GMS 200 Study Guide - Midterm Guide: Availability Heuristic, Decision Tree Learning, Knowledge Worker

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Published on 7 Feb 2013
Course
Professor
Global Management Reviewer for Midterms
Chapter 1, 13, 3
Chapter 1: Introducing Management
Challenges of working in the new economy
New Economy interconnectedness, globalization, e-
commerce
Talent (Managing Talent) company hire people but
people rely on their talent to contribute.
- High performers achieve success because they are
better than their competitors at getting
extraordinary results from the people working for
them
- Intellectual capital collective brainpower.
BIGGEST ASSET OF THE COMPANY (what’s inside
he head of the people)
- Knowledge worker someone whose mind is a
critical asset to employers.
Diversity company should be sensitive in all cultural
background.
- Workforce diversity - NOT always handled well.
Diversity bias (white privilege)
- Prejudice negative thinking against another race
“negative belief”. Negative, irrational attitude toward
members of diverse populations: setting the stage for
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 aBUSINESS 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
technology (communications and transportation” combine
with the deregulation of markets and open borders to bring
about vastly expanded flows of people, money, goods,
services and information.
- the worldwide interdependence of resource flows,
product markets, and business competition.
Technology what’s the impact of technology with the
business
- the forces of globalization ride on the foundation of the
internet and a continuing explosion in communication
technologies.
Big DATA! chaos of data inside the company
- making sense of the chaos
Ethics code of moral principles
-set of moral standards of what is good and right in
one’s behavior
Ethical expectations for a modern business: integrity and
ethical leadership at all levels, sustainable development,
natural environment protection, consumer protection,
human rights
Career people must make sure that their skills are portable
and of current value in employment markets.
- independent contractors they perform specific
tasks as needed by the organization and are
compensated on a fee-for-services basis rather than
by a continuing wage or salary
- full-time core workers employees that pursues
traditional career paths with success and the
maintenance of critical skills, they can advance
within the organization and may remain employed
for a long time
- part-time temporaries hired only as needed and
for as long as needed
- - Portfolio worker someone who has up-to date skills that
allow for job and career mobility
- Organization- people that are working together to achieve
common purpose.
o Provide a useful goods and/or services that return
value to society and satisfy customer needs.
Critical sills for success in the new workplace: Mastery,
Networking, Entrepreneurship, love of technology,
marketing, passion for renewal.
- Organization as an open system
- Value Creation when operation add value on raw material
o Business = profit
o Non-for-profit = wealth for society
Organization Performance
- Productivity - overall measure of the quantity and quality of
outputs relative to the cost of inputs
- Performance Effectiveness An output measure of task or
goal accomplishment
- Performance Efficiency an input of the resource cost
associated with goal accomplishment
-
- What is the makeuo of the external environment of
organizations and how is an organization linked to its
environment?
P.E.ST.E.
Political, Economical, Sociological, Technological,
Environmental
Economic health of the economic
Legal-political norms, custom, social values
Socio cultural philosophy/objectives of political party
running the government
Technological development and availability of technology
Natural Environment nature and condition of environment
Stakeholders people that has interest in the company
Competitive advantage allows an organization to deal with
market and environmental forces better than its competitors
Strategic Positioning occurs when an organization does
different things or same thing in different ways from its major
competitors.
Importance of human resources and managers
People are not “cost to be controlled”
High performing organization treat people as valuable
strategic assets
Managers should ensure that people are treated as
STRATEGIC ASSET
Manager is a person who supports, activities, and is
responsible for the work of others.
Top Managers guide the performance of the
organization as a whole or one of its major parts
Middle Manager oversee the work of large
departments or divisions
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Team Leaders report to the middle
managers and supervise non-managerial
workers
Line managers directly contribute to
producing the organization’s goods or
services
Staff Managers: - use special technical
expertise to advise and support line
workers
Functional Manager are responsible
for one area such as finance, marketing,
production, personnel, accounting or
sales
Administrator a manager in a public
or non-profit organization
General Manager are responsible for
more complex units that include many
functional areas
Accountability is the requirement for one person
to answer a higher authority for relevant
performance result
Quality of work life (QWL) an indicator of the
overall quality of human experiences in the
workplace
QWL indicators: fair pay, safe working conditions,
opportunities to learn and use new skills boom to
grow and progress in a career, protection of
individual rights, pride in work itself and in the
organization.
Four functions of Management
Planning setting performance objectives
and deciding how to achieve them
Organizing arranging tasks, people and
other resources to accomplish work
Leading inspiring people to work hard to
achieve high performance
Controlling Measuring performance and
taking action to ensure desire results
Essential Managerial Skills
Skill the ability to translate knowledge into action
that result in desired performance
Technical skill the ability to apply special
proficiency or expertise to perform particular task
Human or interpersonal Skill the ability to work
well in cooperation with others
Emotional Intelligence the ability to manage
ourselves and relationship effectively
Conceptual Skills the ability to think critically and
analytically to solve complex problems.
Chapter 13 Decision Making processes
Information and knowledge knowledge and
knowledge workers provide a decisive competitive
factor in today’s economy.
Knowledge worker a person you will hire for
there brain not the physical capabilities. ASEET IN
THE COMPANY
Intellectual Capital summation of all the
knowledge. Shred knowledge of a workforce that can
be used to create wealth
Data a raw fact and observation. “spreadsheet”
Information “digested data” Data made useful for
decision. Information drives management function
Useful factors
Timely comes in exact time, right time
High quality info must be reliable
complete
Relevant
Understandable something simple it
has to be simple
Intelligence information (external
information) gathered from stakeholders and
external environment
Internal information (company) flows up,
down, around, and across organization
Public Information disseminated to
stakeholders and external environment
*Corporation gather information all over the
map
*public info is anything the company give to
the consumer
Tools used to manage information
IT BREAKS (barriers)
o People, team and departments
are better connected by IT
o Strategic partner
LEADERS NEEDS TO KNOW HOW TO USE THE
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
performance being less that desired performance.
A performance opportunity actual performance
being better than the desired performance.
Problem Solving to figure something out. The
process of identifying a discrepancy between
actual and desired and taking action to resolve it.
A decision a choice among possible alternative
course of action.
Problem solving styles
Problem avoiders
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
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