The Business Professor
Social Capital
What is Social Capital? Social capital is "the networks of relationships among people who live and work in a particular society, enabling that society to function effectively".
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Six Hats Approach
What is the Six Hats Appraoch? "Six Thinking Hats" is a way of investigating an issue from a variety of perspectives, but in a clear, conflict-free way. It can be used by individuals or groups to move outside habitual ways of thinking,...
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Shipping and Logistics Functions
What are Shipping and Logistics Functions? Shipping is the act of physically transporting goods or materials between locations. Logistics, on the other hand, is the process of managing an intricate operation. Logistics is used in a vast...
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Resistance to Change (Organization)
What is Resistance to Change in an Organization? What Is Resistance to Change? Resistance to change is the reluctance of people to adapt to change. Employees can be overt or covert about their unwillingness to adapt to organizational...
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Quality Management
What is Quality Management? Quality management ensures that an organization, product or service consistently functions well. It has four main components: quality planning, quality assurance, quality control and quality improvement....
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Prospect Theory
What is Prospect Theory? The prospect theory says that investors value gains and losses differently, placing more weight on perceived gains versus perceived losses.
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Service Management
What is Service Management? Service management is a management discipline aimed at providing quality services that customers will value, buy and use.
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Sensemaking Theory
What is Sensemaking Theory? Sensemaking or sense-making is the process by which people give meaning to their collective experiences. It has been defined as "the ongoing retrospective development of plausible images that rationalize what...
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SECI Model
What is the SECI Model? The SECI model of knowledge dimensions is a model of knowledge creation that explains how tacit and explicit knowledge are converted into organizational knowledge. The aim is to change the explicit knowledge of...
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Schwartz Theory of Basic Values
What is the Schwartz Theory of Basic Values? The recent theory concerns the basic values that people in all cultures recognize. It identifies ten motivationally distinct types of values and specifies the dynamic relations among them.
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Satisficing
What is Satisficing? Satisficing is a decision-making strategy or cognitive heuristic that entails searching through the available alternatives until an acceptability threshold is met.
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Safety Management
What is Safety Management? A safety management system is designed to manage safety risk in the workplace, occupational safety being defined as the reduction of risk to a level that is as low as is reasonably practicable to prevent people...
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Rokeach Value Survey
What is the Rokeach Value Survey? The Rokeach Value Survey is a values classification instrument. Developed by social psychologist Milton Rokeach, the instrument is designed for rank-order scaling of 36 values.
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Understanding Risk Management: Identifying, Mitigating, and Monitoring Risks
The video provides an overview of risk management. It emphasizes the importance of focusing on identifying risks and coming up with ways to either avoid or tolerate them if they are unavoidable.
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Regret Theory
What is the Regret Theory? In decision theory, on making decisions under uncertainty—should information about the best course of action arrive after taking a fixed decision—the human emotional response of regret is often experienced, and...
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Ratselvermehrung
What is Ratselvermehrung? Rätselvermehrung is an alternative creativity tool based on combining problems of different sorts to find solutions in an indirect way.
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RASCI or RASIC Model - Explained
What is the RASCI or RASIC Model? RASCI is a matrix (i.e. chart, model or framework) that is used to help identify all the roles and responsibilities of each stakeholder on a project. It clearly defines who is working on a specific...
The Business Professor
Quality Circles - Process Management
What are Quality Circles in Process Management? A quality circle is a group of employees who work in the same position or department and meet to discuss, analyze and find solutions for problems related to improving work performance.
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Punctuated Equilibrium Model
What is the Punctuated Equilibrium Model? “Punctuated equilibrium is the idea that evolution occurs in spurts instead of following the slow, but steady path that Darwin suggested. Long periods of stasis with little activity in terms of...
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Project Management
What is Project Management? Project management is the process of leading the work of a team to achieve all project goals within the given constraints. This information is usually described in project documentation, created at the...
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Programmed and Unprogrammed Decisions
What is a Programmed Decision? What is an Unprogrammed Decision? Because managers have limited time and must use that time wisely to be effective, it is important for them to distinguish between decisions that can have structure and...
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Program Management Maturity Model
What is the Program Management Maturity Model? A project management maturity model (commonly shortened to PMMM) is a matrix that illustrates how a company's project management process evolves over time. Just as a company changes as it...
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PRIMO - F Model
What is the PRIMO - F Model? The model is an acronym of: People, Resources, Innovation & Ideas, Marketing, Operations, & Finance. PRIMO-F is a valuable strategic tool that allows a detailed analysis of business performance in three key...
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Pondy's Model of Organizational Conflict
What is Pondy's Model of Organizational Conflict? Pondy's model of organizational conflict was formulated in 1967, defining the conflict process as a dynamic among individuals, and is made up of five stages of conflict: latent stage,...