...Financial Motivation * Profit related pay Performance- related Pay Job Satisfaction and Motivation | Productivity | * Makes employees work harder and become more motivated. * Employee expectations can cause problems, especially if they feel that their performance has been underestimated. | * Productivity depends on the manager assessing the employee’s performance. The manager must ensure that each assessment is made fair so that employees will increase their productivity. | * Where businesses motivate the workforce based Rewards given to employees ( individual, teams, on the level of profits in the business, whole) based on their performance eg. Achieves the * Higher the profits of the business, more pay businesses goals. received by employees Impact: * Impact: Job Satisfaction...
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...variables to calculate project costs. (More accurate, -30% to +50%) Bottom-Up Estimating: Estimating project decomposed of detail, time consumption, most accurate form of estimation, ensures every item is included. (High Accuracy, -10% to 15%) Value Engineering: Creative approach used to optimize project costs, save time, increase profits, improve quality, expand market share, solve problems and/ use resources more effectively. PERT+ CPM = used for project Life Cycle Costing: Includes total costs of creating and using the project during its useful life. Consider disposition costs of the product after its useful life is complete. Contingency reserve is calculated during risk analysis. Management reserve is determined by how much uncertainty management feels exists in project Project Risk Management: Systematic process of identifying, analyzing and responding to project risks. The purpose of this is to reduce overall project risk level. (Benefits: Proactive rather than reactive, reduces surprises/ negative consequences, provides better control over the future, improves chances of reaching project performance.) EMV = Likelihood x Impact. (Likelihood is the probability of occurrence and impact is the amount at stake Qualitative Risk Analysis: Process of prioritizing risks for subsequent further analysis or action by assessing and combining their probability and impact. (Doesn’t use numbers, uses high/low/medium risk, uses words) Quantitative Risk Analysis: (Based on numbers, show...
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...Mid-term Review Questions Chapter 1 1. Define strategic competitiveness, strategy, competitive advantage, above-average returns, and the strategic management process. Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. Strategy is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. Competitive advantage is when a firm implements a strategy that its competitors are unable to duplicate or find too costly to try to imitate. Above-average returns are returns in excess of what an investor expects to earn from other investments with a similar amount of risk. Strategic management process is the full set of commitments, decisions, and actions required for a firm to achieve strategic competitiveness and earn above-average returns. 2. Describe the 21st-century competitive landscape and explain how globalization and technological changes shape it. * The fundamental nature of competition in many of the world’s industries is changing. There are rapid changes in industry boundaries and markets. * Conventional sources of competitive advantage such as economies of scale and huge advertising budgets are not as effective as they once were in terms of helping firms earn above average returns. * The conditions of competitive landscape result in a perilous business world, one where the investments that are required to compete on a...
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...Management Control System Notes Ch. 1 – The Nature of MCS Simons Levers of Control Belief systems: empower individuals and encourage them to search for new opportunities. They communicate core values and inspire all participants to commit to the organization’s purpose. COMMITMENT Boundary systems: establish the rules of the game and identify actions and pitfalls that employees must avoid. PUNISHMENT Diagnostic controls systems: allow managers to ensure that important goals are being achieved efficiently and effectively. They eliminate the manager’s burden of constant monitoring. However, they can create pressures that can lead to control failures. Interactive control systems: enable top‐level managers to focus on strategic uncertainties, to learn about threats and opportunities as competitive conditions change, and to respond proactively. * Management control systems are set in place to help a company achieve their organizational strategy and goals. * Work of management: planning, directing and motivating, and controlling. * An organization consists of a group of people who work together to achieve certain common goals. * The CEO or senior management decides on the overall strategies that will enable the organization to meet its goals. * The management control process is the process by which managers at all levels ensure that the people they supervise implement the organization’s strategies. * System: a prescribed and usually repetitious way of...
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...E 16 – Business Management Strategy “A pattern or plan that integrates an Organization’s major goals policies & action sequences into a coherent whole” (Quim) Mintzberg distinguish b/w a strategy as 5 P’s:‐ Plan: Forward looking / Purposive deliberate Ploy: Plan Designed to deceive/confuse Pattern: Consistencies of behavior whether intended or not Position: In the market; relative to the Competition Perspective: Values attitudes Cultures of Managers Dimensions of Strategy Process ‐ Analysis Choice Implementation Content ‐ Environment in which the Organization exists & cope with ‐ PESTEL ‐ 5 forces ‐ Life Cycle Model ‐ KsFs / CsFs model ‐ Competition Analysis Content ‐What strategic decisions should be made by the organization ‐Missions ‐Objectives ‐Stakeholders ‐where to compete? ‐how to compete? ‐Means & methods Content is about the decision the organization makes with its context ‐ ‐ All 3 interact with one another ICAF |Lecturer: Bilal Khalid 2 3 E 16 – Business Management Strategy Process Central to Strategy is positioning 3 Processes of Strategy are: Analysis Choice Implementation In the Real world all the stages are not sequential and are not easily distinguished from one another. Three types of strategic management methods:‐ 1. Rational/Structured Approach or model 2. Incrementalism 3. Emergent Strategy ICAF |Lecturer: Bilal Khalid ...
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...Chapter 11 Strategic Priorities and Strategic Options Syllabus ▪ Growth and change ▪ Centralization / decentralisation Reference ▪ Haberberg, A. & Rieple, A., The Strategic Management of Organisations, Prentice Hall/Financial Times, 2001, pg 427-476 STRATEGIC ANALYSIS Strategic Issues A strategic issue is something that the organisation needs to be concerned about and therefore, needs to address. Strategic issues may be positive or negative in nature. Strategic priorities Priority is a measure of two things: 1. The importance of an issue to the firm’s survival or success 2. The urgency with which the issue must be addressed Strategic options A strategic option is a possible answer to address a strategic issue. For example, in response to the issue ‘How should a firm react to new technologies?’ the organisation may have a number of alternative options. For example: Option 1: It can invest heavily in the new technology to become a leader in using it in developing new products. Option 2: It can ignore the new technology because the firm believes that established technologies are cheaper or more reliable. Option 3: It can make a small investment now in the new technology to see if it were viable for future use. If the initial investment showed the technology is going to be viable, then invest more later. STEP 1: IDENTIFY STRATEGIC ISSUES The steps involved in identifying strategic...
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...Introduction to Management Management - universal phenomenon. * Very popular/ widely used term and is a purpose activity * All organisations – business/political/cultural/social are involved in management * Management helps/directs various efforts towards a definite purpose. * Directs group efforts to pre-determined organisation goals * Process of working with/through others effectively/efficiently (limited resources, equipment, time and money) = completion of organisation goals * Goals – different for every organisations (Launching products or profit increase) * Creating internal environment – management uses various factors of production. * Management responsibilty=create conditions/atmosphere – feel less burdened and enjoy work * Availability – materials, wages, formulations of rules and regulations * Good management = effective (appropriate task) efficiency (doing task right) * Harold Koontz, “Management is an art of getting things done through and with the people in formally organised groups. * Art of creating an environment where people can perform and individualscan co-operate towards attainment of group goals”. * F.W. Taylor, “Management is an art of knowing what to do, when to do and see that it is done in the best and cheapest way”. Management as a Process * Series of inter - related functions. * Process which management creates/operates/directs purposive organisation through systematic/coordinated/co-operated...
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...Critical Incident Method Critical incident An unusual event that denotes superior or inferior emplyee performance in some part of the job The manager keeps a log or diary for each employee throughout the appraisal period and notes speciic critical incidents related to how well they perorm. Behaviroal Checklist Method The rater checks statemnets on a list that the rater believes are characteristic of the employee’s performance or behavior. Behaviorally Anchored Rating Scale Productivity measures Appraisals based on quantitative measures that directly linnk what employees accomplish to results beneficial to the organization. -Criterion contamination -Focus on short-term results Management by Objectives(MBO) A philosopy of management that rates performance on the basis of employee achievement of goals set by mutual agreement of employee and manager. The appraisal focuses on four related categories Financial, customer, processes, and learning Ensuring the method’s success: Types of Appraisal Interviews Tell and sell – persuasion Tell and listen – nondirective Problem Solving – focusing the inteview on problem resolution and employee development. Appraisal Interview Guidelines: Invite Participation – Ask for a self-Assesment Change Behavior – Problem Solving Focus Minimize Criticism – Express Appreciation Establish Goals – Be Supportive Follow Up Day by Day Factors That Affect an Employee’s Performance Motivation Environment Ability ...
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...discussions. No warning will be given to you and the invigilator will make a note of your name and update the Program Manager. You are not allowed to leave the examination hall till you finish your examination. You are required to switch off your mobiles always. |Course |Date |Time |Duration |Type of Exam |Comments | |Principles of Management |Wednesday |10.30 am - 12.30 pm |2 hours |Closed Book/Closed notes |Multiple choice ( 50 min) | | |4th Feb, | | |Laptops not allowed |Descriptive(1 hr 10 min) | | |2009 | | |Internet not allowed |Write with pen no scribbling | | | | | | |Mobile phones are not allowed in the class | |Organisational Behaviour |Wednesday |2.30 - 4.00 pm |90 min |Open Book/Open Notes | ...
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...Chapter 3 Note: Value-Chain Analysis: a strategic analysis of an organization that uses value-creating activities. This approach is useful for understanding the building blocks of competitive advantage. 5 Primary Activities: sequential activities of the value chain that refer to the physical creating of the product or service, tis sale and transfer to the buyer, and its service after sale, including inbound logistics, operations, outbound logistics, marketing and sales, and service. Support Activities: activities of the value chain that either add value by themselves or add value through important relationships with both primary activities and other support activities; including procurement, technology development, human resource management, and general administration. Primary Activities: 1. Inbound Logistics: receiving, storing, and distributing inputs of a product. It includes material handling, warehousing, inventory control, vehicle scheduling, and returns to suppliers. 2. Operations: all activities associated with transforming inputs into the final product form such as machining, packaging, assembly, testing, printing, and facility operations. 3. Outbound Logistics: collecting, storing, and distributing the product or service to buyers. These activities included finished goods, warehousing, material handling, delivery vehicle operation, order processing, and scheduling. 4. Marketing and Sales: activities associated with purchases of products and...
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...Chapter 1: Management Today Take Away 1: What are the challenges of working in the new economy? * Globalization means we can work from anywhere but competing with from from everywhere (pg 4) * Long-term employment can’t be expected in today’s workplace- jobs have to be continually earned and re-earned through performance and accomplishments (4) * High performance companies are better than their competitors at getting extraordinary results from their employees (4) * Intellectual Capital= competency x commitment (4) * Intellectual capital: combined brainpower and shared knowledge of an organization’s employee * Competency: personal talents or job-related capabilities * Commitment: how hard you work to apply your talents and capabilities to important task * Knowledge workers are dominating workplace; someone whose mind is a critical assets to employers (5) * Whole mind competencies will soon dominate the workplace * People who are creative and good with ideas (high concept) and also joyful and good with relationships (high touch) * Technology continuously tests or talents and infiltrates every aspect of our lives (5) * Tech IQ: the ability to use current technologies at work and in your personal life (6) * It is important to keep oneself updated with technology as it continues to evolve * TECH IQ is the baseline foundation for succeeding in a fast-chaining world of technological innovation ...
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...Those notes can only be sequenced so many times before they are repeated by a new musician and called “original”. Intellectual property has been protected in the courts systems, but has favored personal interest over creativity and borrowing. In the case of Weber vs. Repp for example, Repp was claiming to be the owner of the copied Catholic folk music stolen to create music by Weber. With help from a lawyer, it is proven that Weber wrote a song previous to the music and songs by Repp. It was demonstrated that Weber wrote a song, Repp wrote another song sounding similar, and then Weber wrote the song in question. This showing that Weber borrowed from himself and Repp borrowed from him. The musical notes played in the same sequence were copied by both composers and therefore the courts dismissed the case, musical notes are not owned by any one composer. It does not matter what you copy but how much you choose to take. The idea behind Gladwell’s argument is that borrowing some to be creative is and needs to be acceptable in the eyes of “plagiarism...
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...to harmonize, considering it was our first year learning an instrument. There was no reading or writing when it came to playing the instruments, but with music, a story can be made. For example, half the class would play our recorders in sync with one another, and other students in the class would play percussion. With the rhythm of the music combined, the feel and sound of the music gives the audience a feel of a different environment, such as feeling as though you are taking a journey through an Indian village, or celebrating the first fourth of July in America. As I progressed through the year, music classes turned into singing as well. In order to know the words that we were singing, we had paperback music, which had music lines, notes, and words for us to...
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...through the paper. Halfway through the paper, I saw my friend John suspiciously looking at the class. My instincts told me that something was wrong. As a result, I began to keep an eye on John. Suddenly, I saw John taking notes out from his pencil case! My mouth hung wide open and I gasped in shock. How could John do that! I thought should I report him? The devil in my mind said that I should not care about this thing after all, he is still my best friend while the angel said that I should be honest and report him. After thinking for a while, I decided to report him. I raised my hand and told the teacher “ Mr Tan, John is cheating by using notes from his pencil case.” The teacher nodded his head and walked towards John’s table. Mr Tan said “John! Why are you cheating?” John shook his head to deny that he did not cheat. Mr Tan confiscated his pencil case and dumped the contents out. Out came pencils, erasers and pens. But there was no notes inside! John let out a smirk from his mouth. I was shocked! I thought that there was a note? Just when I thought all hope was lost, Mr Tan found another zip at the pencil case and he opened it. Suddenly, John’s smirk began to vanish. Waves of panic overwhelmed him. The hidden note was found there! Mr Tan looked at John sternly. He brought John to the principal’s office to explain what had happened. On the next day, the fiery-tempered Discipline Master caned John during assembly period. After this incident...
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...Management Information System 2 Marks UNIT 1 MIS Introduction 1. Data: Raw facts such as an employee’s name and number of hours worked in a week, inventory part numbers or sales orders. Information: A collection of facts organized in such a way that they have additional value beyond the value of the facts themselves. Data Information Salesperson: J. Jones Sales Territory: Western Region. Current Sales: $147,000 Units = 147 Salesperson: J. Jones Sales Territory: Western Region. Current Sales: $147,000 Units = 147 Data Processing Data Processing $35,000 12 Units $12,000 J. Jones Western Region $100,000 100 Units 35 Units $35,000 12 Units $12,000 J. Jones Western Region $100,000 100 Units 35 Units 2. Management information systems: Def 1: Information system at the management level of an organization that serves the functions of planning, controlling, and decision making by providing routine summary and exception reports. Def 2: MIS provide information in the form of pre-specified reports and displays to support business decision making. Examples: sales analysis, production performance and cost trend reporting systems. Objectives: * Routine information for routine decisions * Operational efficiency * Use transaction data as main input * Databases integrate MIS in different functional areas. 3. Describe three levels of information in managerial level Management Support Systems provide information and support...
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