GMS 200 Study Guide - Midterm Guide: Foreign Direct Investment, Heuristics In Judgment And Decision-Making, Civil Services Of India

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Published on 21 Apr 2013
School
Ryerson University
Department
Global Management Studies
Course
GMS 200
GMS 200
Lecture 1
The Management process
o Planning
Setting performance objectives and deciding how to achieve
them
o Controlling
Measuring performance and taking action to ensure desired
results
o Organizing
Arranging tasks, people and other resources to accomplish the
work
o Leading
Inspiring people to work hard to achieve high performance
What’s so special about global business>
o Embracing the challenge of challenge
o Fierce competition
o Know your customers very well and anticipate their demands
o Do what you do best
How are organizations getting ahead in this global business landscape?
o Flexibility and speed: IT is definitely important, but enough
o Talented workers are needed to drive innovation and support change.
Getting the most out of employees
o Companies are now paying closer attention to talent (human capital)
management:
Recruiting and retaining employees
Developing employees in accordance with business strategies
Performance management
Recognizing, rewarding and engaging employees
Succession management to orderly replace retiring managers
Challenges managers face today
o A widely diverse workplace has benefits (?), but may also account for
many of the challenges that managers face today:
Age difference alone can be a major challenge
How do manages integrate Generation Y workers (18 to
24) in a workplace dominated at the top by baby
boomers who are approaching retirement?
Cultural differences
o Managers are expected to organize the workplace in a way that gets
the most out of workers and other available resources
This requires planning, leadership, and performance
management (or control)
o Managers are one-step ahead if they are able to recruit and retain the
most capable workers
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o Management involves many responsibilities (i.e. planning, organizing,
leadership and performance management/control)
o Managers must develop several skills in orders to successfully
undertake these responsibilities in a diverse workplace, coupled with
a highly competitive global economy
o KATZ essential managerial skills
Lecture 2 information and decision-making
How managers make decisions
o Classical model
Structured problem
Clearly defined
Certain environment
Complete information
All alternatives and consequences known
Choose absolute best among alternatives
Rationality acts in a perfect world
o Behavioural model
Unstructured problem
Not clearly defined
Uncertain environment
Incomplete information
Not all alternatives and consequences known
Choose first “satisfactory” alternative
Bounded rationality- acts with cognitive limitations
People make decisions based on quick-and-dirty rules (mental heuristics:
availability, representativeness, anchoring and adjustment)
Mental heuristics may be useful, but tend to yield biases conclusions
Other pitfalls: framing error, confirmation error, and Escalating Commitment
Lecture 3 global dimensions of management Ch. 3
Why do companies go abroad?
o To access to new markets or customers
o To establish connections with foreign suppliers of raw materials
o To tap into cheaper funding sources
o To take advantage of relatively low-wage unskilled labour
Common market entry strategies
o Exporting (most common, least risky!):
Direct exporting- selling directly to foreign customers
Advantages establish and maintain relationship with
foreign customers; control pricing decisions
Disadvantages: may demand managerial time and
significant financial commitment
Indirect exporting- selling foreign customers through an agent
or distributor
Advantages: requires limited financial commitment and
knowledge of foreign market
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Document Summary

Setting performance objectives and deciding how to achieve them: controlling. Measuring performance and taking action to ensure desired results: organizing. Arranging tasks, people and other resources to accomplish the work: leading. Inspiring people to work hard to achieve high performance. What"s so special about global business: embracing the challenge of challenge, fierce competition, know your customers very well and anticipate their demands, do what you do best. How are organizations getting ahead in this global business landscape: flexibility and speed: it is definitely important, but enough, talented workers are needed to drive innovation and support change. Getting the most out of employees: companies are now paying closer attention to talent (human capital) management: Developing employees in accordance with business strategies. Succession management to orderly replace retiring managers. ), but may also account for many of the challenges that managers face today: Age difference alone can be a major challenge.

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