Management 300 Study Guid free essay sample

Innovative management for turbulent times Daft Chap 5 Managing ethics and social responsibility Daft Chap 9 Managerial decision making Daft Chap 19 Managing quality and performance OM Chap 7 Process selection, design and analysis OM Chap 12 Managing Inventories OM Chap 18 Project management II Cautions Final exam includes 50 multiple-choice questions, covering both concepts and calculations. †¢ 1-2 bonus question will be given in the format of problem solving. †¢ This study guide pinpoints the major contents of the final exam. It is NOT a comprehensive list of problems on the exam. †¢ Please bring a copy of â€Å"Standard Normal Distribution Table† (posted online in the same folder) †¢ Please bring your own scantron Form F-289-PAR-L (Note: the same as that of Exam II) †¢ Don’t forget to bring your calculator to the exam. The use of lectronic devices will be strictly prohibited III Key concepts and models Daft Chapter 1 Innovative Management for Turbulent Times †¢ The four management functions- planning, organizing, leading, controlling †¢ Planning- identifying goals for future organizational performance and deciding on the tasks and use of resources to attain them , organizing-assigning responsibility for task accomplishment leading-using influence to motivate employees and controlling- monitoring activities and making corrections Effectiveness-the degree to which the organization achieves a stated goal efficiency- the amount of resources used to produce a desired level of output †¢ Conceptual skills- cognitive ability to see the organization as a whole and the relationship amongst its parts , human skills- managers ability to work with and through with other people and work effectively as part of a group technical skills – understanding and proficiency in the performance of a specific task . We will write a custom essay sample on Management 300 Study Guid or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Management levels in the organizational hierarchy- Top managers- gt; moddle managers -gt; first line managers Functional managers= responsible for a department that performs a functional task (actg/fin) versus general managers= responsible for several departments that perform different functions such as the manager at macys/ ford factory †¢ Manager roles: ( ROLE def: set of expectations for ones behavior informational=activities used to maintain and develop an information network, monitoring , dissiminating, spokesperson to communicate information interpersonal= acting as a figurehead, leader, and liason ecisional= entrepreneur , disturbance handler, resource allocator, and negotiator †¢ 10 manager roles = monitor, disseminator and spokesperons ( informational role figurehead, leader, and lisaion ( interpersonal entrepreneur, disturbance handler, resource allocator, and negotiator ( decisional Daft Chapter 5 Ethics and Social Responsibility. Domain of codified law,= legal standard domain of ethics= social standard, domain of free choice= personal standard Utilitarian approach= ethical decision making says that ethical choice is one that produces the greatest good for the greatest number †¢ Individualism approach= actions are ethical when they promote the individuals’ best long-term interests, because with everyone pursuing self-interest, the greater good is served †¢ Moral rights approach= ethical decisions are those that best maintain the fundamental rights of people affected by them Justice approach: distributive= different treatment of individuals not be based on arbitrary characteristic /procedural= rules should be clearly stated and consistently and impartially reinforces compensatory = individuals should be compensated for the cost of their injuries by the party responsible, and individuals should not be held responsible for matters over which they have no controls Virtue ethics approach= moral beh avior stems from personal virtues. If manager develops good character traits and learns to overcome negative traits, he or she will make ethical decisions based on personal virtues. Practical approach= sidesteps debates about what is right, good, or just, and bases decisions on prevailing standards of the profession and the larger society, taking the interests of all stakeholders into account. Stage of moral development: preconvention= individuals are concerned with external rewards and punishments and obey authority to avoid detrimental personal consequences conventional- people learn to conform to the expectations of good behavior as defined by fam/colleagues/society, leadership style is one that encourages interpersonal relationships and cooperation post conventional (principled) = individuals guided by internal set of values based on universal principles of justice and right and will even disobey rules or laws that violate these principles Stakeholder= any group within or outside and organization that has a stake in the organizations performance. key stakeholders= shareholders, employees, customers, and suppliers. †¢ Four criteria of corporate social re sponsibility= economic responsibility-gt; legal responsibility -gt; ethical responsibility-gt; discretionary responsibility. Ethical structures( thics committee= group of executives appointed to oversee company ethics, provides ruling on questionable ethical issues chief ethics officer= company executive that oversees all the aspects of ethics an legal compliance ethics training – help employees deal with ethical questions and translate values stated in code of ethics into everyday behavior Daft Chapter 9 Managerial Decision Making Programed = one made in response to a situation that has occurred often enough to enable managers to develop decision rules that can be applied in the future nonprogramed decisions= one made in response to a situation that is unique , poorly defined and largely unstructured , has important consequences for the organization. Decision making under certainty= a situation in which all the information the decision make needs is fully available risk= decision has clear cut goals and good information is available, but the future outcomes associated with each alternative are subject to chance. ncertainty = managers know which goals they want to achieve but information about alternatives and future events is incomplete ambiguity= condition In which the goals to be achieved or the problem to be solved is unclear, alternatives are difficult to define, and information about outcomes is unavailable †¢ Classical (normative) model= aka rational approach to decision making, based on assumption that managers should make logical decisions that are economically sensible and in the organization’s best economic interests. Model is normative. defines how a manager SHOULD make logical decisions and provides guidelines for reaching an ideal outcome †¢ Administrative (descriptive) model= includes concepts of bounded rationality and satificing and describes how managers make decisions in situation that are characterized by uncertainty and ambiguity †¢ Political model= considers debate, discussion, and coalition building within the organization Bounded rationality= people have the time and cognitive ability to process only a limited amount of information on which to base decisions †¢ Satisfying= choosing the first alternative that satisfies minimal decision criteria, regardless of whether better solutions are presumed to exist. Decision styles: directive= people who prefer simple, celar cut solutions to problems , quick decisions, rely on existing rules and procedures analytical= eople who consider complex solutions based on as much data as they can gather, best possible decision based on the information available conceptual= consider a broad amount of information however they are more socially orientated that those with analytical style (ie: Obama) and behavioral= adopted by managers with deep concern for others as individuals, talk to people one on one and understand feelings on problems. Concerned with personal development of others and make decisions that help others achieve their goals. Daft Chapter 19 Managerial Quality and Performance †¢ Organizational control- the systematic process through which managers regulate organizational activities to meet planned goals and standards of performance †¢ The balanced scorecard= comprehensive management control system that balances traditional financial measures with measured of customer service , internal business processes, and the organizations capacity for learning and growth. Four typical components of the balanced scorecard= financial, internal business processes, learning and growth, customers. †¢ Feedback control model= involves using feedback to determine whethe performance meets established standards. Includes establishing standards, measures performance, compare performance to standards, and make corrections as necessary. Expense budget,= outlines the anticipate and actual expenses for a responsibility center revenue budget= lists forecasted and actual revenues of the organization cash budget,= estimates receipts and expenditures of money on a daily or weekly basis to ensure that an organization has sufficient cash to meet its obligations capital budget= estimates receipts and expenditures of money on a daily or weekly basis to ensure that an organization has sufficient cash to meet its obligations †¢ Balance sheet= shows firms financial position with espect to assets and liabilities at a specific point in time †¢ Income statement= summarizes the firms financial performance for a given time interval †¢ Liquidity ratios (current ratio and quick ratio)= measures firms ability to meet its current debt obligations current ratio= current assets/ current liabilities †¢ Quick ratio = cash + acc receivable / current liabilities. Activity ratios (inventory turnover, conversion ratio) – measures organizations internal performance with respect to key activities defined by management inventory turnover= total assets/ average inventory onversion ratio = purchase orders/ customer inquiries †¢ Profitability ratios = describes the firms profits relative to a source of profits such as sales or assets. margin on sales= net income /sales return on total assets = net income/ total assets †¢ Gross profit= revenue – c. o. g. s. operating profit= gross profit – operating expenses net profit = operating profit- non operating income taxes †¢ Leverage ratios- describes the firms profits relative to a source of profits such as sales or assets †¢ Hierarchical versus decentralized control ierarchial = monitoring and influencing employee behavior through exntesive use of rules, policies, hierarchy of authority, writeen documentation, and other formal mechanisms decentralize control= organ ization fosters compliance with organizational controls through the use of organizational culture, group norms, and focus on goals rather than rules and precedures †¢ TQM= popular decentralized control philosophy where the entire org. nfused quality into every activity in a company through continuous improvement †¢ Quality circles= group of 6-12 employees who meet to discuss and solve problems affecting the quality of their work †¢ Benchmarking= continuous process of measuring products. , services, and practice against the toughest competitor †¢ Six sigma= highly ambitious quality standard that specifies a goal of no more than 3. defects per million parts, emphasized disciplined relentless pursuit of higher quality and lower costs. †¢ Reduced cycle time= steps take to complete a company process, improvement possible by focusing on improved responsiveness and acceleration of activities in shorter time †¢ Continuous improvement= KAIZEN, the implementation of large number of small incremental improvements in all aread of the organization on an ongoing basis.