Lecture 1. Strategic Management Game Theory Flashcards
An ‘organisation’ is what?
- Formal entity
- Common set of objectives
- Governing body, organisational structure.
Goal of management?
Profit, employee welfare, social responsibility, personal goals.
What is planning?
Determine goals and how they are to be achieved.
What is organising?
Dividing work into individual tasks relatable to structure and staff.
What is leading?
Influencing staff to preform tasks efficiently.
What is controlling?
Collect info, taking action to correct deviation from plan.
Skills of manager?
Technical skills
Human skills
Conceptual skills
What skill of manager are most important for a higher role.
Conceptual and human. Technical is least.
For a lower role in management what skills are most important.
Human and technical. Conceptual is least.
Classical management theory includes what?
Bureaucratic management.
Scientific management.
Socio-political approaches include?
Human Relations Movement.
Behaviour science.
Cultural approaches include?
Group thinking.
What is ‘Bureaucracy’?
The organisational structure in place to control activity.
Bureaucracy characters?
Rule following (standard)
Hierarchy
Impersonal relationships
Formal division of responsibility.
Bureaucracy examples?
Government Armed forces Big corps Hospitals Courts
What is ‘Scientific Management’?
Analyses workflow processes to improve labour productivity.
Characteristics of scientific management?
Scientific methods to determine most efficient way to work.
Match workers to specific jobs, train to work at max efficiency.
Monitor performance, give instructions and supervision to ensure efficiency.
What is Human Relations Movement (HRM)?
Social experience, work to satisfy social needs.
LOOK AT REST, DONT UNDERSTAND.
Human Relations Movement (HRM) characteristics?
Informal, social working environment.
Enthusiastic employees and they enjoy it.
Employees are equal.
All employees are expected to participate in developing plans and achieving goals.
Tools and courses available for support and training.
Human Relations Movement examples?
Art workshops
Marketing company
Starbucks
What is Behaviour Science?
Find scientific basis for human behaviour and dev behavioural techniques. (grant rewards).
What is ‘Cultural Approaches (CA)’?
Organisational philosophies are as important as formal and informal rules and procedures.
Rules made by teams not individuals.
Teams have morals that lead to behavioural code of conduct.
Examples of Cultural Approaches?
SAS.
Sport teams.
Project teams.
Will larger companies have more or less rules than smaller companies?
More.
What do companies use in highly competitive industries to set them apart?
Cultural Approaches.
What do higher skilled jobs rely on most?
Personal motivation and creativity of the worker.
What is the purpose of strategy?
Direction.
Coherence.
Assessment and risk analysis.
Make decisions.
Choice of industry accounts for how much of the profitability?
8.3%
Choice of strategy account for how much of the profitability?
46.4%
Whats more important, strategy or industry? By how much?
Strategy, by 5 times.
