MGC1010 Lecture Notes - Lecture 1: Intellectual Capital, Knowledge Worker, Continual Improvement Process
26 May 2018
School
Department
Course
Professor
MGC1010 Week 1 - Management in Context
Accountability
●Individuality and responsibility is a priority
●As opposed to Asian countries where collective comes first.
Plan
Lead
Organise
Control
Managers are dependent on those beneath them
●Inject meaning into their work
Specialised technical skills are necessary for job security (e.g.
Finance, it). Must understand management practices
VUCA environment:
●Volatile
●Uncertain
●Complex
●Ambiguous – Must be prepared for every eventuality (contingency theory)
Today’s environment
●Pervasive influence on management
●Changing nature of society, increasingly risk and crisis prone (have we developed a no risk no
gain mentality).
●Capitalist values may spawn this obsession with materialism and property acquisition
Working in Today’s economy
●Networked economy
– Use of it developments makes cross cultural trade possible
●Global economy
– increase in interdependence where abroad supply is almost always
necessary to maintain economic and competitive advantage. Increasing the inevitability of
global aspects being integrated.
●Performance driven
– Excelling with constant progression and education is necessary merely
for relevance in current environment (“up skilling” to become “multi skilled”). Continuous
Document Summary
As opposed to asian countries where collective comes first. Specialised technical skills are necessary for job security (e. g. finance, it). Ambiguous must be prepared for every eventuality (contingency theory) Changing nature of society, increasingly risk and crisis prone (have we developed a no risk no gain mentality). Capitalist values may spawn this obsession with materialism and property acquisition. Networked economy use of it developments makes cross cultural trade possible. Global economy increase in interdependence where abroad supply is almost always necessary to maintain economic and competitive advantage. Increasing the inevitability of global aspects being integrated. Performance driven excelling with constant progression and education is necessary merely for relevance in current environment ( up skilling to become multi skilled ). Continuous improvement underpins everything, with more training opportunities becoming prevalent (e. g. monash staff training) Individuals personal initiative is key to success. Made up of intellectual property of each employee (i. e. Brainpower and knowledge) which companies must nurture, sustain and protect.
