W1: Knowledge Clips

Question 1

Mobile offices

Answer 1

Any space you can think of, e.g. airport, cafe

Question 2

Virtual office

Answer 2

Working on the go, anytime, anywhere. Doesn’t need any particular space

Question 3

Industry 1.0

Answer 3

Late 18th century. Characterised by the mechanisation of production processes using water steam power. Concept of factories and companies began to emerge. Production relied heavily on manual labour and basic machinery
Some larger enterprises were already incorporating some management thoughts, which were more prevalent in Industry 2.0

Question 4

Steam engine

Answer 4

Enabled factories to operate more efficiently than manual labour

Question 5

Industry 2.0

Answer 5

Around late 19th century, early 20th century.
Driven by advancements in electricity, steel production, and mass production techniques
Electricity replaced water steam power, leading to the widespread adoption of electric powered machines and the development of assembly line manufacturing. Facilitated the mass production of goods and greatly increased productivity and industrial output

Question 6

Frederick Taylor

Answer 6

One of the founding fathers of management consultancy. He proposed the idea of scientific management

Question 7

Scientific management

Answer 7

Emphasised maximising efficiency and productivity through scientific analysis of tasks and worker specialisation. Advocates for breaking down tasks into small repetitive steps and determine the most efficient way to perform each step. Taylorist managers and leaders play a crucial role in implementing and overseeing principles of scientific management. Managers are responsible for analysing the work processes determining the most efficient methods and standardised ways of working

Question 8

Henri Fayol

Answer 8

Developed the classical management theory, administrative management, and 14 principles of management

Question 9

Classical management theory

Answer 9

Emphasised the functions of management which he categorised in planning, organising, commanding, coordinating, and controlling

Question 10

Administrative management

Answer 10

Emphasising the importance of organisational structure, authority, and hierarchy

Question 11

Division of work

Answer 11

Specialisation increases efficiency

Question 12

Authority

Answer 12

Managers must have the right to give orders

Question 13

Discipline

Answer 13

Employees must obey and respect rules and agreements

Question 14

Unity of command

Answer 14

Each employee should receive orders from only one superior

Question 15

Unity of direction

Answer 15

One plan of action to achieve a common goal

Question 16

Subordination of individual interest to the general interest

Answer 16

Organisation goals come first

Question 17

Remuneration

Answer 17

Fair compensation for employees’ work

Question 18

Centralisation

Answer 18

Balance between centralising and decentralising authority

Question 19

Scalar chain

Answer 19

The chain of command from top to bottom

Question 20

Order

Answer 20

Everything and everyone in its proper place

Question 21

Equity

Answer 21

Fair treatment of employees

Question 22

Stability of tenure of personnel

Answer 22

Retaining good employees benefits the organisation

Question 23

Initiative

Answer 23

Encourage and allow employees to take initiative

Question 24

Esprit de corps

Answer 24

Promote team spirit and unity among employees

Question 25

Industry 3.0/Digital revolution

Answer 25

Starting around 1970, going into the 21st century. Characterised by the rise of digital technology, computers, and the internet. Sought the automation of manufacturing processes through the use of computers and programmable logic controllers, and the digitisation of information and communication technologies. Internet played a central role in connecting people, businesses, and devices globally, leading to the emergence of e-commerce, digital communication, and new business models such as sharing economy

Question 26

Globalisation

Answer 26

Led to the outsourcing of non-core tasks to lower cost regions, reshaping the competition of the workforce and introducing challenges to manage virtual teams during Industry 3.0

Question 27

Total Quality Management

Answer 27

Focuses on improving quality for customer satisfaction. Emphasises continuous improvement, customer focus, and employee involvement in quality management processes

Question 28

Lean management

Answer 28

Focused on eliminating waste by improving efficiency and maximising value for customers through just in time production, continuous improvement, respect for people, and involving all employees into Kaizen actions

Question 29

Transformational leaders

Answer 29

Inspire and motivate employees to achieve organisational goals through vision, innovation, and empowerment

Question 30

Industry 4.0

Answer 30

In the future, some say today. Characterised by the convergence of physical and biological technologies. Encompasses advancements in AI, machine learning, cloud computing, robotics, the internet of things, 3D printing, biotechnology, etc. Characterised by the integration of smart, connected systems through the production processes, enabling even greater automation, customisation, efficiency, and flexibility in manufacturing

Question 31

Traditional work

Answer 31

Relies heavily on manual labour and a hierarchy structure within centralised factories, often characterised by routine tasks, and top-down management

Question 32

Digitisation

Answer 32

The process of turning analog information into Digital Data represented as zeros and ones so that computers can store process and transmit it efficiently. Refers to converting analog information into digital formats. Typically digitalises internal and external documentation processes but does not change value creation activities. Can help the company to digitalise processes

Question 33

Digitalisation

Answer 33

Refers to the utilisation of IT or digital technologies to transform existing business processes enabling the creation of new communication channels or different customer interactions. It involves the adaptation and utilization of digital tools systems and platforms

Question 34

Digital transformation

Answer 34

Describes a company-wide change that leads to the development of new business models which might be new to the focal firm or the industry. It introduces a new business model by implementing a new business logic to create and capture value. Affects the whole company and its ways of doing business and goes beyond digitalisation

Question 35

Product companies

Answer 35

Focus on tangible goods or services and gain competitive advantage through resources and capabilities

Question 36

Platforms

Answer 36

Act as intermediaries facilitating interactions enabling ecosystem participation and leverage network effects for value creation

Question 37

Network effect

Answer 37

Value increases as more users join

Question 38

Scalability

Answer 38

Allowing for rapid global expansion and growth beyond the use of scarce resources

Question 39

Firm centric approach

Answer 39

Typically involves centralised decision making and control with organisation being primarily responsible for driving its own transformation efforts with value creation within the organisational boundaries

Question 40

Ecosystems

Answer 40

Evolve around collaborating and co-creating value with external partners, stakeholders, and participants. Companies operating within an ecosystem leverage networks of interconnected entities to deliver holistic solutions to customers

Question 41

People

Answer 41

Incur variable cost that increases in the tandem with the firm's growth demanding ongoing investment and retention strategies

Question 42

Digital tools

Answer 42

Require fixed starting cost but when the firm grows there is not that much demand for more cost

Question 43

Agility

Answer 43

Can be understood as flexibility of adjustment

Question 44

Business agility

Answer 44

Creating the company structure based on project management

Question 45

Cybersecurity

Answer 45

Safeguard the privacy of data and protect themselves against cyberattacks