MG4031

The Covid-19 Pandemic and the Future?

•The human, social and economic impact of the pandemic, as an exogenous shock, is yet to be determined •From a purely Business perspective, the pandemic underscores the volatile, uncertain, complex and ambiguous (VUCA) circumstances thrown up and that have to be faced. Among the developments that are currently being debated are: -De-globalization -Supply chain disruption -Managing health & safety -Flexible & remote working arrangements -Shift to global virtual collaboration

Structural Configuration-Hierarchical Levels

•This refers to the number of levels and the extent of hierarchy - outlines the reporting relationships within the organisation from top to bottom • Flat Structures V Tall Structures

Globalization

• The world is undergoing changes in the global economic order, which are as significant for the world economy and international relations since end of the Cold War in the mid-1980s • There are huge opportunities, but these are accompanied by threats and risks for organisations, along with pressures on natural resources, climate, and on traditional industries and livelihoods • Currently in an era of more polarised political discourse, with rising populism and nationalism and debates about emerging deglobalisation

1. The Political-Legal Context

• There are three main types of legal system commonly in use: • Common law system: an independent judiciary is the basis of law, which relies on case precedents. • Civil law: relies on a legal code that is applied universally. • Theocratic law: based on an accepted religious code.

Barriers to Making Good Decisions

• Time pressure barriers • Today's economy places a premium on acting quickly and keeping pace • In order to make timely and high-quality decisions one must: - focus on real-time information - involve people more effectively and efficiently - rely on trusted experts - take a realistic view of conflict

Week 4 Learning Objectives

• To appreciate why planning is an important function for all organisations, providing the framework for all subsequent management functions. • To understand that there are different types of planning (Strategic; Tactical; Operational) • To outline how organisations comprise a hierarchy of plans • To identify the key dimensions of plans • To set out the key elements if the planning process • To identify techniques for improving the planning process: - At Manager Level: MBO - At Business Level: SWOT: MST: BCGM

The Move to Free Trade & Foreign Direct Investment (FDI)

-Industry now became an important part of the economy amounting to 35.7% of GNP in 1969. -In 1958 manufacturing exports amounted to 49.7% of total exports, but by 1969 it was 70% -The policy pivot to Free Trade and FDI viewed as having had a key role to play in the developmental trajectory secured by Ireland.

Fayol's 6 business activities

-commercial -technical -security -finance -accounting -managerial (planning, organization, command, co-ordination, control)

Bureaucracy- 6 Main Elements

1. Division of labor: Tasks divided and delegated to specialists 2. Hierarchy: Positions organized in Hierarchy with authority centralized at top 3. Selection: Recruited on the basis of technical ability 4. Career orientation: Managers viewed as professionals following careers 5. Formalization: Rules & Procedures for performance 6. Impersonality: Rules and Procedures uniformly applied

Advantages of Group Decision Making

1. Larger pool of information 2. More perspectives and approaches 3. Intellectual stimulation 4. People understand the decision 5. People are committed to the decision

MBO process

1. Manager sets performance standards which must be met by the subordinate 2. The subordinate proposes his/her own goals depending on how s/he feels he/she can reach or exceed standards 3. Jointly goals are then quantified and assigned a specific time frame 4. At agreed intervals there are performance reviews of subordinates and feedback is provided

disadvantages of group decision making

1. One person dominates 2. Satisficing rather than maximizing resulting from the levelling effect 3. Goal displacement - new goals replace original goals 4. Group decisions can take longer

Taylor's 4 Principles

1. The development of a true science of work 2. Scientific selection & development of workers 3. Co-operation between managers & workers 4. Division of work between workers & managers

operational planning

Concerned with short term planning of day to day functions Serves to guide immediate action

The Burns & Stalker Framework

Contingency: rate of technological change slow rate of change -> mechanistic structure fast rate of change -> organic structure

Week 5 Learning Objectives

• To distinguish different types of decisions and identify the characteristics of managerial decision making • To introduce the decision-making process: - problem identification and diagnosis; - identifying alternatives; - evaluating alternatives; - choice of alternative; - implementation; - and evaluation. • To understand the barriers to effective decision making • To understand the most popular approaches to decision making: the rational model; bounded rationality; escalation of commitment; and the political model • To introduce Group Decision Making and Groupthink.

lecture 2 of week 1 objectives

• To understand the pivotal role of the Industrial Revolution in shaping the development of management ideas and practice • To distinguish early Classical & Behavioural approaches to the study of Management from more Contemporary approaches

week 3 objectives

• To understand the terms global external business environment and globalization and their impact on an organization • To understand global trade, regional trading alliances and their role in competition. • To appreciate the shifting balance in global economic power and the role played by the BRIC nations (Brazil, Russia, India, China & South Africa) • To model that factors in the global macro environment (political/legal, economic, technological and socio-ethical contexts). • To model the elements of the immediate competitive environment (Competitors, Suppliers, Customers, New Entrants and Substitutes)

At what levels do Managers operate?

• Top Management: responsible for overall mission & direction of the organization • Middle Management: translate general plans & objectives developed by top managers • Front Line Management: responsible for directing, supervising & managing employees

The Competitive Environment

• Unless operating in a monopoly situation, organisations will face competition • In order for organisations to remain competitive they must develop a sustainable source of competitive advantage through either: cost leadership (firms attempt to create low-cost structures in order to be price competitive) differentiation (firms attempt to differentiate their offerings by offering superior quality and or valuable features) focus (firms attempt to target specific niche or market to devolop a competitive advantage)

Entering the Global Business Environment: Location Timing and Entry Mode

• When considering whether to expand abroad, the organisation is typically faced with three major decisions location (where to go) -> timing (when to go) -> entry mode (how to go)

The Rational Model

• Decisions are consistent and value-maximizing and are made against background of "perfect" information. • Assumptions of Rationality - Manager would: - Be objective and logical - Carefully define a problem - Have a clear and specific goal - Select the alternative that maximises the likelihood of achieving the goal - Make decision in the firm's best economic interests • Managerial decision making seldom meets all the tests

2. Relay Assembly Room Experiments (1927-32)

• Designed to study the effect of rest breaks, workday length & incentive payments, on performance • 6 women placed in a test room without normal supervisor & observed • Various changes introduced & output increased - as expected

3. The Technological Context

• Effects organisations in at least 3 ways - Creates new products & services - Creates new Production techniques \- Creates new ways of communicating & managing information and knowledge flow • EXAMPLE: E-business defined as the interchange of goods, services or property of any kind through an electronic medium

Environmental Scanning

• Environmental scanning is a process that systematically surveys and interprets relevant data to identify external opportunities and threats that impact future decisions. • Components of external scanning that could be considered include: - Trends: What trends are occurring in the marketplace or industry that could affect the organization either positively or negatively? - Competition: What is the competition doing that provides them an advantage? Where can the organization exploit the competition's weaknesses? - Technology: What developments in technology may impact the organisation in the future? Are there new technologies that can make the organization more efficient? - Customers: How is the customer base changing? What is impacting the organization's ability to provide top-notch customer service? - Labour Supply: What is the labor market like in the locations where the organization operates? How can it ensure ready access to talent?

Regional Trading Alliances

• Global competition is shaped by regional trading alliances, which are largely driven by geographical location. • The main trading blocks and regional trading agreements include the enlarged European Union (EU), North American Free Trade Agreement (NAFTA), Mercosur (South America), the Association of Southeast Asian Nations (ASEAN). • Other trading blocs in different parts of the world, including CARICOM (the Caribbean Community) and African Continent Free Trade Agreement (TfCFTA) in Africa.

disadvantages of MBO

• If MBO is not sold properly throughout the organization, employees may feel that they are being coerced • There is a capacity for goal incompatibility between different units • There may be a focus on easily measurable objectives and these are not always the best ones • Agreement on objectives can cause inflexibility when the environment changes • It requires a competent Manager!

Bounded Rationality Model

• In the current environment managers seldom make decisions under conditions of certainty • In a rational manner, managers have to apply a less than perfect form of rationality • Intuition and judgement are required • Managers are sometimes unable to handle large amounts of complex information • Concentrates on how managers actually behave in practice when making decisions and recognises limitations

The Phenomenon of Groupthink

• Janis's (1972) Theory of Groupthink - a distorted style of thinking that renders group members incapable of making rational decisions. • Exists in an ultra-cohesive ingroup, when the members' strivings for unanimity override their motivation to realistically appraise alternative courses of action

Bureaucracy

• Max Weber (Early 1900s) • Translated into English in the 1920s • Weber concentrated on how to structure organizations for success • 6 main elements

Human Relations

• Mayo & Roethlisberger looked at how social & psychological factors influence performance • Different experiments carried out: - 1. The Illumination Experiments (1924- 27) - 2. Relay Assembly Room Experiments (1927-32) - 3.The Bank Wiring Observation Room Experiments (1931-32)

Characteristics of Managerial Decision Making

• Non Programmed Decisions - Poorly structured - New - Little information - Taken at higher levels - Long time frame - Judgement and Creativity used

Systems Theory

• Open V closed systems - classical view was that organisations were closed systems • Concept of synergy - the whole is greater than the sum of the parts

Organizational Behavior

• Organizational Behavior (OB) has its roots in the Human Relations approach • Adequately explaining human behavior was more complex than envisaged • Insights borrowed from sociology, psychology and anthropology to build understanding of individual, group and organizational processes • Early exponents, for example, included Abraham Maslow (Hierarchy of Needs Theory of Motivation) and Douglas McGregor (Theory X, Theory Y)

Three Characteristics of Groupthink

• Overestimation of the group (illusions of invulnerability, illusions of morality) • Close-mindedness (stereotypes about the outgroup) • Pressures toward uniformity (self-censorship, the illusion of unanimity, direct pressure on dissenters).

Summary

• Planning is a critical Managerial Activity and strong determinant of success or failure - Failure to plan, coupled with a inadequate funding, bad marketing and unreliable suppliers • Occurs at multiple levels (Strategic, Tactical, Operational) • A variety of plans, arranged in a hierarchy to guide and facilitate implementation • Instilling ownership through MBO Technique at Manager/Subordinate Relationship Level helpful • At Business Level a Focus on the Strategy and the Product Lifecycle brings systematics to the planning effort

Characteristics of Managerial Decision Making

• Programmed Decisions - Well structured - Routine - Information available - Taken at lower levels - Short time frame - Decision rules and set procedures used

Barriers to Making Good Decisions

• Psychological barriers • Biases that interfere with objective rationality - Illusion of control - a belief that one can influence events even when one has no control over what will happen - Discount the future - weigh short-term costs and benefits more heavily than longer-term costs and benefits

Dimensions of Plans

• Repetitiveness: Single versus standard plans where single are tailored to a specific situation and usually strategic while standard are more routine and operational • Time: short term operational versus long term strategic • Scope: Broad versus narrow • Level: Refers to the level of the organisation at which the plan is directed (Top, Middle or Lower)

approaches to decision making

• Research identifies different models and conditions which underpin the decision making process, 4 in particular: - 1. The Rational Model - 2. Bounded Rationality - 3. The Political model - 4. Escalation of Commitment

2. The Economic Context

• Shaped by - The general state of individual economies booms or recession - Economic policies pursued by governments impacting areas like inflation, wages & interest rates - Position of economies relative to main trading partners

1. The Political-Legal Context

• Shaped by the activities of governments at national & international levels • Types of government - representative democracy V totalitarian • On a national level governments effect business through policies on industry / services development, tax incentives & expansion schemes • Internationally - international trade policies & deregulation / liberalisation

Quantitative Management

• Teams of quantitative experts tackle complex issues facing large organizations • Helps management make a decision by developing formal mathematical models of the problem • Personalities- military planners in World War II

Entering the Global Business Environment: Location Timing and Entry Mode

• The analysis of country cultures and their contours demonstrates that international expansion is far more complex than simply replicating an existing indigenous or national strategy and enlarging an existing structure. • The decision to enter the global business environment and expand abroad will typically be either "proactive" or "reactive"

Group versus Individual Decision Making

• The basic idea behind group decision making is the notion that two heads are better than one • Diversity of groups facilitate better quality decisions • There are both a number of advantages and disadvantages to group decision making

advantages of MBO

• The employee gains a clearer understanding of the goals s/he is working towards • Planning should improve as there is agreed commitment to goals • Controls should be easier as performance standards & feedback loop now exist • Motivation should improve • Employee appraisal is simplified by reference to each individual's objectives

Political Model

• The political model concentrates on the impact of organisational politics on decision making • Politics and power play an important role in the decision making process • Four main types of power found in organisations: Legitimate: Reward; Expert; and Coercive

Planning

• The process serves to bridge the gap between where an organisation currently is and where it would like to be • Seeks to reduce the amount of risk and uncertainty faced by an organisation • Various types of Business risk, many if which are growing (Strategic Risk; Compliance Risk; Operational Risk & Reputational Risk).

Systems Theory

• The systems approach to management originated from the work of Barnard (1938) in his volume "The Functions of the Executive" • A system is a set of interdependent parts which function as a whole to achieve objectives

1. The Illumination Experiments (1924-1927)

• Workers divided into 2 groups & lighting varied in 1 group only • Yet output increased in both • How could this be explained in a logical way? • So social factors (observation) were more important than physical factors (level of light) • This phenomena was termed - the Hawthorne Effect - ie. The role played by observation under experimental conditions

Key Milestones

•1907 Census of Production in Ireland •1922 The Irish Free State •1932 Self-Sufficiency & Protectionism then •1958 Free Trade and FDI •1973 EEC Membership •1980 Recession then •1993 The Celtic Tiger •2008 Financial Crisis •2013 Towards Recovery

The Irish Free State

•1922 - political and economic independence but ties to the UK - currency and export market •The loss of the industrialized North was a huge blow •By 1920s the industrial labor force was only 100,000 or 7% of the total

Self Sufficiency & Protectionism 1932-1958

•1932 - strong belief in self sufficiency to achieve economic growth & political independence •The Control of Manufacturers Act (1932) - 50% of equity in new firms must be Irish •Domestic industry was protected from foreign competition by placing tariffs on imported rivals. Sometimes up to 45% of the price

The Emerging BRIC Economies

• The term 'BRIC' refers to the four large emerging economies of Brazil, Russia, India and China, later joined by South Africa in 2010 to form the BRICS • The population size of these, coupled with their economic potential, mark them out as different from other emerging economies. • Collectively the four BRICs are home to 3.2 billion people or over 40% of the world's population, cover more than a quarter of the world's land area over three continents, and account for more than 25 per cent of global GDP

week 6 learning objectives

•To understand the definition and composition of an organisations structure and its role •To distinguish between Structural Configuration and Structural Operation •To outline different types of Departmentalisation •To explain Mintzberg's range of structures •To understand how organisational structure has evolved from that traditional approaches to organisational design were universal in that they offered principles that were designed to work in all situations to contextual approaches focused on ensuring good structural fit

Week 2 Learning Objectives

•Understand the roles played by various Irish governments in determining industrial development •Explain our unique pattern of industrial development •Identify and discuss the major sectors of business in Ireland today and their future prospects

Globalization

-Globalization, arising from Movement and Change, refers to the increasing and deepening interactions and connections between individuals, groups and organizations across the world.

Self Sufficiency & Protectionism 1932-1958

-Emigration - 400,000 1951-1961 -Deep conservatism, strong relationship between church & state, civil war generation politics and no right/left divide -Domestic firms were small and sheltered behind tariffs, employed only 15%

BCG Matrix as Aid to Planning

- As a management planning technique the focus is on the Product Portfolio - Considers (1) the rate of growth within the market and (2) the market share held by the organisation

Techniques for Improving the Planning Process

- Subordinate-Manager Level through a focus on - Management by Objectives - At Business Level through a focus on the Internal and External Environment - SWOT Analysis - Miles and Snow Typology - Boston Consulting Group Matrix

Self Sufficiency & Protectionism 1932-1958

-1932-37 Economic War with the UK. Impact on both agriculture & industry. -Semi state Enterprises established to provide essential services - Aer Lingus (1936), CIE (1944), & to exploit natural resources, organizations such as Bord na Mona (1946) Industrial Credit Corporation (1933)

Summary Managing Business Environment

• An organisation must be able to manage the external environment • External Environment understood as Open Systems Theory • Broad Macro Global Environmental Influences and Conditions - Political/Legal, Economic, Technological & Socio-Ethical characteristics comprising the Macro Environment • Immediate Competitive Environmental Influences & Conditions - Five Forces shaping competitive dynamics in organisational immediate Competitive Environment

Scientific Management

• Birth of Scientific Management is attributed to Fredrick Taylor (1911) • The one best way of performing a task through the application of scientific methods

2. Relay Assembly Room Experiments (1927- 32)

• Changes withdrawn - yet output increased again • Human relations of the work group had changed ; • 1. Supervisory style • 2. Less control • 3. Cohesive group formed • 4. Attitudes changed

Escalation of Commitment Model

• Concentrates on why people continue to pursue a failing course of action? • Commitment to a poor decision often escalates after the initial decision has been made • Often attributed to self-justification/ preservation and a feeling of personal responsibility for a decision

tactical planning

Deals with ongoing operations Medium term orientation Involves interpretation of strategic plans

One of Mintzberg's three core domains out of his 10

Decisional Roles involve acting as: - Entrepreneur - designing & implementing new project, business - Disturbance handler - dealing with problems beyond immediate control - Resource allocator - choosing between competing demands - Negotiator - discussion and reaching agreement

4. The Social-Ethical Context

• Concerned with demographics, and attitudes and behaviour of members of society • They effect business in terms of consumers and also employees • Attitudes & behaviour e.g. more supportive policies regarding parental leave, flexible working hours and childcare • Other major changes have included more environmental awareness & health awareness • Ethics and Corporate Social Responsibility

Planning

• Considered to be the most fundamental of all management functions • Defined as "the process of systematically developing action programmes through analysing, evaluating and selecting among different opportunities aimed at reaching agreed business objectives".

Understanding the Global Business Environment

• Contains all contingent factors relevant to the organization which lie outside its formal boundary • Essentially uncontrollable but this cannot be used as an excuse for poor performance • Organizations, through environmental scanning have to manage and anticipate developments in their environment to survive

Components of Organisational Structure

Having an effective form of organisational structure has become an important source of competitive advantage where its fits with and supports the strategy & the culture Strategy Structure Culture Fit The main components of organisation's structure can be divided into two main areas: -Structural Configuration (Org Chart) -Structural Operation (Org Processes)

One of Mintzberg's three core domains out of his 10

Informational Roles involve acting as: - Monitor - see, receive, screen information - Disseminator - share knowledge or data - Spokesperson - provide others with information on organisation's official position

One of Mintzberg's three core domains out of his 10

Interpersonal Roles involve acting as: - Figurehead-represent organization at external events - Leader - direct & co-ordinate people - Liaison- dealing with people outside the organization

What is management?

Management is viewed as the process in which managers engage to achieve organizational goals • Concentrates on achieving specific goals through the deployment of human, financial, knowledge and physical assets

What Skills Do Managers Require?

Management skills demanded will vary, depending on the level • Technical: ability to perform a specialized task involving a method or process • Interpersonal: human skills - ability to deal with people • Conceptual: recognizing complex & dynamic issues, examining factors that influence these problems & finding solutions

Entering the Global Business Environment: Understanding Cultural Differences

• Culture refers to the enduring belief system and its consequences for the creation of patters of similarity and differences between nation states. Culture defined as " a system of values and norms that are shared among a group of people and that when taken together constitute a particular design for living" • Because it effects the way things are done and how they are their legitimacy in a society, many have sought to classify differences in culture and the way it shapes management practices and approaches in different countries.

Miles and Snow Typology as aid to Planning

Prospector - typically involved in a high growth innovative industry and continually looks for new opportunities and markets Defender - maintain growth levels by protecting current territory and keeping current customers well served Analyser - combination of 1 & 2, keeps current market with a moderate degree of innovation Reactor - organisation has no clear approach. Reacting to changes made by competitors

Strategic Planning

Strategic planningtakes place at the top level Long term in orientation (>5 Years) Includes the mission, objectives and strategic business plans of the organisation

What are the elements of the Management Process?

The process demands functional knowledge in multiple domain spaces: - Planning - Organizing - Staffing - Leading - Controlling

Decision Making Conditions

certainty -> risk -> uncertainty

the global macro environment

political/legal, technological, economic, social-ethical

Decision Making

• "The selection of a particular course of action from among alternatives" • Decision making takes place at all levels of the organisation and is therefore a central part of a manager's role • Integrally linked to planning • 2 main types of decisions - Programmed & Non Programmed

3. The Bank Wiring Observation Experiments (1931-32)

• 14 Men in their natural work setting were observed for a protracted period. No changes were made to their working conditions • The observations made showed that the group had well-established norms and highlighted how they restricted productivity and enforced the group norms • Those who exceeded the agreed output targets were called 'rate busters', while those who under produced were referred to as 'rate chiselers' • Group members appeared united in their opposition to management and rather indifferent to any financial incentives that might be offered in return for higher output.

Administrative Management

• Administrative management offered Universal Principles of Management - associated with H Fayol (1841- 1925) • Focused on senior managers and the policy issues faced by them • Fayol concluded that all business activities should be divided into six essential areas

Contingency Theory

• Advocates that managerial practice depends on situation facing the organization • Impossible to specify a single way of managing that works best in all situations • Uncertainty or Certainty in the Environment yields different structural configurations

Financial Crisis and Post Celtic Tiger Ireland

•Crisis resulted in huge debt and tax burden severely affected Ireland's economic growth, employment and emigration •The Global Competitiveness Report 2012-13 produced by the World Economic Forum ranked Ireland 131st for its overall macroeconomic environment •In its recent recovery, Ireland faced several challenges and constraints: the Construction Industry had suffered huge losses leading to an undersupply of houses; the transport infrastructure remains weak; regional disparities remain significant; lack of investment in 3rd level education sector; over-reliance on a small number of powerful MNCs. •The most recent significant contextual factor likely to impact Ireland's future growth, prior to the Covid 19 Pandemic, was Brexit

Financial Crisis and Post Celtic Tiger Ireland

•Early warning signs of the impending Financial Crisis were evident in the USA in 2007 relating to the the sub-prime market for mortgages. •Negative FDI flows from Ireland, along with a credit-fuelled property bubble resulted in Irish banks being exposed as a result of their excessive borrowings to fund the property bubble • 2008 Banking and Financial Crisis globally and the Irish Government issued a blanket guarantee on all the deposits and debts of the six largest banks in the Country (Bank of Ireland; Allied Irish Banks; Anglo Irish Bank; Irish Nationwide; Irish Life & Permanent; and the EBS.

Recession & Recovery 1980-93

•FDI was hampered and proved more difficult due to USA recession and competition from other Countries which were now also providing favourable packages to attract multinational companies. •IDA - developed new plan and new strategy to attract high output firms using best technology, who were likely to create linkages in the economy. The IDA now focused on new sectors and new promotional strategy focused on the human capital base of Ireland

Definition

•Important function of management •"The process of dividing the tasks between individuals, groups and/or departments and coordinating their activities to achieve organisational goals" •It establishes the task, reporting & authority relationships within an organisation - the pattern of division and co-ordination

EEC Membership - 1973

•Indigenous firms did badly - employment increased in FDI Firms, but did little to keep pace with overall loses in domestic firms. •Overall though, Late 1970s - good time due to USA FDI & increased spending through external borrowing by public sector.

The Early Years

•Ireland - largely unaffected by Industrial Revolution •(1907) - industry employed 20% of the population, •Linen, ship building, brewing & distilling - Guinness, Harland & Wolfe

EEC Membership - 1973

•Opened up opportunities for Irish companies to develop Continental markets and reduce reliance on UK •EEC membership - significant selling point for the IDA in its FDI effort in the USA - Apple, Verbatim •Financial Benefits - European Social Fund, Regional Development Fund and later though the Structural and Cohesion Fund

Structural Configuration-Span of Control

•Spans of control are the number of employees directly reporting to a supervisor

Components of Organisational Structure

•Structural Configuration - refers to the size and shape of the structure as shown in an organisational chart •Structural Operation - refers to the processes & operation of an organisations structure •Each of them possess a number of elements

The Emergence of the Celtic Tiger (1993-2007)

•The Programme for Competitiveness and Work (1994): pay moderation and tax concessions •Cut in Corporation Tax to 12.5 % in 1994 •European Structural Funds totalling 9.52 billion Euro between 1989 and 2000 •January 2002 saw the introduction of the Euro Currency •Partnership 2000 in 1997: similar provisions to the earlier social partnership agreements, along with additional measures to reduce unemployment •Between 1994 and 1999 Ireland had experienced 5 years of rapid economic growth at 9% per annum •The Programme for Prosperity & Fairness (2000) •Growth from the mid 1990s to early 2000 described as catching up growth involving Ireland converging with other successful economies

Recession & Recovery 1980-93

•The development of the Social Partnership Model in 1987 served as an important piece of architecture for recovery. •Throughout the 1980s, the IDA gradually capitalised on the beginning of recovery and new FDI emerged - Sandoz, Teradata, Stratus, EDS, Motorola and Intel • In 1991 Industrial Policy Review Group produced the Culliton Report •Gradually many of the recommendations were implemented

Structural Configuration-Division of Labour

•The division of labour with an organisation is the extent to which the work of the organisation is broken down into different tasks • •Wide division of labour v's narrow division of labour •Many historical approaches on the best way from Task Specialisation to Job Enlargement to Job Enrichment to Socio-technical Systems

The Demise of the Celtic Tiger (Mid 2000s Onwards)

•The early 2000s saw more steady growth rates •The basis for the on-going growth began to be attributed to cheap credit and increased property speculation •Construction sector was disproportionate as overall share of the economy •Mid 2000 onwards saw rapid shifts in Globalisation Trends •Altered patterns of investment away from developed towards emerging economies (The BRIC economies and others)

The Irish Free State

•The focus was on agriculture "what was good for agriculture was good for all" •Lack of entrepreneurial tradition within Ireland due to: -Ex colonial status of the economy meant that people were given little opportunity for business positions -The best and brightest opted for the safe employment of the Civil Service

Financial Crisis and Post Celtic Tiger Ireland

•The gross debt to GDP ratio, which was less that 25% in 2007 was to eventually rise to over 120% by 2013. •In 2009, the Government established the National Asset Management Agency (NAMA) to take over non-performing loans amounting to 77 billion Euro •By November 2010 the government could no longer borrow money on the international bond markets and was forced to seek a bailout from the International Monetary Fund (IMF) and EU totalling €85 billion to keep the country afloat and to ensure essential public services