MGT Exam 4 Notes:
Lesson 13: Communication Skills
1.
Communication is the transfer of information and
understanding from one person to another
a.
UNDERSTANDING is very important, none or mis
communication
2.
Consequences: Miscommunication-> funny or a
disaster
a.
Airport leading to crash on the runway
b.
Transfer of information but not understanding
3.
Organizational outcomes
a.
Problems getting changes implemented
b.
What is the key factor for success
i. Communication
can lead to both outcomes
4.
All businesses suffer from poor communication:
affects goals
5.
Surveys show that communication is critical in
determining promotability
6.
7.
Sender: Person sending the message
8.
Encoding: How the message is sent (text, video,
voice)
9.
Channel: The medium it is sent through (phone,
letter, email, presentation)
10. Decoding:
Receivers translation of the message from the sender
11. Receiver:
person receiving the message
12. Feedback:
Relay back to sender to see if intended message is received correctly
13. Noise:
distractions that inhibit the sending of the message (facebook, literal, etc)
14. Barriers
to communication
a.
Intentional filtering- deliberate manipulation
to make the message more desirable for the receiver
b.
Perceptual filtering- Not intentional filtering.
Personality and background affects how they interpret and retain a message.
c.
Selective perception- Screening out what we
don’t want to hear depending on what they do or would not want to hear.
Selective hearing.
d.
Information overload- We don’t get the whole
message because it exceeded our processing capacity. You cant get all of the
information if too much information is communicated.
e.
Language- words mean different things to
different people. Gay meaning happy vs sexual preference. The English language
can be tricky- turn right now.
15. Communication
channels- methods to transfer a message
a.
Media richness. Richer media conveys more and
immediate feedback on understanding. Richer media is good for sensitive,
complicated, or important messages.
b.
Face to face> Phone> Email
16. Effective
presenting, encoding
a.
Know your audience and speak their language;
give a background
b.
Know your content and make sure it is accurate.
Answer possible questions.
c.
Draw a conclusion first and then give the data
to ensure they come to the right conclusion. Provide meaningful information
followed by proof
d.
When possible use visual communication: pictures
say 1,000 words
e.
Keep presentations short and simple
17. Effective
listening, decoding
a.
Hearing uses your ears, listening requires
processing by your brain
b.
Requires effort, you must pay attention
c.
Don’t become fixated on one statement, avoid
assumptions, take responsibility for asking questions and giving feedback.
18. Feedback-
critical
a.
Most mistakes can be avoided with feedback
19. It
is always the managers fault if communication fails
Lesson 14: Foundations of Control
1.
Process of monitoring activities to ensure that
they are being accomplished as planned and, if not correcting any significant
deviations
2.
An effective control system esures that
activities are completed in ways that lead to the attainment of the organizations
goals
3.
4.
Steps in the control process
a.
Identify the appropriate standard (set goals)
b.
Measure actual performance
c.
Compare actual performance vs. the standard
d.
Take managerial action to correct inadequate
standards
5.
Corrective action:
a.
Changes behavior: tactics (fix components of the
process), effort, skillfulness
b.
Revision standard-
6.
Sources of variation: how big of a difference is
too big?
a.
Common or random- exists in every process.
Normal part of the process and its limits can be known by measuring the outcomes
of the process. No managerial control needed
b.
Sytematic vaiations: change in inputs, operator
error. Not a normal part of the process and requires correction.
c.
Calculate the change in STDV with looking at
target values. Set control limits
d.
If it’s in control limits, then only random
variation is present. No action needed. Changes in trend may signal need for
action.
7.
a.
Feedback control and concurrent control costs
much more than feed forward control.
Concurrent can intervene can change some things during the problem
occurring.
b.
New systems tend to focus more on feedback
controls.
8.
Effective control systems
a.
Tied to strategy
b.
Emphasis on prevention
c.
Accurate and timely measures
d.
Minimizes total cost of non-conformance
e.
Understandable and predictable
9.
Affect the design of effective systems
a.
Importance of the activity to success. More
importance, more control
b.
Expertise of individuals
c.
Stability of technology- how long processes are
in place, how mature they are. Tech changes, then control changes
d.
Size of organization- larger, more opportunities
to exploit control
e.
Span of control and degree of autonomy-
influences who receives information and uses information. More autonomy is
pushed down, more trining needed to use information.
f.
Organizational control- ease of implementing
control.
10. Dysfunctional
side
a.
Use many unfocused controls- no meaningful
control or failure to achieve goals
b.
Problems with incomplete control measures- pick
and choose what measures to evaluate to make them look good
c.
Problems with inflexible or unreasonable
standards- goals will be ignored or manipulated. Low or high performance
standards but no useful information.
11. Implemetnting
systems is expensive! Optimize how much control to limit costs.
12.
13. Contemporty
issues in managerial control
a.
Individuals who own company down own them.
Managers vs shareholders
i. Loss
of control of directions
ii. Contract
relationships to ensure managers operate in the best regard for the company
1.
Outcome contract- compensation tied to outcomes
and manager chooses strategy
2.
Behavior contract- guarantee that their behavior
is specified of the owner.
b.
Counterproductive behavior: work slow down,
sabotage, harassment, perusing unsanctioned activates
Lesson 15: Entrepreneurship
1.
The process of taking risks to try to create a
new enterprise
a.
The identification, evaluation, and exploitation
of opportunities
2.
Intrapreneurs- corporate entrepreneurs
3.
Why become one?
a.
Challenge, satisfaction, profit potential,
autonomy, dissatisfaction with current job
4.
How to get started:
a.
A great idea for a product or service
i. Develop
a recipe for a perfect recipe for a chocolate chip cookie. Mrs. Fields Cookies.
b.
Find a new method- a new way to do or market
something
i. Nike-
marketing through expert athletes performing well in the product.
c.
Recognize a need and develop a way to meet it
i. Gillette-
use a product a few times and then disposing. Safe, inexpensive, and throw away
blade
d.
Start with a desire to build a great
organization
i. HP-
started a great company and then decided what to make. Initially unfocused on
electronic and agriculture work. Later focused their business.
5.
New businesses ventures fail. Half fail in 4
years and 60% in 6 years.
6.
What does it take to succeed
a.
Talent- Need innovation and good business
management skills
b.
Making good choices- feasibility analysis, risk
evaluation, making a business plan.
c.
Financing options
i. Angel
investors- wealthy people, family, friends, etc
ii. Venture
capital- firms that invest in a company
iii. Bank
financing- Loan that will be paid back with interest
7.
Lessons from an entrepreneur
a.
Ask yourself “Can I afford to fail?” – Risk
evaluation
b.
What do you understand? – Requires talent
c.
Beware of the law of small numbers- focusing on
the success of a small number of successful businesses
d.
Watch for the side street effect – Keep your
eyes open for new and different opportunities. Don’t get stuck and fail to
change the plan
No comments:
Post a Comment