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Managing (Week 6 (Decision Making (Intuition (Based on "gut…

- - - - Has limitations/assumptions
      - To maximise value
    - - Most decisions aim to satisfice
      - Made within the parameters of the environment
    - - Based on "gut-feeling"
      - Previous experiences
      - Accumulated judgement
    - - Requires rationality and customised approach
      - New/Uncommon/Unusual occurrences
      - Non-programmed decisions
    - - Following procedures, rules, and policies
      - Generally common occurrences
      - Programmed/Routine decisions
    - - Certainty - known outcomes hence accurate decisions
      - Risky - estimate likelihood of certain outcomes
      - Uncertainty - uncertain and no probable estimation
  - - - Complex information
      - Diverse Alternatives
      - Increased legitimacy
      - Increased decision acceptance
    - - Time consiming
      - Pressure to conform
      - Minority domination
      - Ambiguous responsibility
  - - - Well-structures and programmed
        
        Easily defined/ routine
      - Unstructured and non-programmed
        
        New and unusual
        
        Custom approach
  - - - Uncertainty
      - Certainty
      - Risk
    - - Linear
        
        Use external data
        
        Rational information
        
        Logical thinking
      - Non Linear
        
        Use internal data
        
        Information through feelins
        
        Internal insights
    - - Over confidence
      - Hindsight
      - Availability
      - Representation
      - Framing
      - Etc.
- - - - Considering others feelings
    - - increasing reliance
      - rapid rate of globalisation
    - - bring friendly
      - managing relationship
      - culmination of emotional intelligence
  - - - part of brain's limbic system
        
        learns best through motivation, feedback, practice
        
        takes a long time to train
    - - increase with age
        
        not guaranteed heightened emotional intelligence
      - requires desire, commitment
  - - - create trusting and inclusive environment
    - - desire to achieve beyond expectations
    - - a tuned to their own behaviour/emotion
- - - - planning is:
        
        defining goals
        
        establishing strategies
        
        developing plans
        
        concerned with end as well as means
      - why plan?
        
        provides direction
        
        reduces uncertainty
        
        minimises waste
        
        establishes goals used for controlling
      - elements of planning
        
        goals
        
        desired outcomes
        
        provides direction
        
        multiple (financial, environmental, social)
        
        stated v real
        
        plans
        
        documents with strategies
        
        provides a map on how to drive at goal destination
      - types of plans
        
        strategic
        
        long term
        
        directional
        
        single use
        
        operation
        
        short term
        
        specific
        
        standing
    - - Elements of Organising
        
        Work Specialisation
        
        Specific job tasks
        
        Departmentalisation
        
        Grouping of jobs based on characteristics
        
        Chain of Command
        
        Authority & responsibility
        
        Span of Control
        
        Subordinates managers can effectively manage
        
        Centralisation/De-Centralisation
        
        Degree to which decision-making is controlled
        
        Formalisation
        
        How standardised are jobs & and the extent to which employee behaviour is guided by rules and procedure
      - What is Organising?
        
        Arranging and structuring work to accomplish the organisation's goals.
      - Types of Organisations?
        
        Mechanical
        
        Highly specialised
        
        Rigid departmentalisation
        
        High chain of command
        
        Narrow spans of control
        
        High formalisation
        
        Centralised
        
        Organic
        
        Free flow of information
        
        Wide span of contol
        
        Cross hierarchical teams
        
        Low formalisation
        
        Cross functional teams
        
        Decentralised
      - Examples of Organising
        
        STARBUCKS CORPORATION
        
        3 Pronounced Departments related to hierarchy
        
        Finance
        
        Marketing
        
        HR (implement policies applicable to ALL Starbucks Cafes)
    - - Leadership Theories
        
        Trait
        
        Leaders are born
        
        Leadership Traits not trained
        
        Behavioural
        
        Leaders are trained
        
        More than posessing generic traits
        
        Contingency
        
        requires more than traits
        and behaviours
        
        Required abilities
        
        Adaptability
        
        to read situations
        
        Models
        
        Fiedler’s contingency model
        
        Situational leadership mode
      - Leaders & Leadership
      - Examples of Leading
    - - Why control?
        
        Encourages managers to delegate
        
        Assists reducing and controlling disruptions
      - Control Process
        
        Measuring
        
        Control criteria
        
        Employee satisfaction, turnover and absenteeism rates, budgets
        
        Objective and subjective measures
        
        Comparing
        
        Acceptable range of variation
        
        Deviations which exceed range require managers attention
        
        Taking Managerial Action
        
        Revision of standards
        
        Correct actual performance
        
        Immediate corrective action corrects problems right away
        
        Basic corrective action looks at how & why performance deviated
      - Examples of Controlling
- - - - social identity theory
        
        In-groups are favoured over out-groups
      - Social Dilemmas
        
        Individual participation
        
        employees embracing
        
        Creates competition
        
        Managerial participation
        
        Seek similar individuals
        
        Power battles
        
        Consequence of individual participation
        
        Organisational participation
        
        Consequence of individual and managerial participation
        
        Little short-term benefits
        
        Cretes barriers
        
        Solutions
        
        Overcoming individual & managerial participation
        
        Restructuring incentives
        
        Developing measurable objectives
        
        Embracing organisational diversity initiatives
        
        Small teams
        
        Measure performance from a long-term perspective
        
        Overcoming organisational participation
        
        Avoid legislation that creates protected classes
      - Glass ceiling
        
        limits advancement of women and minority groups
        
        Solution
        
        Introduce paid parental leave scheme
        
        Managing societal norms and eradicating gender bias
        
        keeping group size small
        
        Eliminating the stigma that men should not be encouraged to take parental leave