Textbook Notes (363,452)
Canada (158,372)
Management (802)
MGM102H5 (178)
Chapter 1&2

Notes of chapter 1 & 2.docx

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University of Toronto Mississauga
Dave Swanston

Chapter 1 Case = written description of a situation faced by manager  involve a decision to be made, problem to be solved or an issue to be settled • Common frustrations o Lack of good info, shortage of time to make decision, uncertainty, lack of opportunity to reduce uncertainty @ reasonable cost • Depend on two way interaction (must listen and participate) Individual: to challenge and regard case 1. Define problem 2. Sort relevant from irrelevant info 3. Separate fact from opinion 4. Interpret and analyze info 5. Come to reasoned decision and course of action 6. Communicate your thoughts clearly and persuasively to others during class discussions Group: to challenge and regard case 1. Come to group meeting with knowledge of assigned readings and analysis of case 2. Participate actively in discussion 3. Not necessary to have group leader  all members responsible for making own decision based on what is said and own analysis 4. Responsible for own notes and recognize good ideas 5. Consensus not necessary 6. Work at clarifying individual disagreements after small group discussions 7. Set time limit for discussion (30 min = enough) Evaluate Performace 1. Identify, prioritize and deal w/ issues and problems 2. Judge quality and relevance of info 3. Assess necessary assumptions 4. Relate info to issue 5. Resolve conflicting info 6. Analyze by asking/answering right questions w/ proper analytical tools 7. Determine appropriate criteria for making decisions 8. Generate and evaluate alternative courses of action 9. Make a decision and defend it w/ well-ordered and persuasive argument 10. Develop detailed action plan showing awareness of what might happen 11. Build on other student’s argument to advance discussion toward coherent conclusion 12. Generalize: take general lessons from lectures and apply to specific problems General Case Study Outline 1. Executive summary 2. Statement of problem, opportunity and objectives 3. Analysis of situation 4. Identification and evaluation of alternatives 5. Decision, course of action and implementation Chapter 2 Environmental Stewardship: integration of sustainability in values into the managing of environmental resources Societal Response to Environmental Degredation Unabated consumption  regulatory compliance legislation and standards  eco management initiatives  full integration of business strategies and environmental responsibilities Industrial revolution caused society to move from self-sustenance to a consumption inspired marketplace. Environmental policies and environmental management systems  facilitate to reduce, measure and monitor risk exposure to enacted legislation directly impacting their industry sector and business operations  allow pollution prevention, recycling and environmental health and safety assessment Degradation: deterioration of environment thru depletion of resources and destruction of ecosystems Countries cannot be simply evaluated on GDP growth and productivity indexes  must also evaluate natural resources, nature of planet, and true well-being of society *goal to design and redesign business processes in way that while allowing for increased wealth and enhanced competitive advantage, incorporates principles of human mankind and resources protection and sustainability for future* Sustainability Challenges: 1. Climate change • Temperature change = reduced crop yield • Global transportation systems have a significant impact • Utilization of resources • Reduced Carbon Economy o Improving energy efficiency  decarbonizing energy supply  transportation innovation  biodiversity  human behaviour modification • Green carpet: forests, trees and planet life • Kyoto protocol : 1997 international agreement that binds participating nations into stabilizing and reducing greenhouse gas emissions 2. Pollution & health • Several deaths due to environmental factors such as organic and chemical pollutants • Top 6 toxic threats: lead, mercury, chromium, arsenic, pesticides, radionuclides 3. Energy crunch • Global economy heavily dependent on oil and fossil fuels • BTU: measure of heat required to raise temperature of one point of water by 1 degree Farenheit • Resource depletion i. Peak model theories: based on belief that resources are finite and at some point availability of such resource will pass their max production point and begin to decline ii. Current supply development constraints: how quickly can develop production of existing known resource supplies(e.g. alberta oil sands opportunities into pipeline) iii. Political impact factors: political, legislative or environmental action that constrains ability of firms to proceed w/ supply development (environmental impact requirements, existing and new to come, impacts on cost, etc) 1. feed tariffs: gov payment subsidy arrangements whereby participants are paid guaranteed premium for energy developed thru adoption of alternate energy sources iv. Rate of new discoveries: identification of new sources of fossil fuels  new exploration technologies have resulted in identification of fossil fuel reserves in areas where such reserves were known not to exist v. Declines in current production: reduction in current supply volume due to energy sources drying up/being taken offline vi. Immediate access to additional capacity: ability of current suppliers to tap into excess capacity to meet demand needs of marketplace (e.g. opec increasing supply capacity to meet demand) vii. Geopolitical instability: instability in countries or regions that supply our global energy needs viii. Development speed of alternate energy sources: refers to speed at which alternate energy sources can be brought online and achieve necessary scale and cost structure to be viewed as viable options for energy consumers to consider when looking to meet current and future energy needs • Improvements in energy productivity i. Improving efficiency of energy production currently taking place – also reducing overall demand for such energy in manner that does not comprise economic growth 4. Resource depletion • Resource management: ability to actively manage existing supplies and regenerate new supplies of materials in such a way that minimize resource depletion 5. Capital squeeze • Sovereign wealth funds: country/state owned investment funds • There is excess supply of capital at attractive rates in global market • Lending + export surplus = eventual need for overwhelming dependency on emerging economies to meet capital needs – need for this capital internally is dramatically increasing  as countries emerge will need more capital • Projected capital shortfall will be as follows: i. Access to capital by fully developed economies will become difficult  due to low savings rates, little internal investment, increasing need for developing economies to use capital reserves for internal, domestic investment thereby reducing supply they able to lend ii. Reduction in savings occur in developing economies as grow  as economies grow, citizens become wealthier, savings rates decline iii. Cost of capital(interest rates) cost of company funds (debt and equity): will increase as demand for capital for investment purposes exceeds supply iv. Financial protectionism gov actions or policies that restrict / restrain outflow of funds from one economy to another : could creep into global marketplace as
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