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GMS200 MIDTERM REVIEWER Chapter 1,13,3.docx

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Department
Global Management Studies
Course
GMS 200
Professor
helen
Semester
Winter

Description
Global Management – Reviewer for Midterms within the organization and may remain employed Chapter 1, 13, 3 for a long time Chapter 1: Introducing Management - part-time temporaries – hired only as needed and Challenges of working in the new economy for as long as needed New Economy – interconnectedness, globalization, e- - - Portfolio worker – someone who has up-to date skills that commerce allow for job and career mobility Talent (Managing Talent) – company hire people but - Organization- people that are working together to achieve people rely on their talent to contribute. common purpose. - High performers achieve success because they are o Provide a useful goods and/or services that return better than their competitors at getting value to society and satisfy customer needs. extraordinary results from the people working for Critical sills for success in the new workplace: Mastery, them Networking, Entrepreneurship, love of technology, - Intellectual capital – collective brainpower. marketing, passion for renewal. BIGGEST ASSET OF THE COMPANY (what’s inside- Organization as an open system he head of the people) - Value Creation – when operation add value on raw material - Knowledge worker – someone whose mind is a o Business = profit critical asset to employers. o Non-for-profit = wealth for society Diversity – company should be sensitive in all cultural Organization Performance background. - Productivity - overall measure of the quantity and quality of - Workforce diversity - NOT always handled well. – outputs relative to the cost of inputs Diversity bias (white privilege) - Performance Effectiveness – An output measure of task or - Prejudice – negative thinking against another race goal accomplishment “negative belief”. Negative, irrational attitude toward - Performance Efficiency – an input of the resource cost members of diverse populations: setting the stage for associated with goal accomplishment diversity bias - PREJUDICE COULD LEAD TO DISCRIMINATION - Glass Ceiling effect – an invisible barrier limiting career advancement of woman and minorities – subtle for of discrimination - Many call diversity a “BUSINESS IMPERATIVE” Globalization – people have to think big, if you don’t think global someone will still the market from you - - it is described as a process in which “improvements in - What is the makeuo of the external environment of technology (communications and transportation” combine with the deregulation of markets and open borders to bring organizations and how is an organization linked to its about vastly expanded flows of people, money, goods, environment? P.E.ST.E. services and information. - the worldwide interdependence of resource flows, Political, Economical, Sociological, Technological, product markets, and business competition. Environmental Economic – health of the economic Technology – what’s the impact of technology with the Legal-political – norms, custom, social values business - the forces of globalization ride on the foundation of theSocio cultural – philosophy/objectives of political party internet and a continuing explosion in communication running the government Technological – development and availability of technology technologies. Big DATA! – chaos of data inside the company Natural Environment – nature and condition of environment - making sense of the chaos Stakeholders – people that has interest in the company Competitive advantage – allows an organization to deal with Ethics – code of moral principles -set of moral standards of what is good and right in market and environmental forces better than its competitors one’s behavior Strategic Positioning – occurs when an organization does different things or same thing in different ways from its major Ethical expectations for a modern business: integrity and competitors. ethical leadership at all levels, sustainable development, natural environment protection, consumer protection, Importance of human resources and managers human rights  People are not “cost to be controlled”  High performing organization treat people as valuable Career – people must make sure that their skills are portable and of current value in employment markets. strategic assets - independent contractors – they perform specific  Managers should ensure that people are treated as STRATEGIC ASSET tasks as needed by the organization and are compensated on a fee-for-services basis rather than Manager – is a person who supports, activities, and is by a continuing wage or salary responsible for the work of others.  Top Managers – guide the performance of the - full-time core workers – employees that pursues organization as a whole or one of its major parts traditional career paths with success and the maintenance of critical skills, they can advance  Middle Manager – oversee the work of large departments or divisions  Team Leaders – report to the middle Chapter 13 – Decision Making processes managers and supervise non-managerial Information and knowledge – knowledge and workers knowledge workers provide a decisive competitive  Line managers – directly contribute tofactor in today’s economy. producing the organization’s goods or Knowledge worker – a person you will hire for services there brain not the physical capabilities. ASEET IN  Staff Managers: - use special technicaTHE COMPANY expertise to advise and support line Intellectual Capital – summation of all the workers knowledge. Shred knowledge of a workforce that can  Functional Manager – are responsible be used to create wealth for one area such as finance, marketinData – a raw fact and observation. “spreadsheet” production, personnel, accounting or Information – “digested data” Data made useful for sales decision. Information drives management function  Administrator – a manager in a public Useful factors or non-profit organization  Timely – comes in exact time, right time  General Manager – are responsible for  High quality – info must be reliable more complex units that include many  complete functional areas  Relevant Accountability – is the requirement for one person  Understandable – something simple – it to answer a higher authority for relevant has to be simple performance result Intelligence information (external Quality of work life (QWL) – an indicator of the information) – gathered from stakeholders and overall quality of human experiences in the external environment workplace Internal information (company) – flows up, QWL indicators: fair pay, safe working conditions, down, around, and across organization opportunities to learn and use new skills boom to Public Information – disseminated to grow and progress in a career, protection of stakeholders and external environment individual rights, pride in work itself and in the *Corporation gather information all over the organization. map Four functions of Management *public info is anything the company give to  Planning – setting performance objectives the consumer and deciding how to achieve them Tools used to manage information  Organizing – arranging tasks, people and  IT BREAKS (barriers) other resources to accomplish work o People, team and departments  Leading – inspiring people to work hard to are better connected by IT achieve high performance o Strategic partner  Controlling – Measuring performance and LEADERS NEEDS TO KNOW HOW TO USE THE taking action to ensure desire results COMPUTER!!! Decision Roles – Information used for entrepreneurship, resource allocation, disturbance, handling, negotiation. Information Rules - Information sought, received, transferred among insiders and outsiders Interpersonal Roles – information used for ceremonies, motivation and networking A performance deficiency – THE GAP – actual Essential Managerial Skills performance being less that desired performance. A performance opportunity – actual performance Skill – the ability to translate knowledge into actbeing better than the desired performance. that result in desired performance Technical skill – the ability to apply special Problem Solving – to figure something out. The process of identifying a discrepancy between proficiency or expertise to perform particular taskactual and desired and taking action to resolve it. Human or interpersonal Skill – the ability to work A decision – a choice among possible alternative well in cooperation with others course of action. Emotional Intelligence – the ability to manage Problem solving styles ourselves and relationship effectively Problem avoiders – Conceptual Skills – the ability to think critically and analytically to solve complex problems. Problem seeker – looking for problem to solve creatively, see problem as an opportunity Problem solver – quick to identify the problem Rational (intellectual) – step by step, loves the spreadsheet Intuition – flexible, spontaneous, creative Multidimensional thinking – combination of both Limitations in using the decision tree Programmed decision – routine, managed schedule.  Probabilities and outcomes are usually Structure problems are ones that are familiar, just estimates figures and may not be straightforward, and clear with respect with information reliable needs.  Subsequent external factors may affect Non-programmed decision – higher level management. the likely outcomes of a scenario Unstructured problems are the ones that are full of  Decision trees, on their own, do not take ambiguities and information deficiencies. into account qualitative factors such as Crisis decision making – accepting what’s your fault. business objectives Reacts quickly. REMEMBER THAT SPEED MATTERS Steps in managerial decision making and Certain environments – offer complete information about problem solving possible action alternatives and their outcomes. 1. Find and define the problem the problem Risk environments – lack complete information about (crucial step! Symptoms are not causes. action alternatives and their consequences, but offer some Solve the wrong problems) estimates of probabilities of outcomes for possible action 2. Generate and evaluate alternative alternatives. solutions (cost0benefit analysis, decision Uncertain environments – Information is so poor that trees, NPV analysis) probabilities cannot be assigns to likely outcomes of known 3. Make decision and conduct ethics action alternatives double-check Decision Trees - is a planning and decision making tool. 4. Implement the decision – (“buy-in” Are probability and outcome maps of scenario. Can be used crucial for implementation often needs by managers to determine which of a range of options to happens during step 1-2) should be chosen 5. Evaluate results Formula - (likely financial outcome 1 x probability Decision Making traps outcome 1 ) + (likely financial outcome 2 x probability Availability heuristic – people use information outcome 2) – cost investment READILY AVAILABLE from memory as a basis for assessing a current event or situation Representativeness Heuristic – people assess the likelihood of something happening based upon its similarities to a stereotyped set of consequences Anchoring and adjustment heuristic – people make decision based on adjustments to a previously existing value or starting point Framing error – the tendency to evaluate and resolve a problem in the context in which it is perceived either positively or negatively, Confirmation error – the tendency to focus only on information that confirms a decision already made Escalating Commitment – the tendency to
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