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CH 1 - Introducing Management.docx

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Global Management Studies
GMS 200
Bamidele Adekunle

CHAPTER 1 – INTRODUCING MANAGEMENT 1. What are the challenges of working in the new economy? WORKING TODAY Talent o What they know, what they learn and what they do with it – ultimate foundations of organizational performance o Intellectual Capital: is the collective brainpower or shared knowledge of a workforce used to create value  Intellectual capital = (Competency)(Commitment) o Knowledge Worker: is someone whose mind is a critical asset to employers Diversity o Workforce Diversity: describes differences among workers in gender, race, age, ethnicity, religion, sexual orientation and able-bodiedness  More seniors, women, members of visible minorities and immigrants in the work force o Prejudice: holding of negative, irrational opinions and attitudes regarding members of diverse populations, sets the stage for diversity bias. o Discrimination: actively denies minority members the full benefits of organizational membership  Glass-ceiling Effect: is an invisible barrier limiting career advancement of women and minorities Globalization o Globalization: is the worldwide interdependence of resource flows, product markets and business competition o Process in which improvements in technology (communications/transportation) combine with the deregulation of markets and open borders to bring about vastly expanded flows of people, money, goods, services and information. o Technology  Forces of globalization ride on the foundations of the internet and a continuing explosion in communications technology  Continuing transformation of the modern workplace through:  The INTERNET  World Wide Web  Computers  Informational Technology  Increases demand for knowledge workers with skills to fully utilize technology o Ethics  Ethics: Set moral standards of what is good and right in one’s behavior  Emphasis today on restoring the strength of corporate governance o Careers  Portfolio Workers: has up-to-date skills that allow for job and career mobility  Career of 21 century won’t be uniformly full-time and limited to a single larger employer organimheock Skills must be portable and always of current value  Core workers: full time employees pursuing traditional career paths (long time) 1  Contract workers: perform specific tasks as needed by the organization and are compensated on a fee for service basis (skill/service)  Part time workers: hired only as needed 2. What are organizations like in the new workplace? ORGANIZATIONS IN THE NEW WORKPLACE Critical skills for success in the new workplace: mastery, networking, entrepreneurship, love of technology, marketing and passion for renewal What is an organization? o Organization: collection of people working together to achieve a common purpose o Provide useful goods and services that return value to society and satisfy customer needs Organizations as systems o Open System: transforms resource inputs from the environment into product outputs o Interact with their environment o Transform resource inputs into product outputs o Environmental feedback tells organization how well it is meeting the needs of customers and society. Organizational Performance: o Productivity: measures the quantity and quality of work performance with resource utilization considered  Performance Effectiveness: is an output measure of task or goal accomplishment  Performance Efficiency: is an input measure of resource cost associated with goal accomplishment Changing Nature of Organizations o Renewed Belief in human capital o Demise of command and control o Emphasis on teamwork o Pre-eminence of technology 2 o Embrace of networking o New workforce expectations o Concern for work-life balance o Focus on speed 3. What is the makeup of the external environment of organizations and how is an organization linked to its environment? ORGANIZATIONAL ENVIRONMENT Dynamic Forces and the general environment o General Environment: is composed of economic, legal-political, technological, socio- cultural and natural environment conditions o Economic Conditions  Those that influence customer spending, resource supplied and investment capital  Inflation  Income Levels  GDP  Unemployment rate o Legal-Political Conditions  Existing and proposed laws/regulations, government policies, and the philosophy and objectives of political parties  Laws and regulations  Government policies  Business forms  Political trends  Internet Censorship: is the deliberate blockage and denial of public access to information posted on the Internet o Technological Conditions  IT systems/ Infrastructure  Broadband internet access o Socio-Cultural Conditions  Norms, customs and social values on ethics, human rights, gender roles and lifestyles  Population demographics  Education system  Health/ nutrition values o Natural Environment Conditions  Sustainable Business: both meets the needs of customers and protects the well-being of our natural environment  Sustainable Innovation: creates new products and production methods that have reduced environmental impact  Green values/ recycling infrastructure Stakeholders and the specific environment o Specific environment: or task environment, includes the people and groups with whom an organization interacts o Stakeholders: are the persons, groups and institutions directly affected by an organization o Value Creation: is the creation of value for and satisfying needs of stakeholders
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