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Lecture 5

GMS NOTES ( WEEK 1 To WEEK 5).docx

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Ryerson University
Global Management Studies
GMS 200
Louis Pike

WEEK 1 1. What are the challenges of working in the new economy? 2. What are organizations like in the new workplace? 3. Who are managers and what do they do? 4. What is the management process? 5. How do you learn the essential managerial skills and competencies? Overview of the 21st century workplace 1. Organizations must adapt to rapidly changing society 2. Economy is global and driven by innovation and technology 3. High performing companies gain extraordinary results from people working for them 4. Interdependent , knowledge based Study question 1 : what are the challenges of working in the new economy? * intellectual capital - people are the ultimate foundations of organizational performance - intellectual capital is the collective brainpower or shared knowledge of a workforce that can be used to create value - a knowledge worker adds to the intellectual capital of an organization *globalization - national boundaries of world business have largely disappeared - globalization is the worldwide interdependence of resource flows, product markets, and business competition that characterize the new economy *technology - continuing transformation of the modern workplace through : the internet , world wide wed , computers , information technology - increasing demand for knowledge workers with the skills to fully utilize technology *diversity - workforce diversity reflects differences with respect to gender, age, race, ethnicity, religion, sexual orientation, and able-bodiedness - a diverse and multicultural workforce both challenges and offers opportunities to employers * ethics - code of moral principles - society requires businesses to operate according to high moral standards - emphasis today on restoring the strength of corporate governance * career - career of 21st century wont be uniformly full time and limited to a single large company - skills must be portable and always of current value Question 2: what are organizations like in the new workplace? * critical skills for success in the new workplace - mastery - love of technology - contacts - marketing - entrepreneurship - passion of renewal *organization - a collective of people working together to achieve a common purpose - organizations provide useful goods and / or services that return value of society and satisfy customer needs * organizations are open systems - composed of interrelated parts that function together o achieve a common purpose - interact with the environments - transform resource inputs into product outputs (goods and services) - environmental feedback tells organization how well it is meeting the needs of customers and society *organizational performance - value is created when an organization's operations adds value to the original cost of resource inputs - when value creation occurs : > business earn profit > nonprofit organizations add wealth to society *organizational performance - productivity : an overall measure of the quantity and quality of work performance with resource utilization taken into account - performance effectiveness : an output measure of task or goal accomplishment - performance efficiency : an input measure of the resource costs associated with goal accomplishment *work place changes that provide a context for studying management - belief in human capital - demise of command and control - emphasis on teamwork - preeminence of technology -embrace of networking -new workforce expectations -concern for work life balance - focus on speed Question 3: who are managers and what do they do? *importance of human resources and managers - "toxic workplace" treat employees as costs - high performing organizations treat people as valuable strategic assets - managers must ensure that people are treated as strategic value *manager is a person in an organization who supports and is responsible for the work of others * the people who managers help are the ones whose tasks represent the real work of the organization *levels of management - top managers : responsible for performance of an organization as a whole or for one of its larger parts - middle managers : in charger of relatively large department or divisions - project managers : coordinate complex projects with task deadlines - team leaders or supervisors : in charge of a small work group of non - managerial workers *responsible of team leaders : - plan meetings and work schedules - clarify goals and tasks, and gather ideas for improvement - appraise performance and counsel team members -recommend pay raises and new assignments - recruit, develop, and train team members *responsibilities of team leaders (cont) : - encourage high performance and team work - inform team members about organizational goals and expectations - inform higher levels of work units needs and accomplishments - coordinate with others teams and support the rest of the organization *types of managers - line managers : are responsible for work activities that directly affect organizations's outputs - staff managers : use technical expertise to advise and support the efforts of line workers - functional managers : are responsible for a single area of activity - general managers : are responsible for more complex units that include many functional areas - administrators work in public and non profit organizations *managerial performance and accountability - accountability is the requirement of one person to answer to a higher authority for relevant performance results - effective managers fulfill performance accountability by helping others to achieve high performance outcomes and experience satisfaction in their work *quality or work life (qwl) - an indicator of the overall quality of human experiences in the workplace - qwl indicators : fair pay, safe working conditions, opportunities to learn and use new skills, room to grow and progress in a career, protection of individual rights, pride in work itself and in the organization * high performing managers -build working relationships with others - help others develop their skills and performance competencies - foster teamwork - create a work environment that is performance driven and provides satisfaction for workers * the organization as an upside down pyramid - each individual is a value - added worker - a manager's job is to support worker's efforts - the best managers are known for helping and supporting WEEK 2 *outline - information technology and the new workplace - the role of information in the management process - information and decision making - steps in the decision making process - current issues in managerial decision making Information technology and the new workplace - knowledge and knowledge workers provide a decisive competitive factor in today's economy - knowledge worker: intellectual capital, knowledge and intellectual capital are irreplaceable organizational resources, the productivity of knowledge and knowledge workers depends on 1. Computer competency & 2. Information competency It & new workplace - electronic commerce ( B2C e-commerce, B2B e-commerce ) - stages of development in e-commerce : * secure on online identity * establish a web presence * enable e-commerce * provide e-commerce and customer relationship management * utilize a service application model - It facilitates communication and information sharing, reduction in the number of middle managers, better organizational structure and excellent coordination and control - It builds relationships with external environment - It has changes the new workplace (email, P2P - Peer - to - peer file sharing ) - data is raw facts and observation - information is data made available for decision making - good information must be timely, high quality, Complete, relevant, and understandable The role of information in the management process - data - information - decision making - information exchanges with the external environment and within the organization - the external and internal information needs if the organization is presented in the picture WEEK 3. Outline - the international management challenges of globalization - forms and opportunities of international business - definition of multinational corporations - culture and it's relationship with global diversity - the transfer of management practices and learning across cultures The internation management challenges of globalization - key concepts in the challenges of globalization : global economy, globalization, international management, global manager - europe - European union (eu) - the Americans - nafta, ftaa - asian & pacific - Africa - sadc ( south Africa development community) ecowas ( economic community of west African states) Form and opportunities of international business - reasons for engaging in international business : profits, customers, supplies, capital, labour - market entry strategies involve the sale of goods or services to foreign markets but do not require expensive investments - type of market entry strategies: * global sourcing * exporting * importing * licensing agreement * franchising Culture and it's relationship with global diversity - understanding cultural differences (Trompenaars): > relationship with people : * universalism versus particularism * individualism versus collectivism * neutral versus affective * specific versus diffuse * achievement versus prescription > attitudes toward time - sequential and synchronic views > attitudes toward environment - inner directed and outer directed cultures Forms and opportunities of international business - direct investment strategies require major capital commitments but create rights of ownership and control over foreign operations - types of direct investment strategies: * joint ventures * foreign subsidiaries - criteria for choosing a journey venture partner: * familiarity with your firm's major business * strong local workforce * future expansion possibilities * strong local market for partner's own products * good profit potential * sound financial standing - complication in the global business environment ; * environment is complex, dynamic, and highly competitive * global business executives must deal with differences in the environment of business in different countries * world take organization resolves trade and tariff disputes among countries * protectionism can complicate global trading relationships Definition of multinational corporations: - multinational corporation (mnc) is a business with extensive international operations in more than one foreign country - mutual benefits for host country and man : * shared growth opportunities * shard income opportunities * shared learning opportunities * shared development opportunities -complaints about MNC by the host countries: * excessive profits * domination of local economy * Interference with local government * hiring the best local talent * limited technology * disrespect for local customs - MNC complaints about host countries : * profit limitations * overpriced resources * exploitative rules * foreign exchange restrictions * failure to uphold contracts -ethic issues got MNCs: * corruption : illegal practices that further one's business intere
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