MGT 301 February 18th (Day 9)
MGT 301 February 18th (Day 9) MGT 301
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This 4 page Class Notes was uploaded by Hannah Leggett on Thursday February 18, 2016. The Class Notes belongs to MGT 301 at University of Kentucky taught by Gordon Holbein in Spring 2016. Since its upload, it has received 27 views. For similar materials see Business Management in Economcs at University of Kentucky.
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Date Created: 02/18/16
th MGT 301-February 18 2016 (Day 9) WALL STREET JOURNAL NOTES I. Companies are mining data about how their employees shop, and whether they vote in order to predict which ones will… need healthcare. a. The goal is to get employees to improve their own health. i. Internal Locus of Control b. People with low credit scores are less likely to fill prescriptions. c. People who vote in midterm elections seem to be healthier. More active in the community. d. To determine which employees are about to get pregnant look at the claims you have been filling to see if you have stopped taking birth control. Also look at web searches on fertility treatment. II. Federal bosses can look at your health records III. 3 Lessons a. Internal Locus of Control: i. Take care of your health and make good decisions b. Proper use of information technology i. IF you know about people do you understand them. ii. Big data is collecting the data and analytics is processing it c. 3 Questions: i. Is this a normal usual standard? ii. I am willing to share information collected? iii. Does more than one party benefit? MAXWELL I. Chapter 7-Discernment a. Page 44: “Smart leader’s belief only half of what they hear, discerning leaders only know which half to belief”. b. Page 47: Challenge of Discernment-- “Leaders of large organizations must….” c. Page 48: **Mark in book** What discernment does… it does 3 things. i. 4 lines down from top, right side. “See a particle picture ath fill in the missing pieces”. ii. 5 line dowrd “Find the real heart of the matter.” iii. Page 49. 3 line down “See the root causes.” d. How does Discernment work?? i. Page 48 3 Line from the top: “The blend of clear headed logic AND powerful intuition.” 1. Left brain vs. Right brain ii. Section 3: Discernment enables your gut and your head. e. How do we become the full Holbein thumbtack? i. Page 49: “Do you trust your full intuition and intellect?” 1. Value nontraditional thinking 2. Embrace change ambiguity, uncertainty! 3. Broaden your horizons. II. Chapter 8- a. Page 51: “If you chase two rabbits, both will escape.” b. Experienced animal trainers take a stool in when visiting lions. The four legs of the stool the animal try’s to focus on all four legs. i. Divided focus always works against you 1. “All elite performance requires undivided focus”- Holbein IN CLASS LECTURE NOTES I. Decision Making: “the process by which people respond to opportunities and threats by… a. Choosing goals b. Analyzing options c. Selecting courses of action II. Leslie Fox a. She thought if everyone else is doing it, I can do it. This is called programmed decision making. i. Programmed Decision Making: routine virtually automatic decision making that follows established rules and guidelines where we have made similar decisions before. ii. Non-Programmed Decision Making: non routine decisions that occur in response to unusual, unpredictable, or unique opportunities and threats, when there are no rules to follow, where we have uncertain or *ambiguous information, and using our intuition, judgement, and discernment. 1. *Ambiguous: we interpret it differently. In more than one way. a. Ambi=two ways iii. Classical Method of Decision Making 1. We can identify and evaluate all possible alternatives 2. We can forecast the consequences of each choice. 3. Assumes that we will be rational iv. Administrate Method of Decision Making 1. It assumes a world of uncertainty. 2. Assumes the world is risky and “messy”. 3. It assumes we are not rational. 4. Bounced rationality-we have limits on brain capacity, but we also have limits on our time. Also have limited resources. v. Satisficing 1. To take the the first good enough alternative. vi. Teams make better decisions that individuals 1. Group projects 2. Because when you put biases together they cancel each other out and benefit each other. 3. Also a risk you are taking, which is groupthink. 4. Groupthink-when everybody wants agreement and stops thinking on your own. You then turn off your individual thoughts. a. A lot of emotion involved b. Pressure toward agreement. (Movie- 12 Angry Men). c. Culture that doesn’t tolerate diversity d. One person who is bossy/domineering/powerful---will promote groupthink vii. What can we do to make sure our teams avoid groupthink? 1. Diversity. More diversity less groupthink. a. Demographics. b. Cognitive Diversity in your team all the better. viii. Devils Advocate 1. Wrong Way: one person decides to be grumpy 2. Right Way: a. One person is appointed (serve as devil’s advocate) b. The advocate points out problems the way we select our alternatives. c. They also defend the unpopular alternative. d. Critique the process for choosing among the alternatives.
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