In the case study at the end of Chapter 20, Global Insurance is a company that offers disability insurance. Its major problem is that it does not process policies very quickly, largely because it is not computerized and the process is not linked electronically. The CEO wishes to innovate and to change organizational architecture to computerize and link all phases of the application process. What aspects of leadership need to be emphasized during this difficult transition at Global?
What will be an ideal response?
Leadership should focus on marketing the proposed change in the architecture to key individuals. The IT department is more likely to favor the proposal while other departments may be less enthusiastic in accepting the change. Groups likely to favor the status quo will need to be dealt with carefully in order to earn their support and cooperation. Rewards could be offered to these groups-perhaps as part of the new architecture-to allow them to benefit from the proposed changes. It might help to emphasize that the change is needed to keep the company competitive (crisis management) as other companies switch to this type of case management.
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Use the following table for a certain product's market in Marketopia to answer the next question.Quantity Demanded DomesticallyPriceQuantity Supplied Domestically1,400$102,2001,60092,0001,80081,8002,00071,6002,20061,4002,40051,200If the world price for this product is $6, then Marketopia would import
A. 800 units and domestic producers would supply 2,200 units. B. 800 units and domestic producers would supply 1,400 units. C. 400 units and domestic producers would supply 1,400 units. D. 400 units and domestic producers would supply 2,200 units.
For a monopolist with a downward-sloping demand curve, the quantity effect dominates the price effect at:
A. low levels of production. B.high levels of production. C. levels at which elasticity is unit-elastic. D. all levels of production.
Which of the following statements is true?
A) If the domestic price of a good in a country is higher than the world price, the country will become an exporter of the good. B) Whether a country becomes an importer or an exporter of a good depends only on the domestic price of the good and is independent of the world price of the good. C) If the domestic price of a good in a country is higher than the world price, the country will become an importer of the good. D) Whether a country becomes an importer or an exporter of a good depends only on the world price of the good and is independent of the domestic price of the good.
In August 1988, the Los Angeles Kings hired Wayne Gretzky for $15 million in cash. The hockey team’s decision must have been based on the expectation that
A. Gretzky’s opportunity cost will exceed $15 million. B. Gretzky’s marginal revenue product will equal or exceed $15 million. C. the team’s total revenue will equal $15 million. D. Gretzky’s marginal revenue product will rise in the long run.