...successful CEO, there are many talented managers who stumble along the way, damaging their careers and the organizations they were charged to lead. The actions new leaders take during their first few months can have a major impact on their success or failure, yet there is little good advice available on how to take charge in a new leadership role. Transitions are pivotal times, in part because everyone is expecting change to occur. But they are also periods of great vulnerability for new leaders who lack established working relationships and detailed knowledge of their new role. New leaders who fail to build momentum during their transition face an uphill battle from that point forward. Common Traps An analysis of new leaders who under-perform reveals six common traps into which they fall. Trap #1. Being Isolated New leaders can become isolated as a consequence of over-reliance on financial and operating reports and quantitative analyses to assess their new organizations. They spend too much time reading and not enough time meeting and talking. Often this happens because the new leader wants to “know” the organization before venturing out into it. But the resulting isolation inhibits the 1 This is an extrapolation from data collected in a 1998 survey of directors of human resources in the Fortune 500. Forty...
Words: 5715 - Pages: 23
...Identifying Decision Traps Introduction GM German-brand Opel Australia recently commence to cease its vehicle selling and wind down the dealer network in Australia (O'Brien 2013). Launching to sell Opel brand cars on the 1st August 2012, Opel Australia has confronted massive problem internally and more changeful and competitive external circumstances. In addition, Tschampa (2013) states that Australian’s economic conditions have declined significantly. Apart from it, the company also made ill decision, which was the adverse factor contributing to its failure of sales volume in Australia. Hence, it led to the exiting of Opel. In this essay, various kinds of decision-making traps and tools to avoid it will be identified and discussed thoroughly. Case study overview GM had high expectation on annual volume once they started the operation in selling Opel brand cars via its 20 dealers (Sprink 2013). Moreover, they have a strong confidence to keep a long - term prosperity in the future (Sprink 2013). Unfortunately, their sales turned out to be disappointed at the end of June 2013 (Sprink 2013). However, the Australian segment market has become more competitive, which brought more pressure on the price of Astra small car—one of the Opel car models—because the rivals sold the same type of car at around $20000 that the Opel Australia cannot meets, even if it has already struggled to lower the price (Dowling 2013). Besides, a high Australian dollar would weaken the competitive...
Words: 1212 - Pages: 5
...Making Better Life Decisions Notes by Frumi Rachel Barr, MBA, Ph.D. Author: John S. Hammond, Ralph L. Keeney, Howard Raiffa Publisher: Broadway Books Copyright year: 2002 ISBN: 0-7679-0886-4 Authors’ Bio: John S. Hammond is a management consultant based in Lincoln, Massachusetts and is known for helping his clients make tough choices. Ralph L. Keeney is a professor at the University of Southern California’s Marshall School of Business and is especially known for his work on making difficult tradeoffs. Dr. Howard Raiffa has been a professor at Harvard and is a pioneer in the development of decision analysis, negotiation analysis and the theory of games. Authors’ big thought: Decisions shape our experiences, from choosing which job to accept, to having the right car, to selecting a good accountant. How do we know which is the smart one? How can we be consistent and confident in our decisions? In this award-wining bestseller, readers learn how to approach all types of decisions with a simple set of skills developed from professors from Harvard, MIT, and the University of Southern California. 1. Making Smart Choices How to think about your whole decision problem: a proactive approach Our decisions shape our lives. Made consciously or unconsciously, with good or bad consequences, they represent the fundamental tool we use in facing the opportunities, the challenges and the uncertainties of life. Making decisions is a fundamental life skill. Making good decisions is one of the most...
Words: 10970 - Pages: 44
...their professional competence, where a) working within their limits of training, education, and experience and b) basing their service on established knowledge of discipline and profession of psychology. However, the psychologist concerned is specialized in clinical psychology for adults, and now is dealing with adolescents, whom are clients beyond her scope of expertise. This raises the issue of limited professional competence. Nonetheless, rural regions often see a high demand due to lack of specialists normally found in urban locations. A change to the rural location brings pressure toward the psychologist to practice beyond their capability. The ethical trap possibilities lay in the fact that her qualification does not apply for the therapy, however there is no other way to go about it. Deemed as the “Circumstantiality” trap by Steinman et al (1998), it entails the circumstances on which they occurred must be taking into...
Words: 2040 - Pages: 9
...In: Business and Management Principles & Practice of Management Examination Paper Principles and Practice of Management Section A: Objective Type (30 marks) Part one: Multiple Choices: 1. A plan is a trap laid to capture the ________. Ans.: A) Future 2. It is the function of employing suitable person for the enterprise Ans.: B) Staffing 3. ___________ means “ group of activities & employees into departments” Ans.: D) Departmentation 4. This theory states that authority is the power that is accepted by others Ans.: A) Acceptance theory 5. It means dispersal of decision-making power to the lower levels of the organization Ans.: A) Decentralization 6. This chart is the basic document of the organizational structure Ans.: C) Master Chart 7. Communication which flow from the superiors to subordinates with the help of scalar chain is known as Ans.: B) Downward communication 8. Needs for belongingness, friendship, love, affection, attention & social acceptance are Ans.: D) Social Needs 9. A management function which ensures “jobs to be filled with the right people, with the right knowledge, skill & attitude” Ans.: A) staffing defined 10. It is a process that enables a person to sort out issues and reach to a decisions affecting their life Ans.: D) Counseling Part Two: 1. Differentiate between ‘Administration’ and ‘Management’. Ans.: According to Oliver Sheldon, Administration is the function in industry concerned with the ...
Words: 326 - Pages: 2
...Managerial Decision Making: Fall 2015 INSTRUCTOR: Dr. Sangbum Ro- Managerial Science Department RCB, 10th Floor, Room 1029 sro@gsu.edu (*indicate class code in the subject line) Office Phone: 404-413-7526 CLASS INFORMATION: MGS 4000-015 (Corresponding CRN 87347) Wed, 4:30 – 7:00 pm CLASSROOM: Aderhold Learning Center (Adhold) 212 OFFICE HOURS: Th: 1:30 pm – 4:30 pm or by appointment (email) 1 MGS 4000 VERSION 1.1 TENTATIVE COURSE SCHEDULE *Note: Schedules may change during the semester. In case of change, students will be notified in advance via email. Please check your email before coming to the class. Assignments Due (All Assignments Due By 2:00 PM) Content Covered In Class Date 8/26 - Read The Syllabus - Course Overview - Introduction to Managerial Decision Making 9/2 - Article: Fox (2015, HBR course pack) - Judgement Heuristics “From Economic Man” to Behavioral - Common Biases I Economics” - Class discussion: Bill’s decision - Article: Hammond et al. (1998, HBR - Class exercise: 10 estimations course pack) “The Hidden Traps of Decision - Video: “Predictably Irrational” Making” - Video: “Basic human motivation”Dan Ariely at TED 9/9 - Article: Bazerman & Chugh (2006, HBR - Common Biases II course pack) “Decisions Without Blinders” • Bounded awareness - Article: Hayashi (HBR course pack) “When • Framing of problems to Trust Your Gut” • Emotional influence on - Assignment 1 due: exercise questionnaire decision making ...
Words: 2305 - Pages: 10
...Approach to Identify Opportunities to Create Value for the Business Introduction Today’s realities of leadership include increasing competition and intensity, reducing cycle times and costs, and improving productivity while at the same time growing the business and meeting increasing customer and Wall Street expectations. These pressures require leaders to redefine and redesign how to think, how to lead, and how to act. These shifts in the very nature of leadership and of work demand that the leader spend more time figuring out what to do next and how best to do it to add value to the corporation and the stakeholders. Problem solving is a core capability required to realize these opportunities. Leadership can be seen as a process of identifying opportunities and solving problems. Some problems are important; some are not important. Some problems are easy to define; others are complex. Some problems are easy to solve; others are difficult. Some are solved alone; many are solved with others, often under tremendous political and organizational pressures. Sometimes there is a problem; sometimes there is not a problem. All problem solving and solution development methods follow a process that may be adapted by the user and to the particular scenario or situation. As human beings, we tend to look to preserve the status quo and see the world as it has been. We look for patterns or approaches that have been successful in the past. These approaches have helped to make us successful...
Words: 4771 - Pages: 20
...Approach to Identify Opportunities to Create Value for the Business Introduction Today’s realities of leadership include increasing competition and intensity, reducing cycle times and costs, and improving productivity while at the same time growing the business and meeting increasing customer and Wall Street expectations. These pressures require leaders to redefine and redesign how to think, how to lead, and how to act. These shifts in the very nature of leadership and of work demand that the leader spend more time figuring out what to do next and how best to do it to add value to the corporation and the stakeholders. Problem solving is a core capability required to realize these opportunities. Leadership can be seen as a process of identifying opportunities and solving problems. Some problems are important; some are not important. Some problems are easy to define; others are complex. Some problems are easy to solve; others are difficult. Some are solved alone; many are solved with others, often under tremendous political and organizational pressures. Sometimes there is a problem; sometimes there is not a problem. All problem solving and solution development methods follow a process that may be adapted by the user and to the particular scenario or situation. As human beings, we tend to look to preserve the status quo and see the world as it has been. We look for patterns or approaches that have been successful in the past. These approaches have helped to make us successful...
Words: 4764 - Pages: 20
...Decision making process can be simply described as the act of making an individual's choice as regards a certain field of study. Decision making is based on stages and steps which are to first be followed before reaching any conclusion. It is required for making not only simple but also tough decisions at stake. For instance making a decision about what you will have for breakfast, making a decision to solve a tight problem at your work place among others. Decisions are not made straight, there are several approaches that are to be considered before taking this step. Every organization and department use its own style of approach. Thus it can be concluded that every style has its own strength and weakness. Decision making process ranging from first recognizing a problem or decision to be made, on through framing the problem or decision, identifying and evaluating alternatives, choosing among the alternatives, implementing the chosen alternative, and stabilizing the action plus learning from the experience. 1. Recognition of The Problem Or Decision The first process for the product is the need recognition. What is need recognition? It refers to the first stage of the buyer decision process; in which the consumer recognizes a problem or need. Setting objectives is important for it encourages the chapter to follow good management practices, motivate staff to achieve their sets of objectives and provides a common direction for the members . At this stage...
Words: 856 - Pages: 4
...R I s k M a n a g e M e n T: the current financial crisis, lessons learned and future implications essay on the Financial Crisis by Andrew Winkler The current crisis is catalyzing an array of responses, including searching for causes, reworking regulations, scapederstanding of the cause, the remedies may do more harm goating and a massive capital injection. Without a clear unthan good, innocents may be scapegoated, and valuable progress in financial tools may be lost. Worse, it will happen again. From a simple mathematical model of the underlying make housing prices inversely proportional to the interest rate. If interest rates are cut in half, house prices double. When those rates double, house prices are slashed in half. When interest rates are large, they are not likely to double or halve, but when interest rates are small, a small adjustment can be a big percentage change, and the danger of big swings in housing prices is appreciable, even inevitable. With no down payment, no amortization and closing economics, I first predicted this crisis in July of 2004. An economic dynamic relating very low interest rates to the this outcome foreseeable, indeed inevitable. The current full explanations; see mattersofinterestmatters.blogspot.com. costs folded into the loan, the only issue in affording a structure of the demand curve in the housing market made crisis had a mathematical cause. There isn’t space here for This much is clear to everyone—the crisis results...
Words: 1616 - Pages: 7
...R i s k M a n a g e m e n t: The Current Financial Crisis, Lessons Learned and Future Implications Essay on the Financial Crisis by Andrew Winkler The current crisis is catalyzing an array of responses, in- make housing prices inversely proportional to the interest goating and a massive capital injection. Without a clear un- When those rates double, house prices are slashed in half. cluding searching for causes, reworking regulations, scapederstanding of the cause, the remedies may do more harm than good, innocents may be scapegoated, and valuable progress in financial tools may be lost. Worse, it will happen again. From a simple mathematical model of the underlying rate. If interest rates are cut in half, house prices double. When interest rates are large, they are not likely to double or halve, but when interest rates are small, a small adjustment can be a big percentage change, and the danger of big swings in housing prices is appreciable, even inevitable. With no down payment, no amortization and closing economics, I first predicted this crisis in July of 2004. An costs folded into the loan, the only issue in affording a structure of the demand curve in the housing market made multiplied by the interest rate. If interest rates are cut in economic dynamic relating very low interest rates to the this outcome foreseeable, indeed inevitable. The current crisis had a mathematical cause. There isn’t space here for full explanations; see mattersofinterestmatters...
Words: 1623 - Pages: 7
...On a mission, each of us must comply with the host nation, with Federal, State and Local environmental laws and Regulations. Protecting the environment is everyone responsibilities. The best way we can comply with this is identifying the different areas such as: Areas of environmental concerns, mission- related environmental risks and Potential effects of environmental factors on missions and operations. 1-. Areas of Environmental Concerns: A-.Hazardous Waste (HW): Units must • Have a collection and turn in point • Keep a cleanup, report and document any hazardous spill properly. • Transport all HW according to local and installation procedures. B-.Hazardous material (HM): Units must • Report the location of any unexploded ordnance. • Conduct maintenance involving that HM only after being trained. • Maintain a current inventory and a material safety data sheet (MSDS). • Support the Installation Recycling Program. • Remove materials such as expended brass, communication wires, concertina, booby traps, and propellant charts from training sites. • Conduct police calls to collect and dispose of solid-waste materials (trash). • Dispose of liquid waste from kitchens, showers and baths properly. • Avoid entering terrain drainage areas with vehicles unless the area is dry and the ground will support such activities. C-. Noise Pollution; Units must • Avoid tactical maneuvers in erosion susceptible areas and refill fighting positions. • Verify range restrictions...
Words: 757 - Pages: 4
...Auditor’s Professional Skepticism Independent auditors function as a “public watchdog” ensuring that the information available to investors and creditors is truthful and reliable. It is critically important that independent auditors exercise professional skepticism in the performance of audits. The auditor’s role is to offer an opinion on whether an entity’s financial statements are materially free from misstatements. However, the auditor’s role in business and society is greater due to the meaning their opinion imparts. The opinion of the auditor is what indicates to investors and creditors that the information contained within is free from material misstatement. The reason that responsibility has been placed with the external auditor is the public and business community’s skepticism of the management of companies. If that skepticism isn’t demonstrated and embodied by the external auditor, they have not fulfilled their most basic purpose. Additionally, failures to employ professional skepticism could result in management misleading the users of financial statements, even when an unqualified opinion is given. When this comes to light, it could erode the trust in an accountant or firm and threaten their ability to earn in the future. In addition to the fundamental demonstration of the public’s skepticism, a failure in professional skepticism may cause the auditor to err in their judgment or in their methods. An auditor may not obtain sufficient appropriate evidence to support...
Words: 851 - Pages: 4
...61/80 Q-2 SPA WORKS MEMO To: Glen Mori, President From: Meghal Desai, Information System Manger Date: 1 January 2014 Subject: Proposed Advisory Committee Hello Glen. In the preceding years, rapid growth of spa works has created new customer base by acquiring new locations and capturing competitors market. Actually, increase of daily operations and business transactions, the current legacy system has been creating lots of issues with financial statement and decision making process because of data from numerous sources have to be combined. Such a rapid growth needs a change in legacy system in terms of selecting new committee members. As a result and as per request from a President to form a new advisory committee has been proposed to provide assistance and guidance in creation of new integrated system. This will improve Spa works business process. Below stated five committee members presented with their roles and tasks: 1) Human Resources manager: Spa Work has been going through the stage of expansion. Human Resources Manager is the key member of this organization. Main goal of Spa Works is to improve their legacy system and these will only possible through people and HR. Human Resources manager is responsible for all people related activities like recruitment, training and retention of employees as well as their daily concerns that consists of payroll, tax provisions, and benefits. Human Resources team also needs to comply all government related policies and follow...
Words: 3922 - Pages: 16
...40 plus years Southwest has exceedingly accomplished these competencies and strategies within a very competitive market, and has outstandingly been recognized as a low cost provider in airfare with frequent service domestically. In 2014, Southwest chose to integrate international flights in its business strategy. In an effort to identify issues and develop solutions for this new integration, clarifying strategic priorities and providing the company’s strengths and weaknesses will aid in supporting the use of the Strategy Canvas Tool. Equally important, the strategy tool will assist in providing an analysis to ascertain and elucidate if the strategic priorities are clearly articlulated and implicit. Defining strategic priorities and identifying current gaps within the organization will boost the framing of the problem statement, and will benefit in the examination of the case for change in the current business...
Words: 1245 - Pages: 5
