MGMT 1000 Study Guide - Midterm Guide: Knowledge Economy, Peter Senge, Learning Organization

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Published on 6 Oct 2011
School
York University
Department
Management
Course
MGMT 1000
Professor
WEEK 1: The Importance of a Knowledge Economy
http://bba.nms.schulich.yorku.ca/courseoutline/c_bba_1_1_1.asp 11-09-27 1:52 PM
businesses today are the leading forces that are driving society towards a better
future (Week 2)
1)What major challenges do you think are facing contemporary enterprise?
Ultimately, change is the source of these challenges. In the 21st century, the economy has undergone a vast shift in
economic structure from physical assets to a knowledge-based economy. Due to this shift, organizations are now
facing challenges of:
-continually organizing itself to achieve it’s underlying goals
-constantly being on the quest for innovation and acting on opportunities while overcoming competition
-responding to possible threats that are faced, whether internally ore externally
1.1 – Meeting the Challenge of a Knowledge Economy (NewMindsets)
Knowledge Economy:
-Society shift in economic structure: CHANGE
Physically based economy Knowledge based economy”.
(land, labour, financial capital)
“But for most of recorded time the knowledge curve has had a low
trajectory. Now, it is shooting upwards at an astonishing pace.”
Definition: Notion that economic activity is oriented on the production and
consumption of knowledge (information) rather than economic activity
oriented on the production and consumption of manufacturing or agricultural
goods. http://www.enterweb.org/know.htm
Importance- “key to continued wealth creation and a secure livelihood
rests in the ability to join the knowledge economy”
Achieving Success in K.E.- Lever abilities to learn (ability to “learn to
learn” by 1) increasing flexibility and employability 2) acquiring intellectual
capital collective knowledge of individuals in an organization
Keep up with rapid rate of knowledge 1) anticipate what lies ahead in
future 2) assimilate and understand key concepts 3) change pace of learning
Challenge in K.E.: Learning fast enough to keep up, avoiding being put out
of business, finding ways to work together and share ideas, innovation,
staying ahead of the innovation curve,
Continuous learning is no longer luxury, it is necessity
-Learning, is often painful and difficult b/c so many institutions and social processes
discourage learning in favor of compliance and conformity.
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“Learning disabilities are tragic in children, but they are fatal in organizations”
Peter Senge
“The ability to learn faster than your competition may be the only
sustainable advantage” Arie de Geus
Implication (Significance) of K.E.: Stability is a thing of the past, need to
stay in tune, need to find new ways to tap talent, collective thinking and
collaborative actions
How are LO a flip side to KE? Importance? Successes? Challenges? What has
led to the trajectory in knowledge curve?
1.2 – The rationale for developing Learning Organizations (NewMindsets)
Learning Organizations: New Engines of Economic Growth (1.1)
AKA “knowledge creating companies”
Definition: Organizations that foster constant innovation and learning.
1) Primal driving forces of the economy 2) promote the creativity of
people
Importance: Deal with challenges presented in a knowledge economy
bring forward ideas and innovations that will create new value
Rationale behind learning/Reasons to aspire to be L.O: Generate
renewable resources, create new knowledge and value, foster adaptability
and change, create new niches, foster human development and growth and
create a sustainable advantage.
http://bba.nms.schulich.yorku.ca/worldknowledge/rationale/rationale3.asp
How does trained capacity happen?
People are trained to fit in –to attempt to come up with new ideas
Training becomes a strength and a weakness- unable to complete tasks
outside of training
Circumstances change – training does not carry out into all settings
Limits and incapacities are learned- self-limiting beliefs of the potential
Limits and incapacities are often unconscious – having been told “I can’t I
Can’t”
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Importance of learning and knowledge generation? How are organizations
meeting the challenge of knowledge economy? Reasons to aspire to be
learning organization?
1.3 The office of 2020: We need it yesterday (pg.8)
1.4 – Mechanization Takes Command (pg.10)
Organizations as “machines” versus “brains” Brainpower vs. Horsepower
Chinese sage, Chuang-tzu: “I have heard my teacher say that whoever uses machines does all his
work like a machine”
Pros vs. Cons of Mechanization
Gain: 1) Increased productivity 2) shape aspects of lives
Human alienation: high price of mechanical progress in terms of transition
from craft to factory production, exchange of rural community for urban
sprawl, general degradation of environment, assault of rationalism upon
human spirit
Metaphor for Society: Mechanical precision with which many of our
institutions are expected to operate ; Mechanical/repetitive work
Machine Like Organizations
If a cog in a machine is missing, the machine ceases to function
Strengths: can be highly effective in controlled situations,
everyone knows there place (clarity of role), great for creating
standardized, repeatable processes, idea that there is a “best” or
“ideal” way to do anything
Limitations: Discourages initiative, have difficulty in changing
circumstances, designed for predetermined goals not innovation,
assumes single, ideal solutions exist
Examples:
Machine Like Organizations: Fast Food restaurants, factory lines, service
organizations ; McDonalds
Brain Like Organizations: = Learning Organizations; Apple, Blackberry
http://www.mindmeister.com/24754424?title=ch2-organizations-as-machines
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Document Summary

Week 1: the importance of a knowledge economy http://bba. nms. schulich. yorku. ca/courseoutline/c_bba_1_1_1. asp. 11-09-27 1:52 pm businesses today are the leading forces that are driving society towards a better future (week 2) Ultimately, change is the source of these challenges. In the 21st century, the economy has undergone a vast shift in economic structure from physical assets to a knowledge-based economy. Due to this shift, organizations are now facing challenges of: Continually organizing itself to achieve it"s underlying goals. Constantly being on the quest for innovation and acting on opportunities while overcoming competition. Responding to possible threats that are faced, whether internally ore externally. 1. 1 meeting the challenge of a knowledge economy (newmindsets) Physically based economy knowledge based economy . (land, labour, financial capital: but for most of recorded time the knowledge curve has had a low trajectory. Now, it is shooting upwards at an astonishing pace.