Management Exam 1 Review (v1)

Management Exam 1 Review (v1) - Management Study Guide(Exam...

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Management Study Guide (Exam 1) Management – Chapter 1 Technology Change The Internet’s impact on globalization is only one of the ways that technology is vitally important in the business world. The challenges come from the rapid rate at which communication, transportation, information, and other technologies change. Why is the Internet so important to business? o It is a marketplace, a means for manufacturing goods and services, a distribution channel, an information service, and more. o It drives down costs and speeds up globalization. o It provides access to information, allows more-informed decisions, and improves efficiency of decision making. o It facilitates design of new products, from pharmaceuticals to financial services. o Managers can watch and learn what other companies are doing – on the other side of the world. o Threats as competitors sometimes capitalize on new developments more than you do. The Internet’s impact is felt not only at the level of businesses as a whole but also by individual employees and their managers. Just as globalization has stretched out the workdays of some people, high-tech gadgets have made it possible to stay connected to work anytime, anywhere. The stress comes when employees or their supervisors don’t set limits on being connected. Using technology effectively is more than a matter of learning new skills; it also involves making judgments about when and where to apply the technology for maximum benefit. Knowledge Management Companies and managers face a growing need for good, new ideas. Efficient factories with fewer workers produce the cereals and cell phones the market demands. Workers, whose primary contributions are ideas and problem-solving expertise, are often referred to as knowledge workers. Managing these workers poses some particular challenges. o Example: determining whether they are doing a good job can be difficult, because the manager cannot simply count or measure a knowledge worker’s output. Knowledge management is the set of practices aimed at discovering and harnessing an organization’s intellectual resources – fully utilizing the intellects of the organization’s people. 1 |  P a g e
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Knowledge management is about finding, unlocking, sharing, and altogether capitalizing on the most precious resources of an organization: people’s expertise, skills, wisdom, and relationships. Knowledge management relies on software that lets employees contribute what they know and share that knowledge readily with one another. Collaboration across “Boundaries” One of the most important processes of knowledge management is to ensure that people in different parts of the organization collaborate effectively with one another.
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