Visual Journal Project by Geerah Theroux

wmzcbyz55h — 2024-04-30 21:24:27 UTC

wmzcbyz55h — 2024-04-30 21:29:16 UTC

Module 1 Summary

wmzcbyz55h — 2024-04-30 21:36:22 UTC

In this module we covered the 4 basic management functions: Planning, Leading, Influencing/Motivating, and Controlling. Managers get things done through others and by treating them as an asset. The three basic skills of a manager are human skills (interacting/communicating with people), technical skills (mostly used by mid-line or top level managers), and conceptual skills (used mostly by top-level managers). My biggest take-away from this module is 'you get what you give'. How a manager leads will guide how employees respond; if you want them to do great thing, inspire greatness.

wmzcbyz55h — 2024-04-30 21:39:15 UTC

wmzcbyz55h — 2024-04-30 21:42:30 UTC

Module 2 Summary

wmzcbyz55h — 2024-04-30 21:58:39 UTC

In this module we covered ethics, corporate responsibility, and diversity. Not everyone has or shares the same ethics as ethics is based on cultural beliefs, religion, upbringing, life experiences, etc. Ethics is important to business as it reflects what the organization's standards are when it comes to employees. Corporate responsibility is when an organization gives back to community in which they operate. This can be done through environmental efforts, philanthropy, volunteering, and ethical labor practices (not running a sweat shop). And lastly diversity which encompasses race, gender, age, religion, culture, social, veterans, physical, and language. My biggest take-away from this module was remembering that being open to diversity is always a good thing as you never know what someone's background could bring to the table when working on tasks and out of the box thinking.

wmzcbyz55h — 2024-04-30 21:59:34 UTC

wmzcbyz55h — 2024-04-30 22:00:27 UTC

Module 3 Summary

wmzcbyz55h — 2024-04-30 22:08:49 UTC

In this module we covered the advantages and disadvantages of companies who operate globally. Additionally, we discussed the four strategies of how companies can enter the global market: Export strategy, standardization strategy, multidomestic strategy, and transactional strategy. When companies are considering entering the global market they have to consider a number of things: PESTEL; Political, environmental, social, technological, economical, and legal. What currency will they operate in, what are the exchange rates, what are the business laws where they are doing business, the availability of resources, the social or cultural environment, will the region support wifi, computers or telephones, and can you conduct business there globally or are there political constraints. My biggest take-away from this module was the importance of planning from Module 1. You really have to know your business and the goals / vision of the organization to properly determine if globalization is right for you and which strategy is the best based on your products and the size of your company.

wmzcbyz55h — 2024-04-30 22:10:28 UTC

wmzcbyz55h — 2024-04-30 22:26:51 UTC

Module 4 Summary

wmzcbyz55h — 2024-04-30 22:40:11 UTC

In this module we covered types of external factors that impact an organization, Porter's Five Forces and how they impact planning and decision making. Threat of new entrants, how easy or difficult is it for other companies to enter into the industry you're operating in. Threat of substitutes, if people cannot get what they want can they get something else instead. Bargaining power of customers, if consumers do not buy products there will be an increase in inventory which will cause prices to lower due to sales, etc. Bargaining power of supplies, supply chain can increase prices (supply and demand). Competitive rivalry within the industry, why would consumers choose your organization over someone else. We also went over SWOT analysis and factors that are internal influences which can be changed, versus external factors that cannot be controlled by the organization but can be responded to. My biggest take-away from this module was when completing the SWOT Analysis it isn't just strengths, weaknesses, opportunities and threats, but how each strength and each weakness could have both an opportunity and a threat attached to them and you have to identify both scenarios and not just assume that all strengths are opportunities only.

wmzcbyz55h — 2024-04-30 22:42:16 UTC

wmzcbyz55h — 2024-04-30 22:42:42 UTC

Module 5 Summary

wmzcbyz55h — 2024-04-30 22:49:20 UTC

In this module we covered organizational structure and processes. First you need to know the common purpose of the organization, what is the mission statement, values and vision. Why was the company started in the first place. Coordinated effort, bringing the employees together and determining if you have the right people in the right place or function. Specialization and division of labor where you break down duties or tasks of the role to its basic terms. Are there very specific tasks that need to be performed at certain stages, what are the next steps in the process to carry out the entire process to completion. Hierarchy of authority so each individual knows who to go to in order to carry out the objective. My biggest take-away from this module were the difference organizational structures. The majority of my career has been in corporate finance for larger companies. So it was helpful to be reminded that not all companies are created equal and not all companies are or need to be structured the same. And that sometimes there are and needs to be structures within a structure.

wmzcbyz55h — 2024-04-30 22:50:30 UTC

wmzcbyz55h — 2024-04-30 22:51:32 UTC

Module 6 Summary

wmzcbyz55h — 2024-04-30 22:57:04 UTC

In this module we covered Human Resources and Communication. What is the role that human resources plays within an organization. Their primary purpose is to ensure that no lawsuit is brought against the company and making sure the rules and regulations (statewide and federal) are understood. We read about the importance of communication and that it is vital communications are clear and managed in a timely manner. If emails or reports are crafted poorly it could misdirect employees, cause confusion and potentially create distrust or hostility. My biggest take-away was the difference ways to communicate (face to face, video conference, telephone, etc) and which ways are more effective. And which ways may impacted, and potentially less effective, due to a fully remote working environment.

wmzcbyz55h — 2024-04-30 22:58:35 UTC

wmzcbyz55h — 2024-04-30 22:59:13 UTC

Module 7 Summary

wmzcbyz55h — 2024-04-30 23:02:43 UTC

In this module we discussed the difference between a manager and a leader. A leader is a visionary who inspires and motivates others; a leader may not be a manager. A manager has responsibility and accountability over a process or project. We discussed different leadership styles: transformational leadership, transactional leadership, servant leadership, charismatic leadership, emotional leadership. My biggest take-away from this module was that leaders do not just have one style, great leaders know which styles to use at the right times.

wmzcbyz55h — 2024-04-30 23:04:06 UTC

wmzcbyz55h — 2024-04-30 23:05:00 UTC

Module 8 Summary

wmzcbyz55h — 2024-04-30 23:08:25 UTC

In this module we discussed controlling and performance. Taking a look, snapshot, benchmark where the company is or department is in relation to reaching established goals. What is working or not working, are we on task. External factors could prevent companies from reaching goals and goals can be adjusted based on those external forces or factors. Controlling and performance, what where the goals and how are we doing on our path to meeting them.