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Midterm

MGMT 1000 MIDTERM NOTES.docx

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Department
Management
Course
MGMT 1000
Professor
Jean Adams
Semester
Fall

Description
MANAGING CONTEMPORARY ENTERPRISES: MIDTERM NOTES Week One: The Importance of a Knowledge Economy Meeting the Challenge of a Knowledge Economy - The importance of knowledge is overshadowing the factors of production (land, capital, labor and entrepreneurship) - There must be an increasing emphasis on: o Continuous innovation o Collaborative learning o Competitive advantage - Learning organizations are the flip side of knowledge economies - In order to compete nowadays, you need to be open to change and constantly learning about your environment and adapting. The Rationale for Developing Learning Organizations - In schools, we are often forced to conform and develop routines that stifle innovation and creativity (from Gordon Mackenzie article) - Learning Organizations strive to: o Generate renewable resources: create an environment where there is always the opportunity to learn. Give employees more responsibility and allow them to make decisions, allow them to take initiative o Create new knowledge and value o Foster adaptability and change: always try to find a way to out do yourself. Recognize that success is not permanent. o Create new niches: strive to anticipate what will happen then enact and create an environment you want to fill. o Foster human growth and development: do not allow trained incapacity. Allow workers to be thoroughly involved in their work. Value them for their knowledge and their brains o Create a sustainable advantage: there is no guarantee for success Office of 2020 - Generations will mix - Visible Minority will be white - We will be forever linked to work - We will make more of what we consumer, where we consume it - The office will be delinked from location - Collaborate on social media - Virtual locations - Management will be pushed out - Contingent workers will become unconditionally important - Teamwork is a require skill Mechanization takes Command - Chinese story where one man believes that by using machines, you become more like a machine - This is true in modern organization. We must operate with more precision and live our lives with such organization that we lose some of our innovation ***Learning and Self-organization - It is amazing that thoughts, ideas and imagination come from a blob that is our brains - The brain is both holographic (every part represents the whole) and specialized (right brain vs. left brain) - What if we viewed organizations as brains? The Contingency Approach: Analyzing Relations between Organization and Environment - Effective organizations succeed in achieving a “good fit” internally (organizational structure, managerial styles, technology employed, needs and values of employees) and externally (environment) - Defender Organizations o Pros: cost effective, emphasis on quality, need market stability, defends o Cons: not flexible - Prospector Organizations o Pros: develops a relationship with environment based on new opportunities, innovative, good for turbulent markets o Cons: do not last long - Analyzer organizations o Pros: create a range of high quality products efficiently, but open to new opportunities. Market drive, have core technology that can adapt to change - Analyzing link; ask these questions: o How stable is the environment o What kind of technology is being employed o How motivated are the employees o How is it structures o What kind of managerial style is being used? Tutorial #1: Technology is a Catalyst for Learning - Technology helps us connect and organize o Arthur Andersen: had the idea for an automated payroll system o BP: created a virtual work environment o Washington DC Hospital Center: patient profiles are automatically updates and patient patterns are highlighted Week Two: The Importance of Stakeholders Adopt the Perspectives of Key Stakeholders - How to identify Key Stakeholders: who are the people most likely to be affected? Are there individuals or groups who want different comes? Pay attention to conflicts, who really has a stake here? - Answer these key questions: o How does this stakeholder see you? o How does this stakeholder think about you? o How does this stakeholder act and react to you? o What can you learn from these insights? o How will it change what you do? Use Multiple Views to Improve Decision Making - When to use multiple views: when there is time to come up with alternatives - When not to use multiple views: when a decision needs to be made right away (ex. Hospital) - By looking at multiple points of views it can help you o Navigate through difficult o See the bigger picture o Deepen your understanding of the different dimensions of a situation o See new connections and relationships o Generate breakthrough ideas and new thinking - Techniques for being open to different possibilities o Be attentive to key signals: take an open ended strategy, be prepared for possible conflicts, take advantage of unexpected opportunities o Use competing teams and experiments: set up parallel teams to work on the same project to get different perspectives o Make opportunity seeking an everyday practice: brainstorm, challenge normal ways of thinking, ask the wrong questions, and encourage experimenting. Stakeholder Analysis - Benefits of using a stakeholder-based approach: o Can use opinions of the most powerful stakeholders to shape your projects at an early stage o Gaining support from powerful stakeholders can help you win more resources o By communication with stakeholders early, they will fully understand you and support you when necessary o You can anticipate people’s reaction Tutorial #2: Teamwork Skills Establishing Team Ground Rules: - Set ground rules that are simple, flexible, performance focused - Keep in mind: how decisions are going to be made, how differences going to be resolved, how are people going to treat each other, how is the team going to communicate, how are issues relating to individuals and team rewards going to be handled Being and Effective Team Member - To become a valued and effective team member: honor your commitments, take every opportunity to step up and make a positive contribution, give and take, be ready to give and receive constructive feedback, set high performance standards and encourage them in others, stand by team decisions, and be a good ambassador - Tips: Speak up whenever you see an opportunity for team performance, resist group think, think about the consequences of your actions, be prepared to pitch in, remember you’re always working for the team Two Models of Team Development - Team Lifecycle Model o Forming: come together and get to know each other o Storming: encounter difficulties, productivity is at a low o Norming: developing shared understandings and norms o Performing: become a well-integrated unit. - Mid-point transition Model o Begin working out well o But then there’s a midlife crisis o Phase 1: a lot of planning o Phase 2: work starts getting done - Practical Implications: Four things that can make a positive difference o Be aware of your position in the team development process o Storming is normal and can be used as a source of positive development o Don’t get complacent when you achieve a high performing mode. o Be aware of the importance of first meetings and mid point transitions Week Three: The Importance of Sustainability SWOT Analysis - What are the strengths in the business plan idea - What are the weaknesses - What market opportunities do you see for this business idea - What are the market threats - What are the new ideas you have learned by doing this analysis and how can we improve our business idea? Triple Bottom Line: - Economic aspects: o Need to be financially viable o Economic indicators of success: profit/loss statements, shareholder value, price of shares, market share resource acquisition and allocation - Social Aspects: o Social responsibility to others (NPO, volunteering) to support social endeavors and general societal well-being o Social Indicators of success: safety in the way they do business, human rights maintained, encouraging employees to get involved In their communities - Environmental aspects: o Implementing green policies o Environmental indicators of success: pollution reports, energy consumption, environmental legal cases, environment audit included in annual report, green certificate - Examples: PepsiCo expanded their product line to include healthy juices and revenue from that is soaring - Why embrace TBL? protect yourself from activists, attract passionate employees, generate meaningful conversations with stakeholders, open up new business opportunities - Don’t embrace the TBL as a way to improve the company’s image, embrace it to responsible decisions that have a positive impact Balance Scorecard - Used to align business activities to the vision of the company, improve communication and monitor performance against strategic goals - Perspectives: o Learning and Growth Perspectives: continuous learning is the key to success o Business Process: internal processes; lets managers know how well their business is running and if their product is matches their morals and values. o Customer: customer satisfaction; types of customers and how we should provide for them o Financial: financial data must be provided timely and accurately including: risk assessment and cost-benefit analysis ***Destructive Side of Technological Development - In health care, we are relying to heavily on technology, we are investing 12% of national wealth into large windowless rooms - Counterproductive - Loss of knowledge Tutorial #3: Creative Problem Solving and Time/Stress Management Flexible Thinking in Practice - Frames of reference: create a focus of interest, create a boundary around what we see, guide our attention - Need to reframe and look at problems from different contexts Use Powerful Metaphors for creative breakthrough - Use creative metaphors help generate new ideas Challenge Conventional Wisdom - Old mindsets can be a trap - How to explore new possibilities o Disrupt favored ways of thinking: have someone take the role of Corporate mind stretcher o Appoint a corporate jester: have someone challenge the status quo o Learn from outsiders: gain a new perspective from someone who is unbiased and has a fresh outlook. Stress Management - Eat healthy, sleep well, exercise - Build a social network (study groups) - Share your stress - Get professional help - Take breaks - Set reasonable goals - Encourage yourself. Week Four: Corporate Social Responsibility and Social Entrepreneurship Where Linear Thinking does not apply - Reality is often complex and is not linear - Linear thinking often leads to problems - How linear thinking happens: o People tend to oversimplify the situation to make it seem manageable o Side effects are ignored; no full understanding o Problem solutions produce other problems - Solution: use linear forms of thinking for tackling well-structured problems where they would really work. And in more complicated situations, learn to develop a more holistic point of view. - Warning signs: o Narrow frames of thinking, fuzzy sides of situations tend to be ignored because they are too vague, people do not want to look at different points of view, want to avoid seeing all of the consequences of their actions Vicious Loops - Where destructive actions lead to more destructive actions o Ex. Not going to class-> forgetting to do the readings-> too embarrassed to go to class -> skips class again - Vicious loops are created by the “more leads to more” or “less to less” mindsets - No strong stabilizing influences - Vicious loops are vicious if you do not like the consequence - How to turn vicious to virtuous: o Reduce the intensity of the existing loops o Introduce a virtuous loop - Tell tale signs of vicious loops: o Problems seem ou
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