Engineering Management PPT 1 & 2

Question 1

Summarize the major challenges of managing in the new competitive landscape.

Answer 1

i. Globalization: Globalization has changed the face of the workforce.
ii. Technological Change: Challenges created by rapid changes such as Challenges created by rapid changes.
iii. Knowledge Management: Finding, unlocking, sharing, and capitalizing on the most precious resources of an organization; the expertise, skills, wisdom and relationship
iv. Collaboration across Boundaries: Collaboration requires productive communications among different departments, divisions, or subunits of the organization. Coopetition: simultaneous competition and cooperation among companies with the intent of creating value. Companies also collaborate with their customers.

Question 2

Describe the sources of competitive advantage for a company.

Answer 2

a. * Innovation. A firm must adapt to changes in consumer demands and to new competitors. Continually innovate—especially important in the global marketplace.
b. * Quality. the excellence of your product (goods or services). it is about preventing defects before they occur, achieving zero defects in manufacturing, and designing products for quality.
c. * Service. Giving customers what they want or need, when they want it. Continually meeting the needs of customers to establish mutually beneficial long-term relationships.
d. * Speed. Fast and timely execution, response, and delivery of products.
e. * Cost Competitiveness. Keeping costs low to achieve profits and be able to offer prices that are attractive to consumers. Consumers use Internet to compare costs.
f. * Sustainability. Minimizing the use of resources, especially those that are polluting and nonrenewable.

Question 2

Explain how the functions of management are evolving in today’s business environment.

Answer 2

a. Planning: Delivering Strategic Value * Systematically making decisions about goals and activities to be pursued.
b. Organizing: Building a Dynamic Organization * Assembling and coordinating resources needed to achieve goals.
c. Leading: Mobilizing People * Efforts to stimulate high performance by employees.
d. Controlling: Learning and Changing * Monitoring performance and making needed changes.

Question 3

Define the skills you need to be an effective manager.

Answer 3

a. * Technical: ability to perform a specialized task involving a particular method or process.
b. * Conceptual and Decision: skills related to abilities that help identify and resolve problems.
c. * Interpersonal and Communication: people skills that represent the ability to lead, motivate, and communicate effectively with others.

Question 4

Understand the principles that will help you manage your career.

Answer 4

a. * Be both a specialist and a generalist.
b. * Be self-reliant.
c. * Connect with people.
d. * Actively manage your relationship with your organization.
e. * Survive and thrive.

Question 5

Decision-Making Process

Answer 5

1. Diagnose a problem.
2. Analyze the environment.
3. Articulate the problem or opportunity.
4. Develop viable alternatives.
5. Evaluate viable alternatives.
6. Make a decision.
7. Implement the decision.
8. Evaluate and adapt decision relults.

Question 6

Managerial Actions

Answer 6

1. Developing strategic value
2. Building a dynamic organization
3. Mobilizing people
4. Learning and changing