Chapter 1 - Management Today
Talent:
Intellectual Capital is the combined and shared knowledge of an organization's employees.
Knowledge worker's mind is a critical asset to employers and adds to the intellectual capital of an
org.
Competency x commitment = intellectual capital
Globalization:
Job Migration occurs when firms shift jobs from one country to another.
Reshoring is the shifting of manufacturing and jobs back home from overseas
Globalization is the worldwide interdependence of resource flows, product markets, and business
competition that characterize our economy.
Ethics:
Ethics: Code of moral principles that set standards of conduct of what is “good” and “bad”
- An individual behavior
- In business
- Corporate Governance: board of directors hold top management responsible for
organizational performance. Financial Performance<ethical performance>sustainability
Diversity:
Workforce diversity: reflects differences with respect to gender, age, race. A diverse and multicultural
workforce both challenges and offers opportunity to employers.
Organizations:
Organizations: collection of ppl working together to achieve common purpose. Provide goods and
services of value. ***organizations (2 of 6) slide diagram***
Organizations as open systems interact with their environment
Organizational performance:
- Value creation is a very important notion for organizations
- Value is created when an organization's operations add value to the original cost of resource
outputs.
- When value creation occurs:
- Businesses earn a profit
- Nonprofit organizations add wealth to society
-
Organizational Performance:
- Productivity: 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 resource costs associated with goal
accomplishment
Talent:
Intellectual Capital is the combined and shared knowledge of an organization's employees.
Knowledge worker's mind is a critical asset to employers and adds to the intellectual capital of an
org.
Competency x commitment = intellectual capital
Globalization:
Job Migration occurs when firms shift jobs from one country to another.
Reshoring is the shifting of manufacturing and jobs back home from overseas
Globalization is the worldwide interdependence of resource flows, product markets, and business
competition that characterize our economy.
Ethics:
Ethics: Code of moral principles that set standards of conduct of what is “good” and “bad”
- An individual behavior
- In business
- Corporate Governance: board of directors hold top management responsible for
organizational performance. Financial Performance<ethical performance>sustainability
Diversity:
Workforce diversity: reflects differences with respect to gender, age, race. A diverse and multicultural
workforce both challenges and offers opportunity to employers.
Organizations:
Organizations: collection of ppl working together to achieve common purpose. Provide goods and
services of value. ***organizations (2 of 6) slide diagram***
Organizations as open systems interact with their environment
Organizational performance:
- Value creation is a very important notion for organizations
- Value is created when an organization's operations add value to the original cost of resource
outputs.
- When value creation occurs:
- Businesses earn a profit
- Nonprofit organizations add wealth to society
-
Organizational Performance:
- Productivity: 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 resource costs associated with goal
accomplishment
