ARE 112 Midterm 1 Exam Questions & Answers 2023/2024
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Course
ARE 112
Institution
ARE 112
ARE 112 Midterm 1 Exam Questions & Answers 2023/2024
why organizations exist? - ANSWER-to achieve goal or set of goals
organizations try to ____ goals - ANSWER-optimize or satisfy
10 innovations since WWII - ANSWER-Lesson: all come from organizations
4 steps to organization - ANSWER-1. ...
ARE 112 Midterm 1 Exam Questions &
Answers 2023/2024
why organizations exist? - ANSWER-to achieve goal or set of goals
organizations try to ____ goals - ANSWER-optimize or satisfy
10 innovations since WWII - ANSWER-Lesson: all come from organizations
4 steps to organization - ANSWER-1. acquire people and resources 2. organize and harness ingenuity of
people 3. respond to social, commercial environment 4. produce and distribute goods and services
structure - ANSWER-formal and informal system of tasks and reporting relationships that control and
coordinate employees
systems - ANSWER-policies that complement structure; human resources for example
culture - ANSWER-core value, norms that guide the organization and direct it
, external fit - ANSWER-how well organization responds to environment
internal fit - ANSWER-how well the components of the organization are; how well the organization uses
its resources
oliver williamson interview - ANSWER-
transactions costs - ANSWER-cost of doing things; should minimize transaction costs
cost of uncertainty - ANSWER-insurance, putting multiple people on a job to reduce risks. Reducing
uncertainty reduces transaction costs
bounded rationality - ANSWER-Bounded rationality is the idea that when individuals make decisions,
their rationality is limited by the information they have, the cognitive limitations of their minds, and the
time available to make the decision.
incomplete contracts - ANSWER-More recent developments known as the theory of incomplete
contracts, pioneered by Oliver Hart and his coauthors, study the incentive effects of parties' inability to
write complete contingent contracts, e.g. concerning relationship-specific investments.
Because it would be impossibly complex and costly for the parties to an agreement to make their
contract complete,[1] the law provides default rules which fill in the gaps in the actual agreement of the
parties.
what causes incomplete contracts - ANSWER-transaction costs, cost of uncertainty, bounded rationality
mutually exclusive - ANSWER-is each issue a separate and distinct issue
collectively exhaustive - ANSWER-does every aspect of the issue come under one, and only one of the
issues
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