Notes For MAth HW PDF

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Management Defined:The pursuit of organizational goals efficiently and effectively. The art of getting things done throug through h people Management Process Management Process:Planning,Organizing,Leading,Controlling Chall Challenges enges enges:Competitive advantage, diversity, globalization, IT, ethics, sustainability, well-being S ci cientific entific The Theory ory Define Defined d:Our best scientific knowledge on a given topic. It’s an explanation of all the accumulated evidence. It is not a claim that hasn’t been proven yet Mod Modernism ernism ernism:A set of intellectual ideas developed during the Enlightenment period for understanding the world in a systematic or scientific way As Assumptions sumptions sumptions: An objective reality exists (everyone’s reality is the same) independent of us (we didn’ t create the reality) Pos Postmodernism tmodernism tmodernism:Challenges the assumptions of modernism.Our realities differ (subjective) and are shaped by us (dependent).The power to shape reality comes from the language/words/ideas/theories we adopt Pos Postmodern tmodern Implications Implications:Language shapes the reality you experience and your behavior within it.People live in different realities, they behave differently, thus what affects one person may not affect another Va Valu lu lues es :Deeply held attitudes and beliefs about what is important and meaningful Ethics :Standards of right and wrong.Based on values.Affects behavior Ethical Responsibility of Company:Shareholder View View: responsible to owners (Milton Friedman).Stakeholder View: responsible to stakeholders (Ed Freeman) St Stakeholders akeholders akeholders:Anyone whose interests are affected by the activities of the organization.Internal (owners, board, employees).External (customers, suppliers, distributers, govt, interest groups, competitors) W orker Cooperative Cooperative:The challenge is stakeholder interests often conflict. A solution is a structural change which aligns stakeholder interests.Employees become owners.Can raise average income from $19/hour to $71/hour Managem Management ent function of Planning :Set goals and how to achieve them 4 B enefits of planning planning:Clarity, Direction/Momentum, New Ideas, Sustainable Competitive Advantage Mission, Vision, and Value statements:Miss Mission ion: what business org is in.Vision: what org wishes to be like in future.Values:values you want to emphasize.SS trategy trategy:Long-term planning done by top management.Done in collaboration with the entire organization.How to achieve a sustainable competitive advantage.Casca Cascading: ding:Plans are formulated at all levels/parts of firm. All are connected to the strategy, strategy connected to Mission, Vision, Value statements SMART Goals:SS pecific, Measurable, A chievable, Results-oriented, T arget dates Strategy:Enables company to achieve a sustained co competitive mpetitive advantage. Michael Porter (looks outside firm)SS trategi trategicc Positioni Positionin ng :should translate into one of two things: a premium price or lower costs for the company.II ndustry F Five ive Forces ForcesBy Michael Porter:Threat of New Entrants. The threat of new entrants into an industry can force current players to keep prices down and spend more to retain customers.Bargaining Power of Suppliers.Bargaining Power of Buyers. Threat of Substitute Products. Rivalry Among Existing Competitors.4 Competitive Strategies :Cost Leadership Strategy or Low-cost strategy. Differentiation strategy. Best-cost strategy. Market-niche or focus strategy. Jay Barney V RI RIO O resource/capability: The VRIO framework is a strategy tool that helps organizations identify the resources and capabilities that give them a sustained competitive advantage.-Valuable, Rare, Imitability, Organization S1 S1:Mission, Vision, Values Statements/S2 S2: Reality Assessment (Strategic Positioning, VRIO, benchmarking)/S3 S3 S3: Formulate Strategy-Corporate Strategy/Porter 5 Strategy/4 Comp Strat/S4 : Strategy Execution/S5 S5 : Control and leading Rational Decision-Making: Decision-Making:You know your objective, you gathered all the accurate info to determine your choices and evaluate them, you select the best option possible.There are lots of barriers to being rational (doing these steps is costly / difficult).Herbert Herbert Si Simon mon mon: We have a bounded rationality.Thus, most decisions are not made rationally Nonrat Nonrational ional Decision-Making Decision-Making:Most decisions are made nonrationally, without going through the rational process. 3 Types of N onrational Decision-Making: Decision-Making:Satisficing-We don’t look for the best option.We just choose a satisfactory option. H euris euristicstics-Shortcut to the reasoning process. Can be effective but also creates biases.Ex. Looking at popularity of restaurant to determine if it’s good. I ntuition-Making a decision based on a feeling or tacit knowledge (knowledge you are unable to articulate).Your brain unconsciously gains new knowledge. Since you were unaware and it was not verbalized, it cannot later verbalize that info to you. So it uses emotions instead. Evidence-Based Ma Management nagement nagement:When you manage a company, you should adopt a rational approach to making decisions.This means you will adopt practices and make decisions based on evidence it works or is correct.Of course, you should supplement it with nonrational approaches.Business Analytics:You still have all the barriers to being rational with evidence-based management decisions, so you enlist the help of analyticsAnalytics uses machines/computers to gather and analyze data to help Data you make rational decisions Bi Bigg Data-Analytics that uses massive amounts of data, sometimes millions of variablesEx. A company may look at everything you did online (every link clicked, post liked, page read, video watched, etc.) to predict if you are interested in a certain product Artificial Intellig Intelligence: ence: ence:Applications that exhibit human intelligence and can make their own decisionsEx. Self-driving cars...