"Why New Products Fail" by Ali Haider

Yesterday, I have read about an article about the reasons of failure of new products and their solution. So, I want to share this example with class. May be it would be helpful to clear the ideas.
Scenario: "Yo! We'll introduce our product with a Bang! We'll splatter it across metropolitan newspapers. Billions! Give me a high-five!"
Usually, conventional entrepreneurs are over confident and therefore, they over estimate the market conditions
It goes through a similar cycle:
Yo, I'm gonna build the next billion-dollar widget. Yay!
Entrepreneur builds product.
Sells widgets.
Eventually, When they sell their product because of unforeseen problems, 90% of buyers start calling and complaining. "You people suck," they scream. Business's cash flow starts draining. In short, business shuts down.

Overcome the Complicated LTP

I have found it very difficult task to decide my career. I realized this difficulty, when Mr. Mannan assigned us to write "Life Thinking Paper". So, to overcome this trouble, I googled about career decision making and found a very useful article about it which helped me very much to write an realistic mission statement also.

So, I want to share this useful instructions with my all class fellows. I hope, it will make your LTP less complicated.

Introduction

Effective career decision-making requires a lot of work and energy, but is necessary to maximize the likelihood of being satisfied with your career (or college major) choice. People tend to spend a lot of time deciding where they will live, what car they will buy, or where they will vacation but spend less time on determining what career best fits them in terms of their values, interests, personality, and skills. Thus, this segment will seek to assist you in identifying what questions you need to ask yourself (and others), as well as where to go to learn more about particular careers or college majors.

WHAT CAREER IS BEST FOR ME?

There are several variables that influence how satisfied you will be in a particular career (VIPS):

1. VALUES – What needs do you want your career to meet? What needs must it meet? Thus, how important is power, security, service to others, socializing, interest, creativity, adventure, opportunities for advancement? Do you want to work with your hands or your mind? Do you want to work alone or with others? Do you want to have the authority to influence and persuade others? Do you like routine work or prefer a variety of tasks? Do you need flexibility in your work schedule or are you okay with regular hours? Try to identify your most important and least important values. How can they be met by the career(s) you are currently considering?
2. INTERESTS – What do you like to do? What are your hobbies? What do you like to read about, or talk about with others? Do you like machines, tools, science, theories, data, self-expression, art appreciation, people, human welfare, business, politics, leadership, organization, data, finance?
3. PERSONALITY – What words describe you? Do you prefer to spend time with others or by yourself? Do you prefer making decisions after gathering lots of information and facts, or do you prefer to rely on your own internal processes and evaluations? Do you like to fix things, teach, create, organize, persuade, or investigate?
4. SKILLS – What are you great at? Good at? Okay at? Not so good at? How is your physical coordination, math, writing, analysis, creativity, listening, understanding, verbal ability, ability to motivate and direct others, record keeping, and attention to detail?

Sometimes it is difficult to determine/clarify these areas of information. Thus, you may benefit from talking with a counselor, friends/family members who know you well and who are open to you taking a "curious", exploratory approach to career/major decision-making. Also, counselors (i.e., at the Counseling Center, Peer Counselors, or Career Resource Center) can sometimes provide you with various self-report inventories that help you identify, organize, and evaluate your values, interests, personality, and skills.

Where to Learn More About Particular Careers/Majors

Once you have identified the aforementioned intrapersonal information (i.e., VIPS), it is important to begin gathering information about careers that you have an initial interest. Also, obtain information on those careers that you may not be interested in but do not know enough about before discarding them as a possibility. In other words, before deciding against a career, be sure you have (and can list) specific reasons why you would not pursue it other than relying on a "hunch" or "intuition" (or someone else’s opinion). Places or people who can assist you in this process include:

Campus Services

• Counseling Center
• Peer Counseling Program
• Career Resource Center
• Academic Advisors
• Instructors
• Teaching Assistants/Graduate Students

Community Services

• Public Libraries
• Search Engines on the Internet
• Career Planning Books
• Magazines (e.g., Newsweek, Time, Money, Working Woman, Business Week)
• Local Adult/Community Education Programs
• Community Colleges/Technical Institutes
• State Employment Service (look in phone book for "Employment Service")
• Your Own Employer
• Networking – e.g., Chamber of Commerce; the professional society in your area of interest; and/or those already working in your field of interest
• Internships – e.g., volunteer or intern at a place of interest

Summary

Career exploration can be a fun, exciting time. However, the extent of its helpfulness is limited by the amount of time, energy and thought you are able/willing to invest in it. There are a multitude of resources (i.e.,. on campus and in the community) that can assist you with identifying and meeting some of your career goals, but it is up to you to begin the process. Why not begin today?

Decisions Making: The Essence of Manager's Job

Decision
Making a choice from two or more alternatives.

The Decision-Making Process

1. Identifying a problem and decision criteria and allocating weights to the criteria.
2. Developing, analyzing, and selecting an alternative that can resolve the problem.
3. Implementing the selected alternative.
4. Evaluating the decision’s effectiveness.

Problems and Decisions

Chapter No.1 by Ali

Management

Efficiency

Getting the most output for the least inputs

Effectiveness

Attaining organizational goals

Manager

Someone who works with and through other people by coordinating in order to accomplish organizational goals.

First-line Managers

manage the work of non-managerial employees.

Middle Managers

Manage the work of first-line managers.

Top Managers

Are responsible for making organization-wide decisions.

Manager's Job

Functional Approach

• Planning
• Organizing
• Leading
• Controlling

Management Roles Approach

• Interpersonal roles
• Informational roles
• Decisional roles

Skills Approach

• Technical skills
• Human skills
• Conceptual skills

Orgnization

An arrangement of people to accomplish some specific purpose

EfficiencyGetting the most output for the least inputsEffectivenessAttaining organizational goalsManager
Someone who works with and through other people by coordinating in order to accomplish organizational goals.First-line Managersmanage the work of non-managerial employees.Middle ManagersManage the work of first-line managers.Top ManagersAre responsible for making organization-wide decisions.Manager's JobFunctional Approach
Planning
Organizing
Leading
Controlling
Management Roles Approach
Interpersonal roles
Informational roles
Decisional roles
Skills Approach
Technical skills
Human skills
Conceptual skills
OrgnizationAn arrangement of people to accomplish some specific purpose

CH # 7 Foundation of Planning

Planning
Defining the organization’s goals
Establishing an overall strategy for achieving those goals

Types of planning
Informal: not written down, short-term focus; specific to an organizational unit.
Formal: written, specific, and long-term focus, involves shared goals for the organization

Purposes of Planning
Provides direction
Reduces uncertainty
Minimizes waste and redundancy
Sets the standards for controlling

Types of Planning
Strategic Plans
Apply to the entire organization.
Establish the organization’s overall goals.
Seek to position the organization in terms of its environment.
Cover extended periods of time.
Operational Plans
Specify the details of how the overall goals are to be achieved.
Cover short time period

Steps in Goal Settings
Review the organization’s mission statement.
Do goals reflect the mission?
Evaluate available resources.
Are resources sufficient to accomplish the mission?
Determine goals individually or with others.
Are goals specific, measurable, and timely?
Write down the goals and communicate them.
Is everybody on the same page?
Review results and whether goals are being met.
What changes are needed in mission, resources, or goals?

Multiple choice questions

Q.1. Plans usually include:
a. resource allocation
b. schedules
c. actions to accomplish goals
d. All of above.

Q.2. Planning concerned with:
a. ends (what's to be done)
b. means (how to be done)
c. both ends & means
d. none of above.

Q.3. The purpose of planning:
a. to motivate the managers
b. to increase the efficiency
c. to minimize the wastes
d. purposeless

Q.4. The type(s) of Plans are:
a. one
b. two
c. three
d. four

Q.5. Features of Setrategic plans are that it:
a. apply the entire orgnaization
b. establish overall goal
c. seek to position the organization
d. all of above

Q.6. kinds of problems that managers face;
a. rational
b. structured, unstructured problems · How many steps are there in decisionmaking?
c. two
d. five
e. none of these

The new way of presentations has introduced in Class by Ali Haider

Sir has introduced more effective way of presentation in last class. In which presenters remained on the seat and sir asked question about their assign chapter. By this way, Sir is involving whole the class.but there is also drawbacks of this way of presentation.The main disadvantage is that it may reduce the level of confidence of student which is contineously increasing.