GMS200 Lecture Notes PDF

- LECTURE 2 : - INFORMATION DECISION MAKING => Information Technology & the New Workplace - knowledged knowledge workers provide a decisive competit...

- LECTURE 2 : - INFORMATION DECISION MAKING => Information Technology & the New Workplace - knowledged knowledge workers provide a decisive competitive factor in today's economy Knowledge Worker : - · Intellectual capital · knowledged intellectual capital are irreplaceable organizational resources · The productivity of knowledge knowledge workersdepends on : Computer competency · · Information competency * IT New Workplace - Electronic Commerce (B2C e-commerce , B2B e-commerce) stages of development in e-commerce : - · secure an online identity · establish a Web presence · enable e-commerce · provide e-commerce's customer relationship management utilize service application model · a - IT facilitates communication & information sharing , reduction in the number of Middle managers , better organizational structure excellent coordination & control  - IT builds relationships w/ external environment. IT has changed the new workplace (email , - P 2 P /Peer-to-peer) file sharing). - Data is raw facts observation - Information : data made available for decision making - Good information pe must : · Timely High quality · Complete · · Relevant · understandable * The Role of Information in the Management Process - Data Information Decision making - Information exchanges w/the external environmenta w/i the organization The external Internal information needs of the - organization is presented in the next slide.  Information system - - Management information system (MIS) Decision support system (DSS) - Artificial intelligence (AI) - Expert systems (ES) - - Intranets & Corporate portals L - Extranets & enterprise portals Electronic data interchange (EDI) - Advantages of IT : - planning advantages · & organizing advantages · Leading advantages · controlling advantages ·  - The manager is the processing nerve centre > Information is Decision Making - - Performance deficiency : is actual performance being less than desired performance - performance opportunity : is actual performance being better than desired performance - Problem solving : the process of identifying a ↓ is crepancy between actual ' desired performance & taking action to correct it. - Decision : is choice among a possible alternative course of action. programmed decisions - - Non programmed decisions Crisis decision making - - Decision environments : certain environments · risk environments · · uncertain environments - problem-solving styles : problem avoiders · problem solvers · problem seekers · Systematic vs. Intuitive Thinking : - · rational vs flexible. combination of both systematic is intuitive · a thinking leads to excellent problem solving , * Steps in the Decision-Making Progress steps in the decision-making process : - Identify & define the problem · generated evaluate possible solutions · · choose a preferred course of action & conduct the "ethics double check" implement the decision · · evaluate results - Differences in the classical behavioural models of managerial decision making (Schermerhorn & Wright Text) > Current Issues in Managerial Decision Making - Types of heuristics for simplifying decision making : - · availability heuristic (to discover) · representativeness heuristic anchorings adjustment heuristic · Escalating committment - Ways to avoid the escalation trap - : · set advance limits I stick to them make your own decisions · · carefully determine why you are continuing a course of action · remind yourself of the costs · watch for escalation tendencies - Potential advantages of group decision making : · greater amounts of info, knowledge , i expertise are available · more action alternatives are considered · increased understanding and acceptance of outcomes · increased commitment to implement final plans· - Potential disadvantages of group decision making : · pressure to conform minority domination may occur · · decision making takes longer knowledge management - Chief Knowledge Officer (CKO) - - knowledge management requires a culture & that values learning fosters a learning organization n. - Ethical decision making  Ethical decisions satisfy the following criteria - : utility justice · · · rights caring - LECTURE 3 : 4 GLOBAL DIMENSION MANAGEMENT > The International of Globalization Management Challenges - key Concepts in the Challenges of Globalization : - · Global economy · Globalization · International management · Global manager · Europe-European Union (EU) · The Americas- NAFTA (USMCA-2018) , FTAA · Asia Pacific · Africa-SADC (Southern Africa Development Community) · ECOWAS /Economic Community Of West Africa States) -> Forms & Opportunities of International Business - Reasons for engaging in international business : · Profits · Capital customers Labor · · suppliers · - Market entry strategies involve sale of goods or services to foreign markets , but do not require expensive investments. Types of market entry strategies : - Global sourcing Licensing agreement · · Exporting Franchising · · · Importing - Forms & Opportunities of International Business - Direct investment strategies require major capital commitments , but create rights of ownership & control over foreign operations. - Types of direct investment strategies : · Joint ventures · Foreign subsidiaries  Criteria for choosing joint venture partner : - a · familiarity w/ your firm's major business · strong local workforce · future expansion possibilities strong local market for partner's own products · good profit potential · · sound financial standing - complications in the global business environment : · environment is complex , dynamic , " highly competitive · global business executives must deal w/differences in the environment of business in different counteries. · World Trade Organizations resolve trade & tariff disputes among countries. · protectionism can complicate global trading relationships. > Definition Multinational Corporations - of - Multinational Corporation (MNC) : a business w/ extensive International operations in more than 1 foreign country. Mutual benefits for host country & MNC - : · shared growth opportunities · shared income opportunities · shared learning opportunities · shared development opportunities Host countries' complaints about MNC - : profits · excessive · domination of local economy Interference w/ local government · hiring the best local talent · limited technology transfer · disrespect for local customs ·  MNC complaints about host countries : - profit limitations · · overpriced resources exploitative rules · · foreign exchange restrictions · failure to uphold contracts - Ethical issues for MNCs : · corruption : illegal practices that further one's business Interests. Sweatshops employing workers at low wages for long : · hours , in poor working conditions. child labour : full-time employment of children for work · otherwise done by adults. Sustainable development meeting current needs wo · : compromising future needs. - Culture & Its Relationship /Global Diversity - Culture : shared set of beliefs , values, a patterns of behaviour common to group of people a Culture Shock : confusion a discomfort a person experiences - in an unfamiliar culture. - Ethnocentrism : tendency to consider one's own culture as superior to others. stages in adjusting to a new culture : - · confusion · small victories · the honeymoon irritation Banger · reality · - Popular dimensions of culture : Language · · low-context cultures & high-context cultures Interpersonal space · · Time orientation monochronic cultures& polychronic cultures · Religion · Contracts · &agreements - values & national cultures (Hofstede) : power distance · · uncertainty avoidance · individualism - collectivism masculinity-femininity · · time orientation  - Understanding cultural differences (Trompenaars) : Relationships w/ people · universalism particularism · vs. · individualism vs. collectivism · neutral vs. affective Specific vs diffuse ·. · achievement vs. prescription Attitudes toward time (sequentials synchronic views) · · Attitudes toward environment (inner-directed is outer-directed cultures) > The Transfer of Management Practices & Learning Across - Cultures comparative management-planning & Controlling - Global managers organizing & Leading - -  Management theories not universal - : are · North American management theories may be ethnocentric. · not all Japanese management practices can be applied successfully abroad. Global organizational learning : - Companies can " should , learn from each other · , · Readiness for global organizational learning varies based on managerial attitudes. · ethnocentric attitudes polycentric attitudes · geocentric attitudes · · Be alert open , in ugring , but always cautious. , - LECTURE 5 : - MANAGEMENT LEARNING PAST PRESENT - Classical School of Thought : Approaches include : - Scientific Management · Administrative Principles Bureaucratic Organization · - scientific Management : Frederick Taylor develop rules of motion , standardized work implements, · & & working conditions for every proper job. carefully select workers w/the right abilities for the job. carefully train workers' provide proper incentives ·. support workers by carefully planning their work & · removing obstacles. - Scientific Management : the Gilbreths motion study eliminating wasted motions. Administrative Principles : Henri Fayol rules of management - Forecast, Planning Organization , Command Coordination , · , control. · key principles of management : Scalar chain unity of command , unity of direction. · , - Administrative Principles : Mary Parker Follett · groups & human cooperation · forward-looking management insights Bureaucratic Organization Max Weber - : Bureaucracy : an ideal , intentionally rational , a very efficient form · of organization. · based on principles of logic , order , a legitimate authority - characteristics of bureaucratic organizations : clear division of labour clear hierarchy of authority · formal rules a procedures impersonality · careers based on merit - Possible disadvantages bureaucracy of : · excessive paperwork or "red tape". · slowness in handling problems rigidity in the face of shifting needs resistance to change · employee apathy · - Behavioural/Human Resource Approach Human resource approaches include - : · Hawthorne studies · Maslow's theory of human needs · & Theory Y McGregor's Theory X Argyris' Theory of adult Hawthorne Studies - : initial study examined how economic incentives & physical · conditions affected worker output. consistent relationship found. · no "psychological factors" influenced results · relay assembly test-room studies employee attitudes , interpersonal relations , I group processes. · · lessons from Hawthorne studies. Maslows theory of human needs : need is physiological - a a or psychological deficiency a person feels compelled to. satisfy · Need levels : physiological esteem · · · safety · self-actualization social ·  Maslows theory of human needs - : · Deficit principle : a satisfied need is not a motivator of behaviour · Progression principle : a need becomes a motivator once the preceding lower-level need is satisfied. · Both principles cease to operate at self-actualization level. McGregor's Theory X & Y : - Theory X assumes that workers · : · dislike work · resist change · lack ambition prefer to be led irresponsible · Theory Y assumes that workers · : willing to work imaginative a creative · capable of self control capable of self direction · · willing to accept responsibility · Implications of Theory X : Theory Y - : managers create self-fulfilling prophecies · TheoryX managers create situations where workers · become dependent a reluctant. Theory Y managers create situations where workers · respond w/ initiative a high performance. · central to a self notions of empowerment management  - Argyris' Theory of Adult Personality : · classical management principles & practices Inhibit worker maturation; are inconsistent w/ the mature adult. personality Managerial practices should accommodate the mature · personality by : increasing task responsibility · · increasing task variety using participative decision making · # Role of Quantitative Analysis In Management - Management Science (operations Research) foundations : scientific application of mathematical techniques to · management problems. techniques &applications include : · · Mathematical forecasting · Inventory modelling · Linear programming · Queuing theory · Network models simulations · - Quantitative analysis today : staff specialists help managers apply techniques ·. · software hardware developments have expanded the horizon. good judgement's appreciation for human factors should support quantitative analysis. - System Views vs. Contingency Thinking system thinking : - system · subsystem · open systems ·  Contingency thinking : - tries to match managerial responses w/problems a opportunities unique to different situations. no "one best way" to manage. appropriate way to manage depends on situation. # of 21st Management Themes Century Quality performance excellence - - 8 attributes of performance excellence : a blas toward action · closeness to customer · · autonomy & entrepreneurship productivity through people · · hands on & value driven sticking to the knitting · simple form a lean staff · simultaneous loose-tight properties · - Global awareness - contemporary business must learn to become learning organizations. - core ingredients of learning organizations : mental models · personal mastery · systems thinking · · shared vision · team learning - To survive competition in this 21st century , managers must bei · Globalstrategists · Masters of technology Inspiring leaders · · Models of ethical behaviours - LECTURE6- PLANNING PROCESSES TECHNIQUES # planning Planning : process of setting objectives a determining how to - best accomplish them. objectives : Identify specific results/desired outcomes that - one intends to achieve. - Plan : statement of action steps to be taken in order to accomplish the objectives. steps in the planning process : - · define your objectives · determine where you stand vis-a-vis objectives. · develop premises regarding future conditions analyze a choose among action alternatives. implement plans evaluate results · - Benefits of planning : improves focus flexibility. · improves action · orientation improves · coordination improves time management · improves control · # Types of plans short range a long range plans - · short range plans = 1 year or less Intermediate range plans · = 1-2 years · long range plans = 3 or more years People in their capability to deal effectively w/different - vary time horizons. Higher management levels focus on longer time horizons. -  - Strategic s operational plans · strategic plans : set broad , comprehensive , a longer-term action directions for entire organization. · operational plans : define what needs to be done in specific areas to implement strategic plans. · production plans · financial plans facilities plans marketing plans · human resource plans · Policies & procedures - standing plans : policies & procedures that designed for · are repeated use. · policy : broad guidelines for making decisions & taking action in specific circumstances. · rules/procedures : plans that describe exactly what actions are to be taken in specific situations. Budgets & project schedules - only used once to meet needs & objectives · single use plans : of a well defined situation in a timely manner. budgets : single use plans that commit resources to activities, projects, or programs. · fixed , flexible , a based budgets. zero · projects : one time activities that have clear beginninga end points. · project management project schedules. # Planning Tools Techniques Forecasting : - making assumptions about what will happen in the future. · qualitative forecasting expert opinions. uses quantitative forecasting uses mathematical & statistical · analysis all forecasts rely on human judgement  · planning involves deciding on how to deal w/ implications of a forecast. Contingency planning : - Identifying alternative courses of action that can be · implemented to meet the needs of changing circumstances contingency plans anticipate changing conditions · contingency plans contain trigger points. · Scenario planning : - long term version of contingency planning · identifying alternative future scenarios · plans made for each future scenario increases organizations for future shocks ·. - Benchmarking : use comparisons to better evaluate current of external · performance & Identify possible actions for the future. · adopting best practices of other organizations that achieve superior performance. Use of staff planners : - · coordinating planning function for total organization or one of its major components. · possible communication gaps between staff planners & line management. participation tools & techniques : - & · participatory planning requires that the planningprocess include people who will be affected by the plans & /or will help implement them. · Benefits of participationInvolvement : - promotes creativity a planning Increases · available info I commitment to fosters understanding , acceptance , final plan ,