Principles of Management: CONTEMPORARY APPROACHES (Learning organization, High performance practices, shared value& Sustainable development)

Sustainable was used by Scientists Dennis and Donella Meadows to describe a ___________________ in which the world would not have a sudden and uncontrolled collapse, and would be able to satisfy the basic requirements of its people.

" state of global equilibrium"

The three parts to a learning organization are:

> Creating and acquiring knowledge > Transferring Knowledge > Modifying behavior

The six PRME principles are:

> Purpose >Values >Method >Research >Partnership >Dialogue

The three contemporary approaches include:

> The learning organization >High-performance practices > Shared value & Sustainable Developement

Creating and acquiring knowledge

> acquire knowledge by constantly scanning the external environment > hiring new talent and expertise when needed > devoting significant resources to training and developing their employees

The term " sustainable" was first used by the ______________ in 1972.

Club of Rome

sustainable development

Development that meets the needs of the present without compromising the ability of future generations to meet their own needs.

Opportunity-enhancing practices

Employee involvement via formal participation processes, ongoing communication and information-sharing practices, and autonomy in making work-related decisions.

Ability-enhancing practices

Formal selection tests, structured interviews, hiring standards or selectivity, high pay, and training opportunities

High-performance work practices

Improve an organization's ability to effectively attract, select, hire, develop and retain high-performing personnel.

Modifying behavior

Improving work related operations based on good or bad results. If there is a problem, learn from it and try to resolve the problem.

Shared Value and Sustainable developement

Look beyond short-term profits and focuses on the environment and social costs of doing business.

During the UN's Global Summit in 007, the organization launched _______________.

PRME (Principles for Responsible Management Education)

Transferring knowledge

Sharing information and reducing barriers: > Share your personal success story and challenges overcome > be ready to learn anything and everything from your peers and employees > align your learning goals for the company with it's business goals.

Method

We will create educational frameworks, materials, processes and environments that enable effective learning experiences for responsible leadership.

Purpose

We will develop the capabilities of students to be future generations of sustainable value for business and society at large and to work for an inclusive sustainable global economy.

Research

We will engage in conceptual and empirical research that advances our understanding about the role, dynamics and impact of corporations in the creation of sustainable social, environmental and economic value.

Dialogue

We will facilitate and support dialog and debate among educators, students, business, government, consumers, media, civil society organizations and other interested groups and stakeholders on critical issues related to global social responsibility and sustainability.

Values

We will incorporate into our academic activities, curricula, and organizational practices the values of global social responsibility as portrayed in international initiatives such as the UN Global Compact.

Partnership

We will interact with managers of business corporations to extend our knowledge of their challenges in meeting social and environmental responsibilities and to explore jointly effective approaches to meeting these challenges.

Learning organization

an organization that actively creates, acquires, and transfers knowledge within itself and is able to modify its behavior to reflect new knowledge

Motivation-enhancing practices

providing rewards based on individual and group performance and use of formal performance evaluation systems and merit-based promotion systems.

The mission of PRME is to

transform business and management education, research and thought leadership globally, while promoting awareness about the sustainable development goals.

Professor Michael porter argued that sustainability can " _____________________"

trigger innovations that lower the total cost of a product or improve it's value, making companies more competitive, not less.