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Lerne jetzt mit Karteikarten und Zusammenfassungen für den Kurs P&O an der LMU München.

Beispielhafte Karteikarten für P&O an der LMU München auf StudySmarter:

Define a strategy. What are the the basic components of one?

Beispielhafte Karteikarten für P&O an der LMU München auf StudySmarter:

Define "Complementarity" further as a (positive) statistical interaction between two activities/practicies a firm may implement.

Beispielhafte Karteikarten für P&O an der LMU München auf StudySmarter:

Explain "Matching" further as a basic mechanism that impacts human performance (AMO)

Beispielhafte Karteikarten für P&O an der LMU München auf StudySmarter:

Give 5 Tips to increase the quality of decisions that are made.

Beispielhafte Karteikarten für P&O an der LMU München auf StudySmarter:

What are assumptions do you have to make to make a completely rational decision making process possible?

Beispielhafte Karteikarten für P&O an der LMU München auf StudySmarter:

Explain Social proof, the 3. Principle of Influence. (Cialdini)

Beispielhafte Karteikarten für P&O an der LMU München auf StudySmarter:

Explain Commitment and consistency, the 2. Principle of Influence. (Cialdini)

Beispielhafte Karteikarten für P&O an der LMU München auf StudySmarter:

Explain Reciprocation, the 1. Principle of Influence. (Cialdini)

Beispielhafte Karteikarten für P&O an der LMU München auf StudySmarter:

How does "Automatic processing" affect our decision weather or not to comply with a request?

Beispielhafte Karteikarten für P&O an der LMU München auf StudySmarter:

What does "Shared Leadership" mean?

Beispielhafte Karteikarten für P&O an der LMU München auf StudySmarter:

How should the rewarding process of employees look like? Give solutions to link goals to monetary incentives.

Beispielhafte Karteikarten für P&O an der LMU München auf StudySmarter:

How can you calculate the TFP (Total Factor Productivity) of a given firm?

Kommilitonen im Kurs P&O an der LMU München. erstellen und teilen Zusammenfassungen, Karteikarten, Lernpläne und andere Lernmaterialien mit der intelligenten StudySmarter Lernapp. Jetzt mitmachen!

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Beispielhafte Karteikarten für P&O an der LMU München auf StudySmarter:

P&O

Define a strategy. What are the the basic components of one?
Strategy is the determination of the basic long-term goals and objectives of an enterprise, and the adoption of courses and action and the allocation of resources necessary for carrying out these goals.
–> define what business the company is in or should to be in and the kind of company it is or should be.

Strategy is a conscious and controllable planning process
Optimally, strategies are:
– simple
– unique
– complete
– explicit
How?
–> The best strategies spring from a process of “creative design”

A strategy consists of:
– a vision (Who/what are we? Provides identity)
– a mission (What is our goal and justification in the market/society?)
– values and strategic goals (How do we get there?)

THEN the strategy is implemented.

P&O

Define "Complementarity" further as a (positive) statistical interaction between two activities/practicies a firm may implement.
When doing more of A increases (or at least doesn’t decrease) the marginal profitability of B.

Complementarities (or synergies, fit, …) can occur at various levels of an HR system:
– External (Country, culture, market…)
– Internal (Firm strategy, management quality…)

–> Systems should always shoot for a maximization of complementarities
– A good system is easy and creates Value
– well-tailored HR systems are almost idiosyncratic and more difficult to imitate than single HR practices

BUT:
– Complexity creates ambiguity
– Abandoning one system component may have unwanted (and often unanticipated) negative effects –> connectedness
– Complementarities may limit managerial discretion

P&O

Explain "Matching" further as a basic mechanism that impacts human performance (AMO)
Matching: Aligning people and situations within organizations.

Matchquality:
– improves satisfaction, commitment, identification
– improves performance contributions
– reduces stress
– reduces withdrawal behaviors

–> can be thought of like a production function with the different skills of a single worker in different quantity combinations

P&O

Give 5 Tips to increase the quality of decisions that are made.
1. Increase your knowledge
2. Use your intuition
3. Weigh the pros and cons
4. Don’t overstress the finality of your decision
5. Make sure the timing is right
6. Avoid decision fatigue
–> problem of modern life
–> too many decisions reduce the quality of individual decision, so don’t do so many –> cutting back on certain decisions (clothes, food e.g.)

P&O

What are assumptions do you have to make to make a completely rational decision making process possible?
1. Problem clarity
– The problem is clear and unambiguous
2. Known options
– The decision maker can identify all relevant criteria and viable alternatives
3. Clear preferences
– Rationality assumes that the criteria and alternatives can be ranked and weighted
4. Constant preferences
– Specific decision criteria are constant and the weights assigned to them are stable over time
5. No time or cost constraints
6. Maximum payoff
– The choice alternative will yield the highest perceived value

P&O

Explain Social proof, the 3. Principle of Influence. (Cialdini)
To determine what is correct, we tend to find important what other people think is correct.
–> The greater number of people who find an idea correct, the more the idea will be correct.–> The more similar the people, the bigger the effect.

Pluralistic ignorance: everyone is looking to see what everyone else is doing

e.g. Laugh tracks behind comedy series –> works!

P&O

Explain Commitment and consistency, the 2. Principle of Influence. (Cialdini)
The rule says once we have made a choice or taken a stand, we will encounter personal and interpersonal pressures to behave consistently with that commitment.
–> otherwise we seem indecisive/confused/two-faced
–> high degree of consistency is associated with personal and intellectual strength, rationality, stability, and honesty
–> Public and written commitments are stronger

– e.g. betting example or staged thefts

P&O

Explain Reciprocation, the 1. Principle of Influence. (Cialdini)
The rule says we would try to repay, in kind, what another person has provided us.
– There is no human society that does not subscribe to the rule
—> Web of indebtedness
– Social sanction to anyone who violates the rule
– There is an obligation to give, an obligation to receive, and an obligation to repay
–> powering
–> enforces uninvited debts
–> can trigger unfair exchanges

– Usefull for business –> Coke experiment
–> Reciprocal concessions: Rejection-then-retreat

P&O

How does "Automatic processing" affect our decision weather or not to comply with a request?
Automatic processing is prevalent in much of human action.
–> very efficient

– e.g. Turky mothers experiment
– e.g. Copy Maschine experiment
–> only the word because triggered a positive reaction

P&O

What does "Shared Leadership" mean?
Shared leadership is the notion that multiple or every member of a group lead and follow at the same time.
– In team-Based organizations (collaborative) roles between leaders and followers get blurry
– Dispersion
– Various leadership functions are performed by various people (distributed leadership) or multiple people enact leadership functions together (joint leadership)

–> An external leader functions as a coach or facilitator, rather than a supervisor. Leading people to lead themselves!

P&O

How should the rewarding process of employees look like? Give solutions to link goals to monetary incentives.
First communicate some things to the employees:
– Specify all the major elements of task performance (Time/quality ect.)
– Identify how and when we measure these dimension of performance.
– Be clear about values (e.g. code of conduct)

Then Reward.
–> can take many forms, the right mix depends on the organization (its culture, industry, history, etc.)

– formal (or informal) recognition.
– Base pay, performance bonuses, benefits.

Linking that to your Goals?

– Method 1: Goals with bonuses for success
—> Giving a substantial bonus if goals are reached, no bonus if not.
PRO:
– Strong incentive to attain goals
– Very specific about what is required to get bonus
CON:
– Considerable temptation to take short cuts
– possible disapointments

– Method 2: providing multiple goal levels with specific bonuses attached
—> Avoids the “all or none” effect
PRO:
– Less temptation for cheating
CON:
– less motivation to try for the highest goal level

P&O

How can you calculate the TFP (Total Factor Productivity) of a given firm?
Management proxies TFP well.

So the Productivity of the Management is measured through​ a survey.
–> World Management Survey
– middle managers with overview, but not too far away from day to day business
–> e.g. Retail store managers
– Questions about their behavior and the Organization

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