39 Pages

Pre_assessment_BOOK_INTRODUCTION_KEYWORDS_new_s052

Course: BUSINESS 400, Spring 2005
School: Duke
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mission 1 Our is to be the school of choice for business education in the state of New Jersey and to be known nationally as among the best business schools within a Catholic university. Competency Assessment for Undergraduate Business Students and Key Vocabulary Terms For the Competencies February 1999 Revised March 2005 TABLE OF CONTENTS LETTER TO STUDENTS...

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mission 1 Our is to be the school of choice for business education in the state of New Jersey and to be known nationally as among the best business schools within a Catholic university. Competency Assessment for Undergraduate Business Students and Key Vocabulary Terms For the Competencies February 1999 Revised March 2005 TABLE OF CONTENTS LETTER TO STUDENTS ................................................................................................1 SECTION 1: THE ASSESSMENT PROCESS AN OVERVIEW ............................2 SECTION 2: CHANGE MANAGEMENT COMPETENCY KEY TERMS............6 SECTION 3: COMMUNICATION COMPETENCY KEY TERMS.....................14 SECTION 4: TEAMWORK COMPETENCY KEY TERMS ................................18 SECTIONS 5: TECHNOLOGY COMPETENCY KEY TERMS ..........................21 PART 5.1: INFORMATION .....................................................................................................................21 PART 5.2: HARDWARE...........................................................................................................................23 PART 5.3: TELECOMMUNICATIONS .................................................................................................25 PART 5.4: SYSTEM SOFTWARE...........................................................................................................28 PART 5.5: APPLICATION SOFTWARE ...............................................................................................29 SECTION 6: BUSINESS COMMUNICATIONS KEY TERMS............................31 INDEX...............................................................................................................................34 Dear Stillman Student, One of the key components to your undergraduate education at the Stillman School of Business is the assessment process. The assessment requirement was implemented in September of 1998, to ensure that you, our students, are being provided with the best business education possible. Our goal is to continue to prepare you for the business world as well as challenge you in your courses and professional development. The five professional competencies that have been integrated into the core curriculum, across all concentrations are: Change Management, Communications, Critical Thinking, Teamwork and Technology. Our faculty help develop your skills in these competencies primarily in the core courses of the undergraduate curriculum. As a Stillman student, you are required to participate in the assessment process in order to graduate. There are several phases of Assessment throughout your business curriculum. This book is meant to provide an overview of the process and to serve as a reference manual for you throughout the process. In Section 1, "The Assessment Process -- An Overview," you will read about the various phases of assessment, how the process works and your responsibilities throughout the assessment process. The remaining sections (sections 2-6) focus on the vocabulary terms associated with four of the five competencies as well as important business communication terms. You will be tested as a freshman and again as a senior. I will continue to be in contact with you to keep you fully aware of your requirements as well as to provide you with the support and guidance you may need in this process. If you have any questions, please feel free to stop by my office in Kozlowski Hall, Room 553, or contact me via e-mail at onimusle@shu.edu. I look forward to working with each of you! Best regards, Leigh M. Onimus, J.D. Assistant Dean of Undergraduate Assessment and Special Projects 2 SECTION 1: THE ASSESSMENT PROCESSAN OVERVIEW The Objectives of Assessment The objectives of the Stillman School undergraduate assessment are: (1) To ensure that students are developing their mastery of the five competencies as well as their skills in the functional disciplines of business, and (2) To improve the core curriculum continuously on the basis of feedback from the assessment process. The assessment process consists of four phases: 1. Pre-Assessment 2. Sophomore Assessment Panels 3. Senior Assessment Panels 4. Final Assessment As a requirement for graduation, students will participate in the pre-assessment and the final assessment, and also one of the two assessment panels. 1. Pre-Assessment All incoming freshmen students complete a pre-assessment vocabulary test in which they are required to define key terms in four of the five competencies: change management, communications, teamwork, and technology. In addition, students will be asked to define key terms related to business communication. The key vocabulary terms were selected from the textbooks used in our undergraduate core courses. In addition, students take English and Math placement tests. These tests are administered during Freshmen Orientation. 2. The Sophomore Assessment Panel Each academic year, approximately half of the sophomore class of business students are randomly selected to participate in the assessment panels. We notify the students who are selected in October. In November, they receive official notices of the specific dates and times of their panels. The students selected MUST participate in the assessment panels. Their participation is MANDATORY, not optional, and is also a requirement for graduation. During the 2005-2006 academic year the SOPHOMORES selected will be assigned to assessment panels that will be held either on the evening of Friday, February 17, 2006 or during the day on Saturday, February 18, 2006. 3 Approximately two months before the panels, students will receive the names and e-mail addresses of fellow students who were assigned to be on their team (each team will consist of 4 to 6 students). Students also receive the materials for the assessment session, including the cases(s) that the teams will be required to present, case questions, and information on the individual exercises that they will perform. On assessment day, each team presents answers to the case questions before several business practitioners who evaluate its work. During the presentations, students are required to use technology to enhance the delivery of the material presented. In addition to the team presentation, each student will also complete individual assignments. One assignment will require the student to write a short essay and the other assignment will require the student to demonstrate proficiency in a selected business skill via the utilization of technology. Students also prepare a self-evaluation of their individual performances in the teams and evaluate the contributions of fellow team members. The assessment panels last approximately two and a half hours. About six weeks later, students receive feedback about their performances. Students must pass all three components of assessment to complete the requirement. 3. The Senior Assessment Panel Each year, all Stillman School Seniors who did not participate in the Sophomore Assessment Panels when they were sophomores, are required to participate in the Senior Assessment Panels. Like the Sophomore Assessment Panels, these panels include both teamwork and individual assignments. The seniors required to participate in the Senior Assessment receive notices of the specific dates and times of their assessment panels during the summer prior to the start of their senior year. Because full participation in the process is a requirement for graduation, students who fail to participate in their scheduled Senior Assessment Panels will be unable to graduate on time. During the 2005-2006 academic year the SENIORS selected will be assigned to assessment panels that will be held either on the evening of Friday, November 18, 2005 or during the day on Saturday, November 19, 2005. Approximately two months before the panels, students receive the names and e-mail addresses of fellow students who were assigned to be their team members on the panel (each team will consist of 4 to 6 students). Students also receive the materials for the assessment session, including the case(s) that the teams will be required to present, case questions, and information on the individual exercises they will perform. On assessment day, each team presents analysis of to the case questions before several business practitioners who evaluate its work. During the presentations, students are required to use technology to enhance the delivery of the material presented. 4 In addition to the team presentations, each student completes two individual assignments. One assignment requires the student to write a short essay and the other assignment requires the student to demonstrate proficiency in a selected business skill via the utilization of technology. Students also prepare a self-evaluation of their individual performance in the teams and evaluate the contributions of fellow team members. The assessment panels last approximately two and a half hours. About six weeks later, students receive feedback about their performances. Students must pass all three components of assessment to complete the requirement. 4. The Final Assessment This phase consists of the students' work in two capstone courses Business Policy and the Global Business Colloquium where, among other tests, students retake the competency vocabulary test. Guidelines for Integrity and Professionalism at Assessment The assessment process is a key component of the undergraduate program at the Stillman School. We expect our students to excel in both the team and individual components of the assessment process and also follow the following guidelines: Work hard to contribute to the work of their teams and master the teamwork competency. Recognize and fulfill their obligations and assigned roles within their teams. On assessment day, put forth clear presentations using concepts learned in class. When making their presentations before business professionals, students must dress, communicate and conduct themselves professionally and in a business-like manner. Observe the highest standards of integrity and honesty in both their teamwork and individual work. That is, not share the team's work with students outside the team, work individually with no outside assistance when required, and list clearly and accurately the references for any material used. Assessment Web Site For more information about Assessment, please visit www.business.shu.edu/academic programs/undergraduate assessment index.html. This site is a great resource for all Stillman students. It contains prior case questions, assessors' comments, assessor panel instructions and more information about the two individual assignments. 5 The Definitions of the Five Competencies Critical Thinking This competency refers to the ability to identify relevant issues or variables, analyze their interrelationships and conceptualize solutions for specific problems. Inherent to this competency are proficient thinking in abstract terms, being able to see the "big picture," and understanding how the various parts of an organization or an idea fit and function together. Communication This competency refers to the ability to communicate effectively, in writing and orally, with people of diverse business and professional backgrounds, both within and outside the organization. Teamwork This competency refers to the ability to work with others as part of a team. The focus here is on developing an understanding of the principles of teamwork: working toward a common goal, sharing leadership responsibilities and authority, sharing power, sharing information to utilize resources fully, demonstrating loyalty and collegiality, and building and maintaining personal and professional relationships. Technology This competency refers to expertise in utilizing technology to improve productivity. The focus is to develop both computer literacy (that is, how to use computers) and information literacy. Specifically, mastery of this competency involves knowing how to find and gather relevant data from various sources, organize, summarize and analyze it, and create meaningful and effective information for making business decisions. Change Management This competency refers to the ability to respond to and/or initiate change. The management of change competency is focused on the students' skills in four areas: managing change within oneself as one matures and grows professionally, managing change within organizations, understanding and responding to the dynamic domestic and global business environment, and solving creatively business problems generated by a changing environment. 6 SECTION 2: CHANGE MANAGEMENT COMPETENCY- Key Terms Accommodation Playing down differences among conflicting parties, and highlighting similarities and areas of agreement. Action ResearchA process of systematically collecting data on an organization, feeding it back for action planning, and evaluating results by collecting and reflecting on more data after the planned actions have been taken. AngerA feeling of being trespassed upon that aims for revenge and restitution. Usually accompanied by a bodily reaction in which muscles tense up, blood pressure rises, and the brain goes into attack mode. Consider the cost vs. benefits of anger. ArbitrationThe process by which parties to a labor-management dispute agree to abide by the decision of a neutral and independent third party called an arbitrator. AssertivenessConfidently expressing what you think, feel, and believe (values), and standing up for your rights while respecting the rights of others. Authoritative commandWhen formal authority dictates a conflict solution and specifies what is gained or lost and by whom. AvoidancePretending that a conflict doesn't really exist; hoping that a conflict will simply go away. Bargaining zoneThe area between one party's minimum reservation point and the other party's maximum reservation point. BATNAThe best alternative to a negotiated agreement, or what can be done if an agreement cannot be reached. BenchmarkingThe measurement and evaluation of the quality of an organization's goods, services, or processes as compared with the best-performing companies in the industry. 7 Business AnalysisAn analysis of the competitive marketplace that provides a tentative sketch of a product's compatibility in the marketplace, including it probable profitability. Change agentA person or group taking responsibility for changing the existing pattern of behavior of another person or social system. Change managementChange that comes about as a result of specific efforts in its behalf by a change agent. ChangingThe central phase after unfreezing and before refreezing in which the manager actually implements the change. CollaborationSeeking true satisfaction of everyone's concerns; working through differences and solving problems so everyone wins as a result. CompetitionWhen a conflict victory is achieved through force, superior skill, or domination of one party by another. Competitive advantageAn advantage over competitors that an organization gains through its superior capabilities and unique product benefits. Such benefits are perceived by consumers as providing better values that other products. CompromiseWhen accommodations are made such that each party to the conflict gives up something of value to the other. ConflictA disagreement in a social situation over issues of substance and/or emotional antagonism. Conflict resolutionThe removal of the reasons substantial and/or emotional for a conflict. Constructive conflictConflict that results in benefits instead of disadvantages for the individual(s) and/or organization(s) involved. Constructive stressStress that acts in a positive or energizing way to increase effort, stimulate creativity, and encourage diligence in one's work. 8 CooperativenessThe degree to which a person seeks to satisfy the concerns of another. Corporate strategyDecisions and actions designed to achieve the organization's goals (goals are broadly defined outcomes an organization hopes to achieve within a specific time frame). These decisions determine the utilization of corporate resources in the areas of production, finance, research and development, human resources, and marketing. CorporationA legal business entity created under state laws that has an identity separate from its owners. CreativityAn application of ingenuity and imagination that results in a novel approach or unique solution to a problem. Crises managementDealing effectively with an unpredictable event. Cutting edgeA term used to describe behavior that is new or innovative. Demographic forcesIndividual, measurable characteristics of a population, including age, income, occupation, education, ethnicity, and family structure. Distress (or Destructive Stress)Stress that is dysfunctional for the individual and/or organization. Distributive negotiationNegotiations that focus on claims made by each party for certain preferred outcomes. Economic ForcesForces that determine the size and strength of demand for a company's products/services and significantly affect the strength of a firm's competitive atmosphere and the impact of its marketing activities. Effective negotiationWhen issues of substance and working relationships among the negotiating parties are maintained. Emotional conflictConflict resulting from feeling of anger, distrust, dislike, fear, and resentment, as well as from personality clashes. 9 EntrepreneurA person who displays entrepreneurship and is willing to take action to pursue opportunities in situations others view as problems or threats. EntrepreneurshipBehavior that is dynamic, risk-taking, creative, and growth-orientated; the mobilization of resources to take advantage of an opportunity to provide customers with new or improved goods and services. Environmental analysis (or Environmental scanning)The process of collecting data about the forces in the organization's competitive environment, and assessing and interpreting this information. EustressStress that acts in a positive or energizing way to increase effort, stimulate creativity, and encourage diligence in one's work. FacilitatorA helper usually from outside the group or organization. Example: third party facilitator who helps the two parties of a negotiation to identify and resolve their differences. Force-coercion strategyA change strategy where the change agent acts unilaterally to try to command change through the formal authority of his or her position, to induce change via an offer of special rewards, or to bring about change via threats of punishment. GlobalizationThe movement of businesses into the global marketplace by tapping resources, producing in many parts of the world, or competing globally. HaroshiJapanese for "death by overwork". InnovationThe process of taking a new idea and putting it into practice as part of the organization's normal operating routines. Integrative negotiationA negotiation process that seeks a way for all claims to be satisfied if at all possible; also called principled negotiation. IntrapreneurAn internal entrepreneur; an individual who exhibits entrepreneur behavior within the confines of a large organization. Intrapreneurship- 10 Entrepreneurial behavior displayed by people or sub-units within large organizations; internal entrepreneurship. LifestylesA way of life characterized by creature comforts, clothes, and leisure time activities. Lose-Lose conflictWhen no one achieves his/her true desires, and the underlying reasons for conflict remain unaffected. Marketing EnvironmentThe competitive, economic, political, legal and regulatory, technological, and sociocultural forces that surround present and potential customers and affect the organization's business and marketing activities. Marketing ManagementThe process of planning, organizing, implementing, and controlling an organization's marketing activities; the objectives of marketing activities is to facilitate exchanges between the company and its customers effectively and efficiently. MediationA process in which a neutral party engages in substantive discussions with union and management negotiators in separate meetings and in joint sessions in the hope that concession and compromise will curtail a labor-management dispute. NegotiationThe process of making joint decisions when the parties involved have different preferences. Normative-reeducative strategyA change strategy where the change agent attempts to identify or establish values and assumptions from which a proposed change naturally emerges. OD interventionsActivities initiated by consultants or managers that directly assist in a comprehensive organization development (OD) program. Organizational changeChange involving some modification in the goals, structure, tasks, people, and technology that constitute the essence of the organization. Organizational Development (OD)The application of behavioral science knowledge in a long-range effort to improve an organization's ability to cope with change in its external environment and increase its internal problem-solving capabilities. 11 PartnershipA for-profit business entity owned by two or more persons. Performance GapA discrepancy between the desired and actual status of performance affairs. Personal wellnessThe pursuit of one's physical and mental potential through a personal-health promotion program. Planned changeChange that occurs as a result of specific efforts in its behalf by a change agent. Principled negotiationA negotiation process that seeks a way for all claims to be satisfied of at all possible; also called integrative negotiation. Process innovationAn innovation that results in a new or improved way of doing things. Product innovationAn innovation that results in the creation of a new or improved good or service. Rational persuasion strategyA planned-change strategy that attempts to bring about change through persuasion backed by special knowledge, empirical data, and rational argument. Reason strategyA managerial influence strategy that relies on personal power and persuasion based on data, needs, and/or values. Reciprocity strategyA managerial influence that involves the mutual exchange of values and a search for shared positive outcomes. Refreezing (in the planned-change process)The final stage during which a manager is concerned about stabilizing the change and creating the conditions for its long-term continuity. Regulatory forcesForces arising from legislation by regulatory units at all levels of government (federal, state and local). Most regulatory bodies create and enforce regulations that affect business and marketing decisions. Retribution strategy-A managerial influence strategy that relies on position power and results in feelings of coercion or intimidation. 12 Shared power strategyA participated change strategy that relies on involving others to examine values, needs, and goals in relationship to an issue at hand. SkunkworksSmall sub-units within a large organization designed to help large organizations perform intrapreneurially like small businesses. Small businessA business with fewer than 500 employees; a business that is independently owned and operated that does not dominate its industry. SmoothingPlaying down differences among conflicting parties, and highlighting similarities and areas of agreement. Sociocultural forcesThe influences of a society's culture on people's attitudes, beliefs, norms, customs, and lifestyles, including their buying preferences and habits. Sole proprietorshipA for-profit business entity owned by one person. StressA condition that individuals experience when they face important opportunities or threats and are uncertain about their ability to handle or deal with them effectively. StressorsThings that cause stress. Substantive conflictDisagreement over such things as goals, the allocation of resources, distribution of rewards, policies, and procedures, and job assignments. Survivor syndromeThe stress experienced by people who fear for their jobs after having survived large layoffs and staff cutbacks in an organization. Technological forcesTechnological trends and innovations that significantly affect people's lifestyles and standards of living, influence their desires for products and their reactions to marketing strategies. Such trends have a direct impact on the organization's business strategies, including marketing activities. 13 Transactional leadersLeaders who inspire commitment to achieve objectives in exchange for something of value. Transformational leadersLeaders who radically change follower's thinking so that they unite for a common purpose; raising employees' aspirations to achieve more than they would otherwise. Type A personalityA person oriented toward extreme achievement, impatience, and perfectionism; a person who may find stress in circumstances others find relatively stress-free. Type B personalityA person who tends to be easygoing and relaxed. Unfreezing (in the planned-change process)The initial phase during which the manager prepares a situation for change for example, establishing good relationships with the people involved and helping them develop a felt need for change. Unplanned changeChange that occurs spontaneously or at random and without agents direction. Win-lose conflictWhen one party achieves its desires at the expense and exclusion of the other party's desires. Win-win conflictWhen conflict is resolved to the mutual benefit of all concerned parties. 14 SECTION 3: COMMUNICATION COMPETENCY Key Terms Active listeningTaking action to help the source of a message say what he or she really means. AttendingFocusing on the communication process at the moment. BrainstormingA group interaction technique for generating ideas that seeks to take advantage of the pooled resources and stimulative synergies of group dynamics. Articulation of ideas is encouraged in the absence of criticism. Coding and decoding processesTerms associated with the communication process. Encoding puts information (thoughts) into a message form of symbols (words). Decoding translates or interprets sent symbols (words) into messages (information). CommunicationAn interpersonal process of sending and receiving symbols with meanings attached to them. Communication channelThe medium through which a message is conveyed from sender to receiver. Communications modelA model describing the flow of communications involving a sender, a message, a receiver, and a feedback. Damage controlLimiting the damaging consequences that can result form a business or organizational failure. Devil's advocateA person who takes a position that is in opposition to the group consensus. One way to inoculate a group from "groupthink" is to institutionalize a role of devil's advocate. Downward communicationCommunication flowing from higher to lower levels in an organization's hierarchy of authority. EchoingRestating the other person's message. Effective communicationWhen the intended meaning of the source and the perceived meaning of the receiver are identical. Efficient CommunicationCommunication that occurs at minimum cost in terms of resources expended. 15 EthnocentrismThe tendency to consider one's own culture superior to any and all others. FeedbackThe process of telling someone else how you feel about something that person said or did, or about the situation in general. FilteringThe intentional distortion of information to make it appear most favorable to the recipient. Formal communication channelsThe communication channels that follow the chain of command established by an organization's hierarchy of authority. GrapevineA common informal communication network. Halo effectWhen one attribute is used to develop an overall impression of a person or situation. HearingThe perceptible stimuli. Impression managementAn attempt to manipulate or control the impressions that others form about oneself. Informal communication channelsCommunication channels that exist outside the formal channels and do not adhere to the organization's hierarchy of authority. Lateral communicationCommunication among persons working at the same level in the hierarchy of authority, but typically representing different departments or work units. LibelA written printed, pictorial statement that defames one's character or reputation or exposes one to public ridicule. ListeningUnderstanding the message. Management by wandering around (MBWA)Dealing directly with subordinates by regularly walking around and talking with them about a variety of work-related matters. Mixed message (or crossed communication) When a person's words communicate one message while actions, body language, or appearance communicate something else. 16 News ReleaseA short piece of written copy publicizing an event or a product. Generally sent from the organization's public relations function to the media. NoiseAnything that interferes with the effectiveness of the communication process. Nonverbal communicationCommunication that takes place through channels such as body language and the use of interpersonal space. Organizational communicationThe process through which information is exchanged through interactions among people inside an organization. Organizational ecologyThe study of how building design may influence communication and productivity. PerceptionThe process through which people receive, organize, and interpret information from the environment. ProjectionThe assignment of personal attributes to other individuals. PromotionThe organization's communication with individuals, groups, or other organizations to facilitate exchanges by influencing audience members to accept an organization's products, services, or ideas. PropagandaMethodical propagation of a particular doctrine or of allegations reflecting its views an interest. Proxemics The use of interpersonal space, such as in the process of interpersonal communication. PublicityActivities to promote a company or its products by planting news about it in the media not paid by the sponsor; unpaid communication in the mass media regarding a company, product or event. Public Relations The use of communications media and related activities to create a favorable overall impression of the organization. Reflecting Thinking about the message received before responding. 17 Role A set of activities expected of a person in a particular job or position within the organization. Role ambiguity When the person in a role is uncertain about what others expect in terms of his or her behavior. Role conflict When the person in a role is unable to respond to the expectations held by one or more others. Role overload When too many role expectations are being communicated to a person at a given time. Role underload When someone is underutilized; when one is asked to do too little, and/or to do things that fail to challenge his or her talents and capabilities. Selective perception People's tendency to define problems from their own points of view; the tendency to single out for attention those aspects of a situation or attributes of a person that reinforce or appear consistent with one's existing beliefs, values, or needs. Not necessarily a conscious process. Semantic The study of relationships between signs and symbols and what they represent to their interpreters. Semantic barriers Verbal and nonverbal symbols that are poorly chosen and expressed, which create barriers to successful communication. Slander Utterance of defamatory statements injurious to the reputation or well being of a person. StereotypeWhen an individual is assigned to a group or category, and then the attributed commonly associated with the group or category are assigned to the individual in question. Upward communicationCommunication that flows from lower to higher levels in an organization's hierarchy of authority. 18 SECTION 4: TEAMWORK COMTETENCY - Key Terms Autonomous work groupsSelf-managed work teams responsible for accomplishing defined performance objectives, and with discretion to decide how tasks will be distributed among individuals and at what pace work will progress in order to meet these objectives. CommitteeAn organizational group that usually operates with an ongoing purpose; a formal group delegated to consider, investigate and report on organizational matters. Computer network groupA group of people who interact through computer-based interaction rather than face-to-face; also called an electronic group network. ConsensusGroup member agreement. Groups that put a high premium on consensus work to achieve close to 100% agreement before acting. Effective groupA group that achieves and maintains high levels of both task performance and membership satisfaction over time. Electronic meeting roomA facility where group members sit at computer terminals and - guided by software and/or specially trained group facilitators - address problems. Employee involvement groupsGroups of workers who meet on a regular basis, outside their functional groups, with a goal of applying their expertise and attention to important work place matters and continuous improvement. EmpowermentCreating conditions in which employees see themselves as competent and in control of meaningful tasks. Formal group A group created by the formal authority within the organization to help transform resource inputs into product or service outputs. Free riders A team member who obtains benefits from membership bus does not bear a proportional share of the responsibility for generating-the benefit. Functional group A formal work unit consisting of a manager and subordinates; such groups are often called departments or divisions. 19 Group Two or more people who interact with each other to accomplish certain goals or meet certain needs. Group cohesiveness The degree to which members are attracted to and motivated to remain part of a group. Group dynamics Forces operating in groups that affect task performance and membership satisfaction. Group norm A behavior, rule, or standard expected to be followed by group members. Group process The means through which multiple and varied resource inputs are combined and transformed into group outputs. Groupthink A tendency for highly cohesive groups to lose their critical evaluative capabilities. Human Resource maintenance A group's ability to maintain its social fabric and capabilities of its members to work well together over time. Informal group A group that emerges within an organization and exists for a performance purpose without being formally specified by someone in authority. Liaison A person who acts as a go-between for two or more groups. Group leaders often act as liaisons, connecting their group to others or to the larger organization. Maintenance activities Actions by group members that support the emotional life of the group as an ongoing social system. Mechanistic Design A highly bureaucratic design with centralized authority, many rules and procedures, a clearcut division of labor, narrow spans of control, and formal coordination. Organic Design A decentralized business structure with fewer rules and procedures, more open divisions of labor, wider spans of control, and more personal means of coordination. Performance norm A key characteristic or work groups; it can have positive or negative implications for group and organizational productivity. Psychological group A group whose members are aware of one another's needs and potential resource contributions, and achieve high levels of interaction and mutual identification in pursuit of a common purpose. 20 Quality circle A group of employees who meet periodically to discuss ways of improving the quality of their products or services. Reference group A group to which another group compares itself. Self-managing work team Sometimes called autonomous work groups, these are groups or workers whose jobs have been redesigned to create a high degree of task interdependence and who have been given authority to make many decisions about how they go about the required work. Social loafing The tendency of some people to avoid or engage in "free riding" in groups. Sociometry A method for measuring the frequency and direction (power, leadership) of interaction and influence among members of a group. Synergy The creation of a whole that is greater than the sum of its individual parts. Task activities Actions by group members and contribute directly to the group's performance purpose. Task force A formal group convened to accomplish a specific purpose and which is expected to disband when that purpose is achieved. Team A group whose members work intensely with each other to achieve a specific, common goal or objective. Team building A sequence of planned activities to gather and analyze data on the functioning of a group and implement constructive changes to increase its operating effectiveness. Teamwork The process of people working together in groups to accomplish common goals. Three-sixty evaluationAn evaluation technique that calls for evaluations from supervisors (downward), subordinates (upward), and peers (lateral) as well as self-assessment. Trust Confidence that others will perform up to expectations and agreements. 21 SECTION 5: TECHNOLOGY COMPETENCY - Key Terms PART 5.1: INFORMATION ASCH Codes (American Standard Code for Information Interchange) The most widely used coding system to represent data, primarily on personal computers and many mini- computers. Binary Number System It is a base 2 number system that uses only two symbols, namely, 0 and 1. Business Technology Literacy Information Systems Elements required for information processing, including software, hardware, data, users, procedures, and information systems personnel; provides support for the organization. Computer Ethics The moral guidelines that govern the use of computers and information systems. Computer Literacy Knowing how to use a computer. Computer Security Risk An event or action that could cause a loss of or damage to computer equipment, software, and data information, or processing capability. Computer Virus A potentially damaging computer program designed to infect other software or files by attaching itself to the software or files with which it comes in contact. Database Collection of data that is stored in related files. EBCDIC Codes (Extended Binary Coded Decimal Interchange Code) A coding system used to represent data, primarily on mainframes. Encryption Process of converting readable data into unreadable characters. File Compression Reduction in the size of a file. Information Data that has been processed by computer into a form that has meaning and is useful. Information Literacy Knowing how to find, analyze, and use information. 22 Information Privacy The right of individuals and organizations to deny or restrict the collection and use of information about them. Information Processing Cycle Input process, output, and storage operations. Collectively, these operations describe the procedures that a computer performs to process data into information and store it for future use. Information Technology Technology that transforms data into information and that improves the collection, storage, distribution, or utilization of information. Input First step in information processing cycle; the process of entering data (including numbers, words, images, and sounds), programs, commands, and user responses into memory of computer for processing. Input can also refer to the media (such as disks, tapes, and documents) that contain input data. Output The data that has been processed into a useful form called information that can be used by a person or machine. Processing Part of the information processing cycle; the procedures a computer performs to process data into information. Raw Data (Data) The raw facts, including numbers, words, images, and sounds, given to a computer during the input operation, that is processed to produce information. Secondary Storage, or Auxiliary Part of the information processing cycle in which data and programs are stored when not being processed. 23 TECHNOLOGY COMPETENCY - Key Terms PART 5.2: HARDWARE Analog Computers Computes designed to process continuously variable data, such as electrical voltage. Bits, Bytes A Bit is an element of a byte that can present one of two values, on or off. There are 8 bits in a byte. Kilobyte (KB) - A measure of memory equal to roughly one thousand bytes Megabyte (MB)-A measure of memory equal to roughly one million bytes. Gigabyte (GB) - A measure of memory equal to roughly one billion bytes. Computer An electronic device, operating under the control of instructions stored in its own memory unit that can accept data (input), process data arithmetically and logically, produce results (output) from the processing, and store the results for future use. CPU (Central Processing Unit) Processing unit located on motherboard; contains a control unit that executes instructions that guide the computer through a task, and an arithmetic/logic unit that performs math and logic functions. These two components work together using the program and data stored in memory to perform the processing operations. Digital Computers Computers that process data, including text, sound, graphics, or video into a digital (numeric) alue; describes most computers Floppy Disks Type of small, removable magnetic disk storage consisting of a circular piece of thin Mylar plastic, which is coated with an oxide material that is recorded on, storing data as magnetic areas. The plastic disk is enclosed in a rigid plastic shell for protection from debris; most widely used portable storage medium. Hard Disks Storage devices containing high-capacity disk or disks, providing faster access time and greater storage capacity than floppy disks. Mainframe computers Large computers that can handle hundreds of users connected at the same time, process transactions at a very high rate, and store large amounts of data; range in price from several hundred thousand to several million dollars. 24 Megahertz (MHz) A measurement used to describe the speed of the system clock; it is equal to one million cycles (or pulses) per second. Microprocessors The smallest processor, which is a single integrated circuit that contains the CPU, located on the motherboard. Mouse Small, palm-sized input device that is moved across a flat surface, such as a desktop, to control the movement of the pointer on a screen. Personal Computers (Microcomputer or Micro) - a mall computer designed to be used by one person at a time. RAM (Random Access Memory) Contained in the processor unit of the computer; temporarily stores data and program instructions when they are being processed. Also called main memory, ROM (read only memory) Describes chips that store data or instructions that do not change. This data is permanently recorded in the memory when it is manufactured. ROM memory retains its contents even when the power is turned off. Supercomputers The most powerful category of computers, and the most expensive; can process hundreds of millions of instructions per second, and cost several million dollars. System Clock A chip used by the control unit to synchronize, or control the timing of all computer operation. It generates electronic pulses at a fixed rate. System Unit Part of the computer containing the electronic circuits that cause the execution of program instructions and manipulation of data to occur; includes the central processing unit, memory, and other electronic components. 25 TECHNOLOGY COMPETENCY - Key Terms PART 5.3: TELECOMMUNICATIONS Bridges A combination of hardware and software that is used to connect similar networks. Bulletin Boards A computer system that maintains a centralized collection of information in the form of electronic messages accessed using a personal computer and communications equipment. Coaxial Cable A high-quality communications line consisting of a copper wire conductor surrounded by a nonconducting insulator that is in turn surrounded by a woven metal outer conductor, and finally a plastic outer coating. Communication Protocols A protocol is a set of rules and procedure for exchanging information between computers. Protocols define how a link is established, how information is transmitted, and how errors are detected and corrected. By using the same protocols, different types and makes of computers can communicate. The two most widely used protocols for networks are Ethernet and token ring. Communication Software Programs that perform data communications tasks such as dialing, file transfer, terminal emulation, and Internet access, allowing data to be transmitted from one computer to another. Fiber Optics High-speed transmission media for communications channel that uses smooth hair-thin strands of glass or plastic to transmit data as pulses of light. File Transfer Protocol (FTP) Internet standard that allows the exchange of files with other computers on the Internet. Gateway A combination of hardware and software that allows users on one network to access the resources on a different type of network. Host Computer In a data communications system, a main computer that is connected to several devices, such a terminals or personal computers. Hypertext Markup Language (HTAM) Set of special instructions used to create Web pages; the special instructions are called tags, or markups, that specify links to other documents and how the page is displayed. 26 InternetWorldwide group of connected networks that allows the public access to information on thousands of subjects, gives users the ability to send messages, and obtain products and services. IntranetInternal networks that use Internet and Web technology. Local Area Network (LAN) A communications network that covers a limited geographic area; consists of a communications channel connecting a series of computer terminals connected to a central computer, or connects a group of personal computers to one another. Modem Communications device that converts digital signals of a computer to analog signals, and converts analog signals back into digital signals that can be used by a computer; used to connect computers over telephone lines. NetworksCollection of terminals, computers, and other equipment that uses communications channels to share data, information, hardware, and software. Router An intelligent network-connecting device that sends (routes) communication traffic directly to the appropriate network; used when several networks are connected together. ServerComputers designed to support a computer network that allows users to share files, application software, and hardware. Telnet An Internet protocol that enables user to log onto a remote computer on the Internet, and use the remote computer as if it were a direct, local connection. Twisted Pair Communications cable consisting of pairs of plastic-coated copper wires that are twisted together. Uniform Resource Locator (URL) Address that points to a specific resource on the Internet; can indicate an Internet site, a specific document at a site; and a location within a document at a site. Web BrowsersSoftware running on Internet connected computers that interpret and display Web pages, enabling users to access Web sites that have text, graphics, video, and sound and have hypertext links to other information and Web sites. Wide Area Network (WAN) Communications network that covers a large geographical area, and uses telephone cables, microwaves, satellites, or a combination of communications channels. 27 World Wide Web Portion of the Internet containing Web sites, where information can be accessed electronically; the collection of hyperlinked documents accessible on the Internet. 28 TECHNOLOGY COMPETENCY - Key Terms PART 5.4: SYSTEM SOFTWARE Application Generators Program that allows an application to be built without writing extensive code in the programming language. Graphical user interface (GUI) A user interface that provides visual clues, such as symbols called icons, to help the user when entering data or running programs. Icons In a graphical user interface, on screen pictures that represent an application software program or file where data is stored. JavaObject-oriented scripting language used to develop multimedia on the Web. Language Translators Special-purpose systems software used to convert the programming instructions written by programmers into the binary code that a computer can understand. Menu A screen display that provides a list of processing options for the user and allows the user to make a selection. Operating Systems Set of programs containing instructions that manage the operations of a computer such as loading, storing, and executing a program, and transferring data among the system devices and memory. Programming Languages Sets of words, symbols, and codes used to create instructions a computer can understand or recognize. Rapid Applications Development The process of developing software with prototypes. System Software All the programs including the operating system that are related to controlling the operations of the computer hardware. Visual Basic A programming environment that assists programmers in developing event driven Windows applications. 29 TECHNOLOGY COMPETENCY - Key Terms PART 5.5: APPLICATIONS SOFTWARE Applications Software Programs that tell a computer how to produce information, and reside permanently in storage, such as a disk. Computer Aided Design (CAD) Design method that uses software to aid in product and structure design. Computer Based Teaching (CBT) The use of computer-aided instruction to teach specific skills. Database Management Systems The software that allows the user to create, maintain, and report data and file relationships. Electronic Spreadsheets Software that allows the user to tabulate data in table form. E-mail Electronic exchange of messages to and from other computer users. Executive Information Systems Management information system that has been designed for the information needs of senior management Expert Systems Computerized systems that simulate a human expert's reasoning and decision-making processes; also called knowledge systems. Groupware Software that helps multiple users work together by sharing information. Information Systems Elements required for information processing, including software, hardware, data, users, procedures, and information systems personnel; provides support for the organization. Integrated Software Systems Software that combines applications such as word processing, spreadsheet, database, and communications into a single, easy-to-use package. Interactive Links Links that allow user to interact with multimedia application. Management Information Systems (MIS) Any computer based system that provides the timely and accurate information needed for managing an organization. 30 Multimedia Applications Applications of multimedia technology for business, education, and entertainment. Presentation Graphics The software that allows the user to create documents called slides that are used in making presentations before a group. Query Languages A simple English-like language that allows users and programmers to specify the data from a database for a report or screen display. Report Generators Database Management Systems feature that allows access and display of data, and allows user to format query results professionally for output. Software Suites Individual applications are packaged in the same box and sold for a price that is significantly less than buying the applications individually. Transaction Processing Systems (TPS) Information system that processes data generated by day-to-day transactions of an organization. Virtual Reality (VR) Creation of an artificial environment that can be experienced by the user as 3-D images that can be explored and manipulated interactively, using a pointing device. What-if Analysis The capability of a spreadsheet to recalculate when data is changed. Wordprocessors The most widely used computer application; involves the use of a computer to produce or modify documents that consist primarily of text. 31 SECTION 6: BUSINESS COMMUNICATIONS - Key Terms Active listening Feeding back the literal meaning or the emotional content or both so that the speaker knows that the listener has heard and understood. Bar chart A visual consisting of parallel bars or rectangles that represent specific sets of data. Behavioral interviews Job interviews that ask candidates to describe actual behaviors that they have used in the past in specific situations. Boilerplate Language from a previous document that a writer includes in a new document. Writers use boilerplates both to save time and energy and to use language that has already been approved by the organization's legal staff. Business plan A document written to raise capital for a new business venture. Citation Attributing a quotation or other idea to a source in the body of the report. Complimentary close The words after the body of the letter and before the signature. Sincerely and Cordially are the most commonly used complimentary closes in business letters. Connotations The emotional colorings or associations that accompany a word. Executive summary Summary of a report, specifying the recommendations and the reasons for them. Form letter A prewritten, fill-in-the-blank letter designed to fit standard situations. Formal report A report containing formal elements such as a title page, a transmittal, a table of contents, and an abstract. Gantt charts Bar charts used to show schedules. Gantt charts are most commonly used in proposals. 32 Jargon There are two kinds of jargon. The first kind is the specialized terminology of a technical field. The second is businessese, outdated words that do not have technical meanings and are not used in other forms of English. Memo Document using memo format to send to readers in your organization. Opinion A statement that can never be verified, since it includes terms that cannot be measured objectively. Also a judgment. Paraphrase To repeat in your own words the verbal content of what he previous speaker said. Primary search Research that gathers new information. Proofreading Checking the final copy to see that it's free from typographical errors. Purpose statement The statement in a proposal or a report specifying the organizational problem, the technical questions that must be answered to solve the problem, and the rhetorical purpose of the report (to explain, to recommend, to request, to propose). Resume A persuasive summary of your qualification for employment. Revising Making changes in the draft: adding, deleting, substituting, or rearranging. Revisions can be changes in single words, but more often it means major additions, deletions, or substitutions, as the writer measures the draft against purpose and audience and reshapes the document to make it more effective. Run-on-sentence A sentence containing several main clauses strung together with and, but, or, so, or for. Salutation The greeting in a letter: "Dear Ms. Smith." Secondary research Research retrieving data someone else gathered. 33 Stress interviews A job interview that deliberately puts the applicant under stress, physical or psychological. Here it's important to change the conditions that create physical stress and to meet psychological stress by rephrasing questions in less inflammatory terms and treating them as requests for information. Tone The implied attitude of the author toward the reader and the subject. Transitions Words, phrases, or sentences that show the connections between ideas. INDEX A Accommodation ................................................... 6 Action Research ................................................... 6 Active listening............................................. 14, 31 Analog Computers............................................. 23 Anger .................................................................... 6 Application Generators..................................... 28 Applications Software ....................................... 29 Arbitration ........................................................... 6 ASCH Codes ...................................................... 21 Assertiveness ........................................................ 6 Attending............................................................ 14 Authoritative command ...................................... 6 Autonomous work groups................................. 18 Avoidance ............................................................. 6 B Bar chart ............................................................ 31 Bargaining zone ................................................... 6 BATNA................................................................. 6 Behavioral interviews........................................ 31 Benchmarking...................................................... 6 Binary Number System..................................... 21 Bits, Bytes ........................................................... 23 Boilerplate .......................................................... 31 Brainstorming.................................................... 14 Bridges................................................................ 25 Bulletin Boards .................................................. 25 Business Analysis................................................. 7 Business plan...................................................... 31 Business Technology Literacy Information Systems ........................................................... 21 C Change agent........................................................ 7 Change management ........................................... 7 Changing .............................................................. 7 Citation............................................................... 31 Coaxial Cable..................................................... 25 Coding and decoding processes ........................ 14 Collaboration ....................................................... 7 Committee .......................................................... 18 Communication ................................................. 14 Communication channel ................................... 14 Communication Protocols................................. 25 Communication Software ................................. 25 Communications model..................................... 14 Competition.......................................................... 7 Competitive advantage........................................ 7 Complimentary close......................................... 31 Compromise..........................................................7 Computer ............................................................23 Computer Aided Design (CAD) ........................29 Computer Based Teaching (CBT) ....................29 Computer Ethics ................................................21 Computer Literacy.............................................21 Computer network group ....................................18 Computer Security Risk ....................................21 Computer Virus .................................................21 Conflict..................................................................7 Conflict resolution................................................7 Connotations.......................................................31 Consensus............................................................18 Constructive conflict ............................................7 Constructive stress ...............................................7 Cooperativeness....................................................8 Corporate strategy ...............................................8 Corporation ..........................................................8 CPU (Central Processing Unit) .........................23 Creativity ..............................................................8 Crises management ..............................................8 Cutting edge..........................................................8 D Damage control ..................................................14 Database..............................................................21 Database Management Systems........................29 Demographic forces .............................................8 Destructive Stress.................................................8 Devil's advocate..................................................14 Digital Computers ..............................................23 Distributive negotiation .......................................8 Downward communication ...............................14 E EBCDIC Codes...................................................21 Echoing ...............................................................14 Economic Forces ..................................................8 Effective communication ...................................14 Effective group ...................................................18 Effective negotiation ............................................8 Efficient Communication ..................................14 Electronic meeting room ...................................18 Electronic Spreadsheets.....................................29 E-mail..................................................................29 Emotional conflict ................................................8 Employee involvement groups ..........................18 Empowerment ....................................................18 Encryption ..........................................................21 35 Entrepreneur ....................................................... 9 Entrepreneurship ................................................ 9 Environmental analysis....................................... 9 Environmental scanning).................................... 9 Ethnocentrism.................................................... 15 Eustress ................................................................ 9 Executive Information Systems........................ 29 Executive summary ........................................... 31 Expert Systems .................................................. 29 F Facilitator ............................................................. 9 Feedback ............................................................ 15 Fiber Optics........................................................ 25 File Compression ............................................... 21 File Transfer Protocol (FTP) ............................ 25 Filtering .............................................................. 15 Floppy Disks....................................................... 23 Force-coercion strategy....................................... 9 Form letter ......................................................... 31 Formal communication channels ..................... 15 Formal group ..................................................... 18 Formal report .................................................... 31 Free riders .......................................................... 18 Functional group ............................................... 18 G Gantt charts ....................................................... 31 Gateway.............................................................. 25 Gigabyte ............................................................. 23 Globalization........................................................ 9 Grapevine ........................................................... 15 Graphical user interface (GUI) ........................ 28 Group.................................................................. 19 Group cohesiveness ........................................... 19 Group dynamics ................................................ 19 Group norm ....................................................... 19 Group process .................................................... 19 Groupthink......................................................... 19 Groupware ......................................................... 29 H Halo effect .......................................................... 15 Hard Disks.......................................................... 23 Haroshi ................................................................. 9 Hearing............................................................... 15 Host Computer .................................................. 25 Human Resource maintenance......................... 19 Hypertext Markup Language (HTAM)........... 25 I Icons.................................................................... 28 Impression management ................................... 15 Informal communication channels................... 15 Informal group .................................................. 19 Information ........................................................ 21 Information Literacy .........................................21 Information Privacy...........................................22 Information Processing Cycle ...........................22 Information Systems ..........................................29 Information Technology ....................................22 Innovation.............................................................9 Input....................................................................22 Integrated Software Systems.............................29 Integrative negotiation.........................................9 Interactive Links ................................................29 Internet ...............................................................26 Intranet ...............................................................26 Intrapreneur.........................................................9 Intrapreneurship................................................10 J Jargon .................................................................32 Java .....................................................................28 L Language Translators........................................28 Lateral communication......................................15 Liaison.................................................................19 Libel.....................................................................15 Lifestyles .............................................................10 Listening .............................................................15 Local Area Network (LAN)...............................26 Lose-Lose conflict...............................................10 M Mainframe computers .......................................23 Maintenance activities .......................................19 Management by wandering around (MBWA).15 Management Information Systems (MIS)........29 Marketing Environment....................................10 Marketing Management ....................................10 Mechanistic Design ............................................19 Mediation ............................................................10 Megabyte.............................................................23 Megahertz (MHz)...............................................24 Memo...................................................................32 Menu ...................................................................28 Microprocessors .................................................24 Mixed message....................................................15 Modem ................................................................26 Mouse ..................................................................24 Multimedia Applications ...................................30 N Negotiation..........................................................10 Networks .............................................................26 News Release.......................................................16 Noise ....................................................................16 Nonverbal communication ................................16 Normative-reeducative strategy........................10 36 O OD interventions................................................ 10 Operating Systems............................................. 28 Opinion............................................................... 32 Organic Design .................................................. 19 Organizational change ...................................... 10 Organizational communication ........................ 16 Organizational Development (OD) .................. 10 Organizational ecology...................................... 16 Output ................................................................ 22 P Paraphrase ......................................................... 32 Partnership......................................................... 11 Perception........................................................... 16 Performance Gap .............................................. 11 Performance norm............................................. 19 Personal Computers .......................................... 24 Personal wellness ............................................... 11 Planned change .................................................. 11 Presentation Graphics....................................... 30 Primary search .................................................. 32 Principled negotiation ....................................... 11 Process innovation ............................................. 11 Processing........................................................... 22 Product innovation ............................................ 11 Programming Languages.................................. 28 Projection ........................................................... 16 Promotion........................................................... 16 Proofreading ...................................................... 32 Propaganda ........................................................ 16 Proxemics ........................................................... 16 Psychological group........................................... 19 Public Relations ................................................. 16 Publicity.............................................................. 16 Purpose statement ............................................. 32 Q Quality circle...................................................... 20 Query Languages............................................... 30 R RAM (Random Access Memory) ..................... 24 Rapid Applications Development..................... 28 Rational persuasion strategy ............................ 11 Raw Data (Data) ................................................ 22 Reason strategy.................................................. 11 Reciprocity strategy........................................... 11 Reference group................................................. 20 Reflecting............................................................ 16 Refreezing........................................................... 11 Regulatory forces............................................... 11 Report Generators............................................. 30 Resume ............................................................... 32 Retribution strategy .......................................... 12 Revising...............................................................32 Role......................................................................17 Role ambiguity ...................................................17 Role conflict ........................................................17 Role overload......................................................17 Role underload ...................................................17 ROM (read only memory) .................................24 Router .................................................................26 Run-on-sentence .................................................32 S Salutation ............................................................32 Secondary research ............................................32 Secondary Storage..............................................22 Selective perception............................................17 Self-managing work team..................................20 Semantic..............................................................17 Semantic barriers...............................................17 Server ..................................................................26 Shared power strategy .......................................12 Skunkworks ........................................................12 Slander ................................................................17 Small business.....................................................12 Smoothing ...........................................................12 Social loafing.......................................................20 Sociocultural forces............................................12 Sociometry ..........................................................20 Software Suites ...................................................30 Sole proprietorship ............................................12 Stereotype ...........................................................17 Stress ...................................................................12 Stress interviews.................................................33 Stressors ..............................................................12 Substantive conflict ............................................12 Supercomputers .................................................24 Survivor syndrome.............................................12 Synergy ...............................................................20 System Clock ......................................................24 System Software .................................................28 System Unit.........................................................24 T Task activities .....................................................20 Task force ...........................................................20 Team....................................................................20 Team building.....................................................20 Teamwork...........................................................20 Technological forces...........................................12 Telnet...................................................................26 Three-sixty evaluation .......................................20 Tone.....................................................................33 Transaction Processing Systems (TPS) ............30 Transformational leaders ..................................13 Transitions ..........................................................33 Trust....................................................................20 Twisted Pair........................................................26 37 Type A personality ............................................ 13 Type B personality............................................. 13 U Unfreezing (in the planned-change process) ... 13 Uniform Resource Locator (URL) ................... 26 Unplanned change ............................................. 13 Upward communication.................................... 17 V Vilobyte .............................................................. 23 Virtual Reality (VR) .......................................... 30 Visual Basic.........................................................28 Web Browsers.....................................................26 What-if Analysis.................................................30 Wide Area Network (WAN)..............................26 Win-lose conflict.................................................13 Win-win conflict .................................................13 Wordprocessors..................................................30 World Wide Web ...............................................27
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ECN437HumanCapital1.2.Supposeafriendisjustabouttograduatefromcollegeandisthinkingofgoingontogradschool.Sheisonlyinterestedinmakingthepresentvalueofherincomestreamashighaspossible,andshecanborrowandlendataninterestrateof5%.Ifshedoesntgotogradschool
Syracuse - ECN - 437
ECN437LotteryTicket1.2.Imaginethatyoustumbleacrossawinninglotteryticketwhoseprizeisamilliondollars.Yourfirstreaction,nodoubt,wouldbetoaskhowtheprizemoneywillbepaidoutsothatyoucouldcomputeitspresentvalue.Supposeitistobepaidoutin10installmentsof$100,
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ECN437ParetoEfficiencyAcentralconceptineconomicsisParetoefficiency.AsituationissaidtobeParetoefficientifthereisnowaytorearrangethingstomakeatleastone personbetteroffwithoutmakinganyoneworseoff.WhatmakesParetoefficiencyimportantisthatalmosteveryonewou
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ECN437PresentValue1:FundamentalsHerearethekeyequationsfordoingpresentvaluecalculations.AsinglepaymentThepresentvalueofasinglepaymentofBdollarsinyearTwhenthe interestrateisRisgivenbytheformula:PV=B/(1+R)TThecashflowdiagramthatcorrespondstothiscaseis
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ECN437WindTurbineAnelectricutilityisconsideringbuildinganewwindturbineforpower generation.Ithasthefollowinginformation:Theunit'scapacitywouldbe1megawatt(MW),or1,000kilowatts(kW).Thecostoftheturbinewouldbe$1,000perkWofcapacity.Besuretonotethatthepric
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ECN437Peter J Wilcoxen The Maxwell School Economics and Public Administration SyracuseUniversityPresent Value 2: Combined FormsThe fundamental equations for present value (see Present Value 1: Fundamentals) canbe combined to analyze more complex cash
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ECN437ProbabilityandExpectedValueIndependentEventsIftworandomeventsareindependentofoneanother,theprobabilitythatbothwilloccuristheproductoftheprobabilitiesoftheindividualevents.Forexample,ifIflipacoin,theprobabilitythatitwilllandheadsupis0.50(50%).I
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ECN437ProducerSurplusProducersurplusisthepricereceivedbyasellerlesstheminimumamount theselleriswillingtoacceptinexchangeforthegood(seealso:willingnesstoaccept).Someonewhowaswillingtosellheroldcarfor$2000butmanagestoget$2500foritoneBaygets$500ofproduc
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ECN437SupplyandWillingnesstoAcceptAseller's"willingnesstoaccept"(W2A)istheabsoluteminimumamount shewouldtakewhensellingagood.Forexample,someonesellingaused carmighthopetoget$5000foritbutwouldtake$4000inapinch.Ifshewouldsellthecarfor$4000butwouldnotse
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ECN437UsingDatatoDetermineParametersOnetaskthateconomistsfaceallthetimeisdeterminingthevaluesof parametersappearinginkeyeconomicequations.Forexample,supposewe knowthataparticularfirmfacesademandcurveforitsproductthatlooks likethefollowing:Q=AB*Pwhe
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Chapter 39 LecturePlant ResponseCHAPTER 39PLANT RESPONSES TO INTERNALAND EXTERNAL SIGNALSSection A: Signal Transduction and Plant Responses1. Signal transduction pathways link internal and environmental signals tocellular responsesCopyright 2002 P
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Chapter 17 LectureCHAPTER 17FROM GENE TO PROTEINSection A: The Connection Between Genesand Proteins1. The study of metabolic defects provided evidence that genes specifyproteins2. Transcription and translation are the two main processing linking ge
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Chapter 2 LectureChemistry2. Life requires about 25 chemicalelements About 25 of the 92 natural elements areknown to be essential for life. Four elements - carbon (C), oxygen (O),hydrogen (H), and nitrogen (N) - make up96% of living matter. Most
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Chapter 40 LectureAnimal structure and functionCHAPTER 40AN INTRODUCTION TO ANIMALSTRUCTURE AND FUNCTIONSection A: Functional Anatomy: An Overview1. Animal form and function reflect biologys major themes2. Function correlates with structure in the
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Chapter 35 LecturePlant structure and growthCHAPTER 35PLANT STRUCTURE AND GROWTHSection A1: The Plant Body1. Both genes and environment affect plant structure2. Plants have three basic organs: roots, stems, and leavesCopyright 2002 Pearson Educatio
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Chapter 32 LectureCHAPTER 32INTRODUCTION TO ANIMALEVOLUTIONSection A: What is an animal?1. Structure, nutrition, and life history define animals2. The animal kingdom probably evolved from a colonial, flagellated protistCopyright 2002 Pearson Educat
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Chapter 24 LectureCHAPTER 24THE ORIGIN OF SPECIESSection A: What Is a Species?1. The biological species concept emphasizes reproductive isolation2. Prezygotic and postzygotic barriers isolate the gene pools ofbiological species3. The biological spe
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Chapter 9 LectureRespirationCHAPTER 9CELLULAR RESPIRATION:HARVESTING CHEMICAL ENERGYSection A: The Principles of Energy Harvest1. Cellular respiration and fermentation are catabolic, energy-yieldingpathways2. Cells recycle the ATP they use for wor
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Chapter 5 LectureMacromoleculesCHAPTER 5THE STRUCTURE AND FUNCTIONOF MACROMOLECULESSection A: Polymer principles1. Most macromolecules are polymers2. An immense variety of polymers can be built from a small set of monomersCopyright 2002 Pearson Ed
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Chapter 52 LectureCHAPTER 52POPULATION ECOLOGYSection A: Characteristics of Populations1. Two important characteristics of any population are density and thespacing of individuals2. Demography is the study of factors that affect the growth and decli
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Chapter 49 LectureSensory and motor functionCHAPTER 49SENSORY AND MOTOR SYSTEMSSection A: Sensing, Acting, and Brains1. The brains processing of sensory input and motor output is cyclical ratherthan linearCopyright 2002 Pearson Education, Inc., pub
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Chapter 44 LectureRegulating the internal environmentCHAPTER 44REGULATING THE INTERNALENVIRONMENTSection A: An Overview of Homeostasis1. Regulating and conforming are the two extremes in how animals cope withenvironmental fluctuations2. Homeostasi
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Chapter 53 LectureCHAPTER 53COMMUNITY ECOLOGYSection A: What Is a Community?1. Contrasting views of communities are rooted in the individualistic andinteractive hypotheses2. The debate continues with the rivet and redundancy modelsCopyright 2002 Pe
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Chapter 34 LectureVertebrate SurveyCHAPTER 34VERTEBRATE EVOLUTION ANDDIVERSITYSection A: Invertebrate Chordates and the Origin ofVertebrates1. Four anatomical features characterize the phylum Chordata2. Invertebrate chordates provide clues to the