Notes on Shipping Management for marine students.pptx

Notes on Shipping Management for marine students

1. A Mission Statement is a definition of the company's business, who it serves, what it does, its objectives, and its approach to reaching those objectives. A Vision Statement is a description of the desired future state of the company. An effective vision inspires the team, showing them how success will look and feel. What Are Purpose, Mission, and Vision Statements? Purpose, Mission, and Vision Statements explain why a company exists, how it plans to achieve its goals, and what the business will ultimately achieve. A Purpose Statement is an explanation of the company’s motivations and reasons for being, and why it works the way it does. They are used internally to: Guide management’s thinking on strategic issues, especially during times of significant change Help define performance standards Inspire employees to work more productively by providing focus and common goals Guide employee decision making Help establish a framework for ethical behavior They are used externally to: Enlist external support Create closer linkages and better communication with customers, suppliers, and alliance partners Serve as a public relations tool

2. How Are Purpose, Mission, and Vision Statements Implemented? Typically, senior leaders will write the company’s Purpose, Mission, and Vision Statements with inputs from the broader organization. The development process usually begins by clarifying the purpose, then defining the mission, and then painting the vision. This requires leaders to: Clearly identify the corporate culture, values, strategy, and view of the future by interviewing employees, suppliers, and customers Address the commitment the firm has to its key stakeholders, including customers, employees, shareholders, and communities Ensure that the objectives are measurable, the approach is actionable, and the vision is achievable Communicate the message in clear, simple, and precise language Develop buy-in and support throughout the organization

3. What is the rational model of decision-making? The rational model of decision-making uses logical steps to select the best possible solution. It involves analyzing multiple alternatives and using credible data or facts to choose among options. Rational decision-making is a precise process that many teams use when they have time to research solutions and discuss possible outcomes. Its purpose is to maximize the benefits and minimize the costs of decisions by being objective. How to implement the rational model of decision-making Follow these steps to use the rational model of decision-making at work: 1. Define the problem Start by identifying the issue and understanding why making a decision is important. Describing the problem can also help you determine your desired outcome. Ensure your definition is clear because it can impact other steps in the rational decision-making model. 2. Identify the decision criteria Next, determine relevant information related to your goal or challenge. Completing this step typically requires research and reflection and a firm understanding of how to write and determine decision criteria. The criteria you choose should be composed of variables that can impact the decision's outcome and often depend on your core values.

4. 3. Assign weights to the criteria Next, rank your decision criteria based on factors that are more important to decision-making. To complete this stage, you typically need analytical and critical thinking skills. While analytical thinking involves analyzing a problem and finding a solution, critical thinking involves applying reasoning to reach a conclusion. 4. Create a list of options and order them Next, outline potential solutions to the challenge you want to overcome. When developing alternatives, aim to provide evidence on why they can help reach your goal or overcome your obstacle. Completing this step often requires creative thinking and research skills to identify feasible solutions. 5. Choose the best option and finalize your decision Take enough time to evaluate your options and how they can affect your success. Reflecting on alternative solutions ensures you make the correct decision. Once you're confident of the preferred strategy or solution, commit to implementing it. Here are essential points to note when implementing the rational decision-making model: Ensure you can identify all relevant criteria and alternatives for the decision you want to make. Check that you can order the decision criteria and alternatives you develop. Check that the decision criteria and the importance assigned to each factor remain the same over time. Verify the time available to decide between alternatives and ensure no constraints can limit your choices. Ensure the strategy you choose can provide the highest value.

5. What are the common types of organizational structures? Functional structure Divisional structure Matrix structure Team structure Network structure Hierarchical structure Flat organization structure