MGMT 1000 Study Guide - Midterm Guide: Competitive Advantage, Corporate Social Responsibility, Innovation, Science And Economic Development Canada
Document Summary
Week 4 balancing financial expectations: corporate social responsibility and. Social entrepreneurship: linear thinking in situations where it doesn"t apply. When reality is more complex consequences can be devastating. If life clear and simple as what happens in billiards, linear thinking would work. Cuz everything is perfectly defined and predictable. Holistic or systemic approaches are needed to consider potential consequences/interactions. Ex: faced with declining profitability, an organization decides to cut overhead costs to get its bottom line back in shape. Implement downsizing strategy, encourage highly paid staff to retire through retirement package. Only the very best people end up leaving becomes cost of decreasing. Creates knowledge gap + managers have to be rehired on new contracts that end up being more expensive. Ex 2 creating source of hydroelectric power dam on nile increased economic prosperity in one sector of industry but harmed many others (ex: fishing) Use linear thinking for tackling well-structured problems only develop holistic pov for other situations.
