Required Readings Summaries Sample Essay

* Teams and good public presentation are inseparable
* Teamwork represent a set of values that encourage listening and reacting constructively to positions expressed by others
* Group work is NOT same as squad
* Working-group focal points on single ends
* strong. clearly focussed leader
* group’s purpose = organisational mission

* single work merchandise
* efficient meetings
* measured by influence on others ( ex. fiscal public presentation )
* discusses. decides. delegates
* Teams require both single and common answerability
* Shared leading functions
* Specific squad intent that differs from mission
* Collective work merchandises
* Open-ended treatment and active problem-solving meetings
* Performance assessed by work merchandises
* Discusses. decides and does existent work together

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A squad is a little figure of people with complementary accomplishments who are committed to a common intent. set of public presentation ends and attack for which they had themselves reciprocally accountable.

Teams:
* Common committedness
* Develop way and impulse towards a common intent * Invest a batch of clip researching. defining and holding on a purpose * Translate a common intent into specific public presentation ends * Different from organisational mission

Building Team Performance:
1. Establish urgency. demanding public presentation criterions and way 2. Choice members for accomplishments and skill potency. non personality 3. Initial
feelings are of import
4. Set clear regulations of behaviour. such as part
5. Put a few immediate performance-oriented undertakings and ends 6. Regular fresh facts and info
7. Exploit power of positive feedback. acknowledgment
Skills required in a squad:
* Technical/Functional expertness
* Problem-solving / Decision-making
* Interpersonal accomplishments

Categorization of Teams:
1. Teams that Recommend Thingss
a. Undertaking group. safety groups ; predetermined completion dates 2. Teams that make or do things
B. Fabrication. operations. development ; ongoing activities 3. Teams that run things
Teams will go the primary unit of public presentation in a high-performance organisation most practical and powerful vehicle at top management’s disposal

Nov. 16 # 1: Degree 5 Leadership
Level 5 Leadership:
* Person who blends utmost personal humbleness ( modesty. finding. takes on incrimination. thinks for the hereafter ) with intense professional will ( high criterions. intense winner. credits others ) * Transforms a company from “good” to “great”

* Darwin Smith: a shy. awkward yet ferocious and stoic degree 5 leader ( transformed Kimberly-Clark ) * Humility + Will = Level 5
Other Factors:
1 ) First Who
a. Peoples foremost. scheme 2nd
B. Geting the right people to make the right occupations
2 ) Stockdale Paradox
c. Contradictory belief that they face the most barbarous world that
believe that they will predominate finally 3 ) Buildup-Breakthrough Flywheel
d. Transformation from good to great physiques with impulse overtime

4 ) The Hedgehog Concept
e. Simple and focused
f. Understand:
I. What company can be best at
two. How its economic sciences works best
three. How to light passion among people
5 ) Technology Accelerators
6 ) A Culture of Discipline

g. Disciplined people – no demand for hierchy
h. Disciplined ideas – no demand for bureaucratism
I. Disciplined actions – no demand for inordinate control
Degree 1 – Capable Individual
Degree 2 – Contributing Team Member
Level 3- Competent Manager
Degree 4 – Effective Leader
Born or Bred? – Two classs of people: those who merely who don’t have it in them ( at most a degree 4 leader ) and those who evolve into a flat 5 leader ( sometimes under certain life-changing fortunes )

Nov. 16 # 2: What Leaders Truly Do

Management| Leadership|
Coping with complexness ( big corporations ) | Coping with alteration ( technological alteration. international competition ) | 1. Planning and budgeting| 1. Puting a direction|
2. Forming and staffing| 2. Aligning people|
3. Controling and job solving| 3. Motivating and inspiring|

1 ) Puting a way vs. planning and budgeting
a. Puting a way is more inductive ( through forms. informations ) I. Important for short/long-term end scene
B. Planing works best as a complement for way scene

2 ) Aligning V. Staffing
c. Aligning: acquiring people to understand a vision. which leads to empowerment two. Clear mark. same way
d. Management is more about “organizing” people ; construction. preparation. inducements

3 ) Motivating V. Controling
e. Motivation: energizes people satisfies basic human needs three. Sense of accomplishment. acknowledgment. engagement four. Coaching. feedback
v. Reward
Informal Relationss are of import aid organize leading activities. Well-led concerns tend to acknowledge and honor people who successfully develop leaders.

Nov. 9 – Integrative Thinking: Choices. struggle and the originative flicker Feature narrative: Michael Lee-chin’s crisis of whether or non to sell AIC’s stocks ( as he supported them for many old ages ) when they were falling dramatically. He so decided to buy many of one stock. Mackenzie Financial Group. one of AIC’s major retentions this saved AIC as it became Canada’s largest private common fund company.

Leaderships have the sensitivity and capacity to keep two diametrically opposed thoughts in their caputs. * Our heads are “opposable”
* It can keep 2 conflicting thoughts in constructive tenseness. and utilize the tenseness to come up with a more superior thought * “First-rate intelligence” – F. Scott Fitzgerald * “Multiple-working hypotheses” – Thomas Chamberlin Integrative Thinking shows a manner past the bounds of “either/or” . It allows us to incorporate one advantage without giving the other

Ex. Four Seasons a hotel with the familiarity of the original motor hostel yet the comfortss of a big conventional hotel

Nov. 2 # 1 – Becoming an Integrative Thinker
The 4 Stairss of Decision-making:
1 ) Salience
a. What do we take to pay attending to? What characteristics are relevant to our system? 2 ) Causality
B. How do we do sense of what we see? What sorts of dealingss do we believe exist between the assorted pieces of the mystifier? 3 ) Architecture
c. Model is being constructed
4 ) Resolution
d. What is our determination?
Everyone builds their apprehension of the universe in similar manners through mental theoretical accounts. therefore making “clashing realities” .
2 ways to avoid colliding theoretical accounts:
1 ) Avoid – effort to oppress other theoretical accounts. believing that they do non be ; avoid struggle 2 ) Seek out and leverage theoretical account clang – enjoys tenseness ; leads to penetrations of great penetration and declarations 3 elements of organizing personal cognition system:

1 ) Stance
a. Acknowledge that bing theoretical accounts does NOT equal world ( merely an image ) B. Seek out theoretical account clang and purchase opposing theoretical accounts
c. Believe better theoretical accounts ever exist
d. Believe they can happen a better theoretical account
e. Willing to wade into complexness
f. Give themselves the clip to make ; aren’t rushed to happen ‘answer’ 2 ) Tools/models
g. Generative Reasoning instead than entirely Declarative Reasoning i. DR = True/false? Deductive logic ( “what must be” ) and inductive logic ( “what is operative” ) two. GR = Abductive logic ( “what might be” ) new solutions h. Causal Modeling instead than Conventional Wisdom

three. CM = “based on what I’ve seen. this is how ten relates to y” four. CW = “under what conditions does x do Y? What is the driving force fuelling this causal relationship? ” more sophisticated and creates solutions i. Assertive Inquiry instead than Reliance on Advocacy

v. Advocacy: “I know best. I must acquire other to comply” six. AI = “I have a position worth hearing. but I may be losing something…consider alternatives” 3 ) Experiences
J. Deepen command and mature originality

Nov. 2 # 2– Munger. Lesson on Elementary Worldly Wisdom
1 ) All excessively small secular wisdom is delivered by modern instruction.

1 ) Without theoretical accounts from multiple subjects. you’ll fail in concern and in life. a. Need theoretical accounts in caput MULTIPLE theoretical accounts from MULTIPLE subjects b. Substitutions and combinations ( simple math )

c. Accounting ( and its restrictions )

2 ) Always tell people WHY they’ll be more likely to follow

3 ) Technology theoretical accounts are the most dependable

4 ) Organisms. people and companies who specialize can acquire awfully good in their small niche d. Economy is like an ecosystem
e. Specialization is cardinal
f. Advantages of graduated table

5 ) Other economic systems: geometric. advertisement. information. psychological

Oct. 19: Queen city Beers “Hello Video”
* May 1992: Charlotte Beers was appointed CEO of advertisement bureau Ogilvy and Mather. * O & A ; M suffered through hard times in late 1980s * They did non believe Beers had the possible ab initio to draw the company back up * The “Hello” picture was sent to all 7000 of Ogilvy’s employees

Nov. 9 – Plous: The psychological science of Judgment and Decision Making Chapter 10: The Representativeness Heuristic
Focus: the procedures by which determination shapers reach their decisions and the prejudices that can ensue from this procedure “Heuristics” :
* General regulation of pollex
* Reduces clip and attempt needed to do good judgments/decisions * Disadvantages: may take to systematic prejudices
Peoples frequently judge chances -“by the grade which A is representative of B ; the grade to which A resembles B” ex. As the sum of item additions. its chance should diminish but its representativeness ( and therefore likeliness ) increases – don’t be misled! The Law of Small Numbers – Tversky and Kahneman: A belief that random samples of a population will resemble each other and the population more closely than statistical sampling theory would foretell

Ex. every portion of the sequence does NOT hold to look at random The Hot Hand – Gilovich. Vallone. Tversky: people perceive that the opportunities of an event additions as past indistinguishable events are successful past events have no consequence on future results

Ex. hoops taw: the more they score. the more likely they’ll maintain hiting nevertheless this is untrue sine the opportunities of the following basket is non different from the player’s overall chance of doing a basket Neglecting Base Rates – when given background information. people tend to utilize it more frequently when it is consistent with their intuitive theories of cause and consequence ( base rates are peculiarly of import when the event is really common or really rare )

Ex. when foretelling a student’s norm given the figure of hours they study and the income they make. people will take the survey hours into consideration ( since it’s causal ) but non the base rates of income Nonregressive Prediction – utmost public presentations tend to be followed by more mean public presentations ( arrested development toward the mean is typical ) ; the factors “true score” and “error” on occasion come to bring forth an unusual result but it normally returns to normal

Ex. when foretelling a the GPA of a pupil who scored high on a individual trial. it is more moderately to foretell the mean GPA instead than a high 1. to let for arrested development Chapter 11 – The Availability Heuristic

A regulation of pollex in which determination shapers “assess the frequence of a category or the chance of an event by the easiness with which cases can be brought to mind” * Can take to systematic prejudices

* Some events are more available than other NOT because they occur more often or hold higher chance. but because they are easier to believe about ( more recent. more emotional etc ) * Ex. opportunities of deceasing from falling aeroplanes parts are 30 times greater than opportunities of acquiring killed by shark. nevertheless the latter is much easier to conceive of and therefore more “probable” * Three general inquiries

* What cases do availability heuristic lead to biased judgements? * Do determination shapers perceive an event as more likely after they have imagined it go oning? * How is graphic information different from other info?

An Imaginative Survey: when an single imagines an result. it makes that outcome more available and therefore increases the estimated chance that it will happen The Limits of Imagination: when an result is more conceivable. it is rated as more likely ; nevertheless these two have no direct relationship Denial: when an event is highly negative ( ex. atomic war ) . so conceive ofing its happening may non do it look more likely Color: normally refers to how concrete or conceivable something is. or how emotionally interesting or exciting it is. or how close something is in infinite or clip * Decision shapers are affected more strongly by vivid info than by abstract or statistical info ( ex. presentations & gt ; readings ) * Vivid information has finally more influence than pale information Conclusion: Many times. the handiness heuristic provides moderately accurate estimations of chance. but sometimes it can take to critical prejudices in judgement. Chapter 12 – Probability and Risk

Ill-famed “game show problem” : there are 3 doors of which there’s a auto behind one and a caprine animal behind one ; you should ever exchange doors after the host reveals a door HIGHER possibility of winning Confusion of the Inverse: when the chance of an event is mistaken due to inversion ; ever pay close attending to the “prior probability” ( it is the best chance estimation of an event before a new piece of info )

Ex. the odds of chest malignant neoplastic disease is 1 % and the x-ray consequences is about 80 % accurate ; if the x-ray consequences come out positive. the odds of chest malignant neoplastic disease is really merely 7. 5 % ( instead than what many believe to be approximately 75 % ) It’ll ne’er happen to me: all things being equal. positive results are viewed as more likely than negative results Compound Events:

* Single event = simple event ; multiple events = compound events * A and B = conjunction ; A or B = disjunctive
* Peoples tend to overrate the chance of conjunctive events and underestimate disjunctive events Conservatism: one time people form a chance estimation. they are frequently rather slow to alter the estimation when presented with new information ( takes a batch more observations to alter sentiment ) The Percept of Hazard: extremely subjective ; we are more willing to accept “voluntary” hazards ( those we impose on ourselves such as smoking ) than “involuntary hazard ( ex. Electric power coevals ) 1 ) “Dread Risks”

a. perceived deficiency of control. apprehension. fatal effects ( corresponds most to generic beliefs ) 2 ) “Unknown Risks”
b. unobservable. unknown ( ex. familial and chemical engineerings ) People normally relate hazard degrees to “catastrophic potential” and “threat to future generations” therefore they perceive atomic power as a much higher hazard than. state. biking ( what experts would state ) Recommendations:

1 ) Maintain Accurate Records
a. Track down how frequent peculiar events have occurred in the yesteryear to minimise recent/primary effects. handiness biases etc 2 ) Beware of Wishful Thinking
B. Ask uninvolved 3rd parties for independent assessment 3 ) Break Compound Events into Simple Events
c. Evaluate the events separately. so multiply the chance if event if conjunctive ; if disjuncture. deduct both chances from 1. multiply. so subtract from 1 once more Chapter 13- Anchoring and Adjustment

“Anchoring and adjustment” – the insufficient accommodation up or down from an original get downing value. or “anchor” Ex. Person who draws “60” is asked. if the % of hungriness below or above 60 vs. person who draws “10” is asked the same inquiry the ground tackle will be different therefore reply will be different as good Thinking about the Unthinkable

* Most surveies of grounding tend to concentrate on issues which people have small familiarity/concerns about * Anchoring exerts a strong influence on likeliness
* When given low ground tackle. estimation is lower than no ground tackle ; opposite for high ground tackle * Questions that include arbitrary numerical mentions may hold unintended effects * When worst-case or best-case illustrations to exemplify their places. people’s sentiments may be accidentally pushed to an opposing way How Real is Real Estate?

* Anchoring is powerful in a real-world scene every bit good
* By altering one piece of info ( listing monetary value of house ) . existent estate assessments were shifted by more than $ 10. 000 * Experts are non immune to the effects of grounding

Further Examples of Anchoring
* Estimating how large a armored combat vehicle is needed to keep all the human blood in the universe * Peoples tend to get down off by world’s population ( an ground tackle ) so scaling it down to the size of a regular hexahedron ( still with the ground tackle ) Decision

* The effects of grounding are permeant and highly robust * It is hard to protect against the effects of grounding * Best/worst- scenarios can take to unintended anchoring effects * May demand to see multiple ground tackles before trying to do a concluding estimation

Sept. 14: The Triumph of Smith
I. Introduction:
| Capitalism| Communism|
Definition| * A legal system that safeguards private belongings and licenses free trade in competitory markets * Persons are free to prosecute their self-interest * Natural inclination to collusion and corruption| * Property and agencies of production owned by authorities * Citizens work for the good of community * Goods and services distributed evenly| Leader| Adam Smith: * “Invisible hand” * Competition maximizes productiveness and societal public assistance by guaranting the optimum allotment of capital and labour in economic system * Reformer * Although the rich would acquire richer. the poorer would besides be better off * Wrote two books. explicating what motivates human behaviour and reasoning that a free-market economic system was the economic order best suited to human nature

* The fact that the US economic system continues to spread out despite the many dazes ( stock market clang etc ) strongly supports Smith’s religion in capitalist system| Karl Marx: * Predicted that capitalist economy would finally fall in distribution of income/wealth would go progressively unequal revolution * Communism will present greatest public assistance nevertheless consequences have been black ( Soviet Union: corruptness. devastation. crude engineering ) * A revolutionary| Flaws: | How can a capitalist society be protected from being corrupted by the particular involvements that are an built-in portion of its political economic system? | Never explained how the members of the transitional absolutism would be chosen| Commonality between Marx and Smith| * Both attempted to explicate comprehensive and incorporate theoretical accounts of society. economic sciences and political relations * Two of the greatest political economic experts of all clip * Neither to the full finished the occupation alone|

II. Self. Special. and Public Interests

* Although “laissez faire” is frequently linked with Smith. this phrase does NOT look in Smith’s work at all * Smith warned that in prosecuting their opportunisms. capitalists tend to fall in in powerful special-interest groups at disbursal of public involvement * Capitalists advocator policies that they claim good for the full state. but in fact are good merely for themselves * Three mechanisms that together work together to counter the political uses of the particular involvements * Self subject. the competitory market and a system of justness * Smith’s two books paint radically different images of human nature: one based on understanding and societal resp. . and the other based on self-interest and greed III. Stagnation. Policy Ruts and Free Trade

* In eighteenth century. mercantilists ( emphasis on foreign trade ) peculiarly outraged Smith * They thought a state could merely thrive at the disbursal of another states ( positive balance of trade ) * High duties on imports and subsidies for exports

* Mercantilism was utile during 15th and 16th centuries during Middle Ages. but in eighteenth century it was merely a screen for particular involvement * Their policies put the state’s power at the disposal of merchandisers. makers and landlords * Smith believed that public policies should take to maximise the public assistance of consumers mercantilists were unsound because they promoted the particular involvements of manufacturers at disbursal of public * All barriers to free trade ( duties. subsidies etc ) cut down fight * The bigger the market. the greater the prosperity! * Increased competition = increased invention = more choice * The Japanese. believed to be thriving at US’s disbursal. are easy abandoning many of their mercantilist policies * More consumer–oriented society. more imports and exports * The fright of stagnancy and fright of being left buttocks are forcing authoritiess to abandon mercantilist policies and alternatively encompassing Smith’s thoughts

IV. On ‘Imperial Overstretch’
* The American Revolution was a atrocious incubus for the mercantilists while Britain’s colonial policy was a worse nightmare * Very dearly-won. without being likely to convey any net income ; manufacturers benefitted while consumers suffered * Smith suggested Britain to liberate the American settlements

* Save disbursal and promote capital to flux in with increased trade * Soviet Union is heading for a autumn
* With 40 million more people. the Soviet economic system is less than half of American’s ( stopped turning in early 1980s ) * Spent a batch of money on defence and war activities

V. The Original Optimist
* 15 old ages after Smith’s decease. William Playfair published a book about the lucks of assorted imperiums in history * stressed “interior causes” instead than imperial overextension as chief cause of diminution * comfortable states die off because many of the indispensable stipulations for prosperity are hard to prolong is flush env. * Rising wealth produces progressively unequal division of belongings * Debt was the chief beginning of pessimism during eighteenth century ; people were afraid of state crashing * However Smith believed that even the government’s mistakes are non plenty to keep advancement wholly * He was right: Britain was on brink of Industrial Revolution * LET THE MARKET WORK

VI. The Political Mystery
* Smith believed that a capitalist economic system would proper’s “in malice of the extravagancy of authorities. and the greatest mistakes in admin” * He acknowledged that it is alright to temporarily to go against cardinal market rules in order to accomplish a public aim that the market could non make on its ain * Government is critical

* Special-interest groups invariably push for some political advantage * Smith was unable to:
* Design a political system that would incorporate size of authorities and bound its engagement in economic system * Ensure that money does non pervert the authorities

Sept. 21: Presentation to Martin
Main Focus STERN DIAMOND MODEL
Theoretical Models

* Better determination doing depends on the framing of the jobs and solutions ( what variables to include. which premises to take and what forms are relevant )

The Diamond Model of Sustainable Growth
* Economic Growth attained by interaction of 4 variables

1. Public Policy Systems
a. Strong political foundation economic growing and activity B. Government – efficaciously govern. maintain order. citizens have: “impartial regulation of law” . equal chance ( to guarantee long term stableness ) c. Government – makes proviso through just revenue enhancement defence. instruction and substructure

2. An Effective Financial System
d. Effective fiscal system provides EFFICIENT ECONOMIC EXCHANGE e. Financial Institutions: Promote fiscal activity through financial and pecuniary policy

3. Vibrant Entrepreneurship
f. Entrepreneurs disrupt economic position quo – introduce new merchandises or services / unfastened new markets / create new combinations of land. labour. capital

4. Sophisticated Managerial Capabilities and Large houses g. Large houses evolve
h. Professional direction arises due to increased complexness of big houses i. Recognized advantages of economic systems of graduated table and economic systems of range I. Economies of graduated table – reduced unit costs of production two. Economies of Scope – costs of minutess are reduced through coordination of related activities iii. Increased efficiency Reduces costs enriches society Society’s wealth additions iv. More capital available – to put in new undertakings – provenders rhythm of growing and increased wealth

Managerial corporations need educated trained in specialised accomplishments human resources human resources come from gov’t investing in instruction The Role Of Public Policy in Canada
* Foreign public policies – profound consequence on Canadian Business

Book Structure ( Major alterations in Canadian Business over the past century ) * Part 1: Puting the Foundations ( mid nineteenth century – early twentieth century )

* Part 2: Wars. Depressions and Dynamic Growth ( early twentieth century – mid twentieth century )

* Part 3: The great old ages ( mid 20th – 1980 )

* Part 4: The Challenging Years ( 1980 – early twenty-first century )