MANAGEMENT

Management Journal By Jessica Smith Management Skills Decisions- being able to make decisions (daily decisions I make in my everyday life- example: should I go to the gym or not, should I go to class or not, should I do homework or not, should I study, what am I going to wear, what should I eat?) Interpersonal- people part, communication skills. Technical- whether you are in software, art you need technical skills. Planning, organizing, leading, making adjustments (controlling). Goals: Learn Management concepts Learn, listen, retain, apply information Be able to connect information to outside world (real life situations) Expectations: Assessed on group discussion Assessed on completing homework assignments End of the semester project- (Journal of notes) -my textbook on management or write a paper, (reflection paper) on concepts and thoughts on them, and deliverables). Measurements Activity: come up with 5 measurements These measurements apply to our everyday life whether they are personal to us, business oriented, important to your University or society. Personally 1. Exercise Measuring the amount of exercise I get a day helps me maintain a healthy lifestyle. 2. Goals Measuring my goals helps me keep track of what I need to achieve to work towards my goals. 3. Bank account balance If you do not check your balance every now and then you coud: Overdraft Not see if your checks are being deposited correctly A way of spending way too much money. 5. Alarm clock (time) Help me be on time to class Wake up at a decent time Business: All important to measure to see how your business is running and if any changes should be made to improve overall. 1. Profit 2. Revenue 3. Production 4. # of customers 5. Growth Important to RWU: 1. Grades This measurement reflects on me to my parents, grandparents, siblings, and anyone involved in the success of my educational career. 2. Attendance This measurement allows me to see how many times I have been absent and the amount of work that I missed during that class period. 3. Credits earned To help me keep track in order to graduate with my class. 4. Graduation rate This measurement helped me decide whether or not this school was a good fit for me… the higher the graduation rate, the more likely people, like me, will attend this school. 5. Meal Swipes This measurement helps me because considering, I do not have an unlimited meal plan, I want to make sure I will have enough swipes for the upcoming week. Global/ Society basis 1. Population size 2. GDP 3. Carbon Footprint 4. Crime rate 5. Suicide rate OKRS Google planted flag “organize the worlds information and make it universally accessible and useful.” They had lack of business plan, but they will make a breakthrough They thought search needed to be improved Larry said 10 billion dollars in revenue= 100 billion market cap What they needed: Management experience Timely, relevant data Track progress Measure what mattered Ideas are easy: execution is everything Objective & Key results: collaborative, goal setting protocol for companies, teams, and individuals. A management methodology that helps to ensure that the company focuses efforts on the same important issues throughout the organization. Objective: WHAT is to be achieved Key Results: monitor of HOW we get to the objective. Specific and time bound, aggressive yet realistic, measurable and verifiable. Told google group KR#1: I would finish my presentation on time KR#2: we’d create a sample set quarterly Google OKRS KR#3: I’d gainn management agreement for 3 month OKR trial. Goals: edwin Locke “hard goals” drive performance more effectively than easy goals.” Specific hard goals produce higher level of output than vague goals. They create alignment, clarity, and job satisfaction. OKR Superpowers: 1. Focus and commit to priorities: high performance organizations do work at home in what is important. 2. Align: transparency and connect for teamwork, everyone’s goals, link their objectives to the company’s game plan. 3. Track for Accountability: OKR are driven by data. 4. Stretch for Amazing: testing our limits CFRS (Conversation, feedback, recognition) Continuous improvement Importance of culture- impact of OKRS on the workplace. GOOGLE MARKET CAP: $700 billion- grew more disciplined by using OKRS. Maslow’s Hierarchy of Needs Physiological Needs (food, water)? Safety (shelter, security) ? Belongingness and love (friends, relationships, purpose, trust) ? Self Esteem (feeling accomplished about oneself, high performance) ? Self Actualization (achieving one’s full potential, self-fulfillment). Example within business: If an employee is in the belongingness level of Maslow’s hierarchy of needs because they feel welcomed into their business as a valuable and likeable worker, however gets told that if they do not step up their sales they will be let go. This brings the worker down to safety because they are no longer feeling the belongingness and love from the company. -323849533400 Feedback correlating with Maslow’s Hierarchy of Needs (self actualization) Opportunity cost: the loss of potential gain from other alternatives when one alternative is chosen. Example: either going to work and making money right away, or going to school spending money, then possibly being in debt, but in the end making a lot more money. Purpose of Measurements Tracking your progress To compare your progress against competitions progress (benchmarks) To making decisions To communicate with others To recognize, to control (control mechanism) To make adjustments To plan, analyze To celebrate Value Proposition: an innovation, service, or feature intended to make a company or product attractive to customers. Important within business for my major, Marketing. I have to constantly think in a real world job… Why should they buy my business’s product over any other product out there? Questions to think about… What can I do to stand out? What can I do for them to choose this product? I could use statistics/ factual information to prove yours is better, make brand name for itself. Something special about my product that is above and beyond. When I worked at a small business ski shop, I had to think about value proposition when trying to sell ski’s to each customer. Our shop stands out because our prices are cheaper than buying at an actual ski mountain. *Car example Input (what is put in, taken in, or operated on by any process.) , design, parts, etc. ? Output (the amount of something produced by a person, machine, or industry.) , how many cars are produced ? and Outcome , people, customer buys the car? leads to companies revenue The outcome can relate to value proposition because you can’t force anyone to buy a car, but you can let them know that your car is better than any other car. What is a benchmark? Average benchmark Average revenue per employee A way to compare yourself to the industry at large If the average sales per year for employees is $21,000 it shows whether or not you are meeting the average of everyone else Is their customer reliable? Qualities?: customer satisfaction, recalls, first year repairs, how much does the company spend on warranty work? Balance Score card: If you are only focussing on ONE goal-- leads to disaster. - could possibly allow you to forget other company goals that should be accomplished as well. Financial What the customer wants Process Learning/ Growing Efficiency V. Effective Efficiency: achieving maximum productivity with minimum wasted effort or expense.- doing things right as best you can. Effective: successful in producing a desired or intended result. - companies doing the right things. Smart Objectives S-pecific M-easureable A-chievable R-esponsible T-ime bound Goal of Smart objectives: set you up to succeed on your goal. Smart Objectives provide motivation and focus in order for an individual to achieve their goals. Allows you to set a date for completion of that goal as well. Stretch Objectives: setting a goal higher than you have ever before to see if you can do it. Example in class: striving for 6.5 minute mile when you have only been able to do a 7 minute mile. Example in my life: striving for a 4.0 this semester when my overall GPA is a 3.1. Stretch objectives are not 100% realistic, but they are more difficult to accomplish. W5H- who, what, when, where why are we doing this? How are we doing this? Doeer Ideas are great, but if you can not implement them they mean nothing. Need to make an idea happen Ideas are easy, actually implementing the idea is the hard part “Context” Recognize that a conflict exists Zomburger Relationship between siblings: sisters birthday that she has been looking forward to Do not have a lot of money Going out with his little sister Brother should admit his confusion Honesty or not hurting her I would not tell her after it was successful because it would be for selfish reasons to clear my conscious and only hurt her. Connection to a little white lie: Complimenting someone’s hair that you really don’t like but they just got it done and were talking about it. Would you ever tell them you were lying to clear your conscious? Most likely no. Train Train is coming down fast and can not stop 5 people working on train track 1 person on the other that the train is not intended to be on Train will kill all 5 of them and the other track has one person, you can pull the switch and probably kill only one person. Pulling the lever in a different direction to save the 5 people could bring a lawsuit upon your hands because you decided to pull the lever and kill someone. I would chose not to pull the lever because that would be making a choice to kill one person, while the track it was set on had their destiny. I would not play with god in this scenario and actually make the choice to kill someone. Also, I would be scared myself where I’d probably go into shock. Decision Making: Scenario: if you can not make it to class due to illness when should you let your boss know? And what should you do about the assignment due that day? The sick employee should let their boss know first thing in the morning that they will be unable to make it to the meeting, attach the assignment, and say “Call me when you receive this assignment, I have a couple questions I would like to discuss.” 3 Types of Decision Making Rational: based on the facts, all logic, analysis, numbers, data, quantitative Intuitive: coming from your conscious, what you feel is right (gut feeling) Creative: new perspective for perceiving how to make a decision Trying to solve problems means communication skills. You need to speak up! Assumptions How do we test assumptions? Give some examples of what you are looking for Ask if each employee understands Personal feelings Affect how we perceive things Past experiences This can be good or bad. Good because you are learning from experiences and bad because no two experiences are the same. Routines Habits you can not break Stereotypes Won’t make the right decision based off stereotypes Example: keep your safety in mind Perception how you perceive different things Dan Ariely: Our eyes play tricks on us. We are not paying close enough to detail so we perceive things differently than others or sometimes wrong. Decision Making Process: define/ classify the problem? identify objectives? develop alternative solutions? evaluate alternatives? choose best alternative? implement the solution? feedback, control, adjust. Emotional Intelligence Self-awareness - be aware of your emotion Control emotion Sense making-- assumptions Efficient- wants to just make sense We will see change as a threat - something we are not used to scare us Optimist Bias: even though there are a lot of problems, we can still overcome them as a team Confidence Bias: I know that I am right all the time. Ipo- company is innovated (Initial Public Offering) WYSIATI Bounded Satisfactory rational- What you see is all there is Howard Gardner- idea of one intelligence is wrong, there are multiple types of intelligence. Emotional Intelligence: -7000871524003846775152400 <---High Emotional intelligence, how to be a good leader, how to improve, how to have an enjoyable work environment. Low Emotional Intelligence-----> no improvement, hostile work environment Self-awareness (aware of who you are and how you feel at any given time, in touch with yourself, not driven by peer pressure, cellphone, demons in your mind) Able to access emotional state- understand how you feel at the moment Amygdala (where our anger starts)- fight (defend yourself) or flight (leave, depart) , warning signs (all about survival) what is my effect of those around me when angry? Feedback is a useful tool with find self-awareness within Self Regulate: in any given time I can act on it Maintaining your anger. Apologizing stage Listen better Communication, and how can I recover from this? How can I get our relationship back on track? In control of yourself, taking responsibility Motivation: To be motivated You need a goal Has to be intrinsic (something within you) Energy has to be sustained Has to be personal Must be persistent For me: Going to the gym My goal is to maintain a healthy lifestyle Intrinsic: No one has to force me to go Sustained: continuous, I go every day Personal: I want to feel good about myself. In a business: Goal: to finish a team project on time and on budget Intrinsic: You want your employees to respect you and the work you do. Sustained: continue working on the project each day Personal: You want to keep your job. How do you become motivated? Tuition could motivate ? doing school work Hertz Berg: Factor Theory- Motivation Theory Work itself Motivation Maintenance Recognition Culture Manager X- can’t trust employees, keep an eye on them Manager Y- good employees, want to work, trust them, inherently motivated TED talk: motivation based around extrinsic motivators Rewards narrow our focus/ concentrate our mind for easy goals Rewards higher stress levels when goals are difficult When you have something that is repetitive, the more you reward the more the employees get paid (when is simple) when the task is difficult or creative the employee will only think about how to make the money versus being creative and solving the problem. Autonomy: urge to direct our lives (making our own goals) Self direction You are trusted (do what you want with your work) Mastery: to get better and better at something Self reward that you have accomplished something You are growing and improving Purpose: why are we doing it? Because it matters, it is important to ourselves Mismatch between what science knows and what business does Intrinsic drive: we do things because they matter Repair mismatch- bring motivation into the 21st century we can strengthen businesses, solve complex cognitive problems Empathy: Ability to put yourself in another persons shoes. Feel for them. *Listen*- don’t give advice, allow them to talk through Remember *you do not own the problem In the end I could ask, “Who could you reach out to?... What is your next step in this process?..” -Encouraging them to guide themselves instead of you guiding for them. Social Skills: Being able to create meaningful relationships and sustain them. Meaningful conversations are you dependant on them? Do you look up to them in time of need? How are you feeling, how is your family? Being able to form and maintain relationships Help with conflict resolution- understanding the issues, being empathetic, work through and add skills to reach a good conclusion Within a business it will be important to have social skills to maintain relationships with your bosses and coworkers. Without good social skills, it can make your job more difficult because you will not be the one to ask questions, ask for help when needed, or ask for other opinions. -581024276225 Memories: they are rarely correct and they are missing pieces. What we do is we make up a story by filling in the blanks. The memory is now distorted and won’t be remembered the same. Individuals retrieve memory through emotions. I thought this picture was a great interpretation of how memories are remembered. Considering the back of the person’s head is blurry, the memories are also blurry and usually not what you think they are. Multitasking sucks up energy. Cell Phone is main cause of us trying to multitask. Causes individuals to make errors. Multitasking within me: multitasking has caused me to slack on a more important project due to using my phone or watching TV during my work time. Multitasking within society: multitasking while driving has been known to cause car accidents. Individuals should only be focussed on the road. Resources: Use resources to figure out how to complete the task accurately. All resources have been helpful with homework. Time: I make sure to give myself enough time to complete the work without rushing myself. Friends Ask others for their opinions to get a new perspective of the ideas. Books Always a lot of information in books. More you read more knowledge you will gain. Communication: -333374114300 Intended Message (Sender)? Encoded Message (Sender)? Media Channel Ether? Decoded Message (received) ? Received Message (received) Think about what you want to say, what is your goal that you want to send? Think about how to send a message clearly. Intended Message: idea that comes into your head and you would like to communicate it to a person. Encoded Message: figure out what you are going to say, put it into a language (verbal, text message, phone call, etc) Media Channel Ether: message is being delivered. Decoded: reading the message, trying to decode Received Message: message is understood and received. The likelihood of the message being received correctly is very slim, especially through email or text. The message over email or text can be perceived in a completely different tone than it was intended. In this case an individual could ask for Feedback on whether or not the message got delivered clearly, correctly, and thoroughly. What can I do to make it easier to receive? Put yourself in the receiver’s shoes so that you can see if you are being clear/ precise enough. Zero in on key points of what message you want to get across. Communicating with a hardworking/ accomplished employee: speak with them in person to tell them how great they are doing and they can also read your body language. This allows the employee to know how appreciative the boss is of their work. Communicating with an employee that is slacking on the job: have a sit down and make it clear there is a problem with his work habits. State the issue directly. It is unfair for your employees to pick up on your work. Be clear that it is not acceptable. Non Verbal Body Language: the process of communicating nonverbally through conscious or unconscious gestures and movements. Aversion Process: fear of failure (this is why people do not want to start conflict on a face to face conversation and it is easier to hide behind a phone.) Leadership is the art of influencing others to accomplish a goal. Authority Someone giving you guidance Open-disclosure (Honesty) Empathy- concern for others Has self-awareness Knowledgeable Bad Leadership skills: 3248025209550 Abusive Mental Physical Retaliation Emotional hijacking Poor communication skills Can not lead themselves (loses self-awareness) Selfish This picture shows an image of a boss looking Not trustworthy down on one of his coworkers. Is not acting as Irrational , close minded an equal, but instead abusing his power. Lazy / not caring / no energy Leadership is NOT… Leadership IS… A title, rank or position. A developed skill. A trait you are born with. A process. Someone who does right. Types of Leaders: Authentic: high moral ground (doing this for moral reasons) Charismatic: is compelling attractiveness or charm that can inspire devotion in others. Articulate, handsome Transformational: takes a large group to a better place, make a change to an entire organization or even country. Pseudo Transformational: sounds like he is going to make all the transformations but does not. All talk, no action. Narcissistic: bad leaders however, will constantly get promoted because they will outsmart each individual. Usually charismatic, center of attention, needs to be in control Adaptive: challenges each group’s values Sociopath: extreme behavior and attitude issues Types of Power: Reward power: can make something happen through a reward. Coercive power: make your life so miserable, that you will quit Referent power: doing something for someone just because you like them. Always a leader, situation, and followers. Unfreeze (habits, old strategies)—> reorganize—refreeze SWOT Analysis used for decision making IBM video No institution goes through change without a crisis. Institutions need to do something different if wanted to be transformed. Understanding and accepting change within a business/ culture/ etc. is what will make it thrive. Two concepts Friction: whenever you suggest change there will be many excuses why not to make the change happen. Asking many questions and until those are answered, they will be timid to the idea of change. Resistance: refuse to make change. Passive aggressive behavior. Maintaining a high performance culture Rarely celebrate victory Pace, drive, constant fear that the company is not good enough “I can’t make anyone do anything.” Inviting the employees to change instead of making them change. Vision: the key to communication, where can you see yourself/ where do you want to be in the future? Meaningful and purposeful. Way of communication Google's vision: provide all the information in the world to everyone in the world. Mission: the purpose of the company Leadership: pay attention to those who are my followers? And what is my situation? Strategy: a plan for the future Time Horizon: long term (3-5) Who? Future Vision / mission: uncertainty Leader: executive See what consumers like/ dislike See where your competitors are at SWOT- strengths, weaknesses, opportunities, and threats Planning Time Horizon: short term Who? New term Vision / mission: knowledgeable Execution is critical for strategy and planning. Supply chain: is the network of all the individuals, organizations, resources, activities and technology involved in the creation and sale of a product, from the delivery of source materials from the supplier to the manufacturer, through to its eventual delivery to the end user. Teams Have goals Groups Will not necessarily have goals High performance team Good chemistry- people doing work, no arguments, keep commitments Individuals respect and trust each other Agreeance on the same goals Regular performance team Why are there so many teams ? Problems need to be fixed Form a team from different areas of knowledge to come to an effective solution Maintenance Role “You weren’t here last week let me make sure you are caught up.” Keeps the team together High EQ Keeper Role “We are two weeks behind, why didn’t you call…??” In more demand Groupthink: the practice of thinking or making decisions as a group in a way that discourages creativity or individual responsibility. Innovation: the action or process of innovating/ changing. Changing a product to satisfy the customers needs. Antibodies attack the new idea and kill it off -metaphor Aversion bias: do not want to take risk, uncertainty avoidance( says they do not want change. Examples of innovations: **innovations need to satisfy and have value to someone** Plastic straws TO metal straws Speakers TO a New alexa speaker that adds qualities from other devices to the speaker. Cell Phones TO iPhones Video- Shopping Cart Project We put up with products that are ugly or unattractive because we are used to them. “Fail Often, Succeed Sooner.” Problem trying to solve: Make a better shopping cart. Communication Everyone expresses their idea to the new product. Each draw pictures of the new cart Decision Making Identify the problem: make a better shopping cart Criteria: safety, cost, theft, shopping convenience, mobility, nest Alternatives: Process Broke up into groups Brainstorm- there is nothing too outrageous- coming up with as many ideas as you can. Diversity, different majors, schools Creative “Wild ideas”- without wild ideas there would not be anything to work with because all ideas would be similar. Teamwork All put in their own ideas. Laid back team, participation from all. Goofy, had fun working on the project.