TMF Workshop Session 3 1Nov-27-2012

TMF Workshop Session 3 2Nov-27-2012

TMF Workshop Session 3 3Nov-27-2012

By “uncertain” knowledge … I do not mean merely to distinguish what is known for certain from what is only probable. The game of roulette is not subject, in this sense, to uncertainty … The sense in which I am using the term is that in which the prospect of a European war is uncertain, or the price of copper and the rate of interest twenty years hence, or the obsolescence of a new invention … About these matters there is no scientific basis on which to form any calculable probability whatever. We simply do not know!— John Maynard Keynes, The General Theory of Employment, Interest and Money

TMF Workshop Session 3 4Nov-27-2012

knowledge-absence

consultingtools

academictools

roll yourown rhetorical

practices

TMFindividuals with rationalityand imagination

arc of the argument

TMF Workshop Session 3 5

consultants’ tools

• SWOT• BCG• 5-forces• Bartlett & Ghoshal

Nov-27-2012

ISM 621 STMT Day 2 Review 65-Oct-2012

ISM 621 STMT Day 2 Review 75-Oct-2012

TMF Workshop Session 3 8

into the black box• descriptions of firms - explanations of their parts and forces• resource bundle - or people• value chain - PAT - TCE - PRT, etc.

• Penrose & switch from market-defined resources to knowledge

• RBV, DCs, evolutionary theory, s-a-p

disaggregate ‘gross’ managerial judgmentsparts, relations, & forces‘rational man’ failures - non-market relationsdiscovering different modes of managerial judgment

Nov-27-2012

TMF Workshop Session 3 9

value chain & team production

• boundaries• decomposability• modularization• technology• resource management• team production• residuals & property

rights

Nov-27-2012

TMF Workshop Session 3 10

resource-mgt or person-mgt

• populate work roles• person = knowledge (K)• K-asymmetry• principal-agent theory

(PAT)• time & learning - ΔK• non-contract (command)

relation mode

Nov-27-2012

TMF Workshop Session 3 11

TCE• “make or buy” -

transaction

• market transaction• non-command• incomplete

contracts• opportunism• asset specificity• governance• property rights &

ownership

Nov-27-2012

TMF Workshop Session 3 12

judgment - governance of parts

Nov-27-2012

resource or knowledge ?coercion, calculation, culture

PATCoase - supersession & subordinationfirm is not a marketlanguage & rhetoric

TCEincomplete contractopportunismproperty rights

system