Challenges in the new workplace
Explain what Intellectual Capital is.
Intellectual capital is the collective brainpower or shared knowledge of a workforce that can be used to create value.
Knowledge from a worker creates intellectual capital.
What is an 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
What is the difference between a toxic workplace and a high performing workplace?
Toxic workplaces” treat employees as costs.
High performing organizations treat people as valuable strategic assets.
What are the four functions of management?
Management is the process of planning, organizing, leading, and controlling the use of resources to accomplish performance goals.
Explain technical skill, human skill and conceptual skill.
Technical skill — the ability to apply a special proficiency or expertise to perform particular tasks. Ex. Scheduling, Fix basic tools of the job, go to person for daily problems. More important for Low level managers.
2. Human skill — the ability to work well in cooperation with others. Equal for all levels of management.
3. Conceptual skill — the ability to think critically and analytically to solve complex problems. Most important to top level mangers. Big picture ideas.
What is globalization in terms of business?
Globalization is the worldwide interdependence of resource flows, product markets, and business competition that characterize the new economy.
Explain organizations as a open system.
Composed of interrelated parts that function together to achieve a common purpose.
• Interact with their environments.
• Transform resource inputs into product outputs (goods and services).
• Environmental feedback tells organization how well it is meeting the needs of customers and society.
Explain the levels of management.
Top managers — responsible for performance of an organization as a whole or for one of its larger parts.
Middle managers — in charge of relatively large departments or divisions.
LOW-Project managers -coordinate complex projects with task deadlines.
LOW- Team leaders or supervisors — in charge of a small work group.
Planning is
The process of setting objectives and determining what actions should be taken to accomplish them
Katz says low level managers have what combination of skills?
Low conceptual skills
Mid human skills
High technical skils
How can technology change the workplace?
Through the internet, computers, and information technology the workplace is changing.
Organizations preform to create value. What is value?
Value is created when an organization’s operations adds value to the original cost of resource inputs.
When value creation occurs:
• Businesses earn a profit.
• Nonprofit organizations add wealth to society
Explain line mangers, staff managers, functional managers, general managers, and administrators.
Line managers are responsible for work activities that directly affect organization’s outputs.
Staff managers use technical expertise to advise and support the efforts of line workers.
Functional managers are responsible for a single area of activity.
General managers are responsible for more complex units that include many functional areas.
Administrators work in public and nonprofit organizations
Organizing is
The process of assigning tasks, allocating resources, and arranging the coordinated activities of individuals and groups to implement plans.
Middle level managers need what level of skills according to Katz?
Mid- Technical skill
Mid- Human skill
Mid- Conceptual skill ideas.
What is workforce diversity about?
Workforce diversity reflects differences with respect to gender, age, race, ethnicity, religion, sexual orientation, and able-bodiedness.
Creates opportunities and challenges.
Explain productivity and the 4 dimensions of organizational performance
On the vertical scale of goal attainment and horizontal scale of resource utilization.
Low goal, poor resource- Neither efficient nor effective
High goal, low resource- Effective but not efficient
Low goal, good resource- Efficient but not effective.
High goal, good resource- Effective and efficient.
Explain quality of work life (QWL)
An indicator of the overall quality of human experiences in the workplace.
Leading is
The process of arousing people’s enthusiasm to work hard and direct their efforts to fulfill plans and accomplish objectives
Low- Technical skill
Mid- Human skill
High- Conceptual skill ideas.
What role does ethics play in business?
Ethics are a code of moral principles.
Society requires businesses to operate according to high moral standards.
Explain Total quality management (TQM)
Total Quality Management (TQM)-
- is managing with an organization wide commitment to continuous improvement and meeting customer needs completely
What does a high performing manger look like?
High performing managers …
Build working relationships with others.
Help others develop their skills and performance competencies.
Foster teamwork.
Create a work environment that is performance-driven and provides satisfaction for workers.
Controlling is
The process of measuring work performance, comparing results to objectives, and taking corrective action as needed.
Mintzberg's managerial roles is about
- Interpersonal roles
• Involve interactions with persons inside and outside the work unit.
- Informational roles
• Involve giving, receiving, and analyzing of information.
– Decisional roles
• Involve using information to make decisions in order to solve problems or address opportunities.