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Chapter 1

Chapter 1

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Ryerson University
Global Management Studies
GMS 200
Sui Sui

Chapter 1/Lecture 1 1. First question: what are the challenges of working in the new economy a. Globalization: the worldwide interdependence of resource flows, product markets and business competition that characterizes our new economy. i. Improvements in technology combine with the deregulation of markets and open borders to bring about vastly expanded flows of people, money, goods, services, and information. ii. Endlessly connected through the news, travel and lifestyles, in labour markets and employment patterns, and in business dealings. b. Technology i. We live in a technologically driven world; dominated by bar codes, automatic tellers, computerized telemarketing campaigns… ii. No matter the size of a company, technology is an indispensable part of everyday operations. c. Diversity i. Workforce diversity : describes differences in gender, race, age, ethnicity, able-bodinesss, religious affiliation, and secual orientation among workers. ii. Glass ceiling effect: an invisible barrier limiting career advancement of women and minorities. d. Ethics: set moral standards of what is “good” and what is “right” in one’s behavior. e. Careers f. Intellectual capital: the collective brainpower or shared knowledge of a workforce; to create value. i. Knowledge worker: someone whose mind is a critical asset to employers and who adds to the intellectual capital of the organization. 2. Second question: What are organizations like in the new workplace a. Organization: a collection of people working together in a division of labour to achieve a common purpose www.notesolution.com b. Critical skills for success in the new workplace; mastery, contacts… c. Organizations are open systems: they interact with their environment to transform resources into product output (in the form of finished goods/ services) d. Organizational performance i. Value creation: if the operations add value then (1) a business organization can earn a profit; or (2) a non-profit organization can add wealth to society. ii. Productivity: the quantity and quality of work performance, with resource utilization considered. iii. Performance effectiveness: an output measure of task or goal accomplishment iv. Perform
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