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ADMS 1010- MIDTERM REVIEW CHAPTER 1-5 Questions With Correct Solutions Graded A+ £12.67
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ADMS 1010- MIDTERM REVIEW CHAPTER 1-5 Questions With Correct Solutions Graded A+

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Economics: the social science that studies the processes that govern the production, distribution and consumption of goods and services in an exchange economy.  Foundations of economic thought: o Moral philosophy (Ethics) o Political economy o 1776. Adam Smith, a Scottish philosopher, author...

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  • February 26, 2024
  • 18
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • what is adms
  • what is critical thinking
  • macroeconomics
  • adms 1010 midterm review chapter 1
  • the theory of marginal utility

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  • ADMS
  • ADMS

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ADMS 1010- MIDTERM REVIEW
CHAPTER 1- Introduction to Critical Thinking
1.What is critical thinking?
oCritical: comes from the Greek word, , which means to question, kritikos
analyze, or make sense of something
oApproach to reading, thinking and learning oInvolves asking questions, examining assumptions, weighting the validity of
argum ent Explicit and Conscious
Make better decision 2.Proposition: The most important element of democratic society is the individual and the
role of a democratic society is to protect the rights of the individual
∆Individualism (Adam Smiths) oThe most important element of a democratic society is the well being of the
society as a whole and it is the responsibility of the individual protect that
society (Collectivism) 3.Sharpen Your Analytical Skills
a.Critical thinking – Analyzing the validity of arguments presented in a
text
Identify the author ’s major conclusions
Describe & evaluate supporting evidence
Uncover assumptions & values
Determine soundness of causal logic
Deconstruct use of persuasive language
b.Develop and present persuasive ar guments of your own
4.Characteristics of the critical thinker oSelf-aware:
Introspective
Know personal biases
Name strategies used to make judgments
oCurious:
Explore beneath the surface of issues
Try new approaches
Seek new viewpoints
oIndependent:
Listen to and learn from others
Develop their own informed opinions
Make their own judgments
5.Critical T hinking about Business: oBusiness the dominant institution of our time:
Main discourse: economic performance, productivity , global markets,
and financial investments…
Business values: spreading to non-business spheres (e.g. universities,
health-care, government…)
oCurrent affai rs:
Corporate scandals of early 2000s (e.g. Enron)
Global financial crisis (2008 - ??) oEthics, CSR, governance, sustainability…
oAge of the expert:
Trouble with experts:
oLots of NOISE (uncertainty) in the business world
o“Experts” step in to fill the void:
They’re often wrong
They disagree
oNeed to develop procedures to assess truth or validity of dif ferent
6.Dimension of Critical T hinking oCentral claims oQuality of evidence oUnderlying assumptions and values oCausal claims oTechniques of persuasion CHAPTER 2: MANAGEMENT
1.What is ADMS?
oSchool of Administrative Studies (SAS)
oAdministrative = Management
oAdministrating/Managing what?
Primary focus on business
But also, government, not-for -profits oSAS is ef fectively a business school (B-school) 2.Brief history of b-school: The Early Year: oThe world's first business school, 1819 – ESCP Europe was founded
in Paris, France. It is the oldest business school in the world and now has campuses in Paris, London, Berlin, Madrid, and T orino.
oFirst collegiate business schools established around turn of century (1900s)
Wharton, U. of Pennsylvania, est. 1881
U. of Chicago Graduate School of Business (now the Booth School of
Business), est. 1891
Harvard Business School, est. 1908
oReflected the rise of the modern, publicly-traded corporation
oThe Aim:
oOriginal intent was to develop a professional degree similar to law &
medicine:
oManage corporations in the interest of a variety of stakeholders:
Shareholders
Customers
Employees
Society
oCode of ethics
oStandardized body of knowledge
o“The education students received was neither rigorous nor especially
effecti ve” (Escher , 2010)
oThe Growth Year:
Rapid growth of B-schools following WWII Returning soldiers needed jobs
Public policy goal to have no unemployment
Carnegie & Ford foundations commission studies of business education in
the late 1950s
owhy would they do this?
oissued in shift to a more traditional academic curric ulum, with
specialized, functional disciplines
oled to greater legitimacy and power within universities
Rapid growth of post-secondary business programs continues to the present
oCharacteristic: oMilton Friedman’ s view predominant: Goal of business is to m aximize profit
oPractitioner focus: Purpose is to educate business managers
oTwo main teaching methods:
Traditional skills-based, lecture style
Case-method
oCase-method
Developed at Harvard Business School
oNo business textbooks when HBS founded (1908)
oWhat they did:
Interviewed leading business practitioners
Wrote a detailed account of what they did
oAre these BEST PR ACTICES??
oLack of criteria to judge whether actions were good or bad
So, instead:
Read the case -> discuss in class -> of fer recommendations
oStudent takes on role of decision maker (i.e. the manager)
3.The manager - what managers do?
The manager: The person in char ge of the organization or one of its subunits
Classical view: aka, The rational view
Provided by French industrialist, Henri Fayol in 1916
Managers:
Plan
Organiz e
Coordinate
Control
∆Folklore and Fact:
∆Myth 1: Planning ∆Folklore: T he manager is a reflective, systematic planner
Fact:
Managers work at an unrelenting pace
Activities are characterized by brevity , variety , discontinuity
Managers like action, avoid reflection
∆Evidence:
½ of activities last less than 9 minutes
Average 583 activities in 8 hour shift (1 every 48 seconds)
Work for ½ hour or more once every 2 days
∆Myth 2: Duties Folklore:The effe ctive manager has no regular duties
Fact:

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