Exam Notes

Topics: Management, Decision theory, Decision making Pages: 13 (3004 words) Published: November 28, 2012
Chapter 1- PRE MID

Study Questions :
1) What are the challenges of working in the new economy
2) What are the organizations like in the new workplace?
3) Who are the managers and what do they do?
4) What is the management pricess?
5) How do you learn the essential managerial skills and competencies?

Overview of the 21st century workplace
-Organizations must adapt to rapidly changing society
-Economy is global and driven by innovation and technology
-High performing companies gain extraordinary results from people working for them -Interdependent, knowledge based

Intellectual Capital- People are the ultimate foundations of organizational performance, it is the collective brainpower or shared knowledge of a workforce that can be used to create value. A knowledge worker adds to the intellectual capital of an organization.

Globalization- National boundaries of world business have largely disappeared. Globalization is the worldwide interdependence of resource flows, product markets, and business competition that characterize the new economy.

Technology- There is an increasing demand for knowledge workers with the skills to full utilize the technology such as (internet computers and information technology)

Diversity- Workforce diversity reflects differenes with respect to gender, age, race, ethnicity, religion, sexual orientation, and able bodiednes. Creates a diverse and multicultural workforce but challenges and offers opportunities to employers.

Ethics- Code of moral principles, society requires business to operate according to high moral standards. Emphasis today is on restoring the strength of corporate governance.


Some Critical skills for success in the workplace are; mastery, contacts, entrepreneurship, love of technology, marketing, passion for renewal.

Organization- A collection of people working together to achieve a common purpose. Organizations provide useful goods and or services that return value to society and satisfy customer needs.

Organizations are Open Systems- Composted of interrelated parts that function together to achieve a common purpose and interact with their environments. They transform resource inputs into product outputs(goods and services). Environmental feedback tells organization how well it is meeting the needs of customers and society.

Organizational Performance- value is created when an organization’s operations ads value to the original cost of resource inputs. Value creation occurs when businesses earn a profit or nonprofit organizations add wealth to society.

Organizational Performance
-Productivity: an overall measure of the quantity and quality of work performance with resource utilization taken into account -Performance Effectiveness: An output measure of task or goal accomplishment -Performance Efficiency: An input measure of the resource costs associated with goal accomplishment

Workplace changes that provide a context for studying management; belief in human capital, demise of “command and control”, emphasis on teamwork, Preeminence of technology, Embrace of networking, New workforce expectations, concern for work-life balance, focus on speed.


Importance of human resources and managers; toxic workplaces that treat employees as costs, High performing organizations treat people as valuable strategic assets, managers must ensure that people are treated this way.

Manager- a person in an organization who supports and is responsible for the work of others, they are the ones who help those whose tasks represent the real work of the organization.

Levels of Management:
a)Top Managers- responsible for performance of an organization as a whole or for one of its larger parts. b) Middle managers- in charge of relatively large departments or divisions. c) Project managers- coordinate complex projects with task deadlines d) Team Leaders or supervisors- in charge of a...
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