Organizations structure their policies, practices and culture based on their company’s strategic plan from top management. At Cintas, our corporate culture is the single most distinguishing factor between greatness and mediocrity. Our strategic planning begins at our corporate office. They decide where we are as an entire company and projects where we should be at the end of the fiscal year. Each individual Cintas location across the United States has goals and specific strategies that their location is trying to reach. Within each location, there are different departments. Each department is responsible for choosing specific strategies to help the location reach success, which will ultimately make the entire company successful. Evaluations…
More than 100 years ago Teva Pharmaceuticals opened their doors as a wholesale drug distributor in Jerusalem. Today they have become the world’s leading producer of generic pharmaceuticals. Revenue has grown from $91 million in 1985 to $8.5 billion in 2006. This growth has not been easy and derives from key strategic decisions made along the way in order to amass these huge dollars amounts. Teva’s mission is to play a leading role in the transformation of the healthcare system through the development, manufacture and marketing of generic pharmaceuticals. Teva’s organizational structure is a symbol of their fundamental business strategy, highlighting their global strength and pharmaceutical diversity. This allows them to continue to expand their core generic business across all geographies and leverage their global reach and scientific strength to develop new innovative products and technologies. Teva has picked an industry in which there will always be a need, medicine. However, it is their approach to prescription medicine that will decide the future of Teva.…
This is just one of the scenarios that an organization goes through. The organization makes decisions constantly, but prior to making those decisions, there are a lot of things to consider. This is where creative intelligence is extremely important, because it will have a huge influence on the decision making process. An organization has to tap into the creative intelligence of its personnel because that is where the creativity, innovation as well as other factors that will insure an organizations…
Excellent article on human behaviors, emotions, and decision-making skills. The article also shows how those processes affect outcomes. Although the article is about pharmacy scripts, the information is still pertinent to health…
Decision making can take time for some decisions to be made, others will take no time at all as we make them every day, unknown to us, every minute of every day we are making management decisions without knowing it.…
Since the beginning of 2010 to the end of 2015, Teck Resources stock price has dropped by over 85%. Teck resources is a publicly owned mining and energy company, founded in 1913 by James Hughes and Sandy McIntyre at Kirkland Lake Ontario. At this time it was called Teck-Hughes Gold Mines Limited until 1986 when its name was changed to Teck Resources. The Ceo and President of Teck Resources now is Donald R. Lindsay and the chairman is Norman B. Keevil. Their headquarters is now in Vancouver, British Columbia, Canada. Teck Resources is now Canada's largest diversified resource company. They produce 4 main products; Zinc, Steelmaking Coal, Energy, Copper. Teck resources main buyer is the Chinese government and they have spent over 1.75 billion…
4. If you were the director of R&D at a large pharmaceutical company, how might you apply the concept of “the innovation funnel?”…
The decision making process occurs daily throughout a person’s life without much forethought. Major decisions need a much more methodical approach to ensure that a problem or issue is addressed critically to achieve the best results while minimizing risk. To ensure that all aspects of the decision making process are addressed, the six stages of decision should be used which are identifying and diagnosing the problem, generating alternative solutions, evaluating alternatives, making the choice, implementing the decision, and evaluating the decision (Bateman, 2011). When all of these steps are applied correctly, the chances of obtaining favorable results are greatly increased.…
When making decision it is not like there is not things involved for one to draw to their decision, one might not realize that this is a process, and that it is done every day; several times a day. According to the text the definition of decision making “is the process of choosing a course of action to deal with a problem or opportunity”. This is used among teams or groups, as well as individuals and the process includes five steps; this is also known as the “rational decision model”. Teamwork is important for all work environments in order to be successful. When a group works together to make a decision it’s likely to not be a successful experience every time, but lessons can be learned from every decision made.…
Yamada reorganization of drug discovery at GlaxoSmithKline (GSK) following a merger to combat bureaucracy in decision making, approval, and authorization. This reorganization was necessary for the continued success of the company. Often the process for drug discovery and market is a slow and tedious process which can cost a company a lot in resources and financially. The smaller biotech companies are able to move quicker and push new drugs to market faster. The shift, Yamada thinks, will help produce an entrepreneurial environment akin to a smaller, biotechnology outfit. This reorganization placed nearly 2,000 research scientists into six centers of excellence in drug discovery (CEDD). Each CEDD focused on a small set of therapeutic areas and possessed decision rights over the progression of pharmaceutical compounds through the early stages of development. These groups managed the pipeline from Lead Optimization through Proof of Concept. Each CEDD had full control over its own budget which could be spent internally or externally to deliver their best possible pipeline. The goals in each of these moves was to drive accountability deeper into the organization, reduce central oversight as much as necessary and foster a “biotech-like” atmosphere in a very large bio/pharmaceutical company.…
State briefly and specifically whether the decision to a) proceed with the drug project or b) not to proceed with the drug development best fits with the company's…
It is very important to make decisions the right decisions quickly, and this usually requires critical thinking on the part of the decision maker (Abelson and Levi 1998; Carroll and Johnson 1990). Decisions can be very simple (deciding what you are going to eat for lunch today) or very complex (deciding where and how to build your house). Thus, how much time a person ends up making a decision depends on the complexity of the situation and the nature of the decision. For managers in an organization, some decisions can be very critical for the firm. It is important that managers take responsibility for their actions and learn to make the right decisions in the appropriate amount of time. Taking a long time to make a simple decision and making a complex decision quickly can both have drastic effects on the organization. This is…
Deutsche Allgemeinversicherung, the second largest insurance firm in Germany, had decided to adopt a new quality improvement initiative: PMV in order to maintain its prominent position due to the looming competition and increasingly customer demands.…
People should make decisions every day, some of those decisions are easy to make, while others are quite difficult to implement. An appropriately combined and organized decision-making process will help to control this issue and bring a positive outcome for those involved. The decision-making process may become challenging for people due to “the lack of structure and entail risk, uncertainly and conflict” (Bateman and Snell, 2012, p. 86). That is why people trying to make important personal or professional decisions should have an appropriate model to follow in order to avoid these challenges. Bateman and Snell identified six steps or stages of decision-making process which may be attached to any problem or decision. First, it is necessary to identify and analyze the problem.…
CASE STUDY 1 : DECISION MAKING PROCESSES AT STEEL INC. John Pieterson and Jack Gack are both employees at Steel Incorporated. The company counts more than 5,000 employees and has a presence in almost all European countries. Steel Inc. transforms bulk steel into smaller components, ready to be used in consumer products. Products range from toy parts to food cans. Like most steel companies, Steel Inc. is a traditional company characterized by a low level of flexibility and high levels of bureaucracy. The company has several branches and subsidiaries located all over Europe in order to stay close to its customers. The decision-making processes at Steel Inc. are crucial to the company’s operations. Once a customer (new or existing) approaches the firm, decision making has to happen at a quick pace. Obviously, decisions with regard to level of customization, speed of manufacturing, and prices determine which of the…