Lecture 20-the M in HPM

Question 1

What is Management?

Answer 1

complex organization aiming to reach its goals and balance priorities in its environment

• organizations have purpose and way of achieving this purpose
• requires expertise and skills to fulfill purpose

Question 2

VUCA

Answer 2

Volatility- world where things are constantly changing
Uncertainty- unpredictability of our world
Complexity- causes of change are many and interwoven
Ambiguity- we don’t know which lever affect which outcomes
-makes decision making difficult

Question 3

Blue Ocean Strategy

Answer 3

idea is to target blue ocean space where others are not yet doing anything
–> think outside the box
–> examples: Circque Soleli: circus evolved to be more tailored for adults
AyurVAID: chain of hospitals in INdia where focus was on root cause analysis and not trying to cure symptoms

Question 4

What is PEST?

Answer 4

framework used to analyze things happening in key domains(i.e. strategy, leadership, and goverance)

Question 5

What is the SWOT analysis?

Answer 5

Strengths
Weaknesses -comes from inside organization
Opportunities
Threats
-threats and opportunities come from outside the organizations control
-out of this comes goals and strengths

Question 6

PEST

Answer 6

Political factors 
economic factors 
social factors 
technological factors 
-ways to look at environment and analyze impact on environment