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GMS 200 Midterm Review.docx

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Ryerson University
Global Management Studies
GMS 200
Sui Sui

GMS 200 Midterm Review Chapter 1 Knowledge worker: Someone whose mind is critical asset to employers. Glass ceiling effect: Invisible barrier limiting career advancement for women and minorities Globalization: worldwide interdependence of resource flows, product markets, and business competition. Organization: group of people trying to achieve common purpose Performance efficiency: Input measure of resource costs associated with goal development Functions of Management aka Management Process Planning: process of setting performance objectives Organizing: process of assigning tasks Leading: process of arousing people’s enthusiasm to work hard Controlling: process of measuring work performance Managerial Roles Interpersonal roles: How manager interacts with other people Informational roles: How manager exchanges and processes information Decisional roles: How manager uses information in decision-making Top managers: Scan external environment and Focus on long-term performance goals Middle Managers: Coordinate activities in large departments of divisions consisting of smaller work units Team Leaders: Support performance at work-unit level Staff manager: Use special technical expertise to advice and support line workers Line manager: Directly contribute to making organization’s goods or services Functional manager: responsible for one area such as finance, marketing, accounting, General manager: Responsible for complex, multifunctional units Skills Human skills: ability to work well in cooperation with other people Emotional Intelligence: Ability to manage our relationships and ourselves effectively Conceptual Skill: Ability to think analytically to solve complex problems Chapter 2 Classical Management Approaches Scientific Management Administrative Principles Bureaucratic Organization Frederick Taylor Henri Fayol Max Weber Scientific Management: emphasizes careful selection and training of workers Four principles: 1. Develop a science for each job 2. Carefully select workers with right abilities for job 3. Carefully train workers 4. Support workers by planning their work and smoothing how they perform tasks Motion study: Is the science of reducing task to its basic physical motion Administrative Principles Division of Labour: Specialization of work will result in continuous improvement in skills and methods Unity of Command: Each employee should have only one manager Unity of Direction: One person in charge of all activities having same performance objective Scalar Chain: Line of authority running from top to bottom of organization Henri’s 5 Rules/Duties of Management Foresight Organization Command Coordination Control Bureaucracy: rational and efficient form of organization based on logic, order, and legitimate authority. Behavioural Management Approaches Mary Follett’s organization as communities: believed in group work Hawthorne effect: persons singled out for special attention perform as expected McGregor’s Theory X: assumes people dislike work lack ambition, act irresponsibly McGregor’s Theory Y: assumes people are creative, willing to work, like responsibility Self-fulfilling prophecy: Occurs when person acts in way that others expect them to Argyris’s theory of adult personality: people who are treated like responsible adults will achieve the highest productivity Modern Management Foundations Quantitative Analysis: Mathematical methods used towards solving a problem Contingency thinking: Matches management practices with situational demands Total Quality Management (TQM): Managing with commitment to continuous improvement, product quality, and customer needs Chapter 3 Globalization: growth in a worldwide scale Tariffs: taxes government charge on imports Protectionism: Call for tariffs and favorable treatments to protect domestic firms from foreign competition Licensing agreement: firm pays for firm pays for rights to sell a company’s products Global sourcing: materials/services purchased around the world for local use Joint Venture: Operates in foreign country through co-ownership by foreign and local partners Foreign subsidiary: local operation completely owned by foreign firm Global corporation aka Multinational Corporation (MNC): business with extensive international operations in more than one foreign country Transnational Corporation: MNC operating on borderless basis Culture: is shared set of beliefs, values, and patterns of behavior common to group of people Culture Shock: Confusion a person experiences in unfamiliar culture Cultural Intelligence: Ability to adapt to new cultures Ethnocentrism: Tendency to consider one’s culture superior to others Nationalization: act of becoming a nation Low-context cultures: emphasize communication via spoken or writer words High-context cultures: rely on nonverbal and situational cues as well as on spoken and written words in communication Monochromic culture: people do one thing at a time Polychronic culture: time is used to accomplish many different things at once Proxemics: how people use space to communicate Individualism-collectivism: degree to which a society emphasizes individuals and their self-interests Uncertainty avoidance: is the degree to which a society tolerates risk and uncertainty Masculinity-femininity: is the degree to which society values assertiveness and materialism, versus feelings, relationships and quality of life. Time orientation: is the degree to which a society emphasizes short-term or long-term goals Comparative management: studies how management practices differ among countries and cultures Sustainable development: meets the needs of the present without hurting future generations Chapter 5: Necessity entrepreneurship: Occurs because other employment options don’t exist Entrepreneur: Risk taking individuals that take action to pursue opportunities and situations others may fail to recognize Small businesses Is independently owned and operated Established by: • starting a new business • Buying an existing business • buying and running a franchise Family businesses are the largest percentage of business worldwide First mover advantage: identify a market niche that is being missed by other established firms Entrepreneur life cycle: Birth Stage > Breakthrough Stage > Maturity stage Survival coping with growth investing wisely Forms of legal ownership • Sole proprietorship – individual pursues a profit • Partnership – 2 or more people agree to contribute resources to start business • Corporation – legal entity exists separately from owners • Limited liability corporation (LLC) Debt financing: borrowing money that must be paid over time with interest Equity financing: investors sharing the risks and profit of company • Angel investors: individuals willing to invest portion of his wealth in return for equity in new venture Venture capitalists • Focus on relatively large investments • Usually take a management role in order to grow the business and add value as soon as possible Initial public offerings (IPO) • Shares of stock in business are sold to the public and begin trading on a major stock exchange Intrapreneurship: entrepreneurial behavior displayed by people or subunits opera
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