ARE 112 Final Exam 2024 Questions and Answers (Graded A+)

Optimizing and Satisfying - ANSWER-Goals of the organization Transaction Costs - ANSWER-The Costs of doing business. The determinants of transaction costs are frequency, specificity, uncertainty, limited rationality, and opportunistic behavior. Also can apply to every day interactions Cost of uncertainty - ANSWER- Bounded Rationality - ANSWER- Incomplete Contracts - ANSWER- MECE - ANSWER-Mutually Exclusive Collectively Exhaustive From McKinsey Mutually Exclusive - ANSWER-Is each issue a separate and distinct issue? Collectively Exhaustive - ANSWER-Does every aspect of the problem come under one, and only one, of the issues? Organizational Design Framework - ANSWER- Classical Management - ANSWER-careful selection and training of worker such as motion studies Scientific MGMT - ANSWER-Taylorism Design jobs with standards leading to efficiency Select workers to fit the job design Train Workers to follow the design Support workers by planning their work Anthony's MGMT hierarchy and the four layers - ANSWER-1. Strategic Planning (Executives) 2. MGMT Control(Managers) 3. Operational Control (Supervisors) 4. Organizational Members (Workers) Maslow's theory of human needs - ANSWER-Physiological Safety Esteem Self-actualization Theory X and Theory Y - ANSWER-X assumes people do not like to work and want to be led Y assumes people are willing to work and can be creative Self fulfilling prophecy MGMT Science Approach - ANSWER-Technology. The application of quantitative tools and applied mathematics to MGMT issues.