Mgt Note Essay

Tuesday oktober 4 2011
Wsj:
GE's China Ideas Bank Thursday September 29 B4 <http://online.wsj.com/article/SB10001424052970204138204576598601072409190.html?KEYWORDS=GE> * General electric is staring a 100 million dollar contest in China to fund innovative green energy project. * Ecomagination is a term used to describe the process o fcreating new green project * Winners of contest could win cash awards, an opportunity to work in GE research and development, or investment in their project. * GE’s CEO said, “ we very much believe that we are never going to invent everything inside this company, we need to have the spirit of “ open innovation” * Make sure to add some international/ global aspects to your portfolio before graduation. {study abroad, learn another language}
“Fumbling Over Data” Monday Oktober 3- B6 http://online.wsj.com/article/SB10001424052970203405504576602853746798820.html?KEYWORDS=Fumbling+Over+Data * Companies are being flooded with data * Companies are putting more money into their data gathering efforts * Many managers struggle to make sense of these data * There is a difference between accessing data an understanding it, and managers generally do not have the skills needed to analyze the data * “It is a struggle to find people with that match of business understanding and data and analytics” * a recent report says that less than half of all executives are capable of outing data to good use in corporate strategies * not enough ppl are trained to ask the right questions
“attention, shoppers: go with your gut” Saturday, oktober 1 c12 http://online.wsj.com/article/SB10001424052970204422404576594832183145812.html?KEYWORDS=attention+shoppers+go+with+your+gut * we live in an age of “ surreal abundance” (p2) * the size of supermarkets has increased more than 20% in the last 7 years because ppl want more choices. * Unfortunately, our decision making has not adapted to the new market * When we have a lot of choices/complexity to handle, our brans turn off—human rationality is limited * Researchers at Corneel are testing decision-making * In the experiments, some ppl receive a lot of information and others receive very little information. Then within groups, the researchers tell some to focus on feelings and others to focus on analysis of the given information. * In the group given a lot of information, those told to focus on their feelings made better decisions * In the more simple scenarios, data processing works best * When it comes to making complex decisions, we know more than we know (the last paragraph)
Decision-making
* How do we make our biggest, most important decisions? * We use of emotions/gut feelings, not mathematical calculations * Look at the one where the decision was made by quantitative calculations, how many of those are there? Why is it that many of our decisions are not calculated? * Emotions and feelings are not reliable in that they cannot be calculated- no monetary unit available.
Examples:
* Leslie Fox was a bank manager who used an Employee of the Month program to motivate her employees. * Afterwards, she said it was the worst decision she had ever made because the employees began working against each other * She switched to an Employee Hall of Fame program, so that everyone could be honored if the did well * Three years ago, Wal-Mart had to pull out of Germany and South Korea * Wal-Mart’s type of shopping, buying lots of items in one trip at one store, doesn’t occur in Germany. Germans prefer smaller shopping experiences at sores like Aldi. * In Chicago there was a successful children’s bookstore * Ppl recommended that they expand to more locations, but they refused. Then they went out of business 10 years later. * In 1962, Decca Records was a successful recording company * Turned down The Beatles because

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