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GMS Chapters 1,2,5,7
Bsuiness Today
| Term | Definition |
|---|---|
| Intellectual Capital | Laboral talent. Combined brain power and skills. Knowledge and mastery of skills. Personal that makes us valuable. |
| Intellectual captal formula | competency and commitment |
| knowledge workers | Todays most competive workers. They are both intellectaul and social. |
| Fourth industrial age | Our current age. Age where technology has taken over. Technology is a driven force for change. |
| Tech IQ | The ability to use today's technology. |
| Globalization | The interdependence of resources, manufacturing, and talent. |
| why go for globalization | outsourcing cheaper materials and talent |
| Job migration | Moving jobs that could have been completed in the home country to a foreign country--- Indian customer service |
| Job migration could be controversial becuase... | It reduces jobs in the home country for the sake of company's profit. |
| Reshoring | Its moving jobs from the foreign country back home |
| Ethics | The set of values of what is morally correct |
| Corporate governace | active oversight of top management desicions |
| workforece diversity | The amount of diverse gruops of people in a company |
| discrimination on workforce | diverse members are treated unfairly |
| Glass ceiling effect---> wolrd of gumbal | the invisible barrier that stops diverse people and women from getting to the top |
| Shamrock | Term used to describe the challange of creating a good portfolio in today's world |
| Free-agent economy | an economy where employees must change jobs and work flexible contract |
| slef-management | asses yourself, be productive, self challange, identify weaknesses and stregths |
| Career survival skills | Mastery, entrepreneurship, networking, tech, marketing, renewal |
| Mastery | Master your job field. Have a good capital knowldge. |
| Enterprenourship | Work as if you owned the company |
| Networking | Know people have connections |
| Tech | be tech savy |
| Marketing | market your team and yourself |
| Renewal | Make yourself better, learn and keep growing capital knowldge. |
| Social networking tools | Instagram, Twitter and Facebook, connect with people |
| Organization | Group of people working together to achieve a goal |
| Recource Input | Resources, Tech and Employees |
| Tranfoming process | Creating a product or service with the resource input. Uses feedback of customers to know how to satisfy them better. |
| Product Output | Finished product or service |
| Organization are open systems? | Yes. Open systems interact with their environment. |
| Productivity | Effectiveness and efficiency. Quality relative to cost of input. |
| Effectiveness | How well the goal is accomplished |
| Efficiency | How well were resources used |
| effective, not efffecient | goal was reached but resources wasted |
| not effective, effeecient | goal was not reached, resources saved |
| effective and effecient | goal reached, resources saved ---> high productivity |
| not effective, not effecient | goal not reached, resources wasted |
| Manager job | support, oversee and help employees to reach goals. |
| Board of directors | members selected by share holders |
| Top managers... | set stagedies to accomplish company's goal |
| Middle Managers | In charge of large divisons |
| Team leader | starting management job |
| Staff manager | In charge of line workers |
| Functional managers | In charge of one business process |
| General managers | In charge of many business processes |
| Adminstrators | Name for managers on non-profit organziations |
| Line managers | works directly affect the compnay--> presidents, retail manager, supivisor |
| Effective managers | Help their employees get the work done and enjoy work |
| quality-work-life | The quality of a job environment. Respect, working-hors, payment, work-loads, flexible contracts.... |
| Best managers | help and support employees rather than command/ order-give |
| Henri Flayol- Fundamentals of Management | 1)Planning - plan how to accomplish goal 2)Organize - give the tasks, resources and make teams 3)Leading-- support teams 4)Control -- measure correspondence to expected goal, check results and take necessary action if necessary |
| Taylor | Father of scientific management |
| Scientific management 4 principles | 1) Crate a rule of motion for job 2) Select the right employees 3) Train the employees 4) Support them get the job done |
| Motion study | The study of the most basic movements needed to get the job done. Reducing a task to its most basic physical componets |
| Scalar Chain Principle | The principle that communication should be clear from the top to the bottom of a company |
| Unity of Command Principle | Each person should receive orders from only one person |
| Unity of direction principle | Only one person should be in charge of related field. Accountants--> acccountring. Makrketers-->marketing |
| Bureaucracy | Logical, efficient and impersonal organization |
| Bureaucracy parts | Logical principles, order and authority |
| Organizational behavior | The study of of people behave within an organization |
| Hawthorne effect | When people get special attention to perform well--> it leads them to perform well. |
| Deficient Principle | when a need is satisfied but does not lead to other desire. like eating. |
| Progression Principle | when a need is satisfied and leads to other desires |
| Maslow's Theory of Human Needs | Humans needs for happiness |
| Maslow's Theory of Human Needs | 1)Physiological needs - Food and shelter 2) Safety needs -Security 3) Social needs -Relationships 4)Esteem needs -Self-esteem 5)Self-actualization needs - Religion |
| Theory X: McGregor | Employees dislike work, lack ambition and like to be lead |
| Theory Y: McGregor | Employees are har working, have ambition and can self-manage |
| Theory X mindset managers will have what kind of employess | Theory X employees |
| Theory Y mindset managers will have what kind of employess | Theory Y employees |
| Agris theory of adult personality | Managers that treat their employees like adults will act like adults--> perfom highly |
| QP Quieving | allocate service personel |
| QP Linear programming | allocates production across machines |
| QP network | help activity completion |
| Math forecating | Forecsts invenotry levels |
| Inventory analysis | control of inventory |
| Total quality management | adds quality principles to organizations goals |
| ISO certificate | certificate for quality management |
| Evidence-based management | Making management decisions on facts |
| Open system organizations | Interact with external environment---looks at external environment for ideas of improvement |
| Closed system organizations | Do no Interact with external environment- looks inetrnally for improvement ideas |
| Systems thinkig | ways to investigate factors that could lead to possible outcomes |
| Global economy | resources, supplies, product markets, and business competition have a worldwide—rather than a local or national—scope |
| Pankay Ghemawat | believes national identities still remain strong |
| Global management | management in business and organizations with interests in more than one country. |
| Global managers must | have a strong global perfective are culturally aware, and are informed about current international issues and events. |
| Classic international businesses | for profit business offering products and services across countries |
| BENEFITS OF INTERNATIONAL BUSINESS | Profits, customers, suppliers, labour, capital, and risk |
| Economic development: | a policy when a foreign firm does business with a local government with the intention to increase the economy |
| Internationals business generates a virtous circle: | All the members involved benefit as they work togethher |
| Market entry stragedies--> cheap | 1. Sourcing 2. Exporting/Importing 3. Licensing 4. Franchising |
| Direct investment stargedies --> expensive-more control | 1. strategic alliances 2. Joint ventures 3. Wholly owned subsadiaries |
| Number one reason for outsourcing | cheaper cost (manufacturing, resources, and chaper talent) |
| Number one reason for reshoring(moving manufactories and other operations back home) | sketchy foreign contractors, increased foreign labour wages, higher cost of transportation |
| Licensing agreement | the foreign firm pays a fee for selling their goods in the local market |
| Franchising | a foreign firms buys the righst to use the name and business practices of local firm to apply them in its home country |
| Insourcing | Doing operations at home that could have been done in a foreign country ---> better reputation and quality management |
| Joint-ventures | When a foreign firm and local government are partners operating a business in the local country. |
| Strategic alliances: | when the local government and foreign firm work together for benefits |
| Foreign subisdaries---> when a foreign firm buys the local firm | buidl from ground up (greenfiled venture) or alredy bulit uo |
| Thinsg to look out before going internationally | Legal risk(copyright, laws, money exchange, etc..) and political risk(uprising, warlords, corruption) |
| Poliycal risk analisys | polical risk can be calculated. forecast dangerous political risk events that can thearten the security of the country. |
| World Trade Organization | Takes cases dealing with international business--> issues between foreign firms and the local country (64 members) |
| Tarrifts (tax -barreir) | tax on export goods |
| Non-tax barrier | quotes, restrictions and licensing |
| Regional Economic Allences | Close by country agree to do business with the purpose to benefit each other.(NAFTA, EN, Asia Pacific Development Cooperation, South Africa Development Community) |
| Transnational Cop | Firms that does bsuiness globally with not set home country |
| Corruption Of Forreign Affair Act | Stops Canadian firms and representative in being involved in corruption internationally(doing pay-offs for the gain) |
| Conflict minerals | minerals being sold for funding war. Use modern day slavery to get the minerals. |
| Proxemics | The study of how a population uses space |
| Low-context cultures | The context of situation and words does not matter. Direct. USA |
| High-context cultures | The context of the situation and words does matter. Undirect. Japan |
| Monochronic cultures | Like to do one thing at time -->Canada |
| Polychronic culures | Like to do many things at a time--> Egypt |
| Tight Cultures | Japan, Korea |
| Loose cultures | U.S, Brazil |
| Individualism | the individual matters the most |
| Collectivims | the majority matter the most |
| intercultural competency | skills that helps us succeed across cultural workspaces 1) Perception management 2) Relationship-management 3) Self-perception management |
| information copentancy | the ability to gather to do research. |
| analytical compenty | the ability to translate data into actual useful information |
| data | raw facts and information |
| Management infomration systems | Systems that help information get across the company easier for management decions |
| Management anlystics | analyzing data to make infomr decions |
| Five Vs of data | Volume, Variety, Verification, Velocity, Value. |
| Business Intelligance | Gtaher data and displays it in dahsboard |
| Problem Solvers | Find solutions when problems arise |
| Problem Seekers | Constanlty looking at information for possible issues to solve |
| Problem Avioders | Ignore looking at information that could lead them to finding issues |
| Systematic Thinking | Thinking like a computer when solving problems. Step by step and very rational. |
| Intuitive thiking | Going for "hunches" when solving issues. Like a fool. Flexible and spontaneous |
| Multidimensional thinking | ability to view many problems at once, and see their relation. Like Sherlock Holmes.---> BETS MANAGERS |
| Isenber- Strategic Opportunism | the ability to stay focused on solving long-term issues an well as short-term issues |
| Conigtive styles of thinking | 1) Intuitive thinker: idealistic and theoretical 2)Sensational thinker: realistic and factual 3)Intuitve feeler: flexible and sensitive 4)Sensational feeler: realistic and sensitive |
| Structure Problmes | Issues in management that have already been solved that, have ebough infomration to solve |
| Unstructured Problems | New issues in management that have little information to solve |
| Unprogrammed Problmes | Need a special solution for that unique situation |
| Crisis decions | Deciosn that needs to be taken thoufully and speedy to avoid deisater |
| Mangers often deal with a Crisis decions worngly by | solving the issues themslevs or with a small gruop of people. Important information is often missing from members. |
| rules of crisis management | 1) Figure out what is going on 2) Speed matters 3) Slow also matters 4) Respect the danger of the unfamiliar 5) Rescpect the skeptic |
| Certain enviroment | all information is available and factual. |
| Uncertain enviroemnt | information is not available |
| Risk enviroment | the information is poor |
| Classical decion model | Mnagers are rationla and will make well-infomred decions |
| Bounded rationality | Rationality is limited by the infomration availabe at the moment |
| Behavioural decision model | people make decions based on partial knowdlge |
| Satisfying model | people take the first solution |
| lack-of-particpation | Not enough people help find a solution |
| Framing error | Perceiving an issue in the way it is presented..positively or negatively |
| Availability bias | we use memory for looking for infomration(fastest available) |
| Representativeness Bias | sterotypes leads us to make a decion |
| Achoring and adjustment bias | previous outdated information leads to us to make decions based on them |
| Confirmation error: | trying to convince ourselves that our choices were the best |
| Big-c creativity | exceptional peple make expetionla things |
| Little-c creativity | average people make expeptional things |
| Design thinking: | 1)defining problems 2)visualization nd brainstorming 3)testing and modifying solution |
| Integrative thinking: | he process that seeks to undetand the tension between two opposite ideas from which creative solution can occur. |
Created by:
danss
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