MGMT 320 1st Edition Lecture 9 Outline of Last Lecture I. Current Issuesa. Subordinate empowermentb. Self-managed teamsOutline of Current Lecture II. Current issuesa. Subordinate empowermentb. Self-managed teamsc. Qualityd. Customer focuse. Human capitalIII. Decision makinga. Classical modelb. Administrative modelCurrent LectureMGMT 320 – Feb 4 2015 1. Current Issues2. Subordinate empowerment3. Self-managed teamsi. Notes 2/2/20154. Qualitya. Demmingi. Producing consistently through controlling each system & breaking it down further into more systemsb. Marketing conceptc. Have to meet/exceed customer expectationsThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.d. Consistency of production5. Customer focusa.6. Human capitala. Many managers credit good subordinates for their successb. Treat your employees as though they were interviewing to start their jobc. Flexibility, Responsiveness, Innovationi. Structure – Minimize rules & have a fluid structureii. Planning – Future orientation, scenariosiii. Leading – teach people to lead themselvesiv. Organizing – frequent monitoring small adjustments )frommanagement side)1. Managers need to depend on subordinates self-control d. Ethicsi. People want to do business with ethical businesses ii. Customers = higher profitsiii. Employees want to work for ethical companiesiv. The best employees can go anywhere, they don’t have to stay & won’t stay with an unethical companyv. Suppliers ethical boards lead to economic inefficiencies vi. Information moves so quickly that ethical lapses are known by large groups in a short period of time e. Global Mindseti. Productsii. Markets – you sell across political bordersiii. Competitorsiv. Management techniques7. Decision Makinga. Classical Modeli. What should be doneb. Administrative Modeli. What is done, that is not rightii. Satisficing: deciding to pursue the first solution to a problemthat meets our minimum decision criteria1. Decision criteria: measures we compare our possible solutions to (i.e. time, cost, motivation, loyalty…)2. habit, outcome of human natureiii. Bounded rationality: 1. reason we don’t always follow model, limitation that
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