by TheBusinessProfessor | Feb 23, 2025 | Management, Leadership, & Organizational Behavior
What is an Organization?An organization is a group of two or more individuals and the coordinated allocation of resources around a common goal or objective. Characteristics of an OrganizationThe elements that distinguish an organization from a loose association of...
by TheBusinessProfessor | Feb 23, 2025 | Management, Leadership, & Organizational Behavior
What is Organizational Effectiveness?Organizational efficiency concerns how well an organization carries out its tasks. It generally measures and balances the time it takes for completion and the costs to the organization. As stated, organizational effectiveness...
by TheBusinessProfessor | Feb 23, 2025 | Management, Leadership, & Organizational Behavior
What are the Two Major Views of Managers?Members of an organization and third parties (outside of the organization) generally view managers in two ways: Omnipotent View and Symbolic View.Each of these is discussed below. What is the Omnipotent View of Management?The...
by TheBusinessProfessor | Feb 23, 2025 | Management, Leadership, & Organizational Behavior
What is Behavioral Economics?Behavioral Economics is a branch of economics that studies the impact of psychology on the decision-making traits of consumers. Seeking to connect psychology and economics, this field of economics studies how cognition, emotion, and...
by TheBusinessProfessor | Feb 23, 2025 | Management, Leadership, & Organizational Behavior
What is the Bandwagon Effect?The bandwagon effect is a psychological theory whereby people exhibit certain habits primarily because others are engaged in the habit. This theory connotes a contagious effect in which people do something only because others are doing...
by TheBusinessProfessor | Feb 23, 2025 | Management, Leadership, & Organizational Behavior
What is Prospect Theory?The prospect theory is a theory that believes that people make certain decisions and exhibit certain behaviors when faced with choices that involve probability. As an economic theory, the prospect theory maintains that individuals value losses...
