What is intellectual capital? - CORRECT ANSa knowledge worker's mind is a critical asset to employers and requires ongoing development of multiple skillsets What is globalization? - CORRECT ANSthe process by which businesses or other organizations dev

What is intellectual capital? - CORRECT ANSa knowledge worker's mind is a critical asset to employers and requires ongoing development of multiple skillsets What is globalization? - CORRECT ANSthe process by which businesses or other organizations develop international influence or start operating on an international scale. What are ethics? - CORRECT ANSMoral principles and values that govern individual behavior What are 3 places we can find ethics? - CORRECT ANSAn individuals behaviour, business practices, moral leadership What is diversity? - CORRECT ANSreflects differences with respect to gender, age, etc. Why is diversity important in the work place? - CORRECT ANSA diverse workforce both challenges and offers opportunities to employers How is value created? - CORRECT ANSWhen an organization's operations add value to the original cost of resource inputs What is a manager? - CORRECT ANSDirectly support, supervise, and help activate the work efforts of others What are line managers responsible for? - CORRECT ANSwork activities that directly affect organization's outputs What are staff managers responsible for? - CORRECT ANSuse technical expertise to advise and support the efforts of line workers What are functional managers responsible for? - CORRECT ANSa single area of activity What are general managers responsible for? - CORRECT ANSmore complex units that include many functional What 2 performance results is a requirement of managerial performance? - CORRECT ANSSupport in performance and satisfaction at work + quality of (work) life What are the 4 functions of the management process? - CORRECT ANSPlanning, Organizing, Leading, Controlling What are the 3 managerial roles? - CORRECT ANSinterpersonal, informational, decisional What are the 3 managerial competencies? - CORRECT ANSTechnological, Informational, Analytical What is data mining? - CORRECT ANSThe process of analyzing data to produce useful information for decision makers What is business intelligence? - CORRECT ANSThe process of tapping information systems to extract and report data in organized ways that are useful for decision makers What is data visualization? - CORRECT ANSPresents data in graphical form, emphasis on numerical data, artistically designed, intrigues the viewer and draws them into the data What are information exchanges with the external environment? - CORRECT ANSGather intelligence information, provide public information What are information exchanges within the organization? - CORRECT ANSFacilitate decision-making, and problem solving What is systematic thinking? - CORRECT ANSapproaches problems in a rational and analytical fashion What is intuitive thinking? - CORRECT ANSapproaches problems in a flexible and spontaneous fashion What are the 4 cognitive styles? - CORRECT ANSSensation and Intuitive thinkers, sensation and intuitive feelers What are the rules in crisis decision-making? - CORRECT ANS1. figure out what's going on 2. remember that speed matters 3. remember that slow counts, too 4. respect the danger of the unfamiliar 5. value the skeptic 6.. be ready to fight fire with fire What are Fredrick Taylor's four principles of scientific management? - CORRECT ANS1. develop a "science" that includes rules of motion, proper working conditions for every job 2. carefully select works with the right abilities for the job 3. carefully train workers to do the job and give them incentives to cooperate with the job "science" 4. support workers by carefully planning their task and by smoothing the way as they do their work What are Henri Fayol's administrative principles? - CORRECT ANSForesight, organization, command, coordination, control What are the characteristics outlined by Max Weber's bureaucratic organization? - CORRECT ANSClear division of labour, clear hierarchy of authority, formal rules and procedures, impersonality, career based on merit Mary Parker Follett's organizations as communities says what about groups and human cooperation? - CORRECT ANSGroups allow individuals to combine their talents for a greater good + organizations are cooperating "communities" of managers and workers What was Elton Mayo et. Al's Hawthonre studies? - CORRECT ANSTo examine how economic incentives and physical conditions affected workers output. ... social and human factors are key to productivity Under Maslow's hierarchy of human needs, what is the deficit principle? - CORRECT ANSa satisfied need is not a motivator of behaviour - people try to satisfy deprived needs Under Maslow's hierarchy of human needs, what is the progression principle? - CORRECT ANSA need becomes a motivator once the level below is satisfied. What are some characteristics of workers that follow McGregor's Theory X? - CORRECT ANSDislike work, lack ambition, irresponsible, resist change, prefer to be led What are some characteristics of workers that follow McGregor's Theory Y? - CORRECT ANSWork hard, accept responsibility, capable of self control, capable of self-direction, imaginative + creative What is the result of McGregor's Theory X + Y? - CORRECT ANSManagers create self-fulfilling prophecies What is Argyris's theory of adult personality? - CORRECT ANSClassical management principles and practices inhibit worker maturation and are inconsistent with mature adult personality Management practices should accommodate mature personality by; - CORRECT ANSexpanding task responsibility, allowing task variety, promoting participate decision making What are the 5 modern management foundations? - CORRECT ANS1. Quantitative analysis and tools 2. Organization as systems 3. Contingency thinking 4. Quality management (Edwards Deming) 5. Evidence-based management (jeffery prefer and Robert Sutton) What is planning? - CORRECT ANSThe process of setting objectives and goals and determining how best to accomplish them What are the 5 steps in the planning process? - CORRECT ANS1. Define your objectives and goals 2. Determine where you stand vis-à-vis objectives 3. Develop premises regarding future conditions 4. Analyze alternatives and make a plan 5. Implement the plan and evaluate results Why should managers plan? - CORRECT ANSImproves focus and flexibility, improves action orientation, improves coordination and control What are the 2 types of plans used by mangers? - CORRECT ANSLong term plans (3 or more years) + Short term plans (1 year or less) What are strategic plans? - CORRECT ANSSet broad, comprehensive, and longer- action directions for the entire organization or a major division What are tactical plans? - CORRECT ANSSpecify how the organization's resources are used in specific areas in order to implement strategy What are function plans? - CORRECT ANSIndicate how different components with the organization will help accomplish the overall strategy What are operational plans? - CORRECT ANSDescribe short-term activities to implement strategic plans What is forecasting? - CORRECT ANSAttempts to predict the future What is the difference between quantitative and quantitative forecasting? - CORRECT ANSQuantitative uses mathematical models, and qualitative uses expert opinions What is contingency planning? - CORRECT ANSidentifying alternative courses of action to take when things go wrong What is scenario planning? - CORRECT ANSidentifying alternative future scnearios What does SMART goal stand for? - CORRECT ANSSpecific, Measurable, Attainable, Realistic, Timely Why do businesses go global? - CORRECT ANSProfits, customers, suppliers, labour, capital, risk What is international business? - CORRECT ANSConducting for-profit transactions of goods and services across national boundaries What are the 3 market entry strategies? - CORRECT ANSGlobal sourcing, exporting and importing, licensing and franchising What are the 2 direct investment strafes? - CORRECT ANSJoint ventures, foreign subsidaries Foreign Direct Investments (FDIs) are... - CORRECT ANSinvolves setting up and/or buying all or part of a business in another country What is the criteria needs for choosing a joint venture partner if you are local market seeking MNCs? - CORRECT ANS1. familiarity with your firm's major business 2. strong local workforce 3. values its customers 4. future expansion possibilites 5. strong local market for partner's own product 6. good profit potential 7. sound financial standing What are the perspectives needed to explain why FDI is needed? - CORRECT ANSOLI paradigm, internalization theory, springboard perspective What are some examples of global business envoirnments? - CORRECT ANSLegal and political systems, trade agreements and trade barriers, regional economic alliances What is global corporation? - CORRECT ANSMultinational enterprises and multinational corporations are businesses with extensive international operations in foreign countries What are transnational corporations? - CORRECT ANSA global corporation that operates worldwide on a borderless basis, without being indentified to one national home