Managing complex environment chapter 3

A mission describe the organizations ____ __goal whereas a vison describe the organizations__ ___ goal

\

Current and Future

What is following is absolutely essential in mission statement

Population,Market,Product/services

Is it best to use? vague and broad language for a vison so that it is flexible

False cause you want it to be focused dont want it to be vague or broad. Vison is future as they arent tangible. wnat it to be as clear and understandable as possible

Vison should be __ __but should not include _____

Focused and action steps

Strategy

Coordinated set of actions that manager take to outperform competitor and achieve superior success

which of the follow in not a apart of stablishing a clear and compelling vison

Emphasizing immediate tangible benefits

Current purpose and shouldnt be immediate as current= mission

What is the order should be most enduring in least enduring (vison)

Value,Vision,Mission,Objectives

Vison

idealized future state for your organization that everyone is motivated to pursue wholeheartedly

Mission Statement

Describes purpose of organization

Value Statement

List of key values or ideological themes considered important for organization

Slogans

Statement used to summarize and communciate values in simple terms

Strategic/Financial objectives

Tangible outcomes or result to be achieved

Project objectives

Terms of successful completion of complex activites

Mission

\

Current business operation and purpose

Core values

set of values that guide the action and behavior of organizational members

Value

Beliefs,trait and beahvioral norms that comapny personnel are expected to display in conducting the company business and pursuing it strategic vison and mission

Espoused Values

What an organization say it values

Enacted values

value you see a company actually enacting/practicing

Value congruence

when two align

Value incongruence

when it doesnt allign

Objectives

organization specific performance target

Purpose

Convert vison and mission into specific performance target

Financial Objectives

Communicate management goals for financial performance

Strategic Objectives

Lay out target outcomes concerning a company market standing,competitive position and future business prospects

Goal setting theory

Type of goals we set impact our achievements

What is a smart goal

A goal that is Specific, Measurable, Achievable, Relevant, and Time-bound. It is a framework for creating goals that are clear, concise, and actionable. A smart goal helps individuals and organizations to focus their efforts, track progress, and achieve their objectives efficiently.

Yerkes-Dodson Law

The Yerkes-Dodson Law is a theory that suggests that performance increases with physiological or mental arousal, but only up to a certain point. After that point, increased arousal can lead to a decrease in performance.

Capabilites

Capactity of firm to perform internal activity

developed and enabled through deployment

* inherently path dependent
* intangible

Resource

compeititve asset that is controlled or owned by the firm

Tangible

physical,financial,technological

Intangible

Something that cant be copied. isnt physical but works

Organization

ordered structure to how element are arranged in a system ¡

monitoring development,evaluating performance, and initating corrective adjustment are most closely relates to which function of management

Controlling

Current strategy allow me to evolve over time

Dynamic Fit Test

Firm pursuing a differentiation strategy for a product that has fast technological development and that buyers use as many way should be a example of

Good external fit

Competition intensity ( INternal or external)

External

Geographic reach (Internal or external)

Internal

Brand image/reputation (Internal or external)

Internal

Rival firms available for acquistation(INternal or external)

External

Labor Laws (Internal or external)

External fit

Attractive features of product you supply(Internal or external)

Internal

HOw can you test ur strategy

Making sure it fits the unqiue qualities of your organization, Looking at financial performance outcomes,Making sure ith as dynamic fit

Simple and stable environment are ideal because there is lower uncertainity

False

A strength will be harder to replicarte when it is

Path dependent, Socially complex

According to the vrio framework,a resource that is valuable but not rare will help an orgnaization achieve

comparative parody

A resource that is not valuable

Competitive disadvantage

What is a resource that is valuable and rare but not inimitable

Temporary competitive advantage

What is a resource is that valuable,rare,inmitable but not organized

Unused compeitive advantage

What if the resource is valuable,rare,inmitable,organized

Sustained Competitive advantage

A resourfce that is valuable,rare and imitable is waht

Depend on organization stategy

Fit Test

How well does strategy fit the company situation

External Fit

Prevailing market conditions

Internal fit

Firms resoruces and capablities in organization

Dynamic Fit

Evolve over time as external and internal conditions change

Competitive Advantage Test

IS streategy helping. company acheive sustainable competitive advantage

Performance Test

Strategy producing superior company performance

KPI( Key Performance Indictors

Determining if organization is functioning as expected and identifying problems

What are all key financial ratios

PRoftiablity,LIquidity,Leverage,Activity,Other Measure

What is Swot Analysis

Easy to use tool for sizing up the companys strengths,weaknesses,market opportunities and external threat.

* current situation of firms
* Forward looking. ( keeping future prosepct in mind)

What are the internal factors of Swot Analysis

Strength/Weaknesses

What are external factors of SWOT

Opportunities/threat

“which node has the highest eigenvector centrality

cannot be determined

What type of ssytem categorized under preparing a quarterly financial statement

complicated

What type of system this be categorized under developing a menu for a restaurant

Complex

What type of system this be cateogrized under upload business information to a business website

Simple

What type of system this can be categorized under conduct a successful sales meeting

Complex

What type of system this can be categorized under Assemble and confiugre new computer hardware and software

complicated

What type of system this be categorized under:set company strategy for next 5 years

Complex

Which characterisitc of complexity is most related to predicablity or lack of

Non-Linearity

Which of characteristic of complexity discussed in class capture how order emerges out of initally disordered states

Self-Organization

Which characteristic of complexity discussed in calss helps to visually connect seemingly unrelated things

Networks

if you learn enough, you can eliminate all unknowns in complex system

False

Competence

activity that company has learned to perform consistnetly with proficiency

Core competence

profieicny that is central of firm strategy and competitive success

General environment

focused on broader society

industry environemnt

directly influencing a firm probability within an industry. focued on factor and conditions

Competitor environmenet

focused on predicting dynamic of comepetitor action,response and intentions

What is cell 1

Simple and stable

Stable and predicable environment

few component in evnironment

components are somewhat similar and remain basically the same

Minimal need for sophisticated knowledge of components

What is cell 2

Dynamic and simple

Dynamic and unpredicatblae environment

Few component in environment

Component are somewhat similar but are continually changing

Minimal need for sophisticated knowledge of components

What is cell 3

Stable and complex

Stable and predicable environment

many component in enviroment

comoponent are not similar to one another and remain basically the same

high need for sophisticated knowledge of components

What is cell 4

Dynamic and complex

Dynamic and unpredictable environment

many component in environment

components are not similar to one another and continually changing

High need for sophisticated knowledge of components

External opportunities

market opportunities with growth and profit potnetial

External threats

market conditions that jeopardize a firms profitability and compeittive well-being

Resource

competitive asset that is controlled or owned by the firm

Capability

Capacity of firm to perform some internal activity competently

Who said “It’s not complicated the art and science of complexity in business

Rick nason

Talent hits a target no one else can hit but a genius hit a target no one else can see

Bradberry and greaves

The vision should address basic assumptions about what is important for the organization, how it should relate to the environment, and how people should be treated.

Gary yukl

Positive feedback loop

generate either more or less of the same effect

negative feedback loop

two variable change in opposite direction

Zero-sum relationship

net result of gains and losses=zero

Organization

ordered structure to how elements are arranged in a system

System thinking

ability to understand interconnection in such a way to achieve desired purposes

system

interconnected set of element that is coherently organized in a way that achieves something

What does it mean to be better before worse

solution that work in short run often have negative long term effect

what does it mean worse before better

long term success often require short term investment or sacrifice

What is anlaysis

gain an understanding of system by breaking it down into its constitutent elements

what is synthesis

gain an understand of an entity through context of its relation within a whole that it is part of

When talking about feedback loops which is linearity

Negative feedback loop, equilbrium

Whats good to have in a mission statement

Philosophy,Self Concept,Survival