Econ 1620 - Lecture 1

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Econ 1620 - Lecture 1

  1. 1. Lecture I Introduction & Overview of the Course
  2. 2. Introduction to Organizations, Management Behavior and Economics <ul><li>Organizations: </li></ul><ul><li>Why do they exist? </li></ul><ul><li>Do they need core values? (HANDOUT) </li></ul><ul><li>Can they produce outstanding results? </li></ul><ul><ul><li>In the short-term? Why? </li></ul></ul><ul><ul><li>In the long-term? Why? </li></ul></ul><ul><ul><ul><li>Does experience (history) balance with the need to react to volatility (change)? </li></ul></ul></ul>
  3. 3. Organizations (continued) <ul><li>Can organizations learn? How? Fast enough? </li></ul><ul><ul><li>Training vs. learning </li></ul></ul><ul><li>Can organizations be efficient? </li></ul><ul><ul><li>Consensus = mediocrity </li></ul></ul><ul><li>Do organizations stifle stars? Can they take advantage of radical thinking and individuals? (Knowledge Business, Intellectual Property, .coms) </li></ul><ul><li>Protecting disruptive ideas! </li></ul>
  4. 4. Organizations (continued) <ul><li>What causes organizations to commit to wrenching change: Downsizing, Reorganization, Outsourcing? </li></ul><ul><li>Are there alternatives to organizational models? Do we have a vision? </li></ul><ul><li>Should an organizational objective be to preserve itself? </li></ul><ul><li>Should organizations fail and disappear? </li></ul>
  5. 5. Structure of Course <ul><li>Review Syllabus </li></ul><ul><li>Diversity </li></ul><ul><ul><li>By continent </li></ul></ul><ul><ul><li>Source of insight in course </li></ul></ul><ul><ul><li>Assign Groups </li></ul></ul><ul><ul><ul><li>Group assignments & responsibilities </li></ul></ul></ul><ul><ul><ul><li>Lead discussion of articles. Major issues raises – Contribution of insights for our consideration </li></ul></ul></ul><ul><ul><ul><li>COASE Assignment (Lecture 2) (Handout/online) </li></ul></ul></ul>
  6. 6. Structure of Course <ul><li>Questionnaire </li></ul><ul><li>Experience and Interests of Students (introduce), Professor and TA </li></ul>
  7. 7. Management Behavior <ul><li>Management: </li></ul><ul><li>Responsible for outcomes beyond their own </li></ul><ul><li>Organize resources to produce outcomes (meeting objectives) </li></ul><ul><li>Put in place and monitor decision making process </li></ul>
  8. 8. Management Behavior – cont’d <ul><li>Autocratic </li></ul><ul><li>Charismatic </li></ul><ul><li>Team Leader </li></ul><ul><li>Other? </li></ul><ul><li>Directive </li></ul><ul><li>Collegial </li></ul><ul><li>Manager </li></ul><ul><li>Are management styles a determinant of </li></ul><ul><li>outstanding results? </li></ul>
  9. 9. <ul><li>What gave “Middle Managers” the reputation that they impeded organizational effectiveness? </li></ul><ul><li>What should managers focus on? </li></ul>Management Behavior – cont’d <ul><li>Core Values </li></ul><ul><li>Culture </li></ul><ul><li>Team Building </li></ul><ul><li>Outcomes </li></ul><ul><li>Discipline </li></ul><ul><li>Incentives </li></ul><ul><li>“ Leadership” </li></ul><ul><li>“ Efficiency </li></ul><ul><li>Shareholder Value </li></ul><ul><li>Profit </li></ul><ul><li>Their Own Rewards </li></ul><ul><li>- Other - </li></ul>
  10. 10. <ul><li>Does Management require continuous learning? Why? What kind? </li></ul><ul><li>Issues related to volatile markets: </li></ul><ul><ul><li>Exploiting new opportunities </li></ul></ul><ul><ul><li>Abandoning prior success </li></ul></ul><ul><ul><li>Enabling & Disruptive Technologies </li></ul></ul>Management Behavior – cont’d Knowledge Workers v. Asset Management
  11. 11. Return to Core Values <ul><li>Group 1-3M : To solve unsolved problems innovatively </li></ul><ul><li>Group 2-SONY : To experience the sheer joy of innovation and the application of technology for the benefit and pleasure of the general public. </li></ul><ul><li>Group 3-NIKE : To experience the emotion of competition, winning and crushing competitors </li></ul><ul><li>Group 4-MERCK : To preserve and improve human life </li></ul><ul><li>Group 5-WAL-MART : To give ordinary folks the chance to buy the same things as rich people </li></ul><ul><li>Group 6-WALT DISNEY : To make people happy. </li></ul><ul><li>BASED ON THESE CORE VALUES: SUGGEST WHAT THE ORGANIZATION, MANAGEMENT BEHAVIOR and CREATION OF ECONOMIC VALUE might look like </li></ul>

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