Business Management in Biotechnology
Midterm
According to Fayol, what are the five functions that a manager performs? - correct
answerPlanning
Organizing
Commanding
Coordinating
Controlling
According to the symbolic view of managerial responsibility, what type of external
factors can constrain managerial decisions (name 6)? - correct answerThe Economy
Customers
Governmental policies
Industry conditions
Technology
Actions of previous managers.
According to the Timmons Model of the Entrepreneurial Process, what three
commitments does a founder have? - correct answerSustainability in the environment,
community and society.
How are the strengths and weaknesses of different alternatives appraised in the
decision-making process? - correct answerBy grading them on their ability to resolve
the identified issues noted in the decision criteria.
How does the length of future commitments influence what type of plan is chosen? -
correct answerPlans affecting future commitments must be sufficiently long-term to
meet the commitments.
How does the Timmons Model of the Entrepreneurial Process differ from many other
models? - correct answerRather than start with a business plan, the Timmons model
starts with a market opportunity. As well, it encourages starting a venture with the bare
minimal requirements in resources and work towards minimizing and controlling rather
than maximizing and owning.
How is an organizational culture maintained over time? - correct answerRecruitment of
employees who fit the culture
Actions of top management
Socialization of new employees to help them adapt to the culture.
How is the best alternative generally chosen in the decision-making process? - correct
answerGenerally, the alternative with the highest total score in the weighted criteria is
chosen. However, if the individual finds that the best alternative doesn't seem to be the
,right alternative, they can choose to review the criteria prior to implementing the
alternative.
How long must formal planning be utilized before the planning begins to affect
organizational performance? - correct answerSeveral years.
How might a manager eliminate ethically questionable applicants from the hiring
process? - correct answerInterviews
Tests
Background checks
How might foreign cultural environments impact global organizations? - correct
answerDifferent cultures can have more of an influence on behaviours than the
organizational culture.
How might foreign economic environments impact global organizations? - correct
answerThe type of economy can impact how an organization operates (free market or
planned)
Other monetary and financial factors (exchange rate, inflation rates, tax policies) can
also impact the organization
How might foreign legal-political environments impact global organizations? - correct
answerDifferences in laws and activities can impact business activities and the delivery
of products and services.
How might socio-cultural conditions impact an organization? - correct answerSocietal
values, customs and tastes can impact how a society will respond to an organization's
products/services.
In what order do individuals proceed through the stages of moral development? -
correct answerSequentially (from stage 1 through to stage 6).
In what three ways can an opportunity be presented? Under which circumstances would
each be appropriate? - correct answerOpportunities can be recognized, discovered or
enacted.
Recognition strategies work best when both supply and demand are known. Under
these circumstances, the entrepreneur must discover the opportunity.
When neither supply nor demand is known, the entrepreneur can enact an opportunity
(make something new).
In what three ways does an organizational culture impact a manager? - correct
answerManagers will tend towards managerial actions the organization recognizes as
proper (and avoid improper ones)
Managers will tend to employ whatever organizational activities the organization values
and encourages.
The strength of the culture might dictate what behaviours managers should abide to.
, What % of companies in Canada do large organizations and small businesses
represent? - correct answerLarge organizations -> 2% of companies
Small businesses -> 98% of companies
What are 12 biases/effects that can affect decision making? - correct
answerOverconfidence bias
Immediate gratification bias
Anchoring effect
Selective perception
Confirmation bias
Framing bias
Availability bias
Representation bias
Randomness bias
Sunk costs bias
Self-serving bias
Hindsight bias
What are 4 assumptions made about decision-makers in the decision-process model? -
correct answerThey are perfectly rational, objective and logical
They have defiend the problem and identified alternatives
They have a clear and specific goal outlined
They will select the alternative that maximizes the likelihood of achieving that goal
What are 5 guidelines for making effective decisions? - correct answerUnderstand
cultural differences
Create standards for good decision making
Knowing when it's time to call it quits
Use effective decision-making process
Build an organization that can spot the unexpected and quickly adapt to the changed
environment.
What are 7 examples of regional trading alliances? - correct answerEuropean Union
(EU)
North American Free Trade Agreement (NAFTA)
US-Central America Free Trade Agreement (CAFTA)
Free Trade Area of the Americas (FTAA)
Canada-EU Trade Agreement (CETA)
Trans-Pacific Partnership (TPP)
Association Southeast Asian Nations (ASEAN)
What are 7 types of organizations? - correct answerPublicly held organizations
Privately held organizations
Not-for-profit sector
NGO
Midterm
According to Fayol, what are the five functions that a manager performs? - correct
answerPlanning
Organizing
Commanding
Coordinating
Controlling
According to the symbolic view of managerial responsibility, what type of external
factors can constrain managerial decisions (name 6)? - correct answerThe Economy
Customers
Governmental policies
Industry conditions
Technology
Actions of previous managers.
According to the Timmons Model of the Entrepreneurial Process, what three
commitments does a founder have? - correct answerSustainability in the environment,
community and society.
How are the strengths and weaknesses of different alternatives appraised in the
decision-making process? - correct answerBy grading them on their ability to resolve
the identified issues noted in the decision criteria.
How does the length of future commitments influence what type of plan is chosen? -
correct answerPlans affecting future commitments must be sufficiently long-term to
meet the commitments.
How does the Timmons Model of the Entrepreneurial Process differ from many other
models? - correct answerRather than start with a business plan, the Timmons model
starts with a market opportunity. As well, it encourages starting a venture with the bare
minimal requirements in resources and work towards minimizing and controlling rather
than maximizing and owning.
How is an organizational culture maintained over time? - correct answerRecruitment of
employees who fit the culture
Actions of top management
Socialization of new employees to help them adapt to the culture.
How is the best alternative generally chosen in the decision-making process? - correct
answerGenerally, the alternative with the highest total score in the weighted criteria is
chosen. However, if the individual finds that the best alternative doesn't seem to be the
,right alternative, they can choose to review the criteria prior to implementing the
alternative.
How long must formal planning be utilized before the planning begins to affect
organizational performance? - correct answerSeveral years.
How might a manager eliminate ethically questionable applicants from the hiring
process? - correct answerInterviews
Tests
Background checks
How might foreign cultural environments impact global organizations? - correct
answerDifferent cultures can have more of an influence on behaviours than the
organizational culture.
How might foreign economic environments impact global organizations? - correct
answerThe type of economy can impact how an organization operates (free market or
planned)
Other monetary and financial factors (exchange rate, inflation rates, tax policies) can
also impact the organization
How might foreign legal-political environments impact global organizations? - correct
answerDifferences in laws and activities can impact business activities and the delivery
of products and services.
How might socio-cultural conditions impact an organization? - correct answerSocietal
values, customs and tastes can impact how a society will respond to an organization's
products/services.
In what order do individuals proceed through the stages of moral development? -
correct answerSequentially (from stage 1 through to stage 6).
In what three ways can an opportunity be presented? Under which circumstances would
each be appropriate? - correct answerOpportunities can be recognized, discovered or
enacted.
Recognition strategies work best when both supply and demand are known. Under
these circumstances, the entrepreneur must discover the opportunity.
When neither supply nor demand is known, the entrepreneur can enact an opportunity
(make something new).
In what three ways does an organizational culture impact a manager? - correct
answerManagers will tend towards managerial actions the organization recognizes as
proper (and avoid improper ones)
Managers will tend to employ whatever organizational activities the organization values
and encourages.
The strength of the culture might dictate what behaviours managers should abide to.
, What % of companies in Canada do large organizations and small businesses
represent? - correct answerLarge organizations -> 2% of companies
Small businesses -> 98% of companies
What are 12 biases/effects that can affect decision making? - correct
answerOverconfidence bias
Immediate gratification bias
Anchoring effect
Selective perception
Confirmation bias
Framing bias
Availability bias
Representation bias
Randomness bias
Sunk costs bias
Self-serving bias
Hindsight bias
What are 4 assumptions made about decision-makers in the decision-process model? -
correct answerThey are perfectly rational, objective and logical
They have defiend the problem and identified alternatives
They have a clear and specific goal outlined
They will select the alternative that maximizes the likelihood of achieving that goal
What are 5 guidelines for making effective decisions? - correct answerUnderstand
cultural differences
Create standards for good decision making
Knowing when it's time to call it quits
Use effective decision-making process
Build an organization that can spot the unexpected and quickly adapt to the changed
environment.
What are 7 examples of regional trading alliances? - correct answerEuropean Union
(EU)
North American Free Trade Agreement (NAFTA)
US-Central America Free Trade Agreement (CAFTA)
Free Trade Area of the Americas (FTAA)
Canada-EU Trade Agreement (CETA)
Trans-Pacific Partnership (TPP)
Association Southeast Asian Nations (ASEAN)
What are 7 types of organizations? - correct answerPublicly held organizations
Privately held organizations
Not-for-profit sector
NGO
