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GMS200 MIDTERM REVIEW CH1,2,3,6,13.docx

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Global Management Studies
GMS 200
Shavin Malhotra

Intellectual capital – collective brainpower or shared knowledge of a workforce Knowledge worker – someone whose mind is a critical asset to employers Diversity Workforce diversity – describes differences among workers in gender, race, age, ethnicity, religion, sexual orientation and able-bodiedness Prejudice – display of negative, irrational attitudes toward members of diverse populations Discrimination – actively denies minority members the full benefits of organizational membership Glass ceiling effect – an invisible barrier limiting career advancement of women and minorities Globalization – worldwide interdependence of resource flows, product markets and business competition Ethics Challenges of working in a new economy – diversity, globalization, competitive advantage and environmental uncertainty Ethics – code of moral principles that set standards of conduct of what is good and right Ethical expectations for modern business  Integrity and ethical leadership at all levels  Sustainable development  Natural environment protection  Consumer protection  Human rights Organizations – collection of people working together to achieve a common purpose Open system - transform resource input into product outputs (goods/services) Organizational Performance Productivity – quantity and quality of work performance with resource utilization considered Performance effectiveness - an output measure of task or goal accomplishment Performance efficiency - an input measure of resource cost associated with goal accomplishment General Environment – composed of economic, legal-political, technological, socio-cultural and natural environment conditions Economic Conditions – resource supplies, finical market, investment Legal Political Conditions – Internet censorship Technology Conditions – being tech savy/ social media Social Culture Conditions – social rights and equal rights Environment Conditions – sustainable business (both meets customer need and natural environment - sustainable innovation – new products that reduce environmental impact Specific environment (task environment) – includes the people and groups with whom an organization interacts Stakeholders- persons, groups, and institutions directly affect by an organization Value creation – creation of value for and satisfying needs of stakeholders Competitive Advantage – allows an organization to deal with market and environmental forces better than its competitors Strategic positioning – when an organization does difference things or same things in difference ways from competitors. (Through cost, quality, delivery or flexibility) Environmental uncertainty- lack of complete information about the environment Organizational effectiveness – sustainable high performance in using resources to accomplish a mission System resources – focus on resource acquisition Internal Process – focus on operations efficacy Goal – focus on accomplishing key objectives Strategic Constituencies – focus on stakeholder impact Managers – person who supports, activates and is responsible for the work of others Types: Line Managers – responsible for work activities that directly affect organizations outputs Staff Managers- use technical expertise to advise and support the efforts of line workers Functional Managers – responsible for a single area of activity General Managers – responsible for complex, multifunctional units Performance: Accountability- is the requirement to show performance results to a supervisor Effective Manager – helps others achieve high performance and satisfaction at work Quality of work life – overall quality of human experiences in the workplace Levels: Top Managers – guide the performance of the organizations as a whole or one of its major parts Middle Managers – oversee the work of large department or divisions Team Leaders – report to middle managers and supervise non managerial workers Upside-down pyramid – operating workers are at top, serving customers, while managers are at the bottom supporting them Management – process of planning, organizing, leading, and controlling the use of resources to accomplish performance goals The Management Process – 4 functions of management Planning – process of setting objectives and determining what should be done to accomplish them Organization – process of assigning tasks, allocating resources and coordinating work activities Leading – process of arousing enthusiasm and inspiring efforts to achieve goals Controlling – process of measuring performance and taking action to ensure desired results Agenda setting - develops action priorities for accomplishing goals and plans Networking – process of creating positive relationships with people who can help advance agendas Social capital – capacity to get things done and help others Essential Managerial Skills: Technical Skills – ability to use expertise to perform a task with proficiency Human skill – interpersonal skill is the ability to work well in a cooperation with other people Conceptual skill - ability to think analytically to diagnose and solve complex problems Managerial competency – skill based capability for high performance in a management job.  Communication  Teamwork  Self Management  Leadership  Critical Thinking  Professionalism Past Management Scientific Management - emphasizes careful selection and training of workers and supervisory support • Standardized tasks • Proper working conditions • Carefully select workers • Carefully train workers • Provide proper incentives • Support workers Motion study- is the science of reducing a task to its basic physical motions ---- Administrative principles 1. Division of labour 2. Authority 3. Discipline 4. Unity of command 5. Unity of direction 6. Subordination of individual interests 7. Remuneration 8. Centralization 9. Scalar chain 10. Order 11. Equity 12. Personnel tenure 13. Initiative 14. Espirit de corps Fayol 5 rules/duties of management 1. Foresight 2. Organization 3. Command 4. Coordination 5. Control Bureaucracy – rational and efficient form of organization founded on logic, order and legitimate authority - An ideal, intentionally rational, and very efficient form of organization - Based on principles of logic, order, and legitimate authority Behavioural Management Follectts Organiztions as Communities - Groups -mechanisms for individuals to combine talents - Organizations are cooperating “communities” - Manager’s job –foster co-operation Hawthorne Study: Hawthrone effect – tendency of persons singled out for special attention to perform as expected Human relations movement- suggested that managers using good human relations will achieve productivity Organizational behaviour – study of individuals and groups in organizations Maslows Theory of Human Needs Need – physiological or psychological deficiency that a person wants to satisfy Deficit principle: A satisfied need is not a motivator of behaviour. Progression principle: A need becomes a motivator once the preceding lower-level need is satisfied. Both principles cease to operate at self-actualization level. McGregors Theory X and Theory Y Theory X – assumes people dislike work, lack ambition, act irresponsibly, and prefer to be led (BAD) Theory Y – assumes people are willing to work, like responsibility and are self-directed and creative (GOOD) Self-fulfilling prophecy – occurs when a person acts in a way that confirms anothers expectation Argyris Theory of Adult Personality Classical management principles and practices inhibit worker maturation and are inconsistent with the mature adult personality. Management practices should accommodate the mature personality by: - Increasing task responsibility - Increasing task variety - Using participative decision making MODERN MANAMGENT FOUNDATIONS Management Science and Operations research – use quantitative analysis and applied mathematics to solve problems Operations management – study of how organizations produce goods and services System – collection of interrelated parts working together for a purpose Subsystem – smaller component of a larger system Open system – interacts with environment and transforms resource inputs to outputs *Contingency Thinking – tires to match management practices with situational demands Top quality management – managing with an organization wide commitment to continuous improvement, product quality, and customer needs Continuous improvement – involves always searching for new ways to improve work quality and performance ISO certification – indicates conformity with rigorous set of international quality standards Knowledge management – process of using intellectual capital for competitive advantage Learning organization – continuously changes and improves using the lessons of experience High performance organization – consistently achieve excellence while creating a high quality work environment Evidence based management – involves making decisions based on hard facts about what really works Global economy – resources, markets and competition are worldwide in scope Globalization – process of growing interdependence among element of the global economy Reasons to go global = more profit, customers, suppliers, capital and labour Global Management – involves managing operations in more than one country Global manager – culturally aware and informed on international affairs Global business – conducts commercial transactions across national boundaries Types of market entry strategies: Global sourcing – material or services are purchase around the world for local use Exporting – local products are sold aboard to foreign customers Importing – involves the selling in domestic markets of products acquired aboard Licensing agreement – local firm pays a fee to foreign firm for rights to make or sell its products Franchising - a fee is paid to foreign business for rights to locally operate using its name, branding and methods Foreign direct investment – building, buying all, or buying part ownership of a business in another country Insourcing – job creation through foreign direct investment Joint venture – operates in foreign country through co-ownership by foreign and local partners (eg. Sharp and Sony) Global strategic alliance – partnership in which foreign and domestic firms share resources and knowledge for mutual gains (eg. Nokia + Microsoft) Foreign subsidiary – local operation completely owned by a foreign firm Greenfield investment – builds an entirely new operation in foreign country Political risk – potential loss in value of a foreign investment due to instability and political changes in hose country Political-risk analysis – tries to forecast political disruptions that can threaten the value of a foreign investment Trade Agreements: World Trade Organization (WTO) – member nations agree to negotiate and resolve disputes about tariffs and trade restrictions Most favoured nation status – gives a trading partner most favourable treatment for imports and exports Tariffs – taxes governments levy off imports from aboard Protectionism – call for tariffs and fa
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