Theory Z
The theory prioritizes feedback from their employees. The theory highlights how important it is to help employees become generalists instead of specialists Engaged employees are meant to be more productive and motivated (William Ouchi)
X & Y Theory
X = Lazy Workers, Y = More experienced workers (McGregogor)
Human Relations Theory
Behavior is affected by work environment, Human productivity increases through better management, Ideology that teamwork increases overall productivity
Fayol’s 14 principles
- Division of Work: Distinguish employees based on levels of expertise,
- Authority and Responsibility: Right to give orders, but must be responsible
- Discipline: Employees having good conduct and respectful interactions
- Unity of Command: Employees only have one boss, otherwise it can create confusion and potential for conflict
- Unit of Direction: Working toward a central business goal
- Subordination of individual interests: Work unitedly toward interest of company of personal interest
- Remuneration of Personnel: Motivating the workers, monetary or not, according to their efforts
- Degree of Centralization: Balancing of employees in the decision making process
- Scalar Chain: Each employee should understand their position in the organization’s hierarchy
- Order: Ensure the workplace is safe and orderly, those in the same role treated equally
- Equity: Treat people equally and respectfully, no discrimination
- Stability of Tenure: Dangers and costs of unnecessary turnover
- Initiative: Motivate subordinates to think and take actions to execute the plan
- Esprit de Corps: Developing a sense of unity or team spirit
characteristics of a leader as opposed to a manager
Leader; Coaches employees, Depends on goodwill, Generates enthusiasm, Says “We”, Fixes breakdowns, SHOWS how it is done, Develops people, Gives credit, Asks, Says “Let’s go”
Manager;Drives Employees, Depends on Authority, Inspires fear, Says “I”, Places blame for breakdown, Knows how it is done, Uses people, Takes credit, Commands, Says “Go”
performance effectiveness and performance efficiency
Performance Effectiveness
Output measure of task or goal accomplishment.
Ex. software engineer may mean that you meet a daily production target in of the quantity and quality of lines of code written
Performance Efficiency
Input measure of resource cost associated with goal accomplishment
Ex. Most efficient software production is accomplished at a minimum cost in materials and labour
Which of Mintzberg’s 10 Managerial roles would be best needed when a business is undergoing changes to its DEI policies
the role of figurehead (spokesperson) would be crucial to represent the company and warm up the public to the upcoming changes
three different types of organization restructuring strategies
Turnaround-Focuses on fixing specific performance problems
Downsizing-Decreases the size of operations often by reducing the workforce
Divestiture-Selling off parts of the organization to refocus on core competencies, cut costs, and/or improve efficiency. Often done when a business becomes over-diversified
4 BCG Matrix categories
Cash Cow, Star, Question Mark, Dog
Cash Cow
require little investment and generate cash that can be used to invest in other business units. Has a large market share in a mature and slow growing industry
Star
A business unit that has a large market share in a fast growing industry. Will require investment to stay on top. Can become a cash cow once industry matures
Question Mark
Has a small market share in a high growth market. Hard to tell of they wll succeed and become stars
Dog
small market share in mature industry. Doesn’t require a large investment but ties up capital. Should be liquidated if it doesn’t work out.
growth/diversification strategies businesses can use
Conglomeration integration- buy companies in different industries
Vertical Integration-buys suppliers or distributors
Product Development-inventing new products or modifying current ones
how both core and observable culture are impacted with shifts in DEI policies.
Core- the organizations beliefs and values may change to be more inclusive’
Observable- the public can see that the company has become more inclusive through their actions
advantages and disadvantages of group decision-making
Advantages; multiple perspectives, more information,
Disadvantages- social pressure to conform, domination by 1 person, takes longer
6 different types of e-business strategies
Brokerage, Advertising, Merchant,
Subscription, Infomediary, Community
Brokerage
bringing buyers and sellers together to make transactions
Advertising
websites getting revenue from adding advertisements
Merchant
retail through internet
Subscription
selling access to a website through subscriptions
Informediary
collecting info from users and selling it to other businesses
Community
supporting sites using donations from users
internal and external forces of change for businesses
Internal
Arise when change in one part of the system creates the need for change in another part of the system. May be in response to one or more external forces
External
Globalization, Market competition,
Local economic conditions, Government laws and regulations,
Technological developments, Market trends, Social forces and values
