HRM 1101 Study Guide - Midterm Guide: Pareto Principle, Sunk Costs, Status Quo

• School: Temple University
• Department: Human Resource Management
• Course: HRM 1101
• Professor: Kathleen Voss

Document Summary

80% of sales come from 20% of clients: anchoring giving too much value to the first piece of information received, status quo favoring decisions that preserve the current situation. Social and political events (wars, weather crisis) Sustainability: diversity is good for business. Consumer diversity new opportunities for businesses. Incremental change occurring in small steps over a long time. Adaptation: response to an event or series of events: transformational change dramatic shifts in strategy as well as the existing ways of working or doing business. Reorientation: organizational-wide strategic change made in anticipation of a future occurrence. Look at the entire picture, and how each part of a system is linked to and related to others. Change only occurs when group and cultural norms, values, and dynamics are addressed. Innovation the process of implementing new ideas: 4 roles in organizational innovation. Inventor develops and understands technical aspects of the idea. Champion believes in the idea, visualizes benefits.