MGT Final

Ratan Tata

"Make innovation a priority and build it into the DNA of the Tata Group so that every employee at every company might think and act like an innovator"

Keurig

"a brewer on every counter and a beverage for every occasion"

Chief of staff

"managing complexity has never been simpler" oThe glue that connects your priorities, plans and people

Types of decisions: Structured Problems & Programmed Decisions

*Structured problems: straightforward, familiar, & easily defined problems -Use a programmed decision: a repetitive decision that can be handled by a routine approach -Don't have to go through the decision process *3 parts of programmed decisions -Procedure: a series of sequential steps used to respond to a well-structured problem >All you have to do is identify the problem -Rule: an explicit statement that tells mgrs what can or cannot b done -Policy: a guideline 4 making decisions >Some of this is up for interpretation

types of decisions: Unstructured Problems & nonprogrammed decisions

*Unstructured problems: problems that are new or unusual & for which information is ambiguous or incomplete -Managers must rely on nonprogrammed decisions: unique & nonrecurring decisions that require a custom-made solution *Must move up organizational hierarchy to deal with these decisions

Sources of information for measuring performance:

- Personal observations - Statistical reports - oral reports - written reports

Organizational development (OD): 5 techniques

-Change methods that focus on ppl & the nature & quality of interpersonal work relationships -More effective interpersonal work relationships •Sensitivity training, Team building, Intergroup development, Process consultation, Survey feedback

who said: "Risk more than others think safe. Dream more than others think practical"

-HOWARD SCHULTZ

Winners Dream

-Know your customer -drive and empathy -To succeed in business, you must give your customers what they want — and that means you must know what they need. -passion, planning and confidence are key success factors for a business career. But perhaps even more important is empathy — understanding the needs of the people you sell to and you work with -Bill McDermott believes that to win big, you must dream big - secret weapons: hard work, optimism and an interest in people

why good leaders make u feel safe - SIMON SINEK

-Leaders should take the risks first, they should eat last, they should sacrifice so their people feel safe, and so that their people can gain. When they do this, the natural response of their people is that they trust, and are willing to sacrifice for the good of the leader's vision. And then they can say that they did what they did because their leader would have done the same for them. -"BECAUSE THEY WOULD HAVE DONE IT FOR ME" -Great leaders wouldn't sacrifice the people to save the numbers, they would sacrifice the numbers to save the people -"It's better if we all suffer a little instead of someone suffering a lot"

Howard Tullman

-Maybe the world's most interesting man -CEO of 1871, the foremost tech incubator in the U.S. -Maybe the leading expert on trends in technology -Recently spoke at the City Club Chicago -speed access and convenience -main metric that matters=customer effort scale -you must reach resonance reaction

Lack of control examples

-Security lapses at Center for Disease Control in Atlanta -Apple employee lost prototype for unreleased iPhone

three types of change

-Structure: Structural components & structural design -Tech: Work process, methods, & equipment -People >Attitudes, expectations, perceptions, & behavior - individual & group

Mcdonalds plan to win

1) Operational excellence 2) Lead in Marketing 3) Innovation goal is to provide a variety of value, premium, and wholesome product options and to deliver the right products at the right price to customers 1. Operational excellence: consistent restaurant-specific review and measurement process 2. Retaining the lead in marketing: continually connecting with customers through a hip and contemporary global marketing direction 3. Innovation: continually innovating

Kotter pointed to 5 forces that dictate rules of competition

1) Threat of new entrants: new companies entering market 2) Threat of substitutes: someone having a better way of doing something 3) Bargaining power of buyers 4) Bargaining power of suppliers: certain products are limited in who can produce them 5) Current rivalry: how quickly does competition respond?

4 steps in tipping point leadership

1) break through the cognitive hurdle- make key manager experience the organization's problems to make a compelling change; 2) sidestep the resource hurdle- concentrate current resources on areas most needing change; 3) jump the motivational hurdle - motivate key influencers- persuasive ppl with connections ; 4) knock over the political hurdle - identify ands ilence naysayers early by putting a respected senior inside on your top team

What is the three step control process?

1)Measuring actual performance a.Personal observations, statistical reports, oral reports, written reports 2)Comparing actual performance against the standard a.Determine an acceptable RANGE OF VARIATION 3)Taking Managerial Action a.Correct actual performance (immediate vs. basic corrective action) b.Revise the standard Measuring, comparing, and taking action

what are the four hurdles in tipping point leadership?

1. Cognitive 2. Resource 3. Motivational 4. Political

How did howard fix starbucks

1. Cut losses - shut down 900 underperforming stores, which reduced staffing and leasing costs. this allowed him to invest in Starbucks outlets that had been working the best. 2. fix the experience- in 2008 he closed down all 7,100 Starbucks stores for three hours to retrain baristas in the art of pulling espresso. he did away with automatic machines and introduced a retooled coffee house, pike place. 3. be more welcoming- encouraging customers to take a seat, free wifi, wireless powermat charging stations for mobile devices

How to motivate remote employees - Bryce Maddock - CEO TaskUS

1. Determine what type of work you are sending them a. Quantitative: pay per unit produced b. Qualitative: pay per hour or month with agreed upon bonus 2. Consider non monetary rewards 3. Make sure you have FaceTime - both virtual and in person a. Virtual- get on skype and have a general convo, treat them as if they were in house b. In person- important to boost team morale ALL OF THIS HELPS DRIVE PRODUCTIVITY

three lessons from "a winners dream"

1. Dream Big 2. Empathize 3. Sense and Respond

6 techniques to reduce resistance to change

1. Education and communication: helps to see the logic 2. Participation: brings those affected into decision-making process 3. Facilitation and support: helps employees deal with fear and anxiety associated with change 4. Negotiation: exchanging something of value for an agreement to lessen the resistance to the change effort 5. Manipulation: covert attempts to influence others about the change 6. Coercion: direct threats/use of force

Julian Treasure Ted Talk-7 Habits to move away from

1. Gossip (speaking about people who are not present, and probably saying nasty things about the listener later) 2. Judging (judging the person you are speaking to, and finding them wanting) 3. Negativity (negative outlook) 4. Complaining (achieves nothing) 5. Excuses (passing problems of the world on to everyone else) 6. Lying 7. Dogmatism (mixing up facts and opinion)

6 steps to develop a strategy

1. Identify organization's current mission, goal, and strategy 2. External analysis 3. Internal analysis 4. Formulate strategy 5. Implement 6. Evaluate

Chris Stevens' 6 areas key to leading

1. Planning the right strategies to guide the business 2. Finding, hiring, training and inspiring the best you can find 3. Staying on pace with the goals and knowing when to pivot 4. Then being able to make the right decisions to lead change 5. Working with and inspiring the team to exceed goals 6. Victories will feed the ego: setbacks will build character

Five steps in goal setting

1. Review the company's mission or purpose: goals should reflect it · 2. Evaluate available resources: goals should be realistic · 3. Determine goals individually with input from others: should be measurable, specific, and include a time frame for accomplishment · 4. Write down goals and communicate to all who need to know: forces people to think them through · 5. Review results and assess success factors and adjust as needed: if goals aren't being met, change them as needed

Organizational Development: 5 Techniques

1. Sensitivity training: changing behavior through unstructured group interaction 2. Team building: helps team members learn how each member thinks and works 3. Intergroup development: changing stereotypes people have 4. Process consultation: hiring outside consultant 5. Survey feedback: assesses attitudes and perceptions

7 take-aways from winners dream

1. Success means hustling with a will to win backed by a strong work ethic and integrity. 2. Never let the circumstances of a moment supersede the size of your dreams. 3. Trust is the ultimate currency. 4. If you want to succeed, you must know who your customers are and why they buy from you. 5. The simplest way to approach business is by being you. 6. "The privilege of a lifetime is being who you are." 7. The audacity of any dream must be paired with the micromanagement of reality.

what percent have goals but don't write them down

10%

Lombardi Time

15 minutes early to everything

Long term plans should have a window of at least how many years

3

the calm waters metaphor

3 step process: unfreezing, changing, refreezing Disruptions are infrequent & dealt with an occasional disruption means planning change to deal with the disruption, once the disruption has been dealt with, things can continue under the new changed situation

_____% say their colleagues are main stress inducers

52

what % of executives believe their company is not prepared for growth

60%.. what should leaders consider when creating a strategy: connecting with customers example of company winning with unique strategy: Amazon, Jimmy Johns(Freaky Fast)

_____% of Americans are working > 40 hours/week

63

_____% of Americans say they are stressed @ work

70

_____% of change initiatives fail to produce change

70%

What % of employees in a recent survey felt that the planning in their company was not effective?

75%

what percent of the world doesn't have goals?

80%

Learning structure

A structure in which employees continually acquire and share new knowledge and apply that knowledge. Advantages: Sharing of knowledge throughout organization. Sustainable source of competitive advantage. Disadvantages: Reluctance on part of employees to share knowledge for fear of losing their power. Large numbers of experienced employees. Ex: Tesco- British retailer uses Tesco in a Box to continuously learn

Boundaryless structure

A structure not defined by or limited to artificial horizontal, vertical, or external boundaries; includes virtual (second life and emma inc) and network (smart balance and ARM) types of organizations. Advantages: Highly flexible and responsive. Utilizes talent wherever it's found. Disadvantages: lack of control and communication difficulties... Highly flexible utilizing talent but lack of control/communication. EX: GE and Large Hardon Collider.

stimulating creativity and innovation (8)

Accept ambiguity Tolerate the impractical Tolerate risk Tolerate conflict Focus on the ends rather than the means Use and open-system focus Provide positive feedback Exhibit empowering leadership

cultural variables

Accept ambiguity, tolerate the impractical, keep external controls minimal, tolerate risk, tolerate conflict, focus on ends rather than means, use an open-system focus, provide positive feedback, exhibit empowering leadership

2 of 5 examples where a lack of control of key data/info was cited

Best buy failed to fill christmas orders by christmas in 2011 apple employee lost a prototype to a new iphone at a bar

4 types of plans each with two subsets

Breadth- Strategic or Operational Time Frame- Long Term or Short Term Specificity- Directional or Specific Frequency of Use- Single Use or Standing

Mad Men Hilton presentation

But you better be sure you are giving the client what they are asking for Mad Men character presents a pitch for international travel, Hilton. How do you say ice water in Italian? Hilton. He basically presented a pitch that but the person wanted to involve Hilton being on the moon. He misunderstood what the person wanted and didn't deliver. You must deliver what the client Is asking for

Centralization and decentralization

Centralization is the degree to which decision making is concentrated at upper levels of the organization. Decentralization is the degree to which lower-level employees provide input or actually make decisions

Three types of change

Changing structure: caused by changes in external environment, organizational strategies • Structural components= HOW work gets done and WHO does it • Structural design Changing Technology: introduction of new tools, equipment, or methods • Automation • Computerization Changing people: attitudes, expectations, perceptions, and behaviors (organizational development) (not necessarily good for other countries)

example of employment contingent on increased demand

Christmas season

make it harder to leave and make them stay

Consistent Persistent Resistant howard tullman

Cross-functional teams

Cross-functional teams: a work team composed of individuals from various functional specialties ex: suburban hospital in bethesda Internal Collaberation

What is Current Ratio formula? What does it measure?

Current Assets/Current Liabilities Tests the organization's ability to meet short-term obligations objective: liquidity

"The hard side of change management" 4 Factors Provide the Greatest Chance for Change Success

DICE: Duration, Integrity, Commitment, Effort Rank from 1-4... and like golf... low score wins- 1 is great, 4 is weak DIRE Score- D= (2xI) + (2xC1) +C2 + E Scores 7-14- Win Zone Scores 14-16- Worry Zone Scores 17 +- Woe Zone Track Projects; Manage Portfolio of Projects; Force Conversation

Under Armour Business Plan

DONT FORGET TO SELL SHIRTS AND SHOES

Don Draper's Sales Pitch

Don draper Mark your man, the guy said women want colors... if hes a non-believer don't waste your time with them. you have to be convinced that your recommendations are right

Managing Decisions: The Role of Evidence-Based Management

EVMgt: the systematic use of the best available evidence to improve management practice -Expertise & judgment -External evidence that's been evaluated by the decision maker -Opinions, preferences, & values of those who have a stake in the decision -Relevant organizational (internal) factors such as context, circumstances, & organizational members

Fear quote

F.E.A.R has two meanings- Forget Everything And Run or Face Everything And Rise the choice is yours

How does feedforward control differ from feedback control? Concurrent Control?

Feedback control: control that takes place after a work activity is done It is the Most popular type of control, Gives managers feedback on how effective their planning efforts were, Feedback can enhance motivation Feedforward control is a control that takes place before a work activity is done. Feedback control is control that takes place after an activity is done

What is "feedforward" control?

Feedforward control: control that takes place before a work activity is done it Prevents problems, take managerial actions BEFORE problem occurs

effective decision making process

Focuses on what is important Logical & consistent Acknowledged both subjective & objective thinking & blends analytical w intuitive thinking Requires only as much info& analysis as is necessary to resolve a particular dilemma Encourages & guides the gathering of relevant info an informed opinion Straightforward, reliable, easy to use, & flexible.

making decisions: assumptions of rationality

Fully objective & logical Problem is clear & unambiguous Clear & specific goal Lead to selecting the right alternative

"Great leaders build an...."

Great leaders build an orgzation but the orginazaiton builds the businesss

guidelines: Build an organization that can spot the unexpected & quickly adapt to the changed environment - five habits of highly reliable orginazaitons

HRO - highly reliable organizations share 5 habits -Not tricked by their success >Preoccupied with failures -Defer to the experts on the front line -Let unexpected circumstances provide the solution -embrace complexity -anticipate, but also recognize their limits

Example of Bratton overcoming Political hurdle

He allied himself with top players who would silence naysayers early on. Example- He appointed a well respect "cops-cop" as his number 2. Example 2: To get over the opposition from the courts, he allied himself with the mayor and the New York Times whom highlighted the "zero-tolerance" policy to overcome the courts objections

example of bratton overcoming a cognative hurdle

He had the senior staff ride the subway, to actually see what it was like. Puts managers face-to-face with problems

Example of Bratton overcoming Motivational hurdle

He recognized that to enact change in the whole organization quickly you had to single out the key influencers. They act like kingpins in bowling: When you hit them just right, all the pins topple over. Example:He held semiweekly strategy review meetings with top commanders, in which a select commander was called to present about his precinct's performance. Before this, the top commanders rarely got together

Julian Treasure Ted Talk- 4 cornerstones to speech

Honesty - be true and clear with what you mean Authenticity - be yourself, stand in your own truth Integrity - do what you say, be trustworthy Love - wish people well

Formalization

How standardized an organization's jobs are and the extent to which employee behavior is guided by rules and procedures

competition quote

If you continuously compete with others, you become bitter but if you continuously compete with yourself, you become better.

_____ and _____ are key to successful change

Innovation and Creativity

Use SWOT to identify a strategy for a company

Internal: Strengths, Weaknesses External: Opportunities, Threats

Making Decisions: The Role of Intuition

Intuitive decision making: making decisions on the basis of experience, feelings, & accumulated judgment -5 aspects of this: Experience-based decisions, Affect-initiated decisions, Cognitive-based decisions, Subconscious mental processing, Values or ethics-based decisions -Managers should assess their emotions bc those who r emotionally high strung make incredibly good decisions if they understand how they r feeling

why is strategic management important

It can make a difference in how well an organization performs Managers in organizations of all types & sizes face continually changing situations Organizations are complex & diverse. Everyone needs to work together to meet goals.

Brian Regan UPS Standup

Jokes You must communicate effectively for people to want to listen to you Be relatable and funny

lewin's three steps to leading change

Lewin's 3-step process treats change as a move away from the organization's current =ibrium state. It's a calm waters scenario where an occasional disruption (a "storm") means planning and implementing change to deal with the disruption. Once the disruption has been dealt with, however, things continue on under the new changed situation. This type of env't isn't what most mgrs face today.

Difference between line and staff authority?

Line authority is authority that entitles a manager to direct the work of an employee. Staff authority is defined as positions with some authority that have been created to support, assist, and advise those holding the line authority.

What does MIS initials stand for and what is it?

Management information systems. It is a system used to provide management with needed information on a regular basis

Matrix-project structure

Matrix is a structure that assigns specialists from different functional areas to work on projects who then return to their areas when the project is completed. Project is a structure in which employees continuously work on projects. As one project is completed, employees move on to the next project. Advantages: Fluid and flexible design that can respond to environmental changes. Faster decision making. Disadvantages: complexity of assigning people to projects. Task and personality conflicts. More expertise per project but two managers. Functional Manager and Product/Project Manager share lead

making changes in culture

Need a strategy Set the tone through management behavior Create new stories, symbols, & rituals to replace those currently in use Select, promote, & support employees who adopt the new values Redesign socialization processes to align with the new values Change reward system Specify expectations Shake up current subcultures Create a climate with high levels of trust

decision making styles: linear vs non linear

One is not better than the other, it just needs to be understood that there is a difference

External collaboration: Open innovation

Open innovation: opening up the search for new ideas beyond the organization's boundaries & allowing innovations to easily transfer inward & outward ex: frito lay, starbucks, best buy, p&g

There are many different ways to structure an organization

Organizational Structure is the formal arrangement of jobs within an organization. Organizational Chart is the visual representation of an organizations structure.

white-water rapids metaphor

Pace of economy & culture is changing rapidly respond quickly to changing conditions

What are 4 sources of information for measuring businesses performance?

Personal observations, Statistical reports, oral reports, written reports

Julian Treasure Ted Talk- tools in your speech patterns to enhance your speech

Register - a deeper voice from the chest speaks with more power and authority. Timbre - how the voice feels or sounds - distinct from tone or loudness. prosody - the sing-song or up and down of the movement - opposite of montonous. Some problems are an upward inflection at the end of every sentence to make everything a question? Pace- a rapid pace, then slowing down for emphasis. Or just pausing occasionally can be very powerful. Pitch - a higher pitch can make you sound more excited Volume - quiet to make people lean in and pay attention, louder can also show excitement. Don't broadcast loudly all the time.

What is ROI? What does it measure?

Return on investment = net profit after taxes/total assets measures the efficiency of assets to generate profits objective: profitability

setting a good goal

SMAC (Specific, Measurable, Achievable, Compatible)

What is the formula for Inventory turnover? What does it measure?

Sales/Inventory the higher the ratio, the more efficiently inventory assets are used objective: Activity

What is total asset turnover? What does it measure?

Sales/Total Assets the fewer assets used to achieve a given level of sales, te more efficiently the management uses the organization's total assets Objective: Activity

Example of Bratton overcoming Resource hurdle

Shifted resources from one, non needed, area to another. For example: Narcotics police represent 5% of the force, yet a high percentage of crimes. Other example: Traded excess unmarked cars for needed office space with New york Parole.

Organizational designs... three types

Simple: An organizational design with little departmentalization, wide spans of control, centralized authority, and little formalization. Functional: An organizational design that groups together similar or related occupational specialties. Divisional structure: An organizational structure made up of separate, semiautonomous units or divisions

Decision making process

Step 1: Identify a problem- an obstacle that makes it difficult to achieve a desired goal or purpose. >Discrepancy between existing & desired condition. Step 2: Identify Decision Criteria - criteria that define what's important or relevant to resolving a problem. Step 3: Allocate Weights to the Criteria - Use diff ways to do this. Step 4: Develop alternatives Step 5: Analyze alternatives - Weigh alternatives Step 6: Select an alternative - Choose the 1 w the highest weight Step 7: Implement the alternatives - Convey option & get others to commit to it Step 8: Evaluate decision effectiveness - If the problem still exists, ask what went wrong & what could be done to have improved it

3 step control process

Step 1: measuring actual performance Measured in statistical reports, oral reports, personal observations, & written reports They measure by control criteria which changes based on different management situations Step 2: Comparing Actual Performance Against the Standard Range of variation: the acceptable parameters of variance between actual performance & the standard There are certain variances that are acceptable Step 3: Taking Managerial Action Correct actual performance instead of making assumptions >Immediate corrective action: take problems at once to get performance back on track >Basic corrective action: looks at how & why performance is deviated before correcting the source of variation Reverse the standard - set goals higher or lower

External collaboration: strategic partnership

Strategic partnerships: collaborative relationships between two or more organizations in which they combine their resources & capabilities for some business purpose companies with common interests

The nun, the sailor, and the suggestion box: Paul X Rinn

Strategy: be determined, persistent, connect, work harder, and get along Ship: USS samuel B Roberts FFG 58 Goal: to be only the best of the best Rinn was told by his teacher when he was younger that he doesn't have a future so he proved her wrong. One of the men on his ship, Tilly had gotten in a lot of trouble but Rinn wasn't going to give up on him and it turned out that Tilly ends up saving the ship.

Under Armour

Strenghts: innovators, every sport weakesses: womens clothing over extended marketing costs

Please define "Productivity"

The amount of goods or services produced divided by the inputs needed to generate that output

Departmentalization

The basis by which jobs are grouped together. Common forms include, front desk operations, sales and catering, housekeeping and laundry, and maintenance

what is tipping point leadership

The idea that in any organization, onces the beliefs and energies of a critical mass are engaged, conversion to a new idea will spread like an epidemic.

Chain of Command

The line of authority extending from upper organizational levels to the lowest levels, which clarifies who reports to whom.

"Far better is it to dare mighty things, to win glorious triumphs, even though checkered by failure... than to rank with those poor spirits who neither enjoy nor suffer much, because they live in a gray twilight that knows not victory nor defeat."

Theodore Roosevelt

Characteristics of poor leaders

They do not lead by Example They are not inspirational and aspirational They don't plan, organize, lead & control well They don't communicate well, clearly & frequently They are not approachable They do not truly care They are inconsistent They are not fair They do not have real courage They do not control their emotions They are not trusted

characteristics of good leaders

They lead by Example They are inspirational and aspirational They plan, organize, lead & control well They communicate well, clearly & frequently They are approachable They care They are consistent They are fair They have courage They control their emotions They are trusted

Acheiving Executional Excellence

This dovetails with what CEOs already know: strategy execution is their biggest concern and they do not have the tools they need. In this recent study published in the Harvard Business Review, executional excellence is the number one issue CEOs identified out of 80 issues. -Companies invenst millions in strategy development and executoin -Still, executional excellence is the No. 1 challenge CEOs identify -75% of CEOs report they struggle or fail to execute and/or implement their initiatives

Guidelines for effective decision making

Understand Cultural Differences Create Standards for Good Decision Making Know When it is Time to Call it Quits Use an Effective Decision-Making Process What is Design Thinking? Big Data and Decision Making

Lewin's 3 steps to leading change (U,C,R)

Unfreezing Changing Refreezing

Innovation is acting on the obvious- two videos

VIDEO 1: Historic rocket landing by blue origin - Video showing a complex rocket that allows humans to get to space and then the rocket the people are attached to - And you are returned to earth via a parachute - The vehicle makes a safe landing back on earth and is able to be used again VIDEO 2: the Terrafugia TF-X - Car that turns into a helicopter and airplane - Four seat hybrid with wings, No runway needed Computer controlled flight, just tell it where you want to go and it flies for you how would you structure an organization to build one of these

Adam Grant- The surprising habit of original thinkers (4)

Warby Parker, Originals, Nonconformists Stand out and speak out recognizing originals &how 2become more like them -Always late to the party: procrastinators r more creative than precrastinators >Moderate procrastinators r originals >They have the most creativity >Moderate procrastinators are 16% more creative than extreme procrastinators &pre-crastionators >"u call it procrastinating, I called it thinking" >Quick to start but slow to finish -Feel doubt and fear: >More afraid of failing to try >The more output u have the more likely u r to succeed bc 1of them will succeed >Generate more ideas -They're the improvers, not the movers >Don't have 2b 1st u also have 2b better -What really scares them is failing to try

Great inspireres start with....

Why-Your purpose (your motivation? what do you believe?) How-Your process (specific actions taken to realize your why) What- Your result (what do u do? the result of why. Proof)

Organizational Design... 6 considerations

Work Specialization, Departmentalization, Chain of Command, Span of Control, Centralization and decentralization, Formalization

well written goals have 6 characteristics

Written in terms of outcome rather that actions Measurable and quantifiable Clear as to a Time Frame Challenging yet Attainable Written Down Communicated to all necessary organizational members

give me an example of a new company wining with unique strategy

ZARA—fast fashion, stores stocked with new designs every 2 weeks

decisions - top managers, middle, and lower managers

a choice among two or more alternatives -Top managers decide organization's goals, where to locate manufacturing facilities, or what new market to move into. -Middle & lower-level managers make decisions about production schedules, product quality problems, pay raises, & employee discipline. -It is a process not just simply choosing between alternatives.

core compentcy

a harmonized combination of multiple resources and skills that distinguish a firm in the marketplace

Strategy

a plan for how the organization will do what it's in business to do, how it will compete successfully, and how it will attract and satisfy its customers in order to achieve its goals

Gantt Chart

a scheduling chard developed by henry gantt that shows actual and planned output over a period of time

Decision-Making Conditions: uncertainty

a situation in which a decision maker has neither certainty nor reasonable probability estimates available -An optimistic manager will follow a maximax choice (maximizing the maximum possible payoff) -Pessimist will follow a manimix choice (maximizing the minimum possible payoff. -To minimize maximum "regret" - minimax choice.

Decision-Making Conditions: Certainty

a situation in which a manager can make accurate decisions because all outcomes are known

Decision-Making Conditions: risk

a situation in which the decision maker is able to estimate the likelihood of certain outcomes

Team structures

a structure in which the entire organization is made up of work groups or teams. Advantages: Employees are more involved and empowered. Reduced barriers among functional areas. Disadvantages: No clear chain of command. Pressure on teams to perform. Employees more involved but no clear chain of command- example? Google, amazon, Boeing, H-P, Louis Vuitton, Motorola, Xerox

task force (or ad hoc committee):

a temporary committee or team formed to tackle a specific short-term problem affecting several departments ex: frito lay Internal Collaberation

Control process

a three step process of measuring actual performance, comparing actual performance agaisnt a standard, and taking managerial action to correct deviations or inadequate standards

Telecommunicating

a work arrangement in which employees work at home & are linked to the workplace by computer flexible work arrangement

Cross-Functional Team

a work team composed of individuals from various functional specialties.

compressed workweek

a workweek where employees work longer hours/day but fewer days/week Flexible Work Arrangements

UCMAS kids

addition and subtration video - crazy

design thinking

approaching mgt problems & designers approach design problems. -Look at problem identification collaboratively w the goal of gaining a deep understanding of the situation. -Look at emotional elements. -Open ur perspective & gain insights by using observation & inquiry skills & not relying only on rational analysis.

what drives your strategic plan?

chiefofstaff.com creates a hierarchy of strategic plan drivers layered by organizational level misouri river industries is the company used in the example

Mission statement

clarifies organization's purpose (1 paragraph), unambiguous and to the point -> moral stance, primary focus, customers, how you will grow

Internal Collaboration

collaboration among employees & those in positions of administrations is necessary for more coordinated & integrated work efforts.

Howard Schultz

created Starbucks after visiting Italy and seeing coffee shops there

Kevin Plank

created under armour after he needed a shirt that kept him cool during practice

Making Decisions: Bounded Rationality

decision making that's rational, but limited (bounded) by an individual's ability to process information oSatisfice: accept solutions that are "good enough" >Managers do this because they can't possible analyze all information oEscalation of commitment: an increased commitment to a previous decision despite evidence it may have been wrong

decision making styles: Nonlinear thinking style:

decision style characterized by a person's preference for internal sources of information & processing this information with internal insights, feelings & hunches

decision making styles: Linear thinking style:

decision style characterized by a person's preference for using external data & facts & processing this information through rational, logical thinking

decision making quote

decisions are the hardest thing to make, especially when it is a choice between where you should be and where you want to be.

making decisions: Rational decision making

describes choices that are logical & consistent & maximize value

Work Specialization

dividing work activities into separate tasks. Individual employees "specialize" in doing part of an activity rather than the entire activity in order to increase work output.

nokia

falling behind in smart phone sales, need to catch up to apple and Google (most popular in China)

T/F walmart's plan to enter China and how they did it is an example of a "standing plan"

false, it is a single-use plan One-time plan specifically designed to meet the needs of a unique situation

Tom Stemberg (Staples):

fill a void in service, work as hard as you can for 5 years to bring it to life

In one chapter it stated that there are four areas to look at in a company to assess its performance in what is called a "Balanced Scorecard?" How many can you get?

financial, customer, internal processes, and people/innovation/growth assets

Flextime

flexible work arrangement a scheduling system in which employees are required to work a specific number of hours a week but are free to vary those hours within certain limits ex: kpmg

job sharing

flexible work arrangements the practice of having two or more people split a full time job ex: mcdonalds will let a family member come in for you if you are unable to make it to work that day

Directional Plans

flexible, set out general guidelines

Communities of practice

groups of people who share a concern, a set of problems, or a passion about a topic & who deepen their knowledge & expertise in that area by interacting on an ongoing basis ex: military and xerox Internal Collaberation

3 types of corporate strategies

growth: used when an organization wants to expand the number of markets served or products offered, either through its current business(es) or through new business(es) o ex. Beckman Coulter Inc. has become one of the world's largest medical diagnostics and research equipment companies using concentration to increase products Horizontal integration company's grow by combining with competitors · stability: organization continues to do what it is currently doing o ex. Continuing to serve same clients by offering same product · renewal: designed to address declining performance o retrenchment: minor performance problems o turnaround: more serious problems

Role overload:

having more work to accomplish than time permits

business model

how a company is going to make money -Looks at what customers will value -Looks at whether the company can make any money doing that

Core Competency

how the company makes its money · Its strength in terms of what it does differently

1871

howard tullmans company, named this beacuse that is the year that chicago caught on fire

tullman quotes (6)

if you arent in a hurry, you are always late "play the entire game in overtime." "how fast are you getting faster." "ask what tech does today that you could never do before." "what do I do best, what can I outsource." "yesterdays miracles are tomorrows 'so whats'"

courage quote

it takes courage to grow up and become who you really are

how do you keep employees engaged and communicating

key... having the control measures in place-- accountability

external change

o Changing consumer needs & wants o New governmental laws o Changing technology o Economic changes

overview of decision making- four main effects

o Decision making approach o Type of problem o Decision making conditions o Decision making style

managing resistance to change- 6 techniques to reduce resistance

o Education & communication o Participation o Facilitation & support o Negotiation o Manipulation & co-optation o Coercion

making change happen sucessfully

o Embrace change o Recognize your role as a manager in the process o Get all organizational members involved

how can stress be reduced

o Make sure ability matches job requirement o Improve communication o Reduce ambiguity o MBO o Time management programs o Wellness programs

internal change

o New organizational strategy o Change in composition of the workforce o New equipment o Change employee Attitudes

Creating a movement

o Someone must start (ex. guy dancing at burning man) o Must be easy to follow person o Make it about the MOVEMENT o 1st follower= spark o reach the TIPPING point, where it's no longer risky to join o ridiculed for NOT joining

Single Use plans

one-time plan designed to meet needs of unique situation

Standing plans

ongoing plans, provide guidance for activities performed repeatedly

eyes quote

our eyes are in front because it's more important to look ahead than to look back. Don't dwell on things in the past. Learn from them and keep MOVING forward.

Type B personality:

people who are relaxed & easygoing & accept change easily

Type A personality:

people who have a chronic sense of urgency & an excessive competitive drive

What are the four elements being measured in a balanced scorecard?

performance measurement tool that looks at more than just the financial perspective 1) Financial 2) Customer 3) Internal processes 4) People/innovation/growth assets

four functions of management

planning, organizing, leading, and controlling

Strategic Plan

plans that apply to the ENTIRE organization and establish the organization's OVERALL goals

Operational Plan

plans that encompass a PARTICULAR operational area of the organization

"Make innovation a priority and build it into the DNA of the Tata Group so that every employee at every company might think and act like an innovator"

ratan Tata

Decision-Making Biases & Errors: Heuristics

rules of thumb that managers use to simplify decision making Overconfidence, Immediate gratification, Anchoring effect, Selective perception, Confirmation, Framing, Availability, Representation, Randomness, Sunk Costs, Self-serving, Hindsight

Joe Giard

screw up who turned life around and became biggest big ticket sales person ever, redefining customer intimacy by maintaining meticulous records of prospects, sending out lots of cards

Idea Champion

someone who supports new ideas, builds support, overcomes resistance, ensures that innovations are implemented

innovation

taking creative ideas & turning them into useful products or work methods

When building an adaptive organization, the book mentions at least 5 types of structures you can use- how many can you get?

team structures, matrix structure, project structure, boundaryless structure, learning structure

contingent employees/workforce

temporary, freelance, or contract workers whose employment in contingent on demand for their services •Difficult to know who actually qualifies & who doesn't •The process for recruiting & screening & placing these workers is difficult aka independent contractors

Creativity

the ability to combine ideas in a unique way or to make unusual associations between ideas

stress

the adverse reaction people have to excessive pressure placed on them from extraordinary demands, constraints, or opportunities

Span of Control

the number of employees a manager can efficiently and effectively manage

Strategies:

the plans for how the organization will do what it's in business to do, how it will compete successfully, & how it will attract & satisfy its customers in order to achieve its goals

Controlling

the process of monitoring, comparing, & correcting work performance

Explain the concept of benchmarking?

the search for the best practices among competitors or non-competitors that lead to their superior performance. Benchmarking should identify varoius benchmarks, the standards of excellence against which to measure and compare. Learning from others

What is the Service Profit Chain? Three Step process- E-C-P

the service profit chain is a service sequence from employees to customers to profits. the company's strategy and service delivery system influence how employees deal with customers; that is, how productive they are in providing service and the quality of service.

How does the book define corporate governance?

the system used to govern a corporation so that the interests of coporate owners are protected

Nasa- How must management change

they stopped the space program, funding issues, and must start outsourcing.

bill bratton

tipping point leadership guy. walked the talk, got public comment (press, meetings, etc), stayed the course, led, reflected how believed in solution

Role ambiguity:

when role expectations are not clearly understood

managing resistance to change- why?

why do people do it? Uncertainty, habit,concern over personal loss,belief that the change isn't in the organization's best interest

Role conflicts:

work expectations that are hard to satisfy

Key take aways from group challenges

• Don't forget a structured memo is more persuasive • Purpose Statement... but don't have a title for it • Background • Specific Recommendation • Explain How It Works/Discussion • Reinforce Key Benefits • Suggest Easy Next Steps • Don't forget Simon Sinek • Write respectfully • Did you use facts and figures in your analysis? Some did • Did you think of time frame for achieving your goals? Make 'em SMAC! • When presenting... practice, practice, practice • Lose the word like and no ending sentences like you're asking question

What "favorable conditions" facilitate cultural change

• Dramatic crisis occurs • Leadership changes hands • Organization si young & small • Culture is weak

structural variables

• Organic-type structure has positive influence • Availability of plentiful resources is key • Frequent communication helps break down barriers • Innovative organizations try to minimize extreme time pressures on creative activities despite demands of white-water rapids environments • Employee's creative performance was enhanced when an organization's structure supported creativity.

10 steps to acheive your dream video - bill mcdermont

• wrote the book for the underdog • hardwork grit and determination • first step: take a step towards work o encourage kids to take chances on what they believe in know your base o treat customers, segment markets and respect • passion and wanting it more • prepare focus on prize and dream • don't lose hope and read his book • register ambition and ask why • story is more important then resume • grit determination and passion • accepting opportunity instead of waiting for perfect circumstances

four areas to look at in a company to assess its performance in what was called aa "Balanced Scorecard?" How many can you get?

•Balanced scorecard: performance measurement tool that looks at more than just the financial perspective 1) Financial 2) Customer 3) Internal processes 4) People/innovation/growth assets