ARE 112 Final Questions and Answers 100% Correct(RATED A+)

Optimizing and satisficing - ANSWER--organizations exist to achieve a goal by either optimizing or satisfying MECE a. Mutually exclusive: b. Collectively exhaustive: - ANSWER-1. Mutually exclusive: Is each issue a separate and distinct issue? 2. Collectively exhaustive: Does every aspect of the problem come under one, and only one, of the issues 3. One reason this is done is to guard against making an early selection of solutions before all the facts are known. Classical management a. Scientific management b. Bureaucracy c. Administration - ANSWER-a. Scientific management -Frederick Taylor -"Taylorism" -design jobs with standards leading to efficiency -select workers to fit the job description -train workers to follow the design -support workers by planning their work b. Bureaucracy -Max Weber -bureaucracy with logic, order,and legitimate authority -not an organization based on social standing --division of labor --hierarchy of authority --formal rules --impersonality --promotion on merit c. Administration -Henri Fayol -administration of the firm leads to the "A" in MBA and more recently to "management" --planning --organizing --command --coordination --control --unity of command (no one has more than one boss) Behavioral school of management - ANSWER-Behavioral approach: an attempt to increase production by understanding people as it is easier to change the organization than to change the people - different than the Taylor approach. Anthony's management hierarchy and the four layers - ANSWER--strategic planning -- executives -management control -- managers -operational control -- supervisors -organizational members -- workers Maslow and his theory of human needs - ANSWER-a. Physiological needs: food, water, physical well being b. Safety needs: shelter, protection, stability c. Social needs: love, affection, belongingness d. Esteem needs: respect, prestige, mastery e. Self-actualization needs: self-fulfillment, growth f. So people have deficits in these needs and they work to satisfy these needs in the hierarchy from physiological needs up to self-actualization needs. Theory X and Theory Y - ANSWER-a. X: assumes people do not like to work and want to be led （classical school） b. Y: assumes people are willing to work and can be creative (behavioral school) c. If a manager holds to one or the other approaches - X or Y - then a self-fulfilling prophecy can occur: people will do what the boss wants them to do Management Sciences Approach - ANSWER-the application of quantitative tools and applied mathematics to management issues Terms from the organizational diagram in the first set of notes: - ANSWER-a. The Buy-Side