Management, 4th Canadian Edition Loose-Leaf Print Companion
This is a complete guide to studying for the Global Management course by using the textbook. This guide has lecture and class notes combined making it the one-stop-shop for studying for the course. It's a very extensive detailed and organized study guide to help prepare students for the midterm and...
● Week 1
● How would you reconcile ethics and business profitability? - Corporate Social
Responsibility
● Knowledge and Skills constitutes Intellectual Capital.
● Why are organizations important? - Provide goods/services of value and serve
society.
● Human Capital - Treat people as valuable strategic assets, not costs to be controlled.
● Characteristics of Useful Information - Timely, High Quality, Complete, Relevant,
Understandable
● Week 2
● Systematic VS Intuitive Thinking, Multidimensional Thinking
○ Systematic - Approach problems in rational, step-by step, and analytical way
○ Intuitive - Approach problems in a flexible and spontaneous way
○ Multidimensional - Applies both intuitive and systematic thinking with strategic
opportunism, an example of effective multidimensional thinking. Most managers
fall into this)
● Structured and Unstructured Problems, Programmed and Non-Programmed
Decisions
○ Structured Problems - Familiar, straightforward, and clear with respect to
information needs. Systematic)
○ Programmed decisions - Apply solutions readily available from past
experiences to solve structured problems.
○ Unstructured Problems - Full of ambiguities and information deficiencies.
Commonly faced by higher-level management as they have more experience.
(Multidimensional Thinking is usually needed due to information needs.)
○ Non-Programmed Decisions - Apply specific solutions to meet the demands of
a unique problem.
● Rules for Crisis Management
○ Figure out what is going on - What are the issues?
○ Remember that speed and time is of the essence, including being slow.
○ Respect the danger of the unfamiliar. - Know the ambiguities and create multiple
plans, not just one.
○ Value the skeptic. - Don't ignore different perspectives for the sake of yours,
value them.
○ Be ready to 'fight fire with fire". - Take last resorts that while not ideal, will resolve
when necessary to avoid bankruptcy.
● Certain Environment - Offers complete information on possible action alternatives and
their consequences.
● Risk Environment - Lacks complete information but offers the probabilities of the likely
outcomes for possible action alternatives.
● Uncertain Environment - Lacks so much information that it is difficult to assign
probabilities to the likely outcomes of alternatives, alike to crisis situations.
● Heuristics (Issues in Decision Making) - Strategies for simplifying decision making.
● Availability Bias, Representative Bias, Anchoring and Adjustment Bias
, ○ Availability Bias - Bases a decision on recent information or events.
○ Representativeness Bias - Bases a decision on similarity to other situations.
○ Anchoring and Adjustment Bias - Bases a decision on incremental adjustment
from a prior decision point.
● Framing Error,Confirmation Error, Escalating Commitment
○ Framing Error - Trying to solve the problem in the perceived context whether
positive or negative.
○ Confirmation Error - Focusing on information that confirms a decision already
made.
○ Escalating Commitment - Continuing a course of action even though it is not
working.
● Big-C and Little-C in Creative Decision Making
○ Big-C creativity occurs when extraordinary things are done by exceptional
people.
○ Little-C Creativity occurs when average people come up with unique ways to
deal with daily events and situation
● Week 3
● Major Classical Approaches to Management
○
● Four Guiding Principles of Scientific Management (Based on Science of Job)
○ Develop a "science" including roles of motion, standardized work implements,
and proper working conditions for every job.
○ Carefully select workers with the right abilities for the job.
○ Carefully train the workers to do the job and give them incentives to cooperate
with the job "science".
○ Support workers by carefully planning their work and smoothing the way as they
do work.
● Possible Disadvantages of Bureaucracy
○ Excessive paperwork and "red tape".
○ Slowness in handling problems.
○ Rigidity in the face of shifting needs.
○ Resistance to change.
○ Employee apathy.
● Follett’s Organizations as Communities
○ Groups allow individuals to combine total talent power for the greater good.
○ Organizations are cooperating communities of managers and workers.
○ Manager's job is to help people cooperate and achieve an integration of goals
and social interests.
,● Hawthorne Studies and Lessons from the Hawthorne Studies
○ Manipulated physical work conditions to assess impact on output.
○ Designed to minimize the psychological factors of the previous experiment.
Employee attitudes and group processes.
○ Some things are satisfied by some workers but not others.
○ People restricted output to adhere to group norms.
○ New social setting led to workers to do a good job. (Conclusion)
○ Good human relations means higher productivity. (Conclusion)
○ Social and human concerns are keys to productivity. (Lesson)
○ Hawthorne Effect - People who are singled out for special attention perform as
expected. (Lesson)
● Maslow’s Theory of Human Needs, Deficit Principle
○
○ Deficit Principle - A satisfied need is not a motivator of behaviour.
● McGregor’s Theory X and Theory Y Assumptions and Implications
○ Theory X Assumptions - Dislike work. Lack Ambition. Are irresponsible. Resist
change. Prefer to be led.
○ Theory Y Assumptions - Willing to work. Willing to accept responsibility.
Capable of self control. Capable of self-direction. Imaginative and creative.
○ Implications of Theory X and Y -
■ Managers create self-fulfilling prophecies.
■ Theory X managers create situations where workers become dependent
and reluctant.
■ Theory Y managers create situations where workers respond with
initiative and high performance, central to notions of empowerment.
● Contingency Thinking - This tries to match managerial responses with problems and
opportunities unique to different situations, there is no one best way to manage, the
appropriate way to manage depends on the situation given.
● Week 4
● Globalization - The growing interdependence among the elements in the global
economy.
, ● What factors motivate firms to go global/Why businesses go global? - Customers,
Suppliers, Capital, Labour, Risk
● How Companies Go Global
○ Global Sourcing - Process of purchasing materials/services around the world for
local use.
○ Exporting - Selling locally made products in foreign markets.
○ Importing - Buying foreign-made products and selling them nationally/locally.
○ Licensing Agreement - A firm pays a fee for rights to make/sell another
company's products.
○ Franchising - A fee is paid for rights to use the firm's name, branding, and
methods.
○
● Criteria for Choosing a Joint Venture Partner
○ Familiarity with your firm’s major business.
○ Strong local workforce.
○ Values its customers.
○ Future expansion possibilities.
○ Strong local market for partner’s own products.
○ Good profit potential.
○ Sound financial standing.
● What are some of the risks associated with Global Businesses (MNEs)?
○ Political Risk - Potential loss in value of foreign investment due to political
changes and instability in the host country.
● Global Governance Mechanisms
○ Trade Agreements and Trade Barriers
■ World Trade Organization
■ Most favoured nation status, tariffs, non tariff barriers, protectionism.
● Some other Global Governance Institutions
○ The United Nations and Its Agencies
○ The World Bank
○ The International Monetary Fund IMF
● Regional Economic Alliances
○ USMCA (United-States-Mexico-Canada Agreement)
○ EU (European Union)
○ APEC (Asia-Pacific Economic Cooperation)
○ ASEAN (Association of Southeast Asian Nations)
○ SADC (Southern-Africa Development Community)
● Mutual Benefits for Host Country and Global Corporation or MNC
○ Shared growth opportunities.
○ Shared income opportunities.
○ Shared learning opportunities.
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