible" characteristics in others take more time to learn about, but can have stronger effects on group and organizational performance than surface-level characteristics true Define separation diversity Differences in position or opinion among group members reflecting disagreement or opposition—dissimilarity in an attitude or value, for example, especially with regard to group goals or processes Define: Differences in position or opinion among group members reflecting disagreement or opposition—dissimilarity in an attitude or value, for example, especially with regard to group goals or processes separation diversity Define variety diversity Differences in a certain type or category, including group members' expertise, knowledge, or functional background Define: Differences in a certain type or category, including group members' expertise, knowledge, or functional background variety diversity Define disparity diversity Differences in the concentration of valuable social assets or resources—dissimilarity in rank, pay, decision-making authority, or status, for example Define: Differences in the concentration of valuable social assets or resources—dissimilarity in rank, pay, decision-making authority, or status, for example disparity diversity Identify whether separation/variety/disparity: diversity is in their attitudes toward the best approach to use. Half of the team prefers creative brainstorming while the other half prefers basing the product on objective, data-based customer analysis. separation Identify whether separation/variety/disparity: vary in their functional areas of expertise. One is a marketing professional, one a materials specialist, and the others represent manufacturing, product safety, advertising, and law. variety Identify whether separation/variety/disparity: vary in their rank in the organization. One member of the team is a vice president, two are mid-level managers, and three are lower-level employees disparity What are the 4 generations of today's workforce? seniors, baby boomers, generation x, generation Y (millenials) Identify the generation: staying in the workforce longer than previous generations, leading many firms to revamp their retirement policies and offer these experienced workers part-time jobs. seniors Identify the generation: interest in wellness is changing the fitness programs and wellness benefits many employers provide baby boomers Identify the generation: concerned about maintaining balance in their lives, increasing many companies' interest in work-life balance programs. generation x Identify the generation: members are technologically savvy, the most diverse of any generation, and are considered to be the biggest workplace influence since the baby boomers. generation y (millennials) The U.S. workforce is aging at the same time Generation Y, the largest generation since the baby boomers, is entering the workforce. Generation Y is also known as Millennial Generation T/F; Diversity contributes to a firm's competitive advantage when it enables all employees to contribute their full talents and motivation to the company. true T/F; diversity can be a source of competitive advantage for organizations. true Define the Like Me Bias people prefer to associate with others they perceive to be like themselves Define: people prefer to associate with others they perceive to be like themselves Like Me Bias what are the 5 barriers to inclusion? like me bias, stereotypes, prejudice, perceived threat of loss, ethnocentrism, unequal access to organizational networks Identify the barrier to inclusion: Consciously or unconsciously, we tend to associate with others whom we perceive to be like ourselves. like me bias Identify the barrier to inclusion: a tendency to employ and work with people like ourselves in terms of protected characteristics such as race, color, sex, disability, and age; and it can result in an unwillingness to employ people unlike ourselves. like me bias Identify the barrier to inclusion: there may be a perception that someone "different" is less able to do a job and that someone "like me" is better able to do a job. like me bias Define stereotypes A belief about an individual or a group based on the idea that everyone in a particular group will behave the same way or have the same characteristics Define: A belief about an individual or a group based on the idea that everyone in a particular group will behave the same way or have the same characteristics stereotypes Identify the barrier to inclusion: a belief about an individual or a group based on the idea that everyone in that particular group will behave the same way. stereotypes Identify the barrier to inclusion: can reduce inclusion opportunities for minorities, women, persons with disabilities, and both younger and older workers. stereotypes Identify the barrier to inclusion: recruiters and hiring managers may have ideas about what makes good or poor employees that can adversely affect equal employment opportunities and undermine diversity efforts. stereotypes Define prejudice outright bigotry or intolerance for other groups Define: outright bigotry or intolerance for other groups prejudice Define perceived threat of loss If some employees perceive a direct threat to their own career opportunities, they may feel that they need to protect their own prospects by impeding diversity efforts. Define: If some employees perceive a direct threat to their own career opportunities, they may feel that they need to protect their own prospects by impeding diversity efforts. perceived threat of loss Identify the barrier to inclusion: As voluntary efforts are made by companies to promote inclusion, members of groups who traditionally have been the predominant employees of a particular workforce or occupation may grow anxious or angry. perceived threat of loss Identify the barrier to inclusion: If they perceive a direct threat to their own career opportunities, they may feel that they need to protect their own prospects by impeding the prospects of others. perceived threat of loss Identify the barrier to inclusion: This can influence employees' willingness to help minority employees, recruit diverse candidates for a position, and support diversity initiatives perceived threat of loss Define ethnocentrism The belief that one's own language, native country, and cultural rules and norms are superior to all others. Define: The belief that one's own language, native country, and cultural rules and norms are superior to all others. ethnocentrism Identify the barrier to entry: reflects the belief that one's own language, native country, and cultural rules and norms are superior to all others. ethnocentrism identify the barrier to entry: often has less to do with prejudice and more to do with inexperience or ignorance about other people and environments. ethnocentrism Define unequal access to organizational networks Women and minorities are often excluded from organizational networks, which can be important to job performance, mentoring opportunities, and being seen as a candidate for promotion Define: Women and minorities are often excluded from organizational networks, which can be important to job performance, mentoring opportunities, and being seen as a candidate for promotion unequal access to organizational networks T/F; All organizations have formal and informal networks. These organizational networks influence knowledge sharing, resource accessibility, and work opportunities. true Define reciprocal mentoring matches senior employees with diverse junior employees to allow both individuals to learn more about a different group Define: matches senior employees with diverse junior employees to allow both individuals to learn more about a different group reciprocal mentoring Sets with similar termsCh 5 - Planning and Decision Making41 terms esmie_bonilla mangt 420--exam 395 terms ashlee_schif ISYS 209 - Chapter 237 terms chrmartinez27 MGMT Exam 2181 terms djb101592 Other sets by this creatorALL RULES - CATEGORIES10 terms andieclosePLUS ALL RULES - TITLES56 terms andieclosePLUS FEDERAL RULES OF EVIDENCE56 terms andieclosePLUS MUSIC LECTURE 4 SLIDES108 terms andieclosePLUS Verified questions
ADVANCED MATH The following selections were originally submitted as letters to the editor of newspapers and magazines. Determine which of them can, with good reason, be considered arguments. In those that can, identify the conclusion. Social security is not merely a retirement program. Six and a half million children in the United States are kept out of poverty each year because of assistance from Social Security’s survivors benefits program—which protects virtually all American children in the tragic event of the death of a parent. Beneficiaries include spouses and children of workers who have died or become disabled; grandparents raising grandchildren; severely disabled children; and families of fallen service members. Verified answer ADVANCED MATH It is the stranded traveler's fantasy. The Hotel Cardinality is a full-service luxury hotel with bar and restaurant. It has as many rooms as there are natural numbers. The room numbers are 1,2,3,4,5,.... You can see why stranded travelers love the Hotel Cardinality. There appears to be no need for the sad sign: No Vacancy. Suppose, however, that every room is occupied. Now it appears that the night manager must flash the No Vacancy sign. What if a weary traveler were to arrive late at night looking for a place to stay? Could the night manager figure out a way to provide the traveler with a private room (no sharing) without evicting another guest? The answer is yes. Describe how this accommodation can be made; of course, some guests will have to move to other rooms. Verified answer ADVANCED MATH If A and B are subsets of G, let $A \cdot B$ denote the set of all points $a \cdot b$ for $a \in A$ and $b \in B$. Let $A^{-1}$ denote the set of all points $a^{-1}$ for $a \in A$. (a) A neighborhood V of the identity element e is said to be symmetric if V = $V^{-1}$. If U is a neighborhood of e, show there is a symmetric neighborhood V of e such that ${V} \cdot {V} \subset U$. (b) Show that G is Hausdorff. In fact, show that if $x \neq y$, there is a neighborhood V of e such that $V \cdot x$ and $V \cdot y$ are disjoint. (c) Show that G satisfies the following separation axiom, which is called the regularity axiom: Given a closed set A and a point x not in A, there exist disjoint open sets containing A and x, respectively. (d) Let H be a subgroup of G that is closed in the topology of G; let $p: G \rightarrow\ G / H$ be the quotient map. Show that G/H satisfies the regularity axiom. Verified answer
ADVANCED MATH A bank is trying to determine which of two machines should be rented to process checks. Machine 1 rents for $10,000 per year and processes 1,000 checks per hour. Machine 2 rents for$15,000 per year and processes 1,600 checks per hour. Assume that the machines work 8 hours a day, 5 days a week, 50 weeks a year. The bank must process an average of 800 checks per hour, and the average check processed is for $100. Assume an annual interest rate of 20%. Then determine the cost to the bank (in lost interest) for each hour that a check spends waiting for and undergoing processing. Assuming that interarrival times and service times are exponential, which machine should the bank rent? Verified answer Recommended textbook solutions Elementary Number Theory7th EditionDavid Burton 776 solutions Numerical Analysis9th EditionJ. Douglas Faires, Richard L. Burden 873 solutions Book of Proof2nd EditionRichard Hammack 340 solutions Differential Geometry of Curves and Surfaces1st EditionManfredo P Do Carmo 336 solutions Other Quizlet setsExam 229 terms kristhalyC Image Quality // Imaging and Processing59 terms Britneeb8 Personal Finance EX4 Review31 terms Britney_Shen |
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