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Chapter 6. Decision Making. the art of making irrevocable decisions based on insufficient knowledge. BUSINESS. Managerial Decision Making. Choice from available alternatives. Decision.

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Chapter 6

Decision Making



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Managerial Decision Making insufficient knowledge

Choice from

available alternatives

Decision

The process through which managers identify and resolve problems and capitalize on opportunities.

Decision

Making


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Characteristics of management decision making: insufficient knowledge

Programmability

Decision Scope

Uncertainty

Conflict

Risk


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Types of Decisions insufficient knowledge

Programmed Decisions

Nonprogrammed Decisions

Sick leave

Involve situations that have occurred often and decision rules can be developed and applied

Decisions required for unique and complex management problems.

Poorly defined

Largely unstructured

Important consequences

Uncertainty is great

Routine decision rules for solving the problem do not exist.

Managers formulate decision rules so subordinates can make decisions freeing managers for other tasks.


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Certainty, Risk Uncertainty insufficient knowledgeand Ambiguity

All the information

Organizational

Problem

Know Objectives

Don’t Know Probabilities

Low

Certainty

Risk

Uncertainty

High

Ambiguity

Possibility of Failure

Programmed

Decisions

Nonprogrammed

Decisions

Clear-cut objectives

Know the probabilities

Objectives Unclear

Outcomes Unclear

Problem Solution


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Steps in the Decision-Making Process insufficient knowledge

Ignore

Recognize

Diagnosis and fact gathering

Identifying problems and opportunities

WHO

Symptoms

Change

Revise

SUG

Consistency

Establishing specific goals and objectives and

Specific, Measurable, Attainable

Revise

Don’t evaluate

Generating Alternatives

Quantity

Brainstorming

Revise

Evaluation Alternatives

Establish criteria

Revise

Selecting the best Alternative

Goals

Who

What

Where

When

Verify

Revise

Implementing the Decision

Action Plan

Revise

Decision

Process

Monitoring & Evaluating the Decision

Did It Work?

Follow up Plan


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Factors that limit rational decision making: insufficient knowledge

Escalation of Commitment

Organization Politics

  • The tendency to increase commitment to a previously selected course of action.

Emotions and Personal Preferences

Illusion of Control


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Behavioral Influence on Decision Making insufficient knowledge

  • Perception: A person's view of the world

    • Stereotyping - projecting characteristics of a small number of people as characteristics of the entire group

    • Halo Effect - one characteristic overshadows all other characteristics or aspects of the decision

  • Subjective Rationality - Thinking logically but within one's own framework

  • Bounded Rationality - personal, environmental, time, and organizational constraints which place limits on decisions


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Behavioral Influence on Decision Making insufficient knowledge

  • Recency - tendency to ascribe more importance to things that happened most recently

  • Satisficing - tendency to accept "adequate" decision instead of the best

  • Values

  • Personality

  • Propensity For Risk


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The Garbage Can Model of Decision-Making insufficient knowledge

Organized Anarchy

Streams of events

Compose of problems, solutions, participants, choices

When they connect a decision gets made

Problems

Solutions

Middle Management

Causes &

Goals unclear

Cause and effect undefined

High turnover

Problems

Solutions

Choice

Opportunities

Participants

Participants

Participants

Choice Opportunities

Choice Opportunities

Department A

Solutions

Department B

Problems

Solutions

Choice

Opportunities

Participants

Problems

Solutions

Choice

Opportunities

Participants

Choice

Opportunities

Problems

Participants

Solutions

Problems

Problems

Solutions

Participants

Participants


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Probable Relationship Between Quality insufficient knowledge

of Decision and Method Utilized

Quality of Decision

More

Less

Average individual

Minority control

Majority control

Individual

Consensus


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Group Considerations in Decision Making insufficient knowledge

Group decision making is becoming more common as organizations focus on improving customer service and push decision making to lower levels.


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Advantages insufficient knowledge

Disadvantages

Advantages and Disadvantages of Group Decision Making:

Increased acceptance

Greater pool of knowledge

Different perspectives

Greater comprehension

Training ground

More time

Social pressure

Minority domination

Logrolling

Goal displacement

“Groupthink


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Groupthink insufficient knowledge

An agreement-at-any-cost mentality that results in ineffective group decision making.


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Groupthink insufficient knowledge

  • Characteristics of Groupthink

    • Illusions of invulnerability

    • Collective rationalization

    • Belief in the morality of group decisions

    • Self-censorship

    • Illusion of unanimity in decision making

    • Pressure on members who express arguments


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Techniques for Quality in Group Decision Making insufficient knowledge

  • Brainstorming

  • A technique used to enhance creativity that encourages group members to generate as many novel ideas as possible on a given topic without evaluating them.

  • Freewheeling is encouraged.

  • Group members will not criticize ideas as they are being generated.

  • Piggyback on previously stated ideas.

  • No ideas are evaluated until after all alternatives are generated.

  • The wilder the ideas the better.

  • Quality is encouraged.


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Techniques for Quality in Group Decision Making insufficient knowledge

  • Brainstorming

  • Nominal Group Technique

  • A structured process designed to stimulate creative group decision making where agreement is lacking or the members have incomplete knowledge concerning the nature of the problem.


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Techniques for Quality in Group Decision Making insufficient knowledge

  • Brainstorming

  • Nominal Group Technique

  • Delphi Technique

  • Uses experts to make predictions and forecasts about future events without meeting face-to-face.


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Techniques for Quality in Group Decision Making insufficient knowledge

  • Brainstorming

  • Nominal Group Technique

  • Delphi Technique

  • Devil’s Advocacy Approach

  • An individual or subgroup appointed to critique a proposed course of action and identify problems to consider before the decision is final.


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Techniques for Quality in Group Decision Making insufficient knowledge

  • Brainstorming

  • Nominal Group Technique

  • Delphi Technique

  • Devil’s Advocacy Approach

  • Dialectical Inquiry

  • Approaches a decision from two opposite points and structures a debate between conflicting views.


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Techniques for Quality in Group Decision Making insufficient knowledge

  • Brainstorming

  • Nominal Group Technique

  • Delphi Technique

  • Devil’s Advocacy Approach

  • Dialectical Inquiry

  • Story Boarding

A variation of Brainstorming using cards that can be viewed and rearranged


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Chapter 7 insufficient knowledge

Strategic Management


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STRATEGY insufficient knowledge

Insight into

how to

create value


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STRATEGY insufficient knowledge

Insight into

how to

create value


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The Strategic Management Process insufficient knowledge

  • Strategic management involves the major decisions, business choices, and actions that chart the course of the entire enterprise.


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The Strategic Management Process insufficient knowledge

  • Strategic management involves both long-range thinking and adaptation to changing conditions.

  • A strategy is successful if it provides the firm with sustainable competitive advantage.

    • Competitors will be unable to duplicate what the firm has done or will find it too difficult or expensive.


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Components of the Strategic Management Process: insufficient knowledge

Analyze internal and external environment

Define strategic intent and mission

Formulate strategies

Implement strategies

Assess strategic outcomes


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  • Identify insufficient knowledge

  • Strategic

  • Factors:

  • Opportunities

  • Threats

Scan External

Environment

  • Implement

  • Strategy via

  • Changes in:

  • Leadership

  • Culture

  • Human

  • Resources

  • Information

  • and Control

  • Systems

  • Formulate

  • Strategy:

  • Corporate

  • Business

  • Functional

  • Evaluate

  • Current:

  • Mission

  • Goals

  • Strategies

  • Define New:

  • Mission

  • Goals

  • Identify

  • Strategic

  • Factors:

  • Strengths

  • Weaknesses

Scan Internal

Environment


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  • Evaluate

  • Current:

  • Mission

  • Goals

  • Strategies


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External Environmental Analysis insufficient knowledge

A continuous process which includes

  • Scanning: Identifying early signals of environmental changes and trends

  • Monitoring: Detecting meaning through ongoing observations of environmental changes and trends

  • Forecasting: Developing projections of anticipated outcomes based on monitored changes and trends

  • Assessing: Determining the timing and importance of environmental changes and trends for firms’ strategies and their management



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The layer of the external environment that directly influences the organization’s operations and performance.


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Societal & Task influences the organization’s operations and performance.

Environment

  • Identify

  • Strategic

  • Factors:

  • Opportunities

  • Threats

  • Scan External

  • Environment

SWOT Analysis

  • Evaluate

  • Current:

  • Mission

  • Goals

  • Strategies

  • Identify

  • Strategic

  • Factors:

  • Strengths

  • Weaknesses

Internal

Environment

Scan Internal

Environment


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SWOT ANALYSIS influences the organization’s operations and performance.

STRENGTHS

WEAKNESSES

are within the organization itself

and not usually within the short run control of management


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SWOT ANALYSIS influences the organization’s operations and performance.

STRENGTHS

WEAKNESSES

are within the organization itself

and not usually within the short run control of management


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SWOT ANALYSIS influences the organization’s operations and performance.

STRENGTHS

WEAKNESSES

are within the organization itself

and not usually within the short run control of management

OPPROTUNITIES

THREATS

are outside the organization,

general factors and trends in the societal environmental

and specific factors in the task/industry environment


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SWOT ANALYSIS influences the organization’s operations and performance.

STRENGTHS

WEAKNESSES

are within the organization itself

and not usually within the short run control of management

OPPROTUNITIES

THREATS

are outside the organization,

general factors and trends in the societal environmental

and specific factors in the task/industry environment

Remember, Opportunities are presented by the External Environment, not company actions


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  • Identify influences the organization’s operations and performance.

  • Strategic

  • Factors:

  • Opportunities

  • Threats

Scan External

Environment

  • Formulate

  • Strategy:

  • Corporate

  • Business

  • Functional

  • Evaluate

  • Current:

  • Mission

  • Goals

  • Strategies

  • Define New:

  • Mission

  • Goals

  • Identify

  • Strategic

  • Factors:

  • Strengths

  • Weaknesses

Scan Internal

Environment


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Sustainable influences the organization’s operations and performance.

Competitive

Advantage

Internal Environment

What the Firm Can Do

External Environment

What the Firm Might Do

Matching Opportunities to Strengths


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Strategy Formulation influences the organization’s operations and performance.

Strategy Formulation

The process of developing long-range plans to deal effectively with environmental opportunities and threats in light of corporate strengths and weaknesses

Composed of

Mission

Objectives

Strategies

Policies


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Mission influences the organization’s operations and performance.

Mission

The purpose or reason for the corporation’s existence. It may be narrow or broad in scope.

NarrowBroad

Railroad Transportation

Insurance Financial Services


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Levels of Strategy influences the organization’s operations and performance.

What business should we be in?

Corporate

Corporation’s overall direction and the management of its businesses

How will we compete?

Business

Emphasizes improving the competitive position of a corporation’s products or units


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Formulating Corporate Strategy influences the organization’s operations and performance.

What Business Should We Be IN?


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Business Unit influences the organization’s operations and performance.

Business Unit

Business Unit

Business Unit

Key Questions in Corporate Strategy

1. What businesses should the corporation be in?

2. How should the corporate office manage the array of business units?

Corporate Strategy is what makes the corporate whole add up to more than the sum of its business unit parts


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GENERIC CORPORATE STRATEGIES influences the organization’s operations and performance.

GROWTH

STABILITY

RETRENCHMENT


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GENERIC CORPORATE STRATEGIES influences the organization’s operations and performance.

Up & down the value change

Backward - Forward

GROWTH

Vertical Integration

Horizontal Integration

Concentric Diversification

Conglomerate Diversification

Geographic locations

Increasing

Range of products

Related industries

Unrelated


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GENERIC CORPORATE STRATEGIES influences the organization’s operations and performance.

  • STABILITY

    • Pause/ Proceed with Caution

    • No Change

  • RETRENCHMENT

    • Turnaround

    • Divestment

    • Liquidation


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Formulating Business Strategy influences the organization’s operations and performance.

How Will We Compete?


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Business-Level Strategy influences the organization’s operations and performance.

an integrated and coordinated set of commitments and actions the firm uses to gain a competitive advantage by exploiting core competencies in specific product markets


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Porter's Competitive Strategies influences the organization’s operations and performance.

Unique/different

  • Differentiation

  • Cost Leadership

  • Focus

Components of value chain

Competitive/market segment


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POTENTIAL ENTRANTS influences the organization’s operations and performance.Economies of scale Product differentiation Capital requirements Switching costs Access to distribution channels Cost independent of size Government policy

RIVALRYNumber of competitors Rate of industry growth Product characteristics Amount of fixed costs Capacity Height of exit barriers Diversity of rivals

TASK/INDUSTRY ANALYSIS

SUBSTITUTES

BUYERS

STAKEHOLDERS

SUPPLIERS


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Value Chain Analysis influences the organization’s operations and performance.

Identifying Resources and Capabilities That Can Add Value

Support

Activities

Primary Activities


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Value Chain Analysis influences the organization’s operations and performance.

Identifying Resources and Capabilities That Can Add Value

Support

Activities

Inbound

Logistics

Primary Activities


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Value Chain Analysis influences the organization’s operations and performance.

Identifying Resources and Capabilities That Can Add Value

Support

Activities

Inbound

Logistics

Operations

Primary Activities


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Value Chain Analysis influences the organization’s operations and performance.

Identifying Resources and Capabilities That Can Add Value

Support

Activities

Inbound

Logistics

Outbound

Logistics

Operations

Primary Activities


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Value Chain Analysis influences the organization’s operations and performance.

Identifying Resources and Capabilities That Can Add Value

Support

Activities

Marketing

& Sales

Inbound

Logistics

Outbound

Logistics

Operations

Primary Activities


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Value Chain Analysis influences the organization’s operations and performance.

Identifying Resources and Capabilities That Can Add Value

Support

Activities

Service

Marketing

& Sales

Inbound

Logistics

Outbound

Logistics

Operations

Primary Activities


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Value Chain Analysis influences the organization’s operations and performance.

Identifying Resources and Capabilities That Can Add Value

Support

Activities

Procurement

Service

Marketing

& Sales

Inbound

Logistics

Outbound

Logistics

Operations

Primary Activities


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Value Chain Analysis influences the organization’s operations and performance.

Identifying Resources and Capabilities That Can Add Value

Support

Activities

Technological Development

Procurement

Service

Marketing

& Sales

Inbound

Logistics

Outbound

Logistics

Operations

Primary Activities


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Value Chain Analysis influences the organization’s operations and performance.

Identifying Resources and Capabilities That Can Add Value

Human Resource Management

Support

Activities

Technological Development

Procurement

Service

Marketing

& Sales

Inbound

Logistics

Outbound

Logistics

Operations

Primary Activities


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Value Chain Analysis influences the organization’s operations and performance.

Identifying Resources and Capabilities That Can Add Value

Firm Infrastructure

Human Resource Management

Support

Activities

Technological Development

Procurement

Service

Marketing

& Sales

Inbound

Logistics

Outbound

Logistics

Operations

Primary Activities


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Value Chain Analysis influences the organization’s operations and performance.

Identifying Resources and Capabilities That Can Add Value

Firm Infrastructure

Human Resource Management

Support

Activities

MARGIN

Technological Development

Procurement

Service

Marketing

& Sales

Inbound

Logistics

Outbound

Logistics

MARGIN

Operations

Primary Activities


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Outsourcing influences the organization’s operations and performance.

Strategic Choice to Purchase Some Activities From Outside Suppliers

Firm Infrastructure

Human Resource Management

Support

Activities

MARGIN

Technological Development

Procurement

Service

Marketing

& Sales

Inbound

Logistics

Outbound

Logistics

MARGIN

Operations

Primary Activities


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  • Identify influences the organization’s operations and performance.

  • Strategic

  • Factors:

  • Opportunities

  • Threats

Scan External

Environment

  • Implement

  • Strategy via

  • Changes in:

  • Leadership

  • Culture

  • Human

  • Resources

  • Information

  • and Control

  • Systems

  • Formulate

  • Strategy:

  • Corporate

  • Business

  • Functional

  • Evaluate

  • Current:

  • Mission

  • Goals

  • Strategies

  • Define New:

  • Mission

  • Goals

  • Identify

  • Strategic

  • Factors:

  • Strengths

  • Weaknesses

Scan Internal

Environment


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Benchmarking influences the organization’s operations and performance.involves four stages:

  • Identifying activities or functions that are weak and need improvement.

  • Identifying firms that are known to be at the leading edge of these activities or functions.

  • Studying the leading-edge firms by visiting them, talking to managers and employees, and reading trade publications.

  • Using the information gathered to redefine goals, modify processes, and acquire new resources to improve the firm’s functions.


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STRATEGY influences the organization’s operations and performance.

Insight into

how to

create value


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  • Identify influences the organization’s operations and performance.

  • Strategic

  • Factors:

  • Opportunities

  • Threats

Scan External

Environment

  • Implement

  • Strategy via

  • Changes in:

  • Leadership

  • Culture

  • Human

  • Resources

  • Information

  • and Control

  • Systems

  • Formulate

  • Strategy:

  • Corporate

  • Business

  • Functional

  • Evaluate

  • Current:

  • Mission

  • Goals

  • Strategies

  • Define New:

  • Mission

  • Goals

  • Identify

  • Strategic

  • Factors:

  • Strengths

  • Weaknesses

Scan Internal

Environment


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Societal & Task influences the organization’s operations and performance.

Environment

  • Identify

  • Strategic

  • Factors:

  • Opportunities

  • Threats

  • Scan External

  • Environment

SWOT Analysis

  • Evaluate

  • Current:

  • Mission

  • Goals

  • Strategies

  • Identify

  • Strategic

  • Factors:

  • Strengths

  • Weaknesses

Internal

Environment

Scan Internal

Environment


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GENERIC CORPORATE STRATEGIES influences the organization’s operations and performance.

GROWTH

STABILITY

RETRENCHMENT


Porter s competitive strategies74 l.jpg
Porter's Competitive Strategies influences the organization’s operations and performance.

  • Differentiation

  • Cost Leadership

  • Focus


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  • Identify influences the organization’s operations and performance.

  • Strategic

  • Factors:

  • Opportunities

  • Threats

Scan External

Environment

  • Implement

  • Strategy via

  • Changes in:

  • Leadership

  • Culture

  • Human

  • Resources

  • Information

  • and Control

  • Systems

  • Formulate

  • Strategy:

  • Corporate

  • Business

  • Functional

  • Evaluate

  • Current:

  • Mission

  • Goals

  • Strategies

  • Define New:

  • Mission

  • Goals

  • Identify

  • Strategic

  • Factors:

  • Strengths

  • Weaknesses

Scan Internal

Environment


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Task influences the organization’s operations and performance.


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That’s it for today influences the organization’s operations and performance.


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influences the organization’s operations and performance.

Chapter 9

Managing the Structure and Design of Organizations


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Organizing Defined influences the organization’s operations and performance.

The process of determining the tasks to be done, who will do them, and how those tasks will be managed and coordinated.

The deployment of organizational resources to achieve strategic goals.

Coordination

Integration


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Authority influences the organization’s operations and performance.

  • Formal and legitimate right of a manager to make decisions, issue orders, and allocate resources

  • Vested in organizational positions, not people


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Line & Staff influences the organization’s operations and performance.

  • Line employees: directly involved in fulfillment of the primary mission of the organization

operations

sales

  • Staff employees: provide specialized service to support line efforts

HR


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President influences the organization’s operations and performance.

CEO

Manufacturing

Accounting

Human Resources

Chain of Command

An unbroken line of authority that links all persons in an organization and shows who reports to whom.

Unity of Command

A principle that each employee in the Organization is accountable to one, and only one, supervisor.


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The Vertical Dimension of Organization Structure: influences the organization’s operations and performance.

  • Responsibility

    • the manager’s duty to perform an assigned task.

  • Accountability

    • the manager (or other employee) with authority and responsibility must be able to justify results to a manager at a higher level in the organizational hierarchy.


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Delegation influences the organization’s operations and performance.

  • Process to transfer authority and responsibility to positions below

  • Delegate authority to the lowest possible level.

But manager

ultimately responsible


Span of control l.jpg

Narrow Span of Control influences the organization’s operations and performance.

Manager

Wide Span of Control

Manager

Span of Control

Number of employees reporting to a supervisor

Tradition has recommended a span of management of four to seven


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The Vertical Dimension of Organization Structure: influences the organization’s operations and performance.

  • Centralization – the location of decision authority at the top of the organization hierarchy.

  • Decentralization – the location of decision authority at lower levels in the organization.

  • Formalization – the degree of written documentation that is used to direct and control employees.


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Organization Design influences the organization’s operations and performance.

  • The selection of an organization structure that best fits the strategic goals of the business.

  • Basic organization designs:

    • Mechanistic

    • Organic

    • Boundaryless

  • These designs incorporate vertical and horizontal structural elements.


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Departmentation influences the organization’s operations and performance.

The fundamental principle by which individuals are grouped into departments and departments into the organization


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Approaches To Structural Design influences the organization’s operations and performance.


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Functional influences the organization’s operations and performance.

+

Departments based on similar skills and resource use.

Deep expertise

President

CEO

Efficiency

Manufacturing

Accounting

Human Resources

-

Lack of

innovation

Lack of

communication


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Divisional influences the organization’s operations and performance.

Self contained

Encourages decentralization

Focus

President

CEO

Speed

Product

Program

Geography

Division 1

Division 2

HR

Man

Acct

HR

Man

Acct

Generalists

Competition

Redundancy


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Matrix influences the organization’s operations and performance.

One employee reports to 2 bosses

at same time

Cross functional Teams

Innovative

Creative

President

CEO

Human Resources

Manufacturing

Accounting

Employee caught in Middle

Product 1

Product 2

Conflicting demands

Time


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Team influences the organization’s operations and performance.

interacting closely shared commitment

Cross functional

Creativity

True team = mutual accountability

Faster response to change

Time

High Maintenance


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Subcontracts many functions to other companies influences the organization’s operations and performance.

Network

Virtual organization

Designer

Manufacturing

Best of the Breed

Changed quickly

Hub

Give up control

Human Resources

Marketing


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Coordination Mechanisms influences the organization’s operations and performance.

Organization-wide Reward Systems

Meetings

Task Forces and Teams

Liaison Roles

Integrating Managers

Organizational Culture


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GOOD LUCK GETTING READY FOR influences the organization’s operations and performance.

THE TEST