Examples of predictive modeling in the following topics:
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- Internal measures such as projections, simulations, and predictive modeling or the use of pay grades use an organization's needs to assess the relative value of tasks within it.
- Internal measures are also available in most cases, and include the use of analytic techniques such as projections, simulations, and predictive modeling in the pay decision-making process.
- Using a pay grade system has its own risks that should be backed by strongly predictive internal measures because 0nce pay grades are in place, the cost of changing and updating them is significant.
- Projections, simulations, and predictive modeling assist in counteracting these issues, as they make use of an organization's own internal data to ensure that assessments of value and need are accurate.
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- Critics of the rational model argue that it makes unrealistic assumptions in order to simplify possible choices and predictions.
- Critics of rational choice theory—or the rational model of decision-making—claim that this model makes unrealistic and over-simplified assumptions.
- Their objections to the rational model include:
- More complex models rely on probability in order to describe outcomes rather than the assumption that a person will always know all outcomes.
- Summarize the inherent flaws and arguments against the rational model of decision-making within a business context
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- Predictive analytics encompass a variety of statistical techniques (such as modeling, machine learning, and data mining) that analyze current and historical facts to make estimates about future events.
- Models capture relationships among many factors, allowing an assessment of risk or potential associated with a particular set of conditions.
- Predictive analytics help decision makers to predict the outcome(s) of a decision before it is implemented.
- Predictive analytics are particularly useful when there is a high degree of uncertainty.
- Descriptive and predictive analytics have increased greatly in popularity due to advances in computing technology, techniques for data analysis, and mathematical modeling.
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- According to Porter, the Five Forces model is best used at the broader level of an entire industry.
- Porters model is inherently static, representing only aspects of the present day (and perhaps those that are easily predicted within the short term).
- It has been noted that conclusions from the Five Forces model are highly debatable.
- This is deliberate, as models are designed to spark discussion and underline key concerns.
- However, false conclusions can be reached when models are taken as certain.
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- Modern organizational studies attempt to understand and model these factors.
- Organizational studies seek to control, predict, and explain.
- Diagram of Schein's organizational behavior model, which depicts the three central components of an organization's culture: artifacts (visual symbols such as office dress code), values (company goals and standards), and assumptions (implicit, unacknowledged standards or biases).
- Define organizational behavior and the way in which computer modeling and systematic frameworks enable further study
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- One prominent researcher in trait theory, Stephen Zaccaro, proposes a number of models that show the interplay of the environmental and personality characteristics that make a good leader.
- These models rests on two basic premises about leadership traits.
- In this multistage model, certain distal or remote attributes (such as personal attributes, cognitive abilities, and motives/values) serve as precursors for the development of personal characteristics that more directly shape a leader.
- Some of the inherent leadership traits in Zaccaro's model include extroversion, agreeableness, conscientiousness, openness, neuroticism, honesty/integrity, charisma, intelligence, creativity, achievement motivation, need for power, oral/written communication, interpersonal skills, general problem-solving, decision making, technical knowledge, and management skills.
- Summarize the key characteristics and traits that are predictive of strong leadership capacity
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- While there is no single "type" of organizational culture, some common models provide a useful framework for managers.
- We will briefly discuss the details of three influential models on organizational cultures.
- While there are several types of cultural and organizational theory models, Hofstede's cultural dimensions theory is one of the most cited and referenced.
- Edgar Schein's model underlines three types of culture within an organization, which, as a simpler model than Hofstede's, is somewhat more generalized.
- Role culture: Structure is defined and operations are predictable.
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- Experts have proposed several theories, including the trait, behavioral, contingency, and full-range models of leadership.
- As such, the theory predicts that effective leaders are those whose personal traits match the needs of the situation in which they find themselves.
- Fiedler's contingency model of leadership focuses on the interaction of leadership style and the situation (later called situational control).
- Idealized influence: the degree to which the leader provides a role model for high ethical behavior, instills pride, and gains respect and trust
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- Other experts discuss the distinctions between managers and leaders, while others address the personality and cognitive factors most likely to predict a successful leader.
- Abraham Lincoln is considered a model of leadership.
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- While many management models pertaining to strategy derivation are in use, most general frameworks include five steps embedded in two general stages:
- Goal Setting – With the defined strategy in mind, management identifies and communicates goals and objectives that correlate to the predicted outcomes, strengths, and opportunities.
- The above model is a summary of what is involved in each of the five steps of management: 1. analysis (internal and external), 2. strategy formation (diagnosis and decision-making), 3. goal setting (objectives and measurement), 4. structure (leadership and initiatives), and 5. control and feedback (budgets and incentives).