BUSINESS MANAGEMENT MGT 301
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This 8 page Study Guide was uploaded by Cecil Ortiz on Friday October 23, 2015. The Study Guide belongs to MGT 301 at University of Kentucky taught by Gordon Holbein in Fall. Since its upload, it has received 45 views. For similar materials see /class/228307/mgt-301-university-of-kentucky in Business, management at University of Kentucky.
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Date Created: 10/23/15
Management Exam 2 Review LECTURE NOTES Decision Making Leslie Fox Bank Manager Worst Decision employee of the month program Discouraged hard working students Started to compete against one another Problem assumed what someone else was doing would work Best Decision Change to employee hall of fame Aows employees to be recognized Wal Mart Troubes in South Korea and Germany Germans like personal shopping Thought if it worked everywhere else it would work there Richard McGinn Ceo of Lucient R amp D for ATampT Saw growth of telecommunications industry in 1990 Led way in high tech communication Went too far too fast Christopher Galvin CEO of Motorola 199039s Every investment budget decision must come across his desk Put Motorola behind on the curve Too slow You39ve got Mail Bookstore Family built community based bookstore People wanted them to branch out and they didn t CIosed in 1996 Did not keep up tried to preserve heritage Definition of Decision Making Process leading to the selection of a course of action among several alternatives Classical vs Administrative Decision making ClassicalAssumes we can identify and evaluate all possible alternatives and can also see the consequences and outcomes and we will therefore rationally logically analytically choose the best course of action Administrative Bounded rationally amount of time we can spend information is imperfect Program vs Nonprogram Decision making Nonprogram nonroutine decision that occurs in response to unusual unpredictable and unique opportunities and threats when there are no rules to follow when we have uncertain or ambiguous information and when we use intuition judgment and discernment Program Group Think type of thought exhibited by group members who try to minimize conflict and reach consensus without critically testing analyzing and evaluating ideas Condition to watch out for 1 High emotions 2 Pressure toward agreement 3 You have to agree 4 When culture of organization is not tolerant of diversity Devils Advocacy One person plays devil advocate What do they do appointed person points out problems with way we select alternatives Must defend for unpolular opposing ideas Advocate needs to be able to critiquw the process of selection among the alternatives Creativity vs Innovation Creative person has to be a learning person Security Learning Diagram Security 9 Teachability 9 Learning 9Creativity 9 Innovation Secure person is open to being taught Creativity Ability to discover new and novel ideas and courses of action lnnovation is the commercialization of creative ideas Research is creativity Development is Innovation Group creativity How you can get your employees to be creative Provide employees with the opportunity and the ability to take risk Iquot Tell yourself quotif people take risk they will occasionally fai To build creativity period correct failure the right kind of failure must be rewarded Want people to go beyond their comfort zone Building Group Creativity Brainstorming to be successful 1 2 People must be together Encourage everyone to share crazy ideas No immediate judgment or evaluation Write them on the board say something good or bad about each one Strategic Planning To move from vision to business mission 5 things 1 2 Who are my customers Why are we in business What needs and wants do we satisfy 3 4 5 What type of product and services do we offer Where will we operate Geographic How will we position ourselves relative to competition Benefits of a good Business Statement Defines business Alows us to set major goals Good clear mission statement will stretch everyone for superior performance Three Levels of Planning Strategicpertains to the whole organization Tactical one division or one function during one year Operating deals with one single department at an organization Com petitive Strategies Creat Focus Strategy Concentrate effects on a single domain Create potent power Diversification Related to diversification Walmart9Sam39s Club Proctor and Gamble Go into new field where you can share resources Unrelated Diversification Ex ITT telecom company who wanted diversity Bought Hartford insurance Sheraton Resorts If one area is weak other areas will keep it strong Vertical Integration lnternation Expansion ing a Corporation Wi Decision making come from CEO s and be centralized or will it come from workers decentralized CEO Executive ManagerSupervisor Workers Decision Making CentralizedDecentralized Structure Formal flexible Ways to Organize Chain of Command of layers of management from top to bottom complex firms have lots of layers simple firms have very few layers Span of Control of people who report to you Want to Know How highly skilled your people are How uniform is the work The higher up in the organization the fewer people you have working for you MAXWELL READING Chapter 7 Head of pin quotDiscernmentquot Discover the root issues To work with people you must broaden yourself think why Chapter 8 Point of Pin Focus Think ofa lion tamer and a stool Stool distracts the lion Chapter 17 Security Chapter 20 Teachability Ray Kroc Dortman Roosevelt llll Chapter 21 Vision Walt Disney Story Amusement parks were lower class not well thought of Carousel was decayed Walt Disney wanted to make this better l Chapter 16 Responsibility Story of the Alamo An archer does not blame the target for his misses he blames himself Chapter 14 Problem solving Five abilities of problem solving 1 Anticipate problems 2 They accept the truth 3 See the big picture 4 Handle one thing at a time 5 Never give up on a major goal
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