ARE 132 Lecture Notes - Lecture 1: Monopolistic Competition

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First steps to being a good manager is to realize: you are not in complete control, you need help, you"re dependent on others, you can"t just fire somebody. Good employees have options and can work for whoever they want. Treat your employees as they add value, are unique, rare and irreplaceable. Long term sustainable competitive advantage can come from employees. Remember: in your mind, employees are always irreplaceable. Although technically, yes, they can be replaced, you should not treat them like they are. If your equipment value = ,000, after 10 years the salvage value is ,000. For trained operators, you should fix them and teach them instead of replacing them right away. To teach, do internships instead of test drives. You can"t push the equipment and your labor beyond its limits. Resource management is to strategically coordinate and make the most efficient use of labor in an ethical manner. Maximum hours does not equal maximum output.

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