Management can improve their planning application utilizing a bottom up approach or self managed teams. Increased communication to formulate a vision to permit every employee to be a part of a participatory approach.

7. Give examples you have seen of firms that are outstanding and weak on each of the four pillars of competitive advantage. Whydo you choose the firms you do? The four pillars of competitive advantage are cost, quality, speed, and innovation; and students should be able to identify firms that are strong and weak in each of the areas. It is important that students recognize that firms often succeed by offering a combination of these pillars of competitive advantage. For example, a man can buy a suit off the peg at a local store at a very reasonable price. Its quality, however, may not be outstanding. By contrast, there are tailors in each of the major cities that offer top quality products but at a very high price, and it may take them weeks to complete a single suit. In Hong Kong, by contrast, you can have a suit made overnight. The quality can be quite good, and the price can be quite high. To a large degree, however, they are competing on the basis of speed.

Students select or choose the firms based on their exposure, experience, or insight they may have in the firms operation. Student's culture and value systems will differentiate thus highlighting different frames of reference.

########## 8. Describe your use of the four management functions in the management of your daily life.

Most students are aware of the importance of planning in managing their daily lives, particularly if students are attending school, working full-or part-time and involved in home and community activities. Planning allows students to analyze their different roles (such as student, co-worker, parent, etc.) and set goals and prioritize their daily activities. Students will also often find themselves organizing the activities of others both at home and at school, such as fellow students, co-workers, service personnel and family members. Many students will also play a role in leading and motivating others. They may have taken the lead on a group project, volunteered to coach soccer or have been selected to chair a committee. In terms of controlling, students are likely to review plans and schedules for various projects and assignments, and balancing recreational activities with their studies. In addition, many students review their long-term goals, such as earning a degree or learning to speak Spanish.

########## 9. Discuss the importance of technical, conceptual, and interpersonal skills at school and in jobs you have held.

At school, students have to be able to handle the technical aspects of each course - a break-even analysis in marketing, a cash flow problem in finance, a linear programming problem in operations research, etc. However, they do not go through the program in a vacuum. They also have to have the interpersonal and communicational skills that allow them to work with other members of a team or group. Being able to communicate effectively with the instructor is another key still that they have to master. Conceptual skills are vitally important to top management because they must make decisions that will impact the whole organization. Exactly the same skills are needed when working in a business or organization. Working at the local McDonalds's requires that students be able to technically handle the day-to-day tasks. Furthermore, they have to be able to interact and communicate with not only their peers and the manager but also the customers. The reputation of the franchise is, in large part, dependent on the image they (and others) project to customers.