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GMS200- lecture #2.docx

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Department
Economics
Course
ECO100Y1
Professor
Iris Au
Semester
Winter

Description
GMS200 Lecture #2 – September 16,13 • What is Glo-bus all about? o Pc based exercise where you run a digital camera company in a head to head competition o The marketplace is worldwide- occurs at the company’s plant is in Taiwan and sales are pursued in north America, Latin America, Asia-pacific, Europe- Africa. o There are 8 market segments- 4 geographic segments each for entry level digital camera and multi-featured camera o Puts you and your co-managers in market setting as possible and have you manage all aspects of the company’s o The challenge is to craft and execute a strategy for your digital camera company which, when pitted against the strategies of rival companies, proves capable of delivering good bottom-line results and building shareholder value. o Each company starts off from the same foot, each period represents a year, the company will have history of 5 years and the first set of decisions will make is for year 6. o Decisions = camera designed performance (10 decisions),, productions operations and worker compensation (15 decisions), pricing and marketing (15 decisions), the financing of company operations ( 4 decisions) Objectives for the company: Scoring weights – performance measures o EPS – 20% o Credit rating 20% o Stock price 20% o Image rating 20% o Return of equity (ROE) 20% Information and decision making - Lecture #2 • Knowledge and knowledge workers provide a decisive competitive factor in today’s economy. • Knowledge worker o Intellectual capital o Knowledge and intellectual capital are irreplaceable organizational resources o The productivity of knowledge and knowledge workers depends on:  Computer competency  Informational competency. • Electronic commerce • Stages of development in e-commerce: o Secure an online identity o Establish a web presence o Enable e-commerce o Provide e-commerce and customer relationship management o Utilize a service application model • IT facilitates communication and information sharing, reduction in the number of middle managers, better organizational structure and excellent coordination and control. It builds relationships with external environment o It has changed the new workplace ( email, peer 2 peer file sharing o Data is raw facts and observation o information is data made available for decision making o Good information most timely, high quality, complete, relevant and understandable. o Data –information- decision making. o Infer exchanges with the external environment are within the organization. o The external and internal information needs of the organization are presented in the next slide. The role of information in the management process. • information systems Management information system (MIS) • Decision support system ( DSS) • Artificial intelligence (AI) • Expert systems ( ES) • Intranet and corporate portals • Extranet and enterprise portals • Electronic data interchange ( EDI) Advantages of IT • Planning advantages: better and timelier access to useful information, involving more people in the planning process. • Organizing advantages: more ongoing and informed communication among all parts, improving coordination and integration • Leading advantages: more frequent and better communication with staff and diverse stakeholders, keeping objectives clear • Controlling advantages: more immediate measures of performance results, allowing real-time solutions to problems. The manager is the processing nerve centre (refer to diagram) Information and decision making • Problem solving - is the process of identifying a discrepancy between actual and desired performance and taking action to correct it • Decision - is a choice among possible alternative course of action. • Performance deficiency - is actual performance being less then desired performance. Ex: a customer complains about service delays • Performance oppo
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