Lecture 8 Flashcards
(11 cards)
Managers and leader
Managing people - administering people and making sure that day to day goals of an organization are met
Leading people - encouraging people to understand and believe in one’s vision to achieve one’s goals
decision and decision-making
Decisions determine how organizations solve problems, allocates its resources and accomplishes its goals
Decision making is process of identifying problems and opportunities and then resolving them
types of decisions
programmed and non-programmed
Problems when making decision
facing risk
facing certainty and uncertainty
facing ambiguity and conflicts
Ambiguity
occurs when both goals to be achieved and problems to be solved are unclear, alternatives to choose from are difficult to define and information about outcomes is unavailable
Leads to a “wicked decision problem” which leads to conflicts
Managers decision making
Bounded rationality
Intuition
Satisficing
The political model
Poor decisions by managers
Overconfidence, influenced by first impression, influence by emotions, seeing what one wants to see
Innovate decision making
brainstorming, hard evidence, debate, reflect and leads from every decision
goal setting in organization
Planning is the act of determining goals and the means of achieving them
Organizational mission - the organizations reason for existence
Strategic goals - official goals, broad statements describing the organizations future
Strategic plans - define the action steps the company will take
Goals should be aligned using a strategy map
Effective goals
Specific & measurable, defined time period, cover key result areas, challenging but realistic, linked to rewards
strategy
a plan of actions that describes resource allocation and activities for dealing with the environment, achieving a competitive advantage and attaining the organizations goals.
