MGMT 3000 Exam 1 Study Guide

1. What is the major difference between a traditional society and a society of organizations?
2. What are the three reasons time is likely the most powerful asset you have?

• What are the three examples of time enabling cumulative growth?
• What does time compression diseconomy mean?
• In his inspirational graduation speech, Steve Jobs mentioned that time ________ ___ ____.

1. What are the three critical components of vision?
2. Provide one example of personal vision and one example of organizational vision.
3. What are the four dimensions of MBTI?
4. What are the five dimensions of Big 5?
5. Which personality dimension is both in MBTI and in Big 5?
6. What are the pros and cons of MBTI? How do these pros and cons contrast with the pros and cons of Big 5?
7. Our brain has two systems of thinking. How do System 1 and System 2 different from each other?

• Which system do you use to make most decisions in your life?
• Which system should you use to make the most important decisions in your life?
• Is System 1 or System 2 more rational?
• Which system is the one that you cannot turn off?
• Which system is the one that your brain prioritizes?

1. What does analysis paralysis mean?
2. Which human tendency does cognitive miser refer to?
3. What are the three types of heuristics we depend on to make quick decisions?
4. Which is inherently bad, heuristics, biases, or both?
5. Give one example of a bias coming from affect heuristic.
6. What are the defining features of the following six biases that distinguish one from another?

• List: Ease of recall, anchoring, framing effects, regression to the mean, selection bias, & confirmation bias
• Examples) How does anchoring differ from framing effects? How does ease of recall differ from confirmation bias?
• Note: Selection bias and confirmation bias are very similar so I will not ask you to distinguish the two in the exam; but they are different!

1. What are the three practices you could implement to avoid biases?
2. Which components of teamwork you have the most and the least control with?
3. What is the difference between surface level and deep level diversity?
4. What is the ability theorem? How does the toolbox view different from it?
5. What are the three ways to maximize the benefit of diversity?

• When does a diverse team outperform a team created based on the ability theorem? Always?
• What are the two required elements of inclusion?

1. What is the difference between task conflict and relational conflict? Which one is always bad?
2. Psychological safety is one of the strongest predictors of team performance because it increases helpful _______ conflict and decreases harmful _______ conflict. Because of this, the number of issues being reported may be higher in teams with greater psychological safety.