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Midterm

GMS 200 Study Guide - Midterm Guide: Gross Domestic Product, Intellectual Capital, Knowledge Worker


Department
Global Management Studies
Course Code
GMS 200
Professor
Helene Moore
Study Guide
Midterm

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GMS MIDTERM REVIEW
CHAPTER 1: INTRODCING MANAGEMENT
Management includes words such as: respect, participation, empowerment, involvement,
teamwork and self-management
TALENT
Intellectual Capital: collective brainpower or shared knowledge of workforce that can
be used to create value - people with talents
oIntellectual Capital = Competency x Commitment
Knowledge Worker: someone's mind that is a critical asset to employers
DIVERSITY
Workforce Diversity: differences among people according to gender, age, race, ethnicity,
religion and sexual orientation
Prejudice: display of negative, irrational attitudes towards members of diverse
populations
Discrimination: denying the minority members the full benefits of organizational
membership
The Glass Ceiling Effect: prevents visible minorities from rising above a certain level of
organizational responsibility
GLOBALIZATION
Globalization: worldwide interdependence (unable to survive without one another) of
resource flows, product markets and business competition
oIt is also described as improvement in technology
TECHNOLOGY
We live in a technology-driven world increasingly dominated by bar codes, automatic
tellers, e-mail and instant messaging
Physical distance hardly matters anymore
ETHICS

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Ethics: code of moral principles that sets standards of what is "good" and "right"
oInclude things like: protection of natural environment, protection of customers
through product safety, protection of human rights
CAREERS
Today's career challenge is to find a job and also successfully plan your career
The Shamrock Organization consists of
oIndependent Contractors
oFull-Time Core Workers
oPart-Time Temporaries
Portfolio Worker: someone who has skills needed to shift jobs and even careers
What Is An Organization?
Organization: a collection of people working together to achieve a common purpose
oIt allows people to perform tasks that reach beyond individual accomplishment
oThe purpose is to provide goods or services of value to customers
Open Systems: interaction within the environment by obtaining resource inputs and
transforming them into outputs in the form of finished goods or services
Organizational Performance
Productivity: quantity and quality of work performance relative to cost of inputs
Performance effectiveness: output measure of task or goal accomplishment
Performance efficiency: input measure of resource cost associated with goal
accomplishment
oAt the end you want, effective and efficient result. Goals must be achieved with
no wasted resources to produce high productivity
Changing Nature of Organizations
Renewed belief in human capital:
Demise of "command-and-control
Emphasis on teamwork

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Pre-eminence (domination) of technology
Embrace of networking
New workforce expectations: less tolerance for hierarchy, more informality, and more
attention performance merit than to status and seniority.
Concern for work-life balance
Focus on speed
Dynamic Forces and General Environment
General Environment: consists of all external conditions that set managerial decision
making
oEconomic, Legal-Political, Socio-Cultural, Natural and Technological
Environment
Economic Conditions
Economic growth, unemployment rates, disposable income
Things like financial markets, inflation, income levels, gross domestic product affect
wealth available to consumers and this affects product markets and spending patterns
Legal Political Conditions
Law and regulations, business forms, political trends
These conditions are represented by existing and proposed laws and regulations,
government policies and philosophy and objectives of political parties
Internet Censorship: blockage and denial of public access to information posted on
internet
Technological Conditions
IT systems/ infrastructure, broadband internet access
Not only must managers stay abreast of the latest technologies for their work
applications, they must also be aware of their work implications
Socio-Cultural Environment
population demographics, education system, health/nutrition values
Natural Environment
"green" values and recycling infrastructure
Competitive Advantage
Allows organizations to deal with market and environmental forces better than its
competitors
Being able to do things better than its competitor
Strategic Positioning: helping organizations to do different or same things in comparison
to competitors
Competitive Advantage can be achieved through:
ocosts
oquality
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