MGT 1000 Chapter Notes - Chapter 3: Organizational Culture, Market Environment, Visible Minority
Document Summary
Environmental change: rate which company general and specific environments change. Environmental complexity: the number of external factors in the environment that affect organizations. Scarcity: the abundance or shortage of critical organizational resources: uncertainty: extent to which managers can understand or predict which environmental changes and trends will affect their business. Environmental scanning: searching the environment for important events or issues that might affect an organization. Stable environment: an environment in which the rate of change is slow. Dynamic environment: an environment in which the rate of change is fast. Punctuated equilibrium theory: a theory according to which companies go through long simple periods of stability(equilibrium), followed by short periods of dynamic, fundamental change(revolution) and ending with a return to stability(new equilibrium) Business confidence indices: indices that show managers level of confisence about future business growth. Predicting future economic activity by tracking business confidence indices(managers level of confidence about future business growth)
