IB - Module 5

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mission statement
bắt đầu học
intentions of the organization
organizational goals
bắt đầu học
direct the activities of the organization's members; mission statement, detailed objectvies
detailed objectives
bắt đầu học
guide strategic planning to meet the organization's mission
organizational structure
bắt đầu học
defines how activities and people are grouped together to most effectively achieve the organizational goals
multidivisional company
bắt đầu học
number of business units, which each focus on different types of business activity, each producing their own profit
5 main types of organizational structure
bắt đầu học
functional structure, multidivisional structure, holding company, project teams, matrix organization
functional structure company
bắt đầu học
organized by functional specialization in which employees performing related specialised tasks are grouped together under a single management structure
holding company
bắt đầu học
loser arrangement of the divisional company and consequently may be less focused; may evolve to consisting of independent companies that are controlled by a coordinating group
project teams structure
bắt đầu học
units designed to cope with the highly unstable and fast changing environment; units=temporary structures created for a particular task or problem and are not part of a management hierarchy
matrix organization
bắt đầu học
combines the project team, the functional orgazniation and the divisional company; creates a structure by combining at least two different elements such as products, markets and customers
downsizing
bắt đầu học
the breaking down of large organizations into smaller units with a smaller number of employees
delayering
bắt đầu học
the number of levels of management is reduced
7 types of flexibility of the company
bắt đầu học
1. numerical, 2. functional, 3. financial, 4. temporal, 5. geographical, 6. organizational, 7. cognitive
numerical flexibility
bắt đầu học
rapidly changing the number of employees to meet changes in demand
functional flexibility
bắt đầu học
eployees can perform a range of jobs and switch between them if needed
financial flexibility
bắt đầu học
flexibility when there are changes in the supply and demand of labour
temporal flexibility
bắt đầu học
change of time patterns of work and the introduction of shift work
geographical flexibility
bắt đầu học
incorporates transnational teams and more mobile workers
organizational flexibility
bắt đầu học
extent to which the structure and systems can change
cognitive flexibility
bắt đầu học
changing mindset of the workforce
3 types of ownership
bắt đầu học
sole trader, partnership, limited companies
sole trader ownership
bắt đầu học
owner is the sole proprietor
partnership ownership
bắt đầu học
unlimited liability (same as sole trader), unless its Limited Liability Partnership (registered accounts and individual members are liable, other members are not)
limited companies ownership
bắt đầu học
all assets belong to the companies instead of the individuals involved; Public Limited Company (PLC) or Private Limited Company (Ltd)
Public Limited Company (PLC)
bắt đầu học
shares are made available to the general public as they are put on the stock market; limited liability; dividends
Private Limited Company (Ltd)
bắt đầu học
shares can only be sold to family members; limited liability; dividends
managerial revolution (Berle and Means)
bắt đầu học
managerial control was the most dominant form during the growth of business
The Agency Problem
bắt đầu học
arising conflicts between owners and managers (a.k.a. principals and agents)
agency relationship
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agent performs a service on behlaf of the principal as a result of the separation of owners and managers
4 types of public institutions
bắt đầu học
1. industries fully owned and controlled by the state, 2. companies whose majority shareholder is the state, 3. services to the population (health, education), 4. other Government Departments at national and local levels
Why does the number of small businesses increase?
bắt đầu học
1. economy is shifting from manufacturing to services, 2. development of technology - lower price for technology
Lifestyle Firm
bắt đầu học
owners wish to remain small, and only want to have an opportunity for individual to work for themselves; e.g. local hairdresser
Growth Firm
bắt đầu học
the purpose is creating innovative products and services and achieve rapid growth; e.g. Microsoft
Family Firm
bắt đầu học
managed, and established by family members
organizational culture
bắt đầu học
collective values, beliefs, and practices of organizational members
corporate culture
bắt đầu học
culture intentionally created and implemented by management to serve a specific strategy
strong culture
bắt đầu học
guiding values of top management are clear, consistent and shared by employees; the values are strengthened by rituals, a cultural network, and hero figures
asset-specificity
bắt đầu học
the degree to which an asset is valuable only in a specific use and with a specific exchange partner
price components
bắt đầu học
transaction costs (search costs, bargaining costs, enforcement costs) and production costs
Transaction costs
bắt đầu học
Search costs; bargaining costs; Enforcement costs
Search costs
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discovering what relevant prices are
bargaining costs
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negotiating
enforcement costs
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policing in the way that work is done in the way expected
Companies grow if:
bắt đầu học
cost of organising is lower; manager can avoid making mistakes; production costs are lower for firms with larger size
outsourcing
bắt đầu học
activities done outside of the organisation
integrate
bắt đầu học
activities done inside of the organisation
Economist view of how do firms set organisational goals
bắt đầu học
the context is knowable - actions can be linked with some confidence to consequences; maximise net revenue; rational decision-maker
challenges for setting organisational goals
bắt đầu học
context is chaotic, complex, not knowable; is profit the only objective?; bounded rational decision-maker
Economic man
bắt đầu học
one solution; clear and constant preferences; compute info; maximising outcome; all-encompassing rationality
Economic man 2.0
bắt đầu học
many solutions; real world is a confusion; incomplete info; satisfactory outcome; bounded rationality
Bounded rationality
bắt đầu học
ability to be a rational decision-maker is limited cuz we have incomplete information and lack of time
Power in interest groups
bắt đầu học
position in hierarchy; skills of group members; resources they have control over
organisational politics in interest groups
bắt đầu học
different coalitions will pursue different interests and sine coalitions will compete
Structural choices
bắt đầu học
hierarchy; integration; coordination and control
hierarchy as a structural choice
bắt đầu học
it tells us how managers divide the work between their workers; flat hierarchy - new managerial layers; span of a hierarchy - how many people are managed by one manager (span of 8 - each manager advocates for 8 subordinates)
Integration as a structural choice
bắt đầu học
activities are more centralised, easier coordination; differentiation; decentralisation; centralisation
differentiation
bắt đầu học
the need for each role to specialise in unique resources and capabilities
decentralisation
bắt đầu học
reduce the information overload; increased the motivation of lower level managers
centralisation
bắt đầu học
easier coordination of activities; decisions can better be fit with broader organisational objectives
Coordination and control as a structural choice
bắt đầu học
mutual adjustment; direct supervision; standardisation of work standardisation of output; standardisation of skills; standardisation of norms
mutual adjustment
bắt đầu học
processes that can only be fulfilled when both sides communicate their insights
standardisation of work
bắt đầu học
using detailed description of the work that has to be done
standardisation of output
bắt đầu học
much more autonomy to the member of an organisation; i.e. salesman gas a goal to reach 15000$ in sales
standardisation of skills
bắt đầu học
the accountant needs the degree to perform a task
standardisation of norms
bắt đầu học
the norm of a company is to work late hours i.e.
simple structure
bắt đầu học
many companies start with it - the owner is also a manager and does many different tasks himself; the company grows and the leadership crisis may happen; that's when it moves to the functional structure
leadership crisis
bắt đầu học
owner-manager at some point can't do everything by himself
Functional structure
bắt đầu học
introducing departments in which manager take care of various functional responsibilities; the owner can refocus attention on strategic issues; each position have their own coordination mechanisms; it may lead to autonomy crisis
Autonomy crisis
bắt đầu học
difficult product groups need their own attention, autonomy; diversifying product markets requires more decision-making; when this happens, we go towards divisional structure
Divisional structure
bắt đầu học
it enables to focus more on each line of business, each division has their own manager; work is done in subunits; each division is given a degree of autonomy but is monitored for good results - standardisation of outcome
The problem with divisional structure
bắt đầu học
Lack of communication between departments; it can lead to duplication; each department can think that it is not heard and then it can lead to matrix structure
Matrix structure
bắt đầu học
organisational members report to two managers; it is flat and decentralised; facilitates synergy, teams can quickly set up to respond to different requests from the customers
Flexible organisation (adhocracy)
bắt đầu học
people or units bounded together only for a specific temporary purpose; allows decisions to be made on the lowest level possible within an organisation
Virtual organisation
bắt đầu học
form of adhocracy; all parts are connected by formal and informal communications; members of the VO can never meet face 2 face
Charles Handy's four types of organisational cultures
bắt đầu học
power; rule; task; person
Power culture
bắt đầu học
power centres around just a few people, simple quick decision-making; small entrepreneurial organisation
rule culture
bắt đầu học
clear rules define structure; bureaucratic; slow decision-making; i.e. banks, governments
task culture
bắt đầu học
project-based addressing, specific goals, power mix depends on task
person culture
bắt đầu học
person superior to organisation; professional service firm; i.e. law firms, universities
ultimate goal of the company
bắt đầu học
achieving a fit - systems theory; contingency theory; there is no one best way, but many good ways and many bad ways to organise stuff; becoming an institution
becoming an institution as an ultimate goal
bắt đầu học
when the organisation becomes an institution, it becomes an important and indispensable part of the environment

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