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Topic: Decision Making Process
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It’s about selecting the best action from
available options to reach a desired outcome
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In Psychology:
In psychology, decision-making is seen as a mental process where a person uses thinking,
reasoning, emotions, and past experiences to choose between different options
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​ Identifying the Problem: The decision-making process begins when a person becomes
aware that there is a problem that needs attention
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For example, a student may realize their
grades have dropped significantly, signaling that there is an issue to address
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​ Diagnosing the Problem: Once the problem is identified, the next step involves
diagnosing it
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In the case of
the student, they may discover that poor time management or lack of concentration is
causing the decline in performance
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​ Discovering the Alternative Courses of Action: After understanding the root cause, the
person moves on to discovering alternative ways to solve the problem
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The student might
consider making a study timetable, joining a tutoring program, or reducing time spent on
distractions like social media
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​ Evaluating Alternatives: Once several alternatives are identified, the next task is to
evaluate each of them carefully
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For instance, while a tutoring program could provide
guidance, it may also cost money or require extra time after school
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This decision should be based on what is most likely to solve the problem
efficiently with the least negative effects
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This

step involves actually following through with the decision and monitoring the results
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If the
results are positive, the decision is considered successful
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This follow-up ensures that the problem is truly
resolved and improvements are long-lasting
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Definition:
Ethics: Ethics means knowing what is right and what is wrong
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It’s like a guide to help us behave in a good way
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They should care about people, the community, and the
environment — not just about making money
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How Ethics is Related to Social Responsibility:
Ethics and social responsibility are closely connected
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It helps people and companies make fair and honest choices
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When a person or business follows ethics, they automatically become socially
responsible
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So, ethics tells us what we
should do, and social responsibility means actually doing it to help others and society
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Ethical Theory:
Ethical theory is a set of ideas that helps people decide what is right and wrong
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Different ethical theories suggest different
ways to make decisions
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Another theory, deontology, says we should always do
what is morally right, even if it doesn’t benefit us
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It is the idea that people and businesses should do good things for society, not just think about
themselves
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It’s about making choices that help not only the business but also people
and the planet
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Economic Well-Being:
Economic well-being means having enough money and resources to live comfortably
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When

companies are ethical, they help improve people’s economic well-being by creating jobs and
paying fairly
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It includes access
to education, healthcare, housing, and equal opportunities
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For example, they may donate to
schools or offer free services to people in need
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Taking
care of the environment is an important part of social responsibility
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A healthy environment is
important for all living things, including future generations
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Topic: Challenges and Opportunities of managing a global context
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Management is becoming
more global, meaning businesses operate across different countries
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Successful managers use a mix of
different tools and ideas to get things done
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Management Development:
Top organizations that perform well have 7 main characteristics:
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In any organization, people are the most valuable asset
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Here are some of its
challenges and opportunities:
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Managing Diversity: Dealing with a varied workforce
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Changing Makeup of the Workforce: For example, changes in employee age, more
couples where both partners work, more working mothers, and a shift from manual jobs to office
jobs
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Different Employee Expectations: Employees now want more than just job security or
good pay
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Gaining access to a marketplace that is always changing
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Undergoing big business transformations
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Providing excellent customer service
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Empowering the workforce
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Achieving complete quality in products and services
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Forming partnerships with suppliers and customers
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Encouraging continuous learning
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People Over Profits:
A wise person named Bohdan Hawrylyshyn said, "People are the purpose and profits are the
means, and not the other way round"
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Globalization affects both managers and other professionals
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Operating internationally makes certain skills very valuable
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Learning for managers is crucial, especially teamwork
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Managing careers in a global environment is a challenge
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A Thought on Globalization:
Nobel Prize winner Amartya Sen said that globalization isn't new or always a bad thing
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Localization means
favoring local things, which goes against the global trend
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At its core, localization rejects the idea of
harming the environment and society for the sake of "international competitiveness"
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Understanding Diversity:
Diversity includes two main types of characteristics: Primary Dimensions: These are things
you're born with or that are fundamental, like age, gender, race, ethnicity, sexual orientation, and
mental or physical abilities
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Prejudice: Having a biased opinion without good reason
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Ethnocentrism:
Believing your own culture is superior
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Stereotypes: Oversimplified and often wrong ideas about groups of people
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Discrimination: Treating someone unfairly based on their group
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Harassment: Unwanted behavior that offends or intimidates someone
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Sexual Harassment: Harassment of a sexual nature
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Backlash: A strong negative reaction by a large number of people
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Managing Diversity:
Increase Awareness:

This involves giving correct information, finding and addressing your own biases and
stereotypes, thinking about your personal beliefs and values, learning about others, correcting
wrong beliefs, creating an environment where people feel comfortable sharing, and improving
understanding
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It's
crucial for IBM to succeed worldwide
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Changes in the average age of workers
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More dual-career couples, where both partners work
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An increase in working mothers
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A shift from blue-collar (manual labor) to white-collar (office) jobs
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Changed Employee Expectations: Employees now expect more than just traditional
benefits like job security, good pay, or housing
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Empowerment: More control and responsibility in their work
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Quality of Status: To feel valued and respected
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Employee Influence & Involvement: To have a say and be involved in decisions
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Upward Communications: To be able to communicate their ideas and concerns to higher
management
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Better Treatment: To be treated fairly and respectfully
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Challenging Assignments: To have interesting and demanding work
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Career Advancements: Opportunities to grow and move up in their careers
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Technology Transformation:
Automation: Using machines to do tasks
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Information Technology: This includes things like dotcom companies, the internet, intranets
(internal company networks), email, mobile phones, and conference calls
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Behavioral Implications of Advanced Technology:
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Why Ethics Are Important:
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Commitment from Top Management
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Having a written Code of Ethics
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An Ethics Committee to oversee ethical issues
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Ethics Hotlines for reporting concerns
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Ethics training programs for employees
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Understanding the connection between Ethics &
Law
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●​ These patterns include how people interact, their activities, different personalities, and
how they handle daily issues
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What is a Team?
●​ A team is a planned group that helps employees work well together and organize
resources
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Team Processes
Teams follow different processes to work effectively:
●​ Transitional Process: This involves planning, like figuring out the mission, setting goals,
and making a strategy
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●​ Interpersonal Process: This focuses on relationships, including handling conflicts,
motivating team members, and building confidence
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●​ It's important because it decides if a team will reach its goals efficiently
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Types of Teams
There are different kinds of teams:
●​ Problem-Solving Team: These teams work to solve specific problems
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○​ They follow steps like selecting a problem, choosing people, defining the problem,
developing a solution, implementing it, and recognizing contributions
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○​ They were first seen in the late 1980s in the US automobile industry to handle
complex projects
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●​ Self-Managing Team: Also called self-directed teams
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○​ They review their own performance as a group
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●​ Virtual Team: These teams are very useful today because members work from different
places and communicate using technology
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○​ They help get opinions from employees who are located far away
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This stage involves getting to know colleagues
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Many teams struggle or even fail at this stage
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●​ Norming: Team members start to resolve differences, value each other's strengths, and
respect leaders
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●​ Performing: The team works hard and achieves its goals
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●​ Adjourning: Many teams eventually reach this stage
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Team members who like routine
might find this stage difficult
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●​ Teams with people from diverse backgrounds and experiences often show higher growth
in earnings (EBITDA)
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Characteristics of High-Performance Teams
High-performing teams generally have three main characteristics:
●​ A shared vision: Everyone is working towards the same goal
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●​ Commitment to quality and results: The team is dedicated to producing good work and
achieving outcomes
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Attributes of Effective Team Leaders
Effective team leaders do the following:
●​ Provide clear direction and leadership
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●​ Empower their team members (give them authority and confidence)
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Teams and Technology
●​ Technology plays a big role in team performance
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1%), but digital tools are widely used:
○​ Group emails/discussion groups (45
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6%)
○​ Internal social media tools (34
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3%)
○​ External social media tools (15
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●​ A fragmented IT system with different apps can make it harder to form effective
cross-functional and virtual teams

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