How do our choices make a difference? What course of action would result in the most favourable outcome? Where to focus efforts in order to generate maximum attention, interest, or income? We face such elementary yet essential challenges regularly, and a myriad of assessments as well as practical challenges over the course of our management degree has furthered my understanding about the practical application of managerial practices. In order to better understand the practices that determine our success as a manager, we were presented with components in the course that shaped my understanding of the history and origins of the modern economic system based on capitalist paradigms that we inevitably have to engage with. A module dedicated to human
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employees or organisational structure) and external (see appendix A) challenges faced by an organisation that could potentially dismantle the operating environment which these enterprises function within. These issues that we learn about, and the company profiles that were presented gave us an insight into some of the biggest macro challenges present in the world’s economy. These conglomerates are potentially disastrous macro-economic structures who have attained a status where it is necessary to be educated about them and understand how a seemingly unrelated event may have a profound impact on another. China’s shift in financial policy of moving away from manufacturing to services industry has resulted in heavy losses for Glencore. This seemingly unrelated change of direction by the managers of one economic entity (a nation-state in this case) could contribute to the demise of the largest commodity trader in the world, potentially resulting into similar economic patterns like that of events following the collapse of Lehman Brothers, Bear Sterns and AIG. The course has covered important fiscal events such as the financial crisis of 2007-08 and the corporate fraud of Enron, which is necessary in building a profound understanding of the history and origins of the economic system. We learn a lot from historical accounts in management, specially as decisions that require urgency do not allow a manager to compile, evaluate, and make a decision based on optimal knowledge and resources available. The academic discipline of management has allowed me (or anyone in a role of oversight) to form an intelligence based on rationality found in the assumptions of natural and traditional management science (Clegg and Ross-Smith, 2003). Behavioural decision making helped formulate an understanding of the psychology behind a manager’s choices, which encouraged me to introspect and better understand my own decision making
employees or organisational structure) and external (see appendix A) challenges faced by an organisation that could potentially dismantle the operating environment which these enterprises function within. These issues that we learn about, and the company profiles that were presented gave us an insight into some of the biggest macro challenges present in the world’s economy. These conglomerates are potentially disastrous macro-economic structures who have attained a status where it is necessary to be educated about them and understand how a seemingly unrelated event may have a profound impact on another. China’s shift in financial policy of moving away from manufacturing to services industry has resulted in heavy losses for Glencore. This seemingly unrelated change of direction by the managers of one economic entity (a nation-state in this case) could contribute to the demise of the largest commodity trader in the world, potentially resulting into similar economic patterns like that of events following the collapse of Lehman Brothers, Bear Sterns and AIG. The course has covered important fiscal events such as the financial crisis of 2007-08 and the corporate fraud of Enron, which is necessary in building a profound understanding of the history and origins of the economic system. We learn a lot from historical accounts in management, specially as decisions that require urgency do not allow a manager to compile, evaluate, and make a decision based on optimal knowledge and resources available. The academic discipline of management has allowed me (or anyone in a role of oversight) to form an intelligence based on rationality found in the assumptions of natural and traditional management science (Clegg and Ross-Smith, 2003). Behavioural decision making helped formulate an understanding of the psychology behind a manager’s choices, which encouraged me to introspect and better understand my own decision making