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MGMT 1000 (Managing Contemporary Enterprise) - MIDTERM Exam Study Guide

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MGMT 1000
Jean Adams

WEEK 1: The Importance of a Knowledge Economy 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 21 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 its 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. 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, i t is necessity -Learning, is often painful and difficult b/c so many institutions and social processes discourage learning in favor of compliance and conformity. 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. 3.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 cant I Cant 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 -organizations-as-machines Relation between machine organizations in a knowledge economy? Agree or disagree with the old mans comment. 1.5 Learning and Self-Organization (pg.12) What if we think about organizations as brains? Brain Like Organizations 90% can be missing and the living entity can still function Strengths: Identifies requirements of learning organization, Learning, innovation and the ability to adapt, leadership diffused not centralized, shaped and driven by collective intelligence, invites rethinking policies Limitations: Dynamics of power, continuous learning must be accompanied by appropriate societal purpose or there will be negative outcomes 4531/ch4-organizations-as-brains-learning-self-organization 1.6 The Contingency Approach: Analyzing Relations Between Organization and Environment (pg.16) importance of good fit between organization and environment Defender Organization: Stable and certain, Routine, Mechanistic =Machine Like Organizations Prospector Organization: Innovation, Turbulent and unpredictable, Complex, Democratic =Brain Like Organizations Analyzer Organization = Inbetween Combination of both What are the implications of the contingency model for your upcoming BPTPSs? Use stakeholder analysis to understand the situation: 1) Who are the main stakeholders? What do they want? 2) What opportunities and challenges does this present the organizat ion? 3) DO you agree, or disagree with the actions the organization has taken? i. The Canadian governments (ie. Steven Harper) decision on the long -form census ii. The American governments (ie. Barack Obama) approach to the Gulf oil spill
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