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Lecture

Global Management Lecuture 1.docx

6 Pages
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Department
Global Management Studies
Course Code
GMS 200
Professor
Bamidele Adekunle

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Description
Intro to Global Management: Intro to Business and the Dynamic Workplace st 21 Century Workplace:  Organizations must adapt to rapidly changing society  Economy is global and driven by Innovation and Technology  High performing companies gain results from people working for them  Interdependent, knowledge based Question 1: Challenges of Working in the new Economy Intellectual Capital:  People are the foundation  Collective brainpower/shared knowledge used to create value  Knowledge worker adds to the intellectual capital Globalization:  National boundaries of world business have largely disappeared  Globalization is the interdependence of resource flows, product markets, & business competition that characterize the new economy Technology:  Continuing transformation of modern workplace: o Internet o World Wide Web o Computers o Information Technology  Increasing demands for knowledge workers with skills to utilize technology Diversity:  Differences with respect to gender, age, race, ethnicity, religion, sexual orientation, able-bodiless  A diverse workplace challenges & offers opportunity to employees Ethics:  Code of moral principle  Defines what is wrong & what is right  Society requires business to operate according to high moral standards  Restoring the strength of corporate governance Careers:  21 century career wont be uniformly full-time & limited to a single large employer  Skills must be portable & always of current value Question 2: What are organizations like the new workplace? Critical skills for success in the new workplace:  Mastery - Love of Technology  Contacts - Marketing  Entrepreneurship - Passion for renewal Organization:  Collection of people working together to achieve a common purpose  Provide useful goods and/or services that return value to society & satisfy customer needs Organizations are open systems  Composed of interrelated parts that function to achieve a common purpose  Interact with their environments  Transform resource inputs into product outputs (Goods & Services)  Environmental feedback tells organization how well it is meeting the needs of customers & society (See Figure 1.1) Organizational Performance:  Value is created when operations ass value to original cost of resource inputs  When value creation occurs: o Business earns profits o Non-profit organizations add wealth to society Productivity:  Overall measure of the quantity & quality of work performance Performance effectiveness:  Output measure of task or goal accomplishment (Minimum cost) Performance Efficiency:  Input measure of resource costs associated with goal accomplishment Goal: To be effective and Efficient (See figure 1.2) Workplace Changes are why you study management:  Belief in human capital  Demise of “Command & Control”  Emphasis on Teamwork  Preeminence of Technology  Emphasis on Networking  New workforce exceptions  Concern for work-life balance  Focus on speed Importance of Human Resources & Managers: “Toxic Workplaces” treat employees as costs “High Performing Organizations” treat people as valuable strategic assets Managers must ensure that people are treated as strategic assets Question 3:What are managers and what do they do? Manager: Person in an organization who supports & is responsible for the work of others  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 organization as a whole  Middle Managers: In charge of relatively large departments  Project Managers: Coordinate com
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