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Ryerson University
Global Management Studies
GMS 200

GLOBAL MANAGEMENT STUDIES Chapter 1 Intellectual capital is the collective brainpower or shared knowledge of a work force Knowledge worker is someone whose mind is a critical asset to employers Globalization is the worldwide interdependence of resource flows, product markets, and business competition This process as described as one in which improvements in technology combine with the deregulation of markets and open borders to bring about vastly expanded flows of people, money, goods, services, and information Workforce Diversity describes differences in gender, race, age, ethnicity, able-bodiness, religious affiliation and sexual orientation among workers By valuing diversity, organizations can tap a rich talent pool and help everyone work to their full potential Analogy of the Irish Shamrock o One leaf are the core workers. These full-time employees pursue traditional career paths o Second leaf are contract workers. They perform specific tasks as needed by organization and are compensated on a fee-for-services basis rather than by a continuing wage or salary o Third leaf are part-time workers hired only as needed for only the number of hours needed Prejudice is the display of negative irrational attitudes toward women and minorities Discrimination actively denies women and minorities the full benefits of organizational membership Glass ceiling effect is the an invisible barrier limiting career advancement of women and minorities Ethics set morals standards of what is good and right in ones behaviour Corporate Governance is oversight of a companys management by a board of directors Organization is a collection of people working together in a division of labour to achieve a common purpose All organizations share a broad purpose, providing useful goods or services. Each one should return value to society and satisfy customers needs in order to justify its continued existence. A clear sense of purpose that is tied to quality products and customer satisfaction is an important source of organizational strength and performance advantage Open system organizations interact with their environment to transform resources into product outputs The external environment is a critical element in the open-systems view of organization. It is both a supplier of resources and the source of customers. Feedback from the environment tells an organization how well its doing The notion of value creation is very important. If operations add value to the original cost of resource inputs, then 1) a business organization can earn a profit, 2) a non-profit organization can add wealth to society. Value is created when an organizations resources are utilized in the right way Productivity is the quantity and quality of work performance, with resource utilization considered Performance effectiveness is an output measure of task or goal accomplishment Performance efficiency is an input measure of resource costs associated with goal accomplishment Change Belief in human capital: demands of the new economy place premiums on high involvement and participatory work settings that rally the knowledge, experience, and commitment of all members Demise of command-and-control: traditional hierarchal structures with do as I say bosses are providing to be slow, conservative, and costly for todays competitive environments Emphasis of teamwork: todays organizations are less vertical and more horizontal in focus; they are increasingly driven by teamwork that pools talents for creative problem solving Pre-eminence of technology: new opportunities appear with each new development in computer and information technology; they continually change the new way organizations operate and how people work Embrace of networking: organizations are networked for real-time communication and coordination, both internally and externally with partners, contractors, suppliers, and customers New workforce expectations: a new generation of workers brings to the workplace less tolerance for hierarchy, more informality, and more attention to performance merit that to status and seniority Focus on speed in business those who get products to market first have an advantage, and in any organization work is expected to be both done well and timely Manager is a person who supports and is responsible for the work of others Any manager is responsible not just for his or her own work but for the overall performance and accomplishments of a team, work group, department, or even organization as a whole Every managers job thus entails a key responsibility, to help other people achieve high performance. Those persons working with and reporting to managers are the critical human capital upon whose intellects and efforts the performance of any organization is ultimately built Top Managers guide the performance of the organization as a whole or of one its major parts They pay special attention to the external environment, are alert to potential long-run problems and opportunities, and develop appropriate ways of deal with them The best top managers are future-oriented strategic thinkers who make decisions under highly competitive and uncertain conditions. They are able to scan the environment, create and communicate long-term vision, and ensure that strategies and objectives are consistent with the organizations purpose and mission Middle Managers oversee the work of large departments or division Deans, clinic directors, division managers, plant managers etc. They work with top managers and coordinate with peers to develop and implement action plans to accomplish organizational objectives. They must be team oriented and able to work well with people from all parts of an organization Project Managers coordinate complex projects with task deadlines Team leaders or supervisors report to middle managers and directly supervise non-managerial workersLine Managers directly contribute to the production of the organizations basic goods or services The president, retail manager, and department supervisors of a local department store all have line responsibilities. Their jobs in one way or another are directly related to the sales operations of the store Staff Managers use special technical expertise to advice and support line workers Use special technical expertise to advise and support the efforts of line workers. In a department store, the director of HR and chief financial officer would have staff responsibilities Functional Managers are responsible for one area of activity, such as finance, marketing, production, personal accounting, or sales General Managers are responsible for complex multi-functional units An example is a plant manager who oversees many separate functions, including purchasing, manufacturing, warehousing, sales, personnel, and accounting An Administrator is a manager in a public or non-profit organization Examples include hospital administrator, public administrator, city administrator etc. Accountability is the requirement to show performance results to ones immediate supervisor Team leader is accountable to middle manager, the mi
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