Textbook Notes (369,072)
Canada (162,366)
GMS 200 (566)
Chapter 1

Chapter 1 Notes.doc

7 Pages

Global Management Studies
Course Code
GMS 200
Horatio Morgan

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Introduction to Global Management: Introduction to Business and  the dynamic workplace 1. What are the challenges of working in the new economy? Overview of the 21 century - Organizations must adapt to rapidly changing society - Economy is global and driven by innovation and technology - High performance companies gain extraordinary results from people working for them - Interdependent, knowledge based Intellectual capital - People are the ultimate foundations of organizational performance - Intellectual capital is the collective brain power/ shared knowledge of a workforce that can be used for create value - A knowledge worker adds up to the intellectual capital of an organization Globalization - National boundaries of world business have largely disappeared - Globalization is the worldwide interdependence of resource flows, product markets, and business competition that characterize the new economy Technology - Continuing transformation of the modern workplace through: internet, worldwide wed, computers, information technology - Increasing demand for knowledge workers with the skills to fully utilize technology Diversity - Workforce diversity reflects differences with respect to gender, age, race, ethnicity, religion, sexual orientation and able-bodiedness - A diverse and multicultural workforce both challenges and offer opportunities to employees Ethics - Code of moral principles - Society requires businesses to operate according to high moral standards - Emphasis today on restoring the strength of corporate governance – ethical dilemma Careers - Career of 21 century won’t be uniformly full time and limited to a single large employer - Skills must be portable and always of current value 2. What are organizations like in the new workplace? Critical skills for success in the new workplace - Mastery, contracts, entrepreneurship, love of technology, marketing and passion for renewal Organization - A collection of people working together to achieve a common purpose - Organizations provide useful goods and/or services that return value to society and satisfy customer needs Organizations are open system - Composed for irrelated parts that function together to achieve a common purpose - Interact with their environment - Transform resource inputs into products outputs (goods and services) - Environmental feedback tells organization how well it is meeting the needs of customers and society (TEXTBOOK FIGURE 1.1, pg 12) Organizational Performance - Value is created when an organization’s operations add value to the orgianl cost of resource inputs - When value creation occurs: o Business earn a profit o Non-profit organizations add wealth to society Productivity An overall measure of the quantity and quality of work performance with resource utilization taken into account Performance An output measure of task/ goal accomplishment effectiveness Performance efficiency An input measure of the resource costs associated with goal accomplishment (TEXTBOOK FIGURE 1.2) Workplace changes that provide a context for studying management - Belief in human capital - Demise of “command and control” – no step to step produce, but to motivate you - Emphasize on teamwork - Pre-eminence of networking - New workforce expectation - Concern for work-life balance - Focus on speed 3. Who are the manager and what they do? – manage resources in an organization Importance of human resource and managers - “toxic workplaces” treat employees as costs - High performance organizations treat people as valuable strategic assets - Managers must ensure that people are treated as strategic assets Managers - A manger is a person in an organization who supports and is responsible for the work of others - The people who mangers help are the ones whose task represent the real work of the organization Levels of Management Responsible for performance of an organization as a whole or for on of its Top Managers larger parts Middle Managers In charge of relatively large departments or division Project Manager Coordinate complex products with task deadlines Team leaders or In charge of a small work group of non-managerial workers Supervisors Responsibilities: - Plan meetings and work schedule - Clarify goal and task, and gather ideas for improvement - Appraise performance and counsel team members - Recommended pay raises and new assignments - Recruit, develop and train team members - Encourage high performance - Encourage high performance and teamwork - Inform team members about organizational goals and expectations - Inform higher levels of work unit needs and accomplishment - Coordinate with others teams and support the rest of the org
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