New Economy

In: Business and Management

Submitted By thomastony
Words 2715
Pages 11
Course Chapters Review Ch. 1,2,3,5,6,7,8, 13 & 16
(Chapter 11 on Leading and Leadership Development presented on 07/03 )

• Chapter 1 Overview
• Work in the new economy is increasingly knowledge based, and people, with their capacity to bring valuable intellectual capital to the workplace, are the ultimate foundation of organizational performance.

Challenges of working in the new economy
• Today, individual and organizational success must be forged within workplaces that are constantly reinventing themselves.
• Themes such as empowerment, involvement, participation, self-management, and teamwork are common, as people manage careers described as flexible and entrepreneurial.
• Definition and Role of an Organization
• An organization is a collection of people working together to achieve a common purpose.
• Organizations are open systems. They interact with their environments in the continual process of transforming resource inputs into product outputs in the form of finished goods and/or services
• The External Environment of Organizations
• The following factors impact the general or macro environment in which the organization operates. They are: o Political, Economic, o Social, Technological, o Legal and Environmental. (PESTLE)
• Management must constantly monitor general environmental trends, and must be ready to make required adjustments in the ways their organization operate so as to gain COMPETITIVE ADVANTAGE
• The Specific (task) Environment
• In the specific environment in which an organization operates, several stakeholder groups are linked to the input-transformation-out put process of value creation.
• Managers and their Work
• Every organization needs people managers who do the specific work of management - planning, organizing, integrating, measuring, and developing people.
• Manager directly support, supervise, facilitate…...

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