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GB 370: Intro 5/24/18 8:42 AM Can’t talk about disability during interview- will lead to a lawsuit Unless it impacts something for the physical job—if they aren’t able to perform job Weird Stuff Going On: #C@D-à crying @ desk(amazon) • amazon-46% all online commerce • most customer centric company t...

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GB 370: Intro

5/24/18 8:42 AM

Can’t talk about disability during interview- will lead to a lawsuit Unless it impacts something for the physical job—if they aren’t able to perform job Weird Stuff Going On: #C@D-à crying @ desk(amazon) • amazon-46% all online commerce • most customer centric company today—for the people/customers • employee—not having a good day; amazon—not like meetings -amazon very hard for employees to work: increasingly how corporations work now ex: Bridgewater- financial company; credibility index(rating system)—can get it lowered ex: Apple- strategy meeting Monday ex: google- 20% time; Friday—free time to do research and development free time; otherwise get projects A,B,C,D • people expected/ were demotivated on Fridays • •

people came up with great ideas—left company to start new project google- sue own employees- intellectual property suit

Productivity: USA: 55% higher working •

GDP per person 57,466 working/ 1783 hours per year o US: 32.23 GDP/ hour o US vacation: 16 vacation days a year

o Only 25% use time off; 15% took no vacation France: 36,855 working/ 1,472 hours per year •

25.03 GDP/hr

Why is MGMT a problem? • One of these people: 8-5 work day; get tired • Working w/people- 15% who don’t take vacation; narrow minded about work o Leads to strong/clash of opinions o Assumption you never leave work -corporations lasted for a long time

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1980s- corporations bought each other out, went bankrupt, etc.— lifespan of a corporation declined vast majority of Americans-work for big companies—since corporation lifespan is shorter—move to different corporations o systems under management change o skills employers want are changing § Federal Reserve – sets interest rates for banks; inflation § §

rate etc. Employ tons of economists at Federal Reserve 2016- Federal job and types of work ú ú

routine jobs- manufacturing cognitively routine- paper processing

ú

non routine cognitive—creative gigs; office has different responsibilities at different times—

comfortable/ flexible ú manual routinenot routine jobs growing—hard to set management objectives •

growth, employee responsibilities, balance

Industries are blowing up: • Amazon- enables industries to blow up; common goal; flatten everyone • •

Amazon- coming into commercial banking industry Enable other businesses to prop up—

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Amazon Web Services—can build an app through web services o Pay per user basis- don’t invest in server money

o Pay by # of users that go on website- don’t convince anyone idea is good- just do it - market shows for you; amazon has leveled that playing field - Amazon: doing delivery • pick up food- Grubhub, Uber eats •

Amazon- allows food delivery from “mom and pop shops”- just need a food certificate

Amazon: provides marketplace, delivery, platform to make widgets—make it from China- ship it to Amazon- Amazon will ship to customers

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Launch business from your house—opens a lot of doors

- led to displacement: emphasis on competition/ opportunities for start ups Controversy w/ Facebook: • stop playing fake news- credibility score on all new stuff they push out o resulting from every election( US- Donald trump, Ukranian, Polish, Hungarian, etc.-global elections) o Facebook share price—declined § People dig fake news; offer news that’s more voted up as credible—reduce people’s engagement High math, high social skills—doing really well; great job opportunities • Social skills- employers value o Service industries- huge part of economy o Industries being combined- most communicate w/ engineer design team as well as incorporate sales § Work in teams Great recession- killed middle management •

Job floating as increased

Course Goals: 1. Management and principles of individual behavior 2. starting a business- shape ideas to start a business 3. execute management and entrepreneurship by focusing on business fundamentals

Unit 1: What is management

5/24/18 8:42 AM

Netflix: delivery system of movies by mail •

Trying to get videos onto the internet- trying to get rid of all delivery people but make them happy at same time

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Delivery by mail system was running+ at same time trying to figure how to stream internet movies o Split company into two- Quickster (mail video) + Netflix § Led to various confusion- they squished the warehouses/infrastructure §

Value got destroyed- transition was messed up

Kodak- invents digital camera that kills their company • License computer printers/ magazine catalogue printing machines Organization: group of people working together in a structured and coordinated fashion to achieve a set of goals • •

There to have achieve objectives- make profit/revenue Goal: exclusivity (fraternities- social value)

Organizational Resources: 1. Physical resources- raw materials, office/production facilities a. Ex: fraternity- the house 2. human resource- managerial labor/talent 3. information resource- what the organization controls/repurposes; usable data • Netflix- can learn about what customers are interested in/buying 4. financial resource- large organizations have a lot of money they can spend on things •

apple-250 bil cash

How to get Donors: • Donors- contribute financial resources to the university •

Athletic programs- creates revenue; off book-don’t get any money from them o Entertainment, marketing- virtue of football program you can show ads, people talk, infrastructure that ties people together

o Athletics- “front door to university”- donors come back for football -tension between athletics and academics—resource: donor base comes to university for sport programs but don’t tie in directly to athletics • •

most organizations don’t have consistent goas exchange of value

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Education/academics

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Research – marijuana

Goal:

What is management: • Set of activities- planning and decision making, organizing, leading, •

and controlling Balance competing objectives o Directed at organizations resources- human, informational, financial, physical with aim to achieve it efficiently and

effectively Efficiently-using resources wisely and in cost effective way Effectively- making the right decisions and successfully implementing them Manger- primary responsibility is to carry out the management process Management Process: 1. Plan- long range of plans to operate effectively( strategy formulation) a. Set/achieve organizations goals b. Strategy happens here, vision/mission, goals/objectives 2. Organize- organization to carry out a plan if one or more employees are involved a. Determine how to best group activities/resources i. Organizational design, culture, social network 3. Control- develop a method to know how well employees are performing to determine what must be done a. Monitor activity to facilitate goal attainment i. Strategic human resources, systems/processes

4. Lead/motivate- management is the science of getting people to do what they would otherwise not probably do a. Motivate members or organization to work in best interest for company i. Conflict occurs when managers try to change to many areas at once -scarcity of product will shift demand of product—shifting of demand curve Types of Managers: - don’t have middle management like we used to • technology • •

management by objectives; MORE LIKE PROJECT MANAGER more focus on building independent coalition

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don’t go through formal channels

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- stay in project management for a while; go to top level role later o or do a new project management role at a different company

Types: •

Marketing manger

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Financial manager Operation manager

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Human resource manager Administrative manger specialist

Managerial roles and skills: • •

Oversight, coach, be an expert Tell you what to do, responsible for making tough decisions

Ten Basic Managerial Roles: Category: Interpersonal

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Figurehead-job to be the person people complain to; stand as boss

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to make customer happy (CEO) Leader-make people feel good about organization and increase

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productivity Liaison – communicate across divisions; spokesperson for upper

management o Decisions to pursue each goal they are achieving Category: Informational • •

Monitor Disseminator

• spokesperson Category: Decisional • Entrepreneur • •

Disturbance handler Resource allocator

• Negotiator Managers- primary job to understand everyone requires different interaction w/ their manager • Provide employee the role they require: change job/ reassign tasks • Firing people is complex and expensive- failure not a remedy Bob Eger- CEO Disney Management skills • • •

Technical Conceptual- problem solving Communication

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Time management Decision making o Don’t like to make decisions: § Afraid of trouble they get in if they make the wrong one

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§ Haven’t built up the confidence and pursue things Diagnostic Interpersonal communication

Management: Science or Art?

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Science of Management o Assumes that problems can be approached using rational, logical, objective, and systemic ways o Requires use of technical, diagnostic, and decision making skills and techniques to solve a problem

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Art of Management o Making decisions and solving problems using a blend of intuition, experience, instinct, and personal insight o Using conceptual, communication, interpersonal, and time management skills to accomplish the tasks associate w managerial activities

“You’re the Manager” Slide 45: • •

what will you do first? After that, what will you do next?

-always be thrown under a situation you have no idea about—unstructured environment random things thrown at you • create an organizing structure in an unknown situation Things you can do • •

Talk to people Throw out personality inventory –identify people figure out jobs to

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give out Handle goal- match out solutions to problems to find a place to start

Kelleher: founded SouthWest Airlines •

Harvard trained attorney , fought American Airlines through Congress to get a bill driven out, grew airline from an airline for oilmen in Texas o No first class, no assigned seats—makes boarding more efficient o No bag fees- want you to check bag; makes boarding faster and more effective

Southwest: originally only flew to three places in Texas-oilmen 1970 How did they market it?

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Sell sex and booze- mid 1970s oil men; sexualizes flight attendents in their early ads

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Flew southwest 7 times- free liquor or an ice bucket( non drinkers) o Now #1 airline in county- repositioned image into “manly version”

Steve Jobs: Innovator/ Entrepreneur • •

Ian wasniak started apple- rather “mercurial” Jobs would talk to everyone in elevator ask them what they did o If they couldn’t respond; were fired o Able to get best work product out of his people—employees did best work ever done in their life

How do we get here? • Hawthorne Studies- Elton Mayo at Western Electric o Before this was “scientific management” by Frederick taylor— pay you for your objective § Make x amount of x every year •

§ Market based managent -counter point was Hawthorne studies o weird outcome: tweak lights; increase lights increase employee productivity o when lights went down –employee productivity still stayed quite high almost even twilight level § attributed: people are talking to them- human

behavior theory of management - in addition to obtain a goal, • •

doing a goal to participate in an activity- provides meaning and motivation statistics to Hawthorne study were flawed: o Monday- factory was brightly lit o study suggested that when experiment ended productivity dropped § towards summer- professors would leave for summer §

vacation factory not air conditioned- after faculty left employee productivity collapsed

Theory X and Y: Theory X Assumptions: • •

People don’t like work and try to avoid it People don’t like work, managers must control direct coerce and threaten employees to get them to work toward organizational goals o Pay people to achieve objectives; give them incentive watch them go after it o Market based management- balance market based wage against actual job

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o Management by objective; evidence based management People prefer to be directed, avoid responsibility and have little

ambition Theory Y Assumptions: • •

work is part of natural lives; people don’t dislike it people are internally motivated to reach objectives to which they are committed

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committed to goals to receive personal rewards people seek and accept responsibility in favorable conditions

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people have capacity to be innovative in solving organizational problems people are bright, potential is underutilized in most organizational

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conditions o empowerment, Maslow’s Hierarchy of needs o job enrichment and “great places to work” rankings every organization has different norms and culture • stripping those out might be impossible w/out dramatic/painful challenges •

you need a crisis to turn the ship o might be able to create one but be cautious o ex: banking industry- competitive / crazy—JP Morgan and Goldman and Chase §

making money due to relationships/ level of service they provide

§

must be terribly competitive/ chase deals- award aggressive, sharp, intelligence fetishized – hurts personal life

stockbroker manager: intense, try and cut interpersonal communication • stay till 7- buy dinner toy factory manager- laid back, friendly • let people leave early for the weekend • women- get tired after maternity leave ; want women in the company o Netflix- give employees a year off; prevents withdrawal of women from labor force/ them going part time Contemporary Issues: •

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Drug use- marijuana o Can be fired- unless you prove it is a disability/disease o Justification: health insurance rates Allowed to be fired if you are a homosexual- vary by state

Facebook/ social media posts o Varies state to state: political speech isn’t uniformly protected but talking about organizing a union or voicing racism/discrimination is grounds for firing Costs you incur from being fired: •

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relocation to find another job spouse/wife giving up their job to move w/ you

5/24/18 8:42 AM Chapter 1: Management- art of getting things done through the efforts of other people Principles of management- means by which you work to get things done through others individually, by groups, or organizations • Activities that plan organize and control the operations of basic elements to achieve objectives of the organization o Planning, organizing, leading and controlling- POLC Managers: • Supports other employees/ managers through empowerment o Empowerment- enabling/authorizing an individual to think, behave, take action, and control work/ decisions in autonomous ways o Types: § Top-steward for mission/ vision §

Functional- responsible for efficiency/effectiveness of one specific area

§ §

Supervisory- coordinating a subgroup w a team composed of members of different parts of organization Line- product/service manager- contributes directly to

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services/products a company makes Staff- advisor role; ex: white house chief of staff

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Project: plan, execute, complete projects: found in construction, technology, consulting, etc.

General – managing store, business unit or product line ú Have rewards tied to performance of entire unit Informational: (process info) §

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Monitor- manager receives and collects information Disseminator- transmit special information to organization

• Spokesperson- information from organization to environment Interpersonal; interpersonal relationships(provide info) • •

Figurehead- manger represents entire organization in all matters Top level manager- seen as industry expert; represents company legally/socially

• Supervisor- departmental expert Decisional: Use information

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Entrepreneur- manager initiates change

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Disturbance handler role- deal w/ threats to organization Resource allocator role- manager chooses where organization will

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spend its efforts Negotiator- negotiate on behalf of organization

*leader role- most important position in all levels of management hierarchy: nature of management upside down pyramid • top executives support middle managers middle managers support employees; employees fulfill needs of customers/clients 1.2. Leadership/Strategy •

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leadership- social/informal sources of influence individuals use to inspire actions of others o actions you take to mobilize others to work towards a common goal

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entrepreneurship- recognition of opportunities or use or creation of resources to implement innovative ideas for new planned ventures o convert a good idea into action o catalyst for value creation- identify and create new markets/foster change in existing markets

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strategy- creation of an organization’s long term purpose, set forth by clear goals and objectives w/ a coherent plan of action o take advantage of resources o strategy- how an organization will achieve its objectives

1.3-POLC Planning- setting objectives and determining a course of action to achieve those objectives • Be aware of environmental conditions • Be good decision makers Steps of planning a. Environmental scanning- be aware of trends facind organizationeconomic conditions, competitors, and customers

b. Establish objectives- statements of tangible actions to be achieved and a timeline c. Identify alternative course of action to achieve objectives d. Evaluate alternatives- decide course of action to achieve objectives e. Formulate/ implement plan f. Evaluate success of plan/ corrective action Types of planning: Strategic- analyze competition; opportunities/threats+ strengths/weaknesses • • •

Determine how to position organization to compete in environment Based on organization mission Top management- conducts strategic planning

• 3+ years Tactical- intermediate planning that develops specific means to implement strategic plan • Middle level managers • 1-3 years Operational- subunit goals/objectives and how to achieve them • Less then a year’; support tactical/strategic plans Organizing: develop organizational structure and allocate human resources to ensure accomplishment of objectives • Framework which effort is coordinated- “organizational design •

decisions” Design of individual jobs in the organization- duties/responsibilities of individual jobs and manner to carry them out o “job design decisions”- division of labor and specialization— design individual jobs to most effectively use human resources § jobs have become narrow/specialized- leads to negative

decrease in job satisfaction, increased tardiness/absences and turnover Le...