1 1 Management Today Flashcards
What is management?
The planning, organizing, leading and controlling of human and other resources to achieve organizational goals efficiently and effectively
What is an organization?
Collections of people who work together and coordinate their actions to achieve a wide variety of goals and desired future outcomes
What is organizational performance?
It’s a measure of how efficiently and effectively managers use available resources to satisfy customers and achieve organizational goals
Efficiency
A measure of how productively resources are used to achieve goals
Effectiveness
A measure of the appropriateness of the goals an organization is pursuing and of the degree to which the organization achieves those goals
Effective manager
Chooses the right organizational goals and have the skills to utilize resources efficiently
Why study management?
1 Is of central importance to understanding how society creates wealth and affluence for its citizens
2 Understand mgr and coworkers, solve confluct, achieve goals and increase perfirmance
3 Well paid, interesting and satisfying career
Essential mgr tasks
Planning
Organizing
Leading
Controlling
planning
Choise appropiate goals and courses of action to achieve them
Organizing
establish tasks and authority relationships that allow people to work together to achieve org goals
Leading
Motivate, coordinate and energize individuals and groups to work together and achieve org goals
Controlling
establish accurate measuring and monitoring systems to evaluate how well the company has achieved those goals
Henri Fayol book
General and Industrial managment
3 steps in planning
1 Choose goals
2 Decide strategy to pursue those goals
3 Decide how to allocate resources to pursue strategies
Strategy
Cluster of decisions about what goals to purse, which actions to take and how to use resources to achieve goals
Organizing
Structuring working relationships so org members work together to achieve org goals. Ex department job specidic tasks
Organizational structure
formal system of task and reporting relationships that coordinates and motivates members to work together to achieve goals
Leading
Articulate clear vision and energizing and enabling org members so they understand their part in org goals.
leadership
mgrs using power, personality, influence, persuasion and communication skills to coordinate groups so efforts are in harmony
controlling
evaluating how well an org is achieving its goals and taking action to maintain or improve performance
department
Group of people who work together and possess similar skills, knowledge, tooks or techniques to perfirm their jobs
3 levels of managers
First line
middle
top
first line managers
responsible of daily supervision of noanagerial employeed
middle managers
Supervises first line managers and responsible for finding the best way to use resources to achieve organizational roles. Major part of their role develope, fine tune skills and know how
top manager
establishes org goals, decides how departments should interact, and monitors perfirmance of middle managers. responsible fir sucess and failure of an org.
3 kinds of managerial skills
conceptual
human
technical
job specific
Conceptual skills
ability to analyze and diagnose a situation and to distinguish between cause and effect
Human skills
The ability to understand alter, lead, and control the behavior of other individuals and groups
Technical skills
The job specific knowledge and techniques required to perform an organizational role
Core competency
The specific set of departmentsl skills, knowledge, and experience that allows one organization to outperform another. It gives a competitive advantage.
Recent changes in management
Two mayor factors are global competition and advanced in new information technology
Restructuring
Downsizing an organization by eliminating jobs
Outsourcing
Contracting with another company to have it perform an activity the org performed itself
Empowerment
The expansion of employee’s knowledge tasks, and decision making responsibilities.
Self managed teams
Group of employees who assume responsibility for organizinf, controlling, and supervising their owb activities and monitoring the quality of the goods and services they provide
5 major challenges for mgrs in today’s world
Building a competitive advantage Maintaining ethical standards managing a dicerse workforce Utilizing new IT & technologies Practicong global crisis management
Competitive advantage
Ability of one org to outperform other org because it produces desired goods or services more efficiently and effectively than they do
4 building blocks of competitive advantage
efficiency
quality
speed, flexibility and innovation
responsivrness to customers
agile competitor
Companies that have speed and flexibility. Their managers have superior planning and organizing speeds
Innovation
Process of creating new or improved goods and services or developing better wats to produce or provide them
One of the most difficult managerial tasks
Manage innovation and work setting that encourages risk taking
Turnaround management
The creation of a new vision for a struggling company based on a new approach to planning and organizing to make better use of a company’s resources to allow it to survive and prosper
Maintaining ethical and social responsible standards
Biz pressure may push mgrs to cross the line putting the company at risk
Diverse workforce
Helps promote performance in the long run. Gets diversity of ideas and improves decision making
IT & eCommerce
Provides employees and self managed teams access to information and allows virtual interaction globally. Global coordination improves quality and increases pace of innovation
3 causes of global crisis
Natural causes
Man made
Geopolitical conflicts and terrorism
Man made global crises
Global warming, pollution, natural habitat destruction
4 important mgr actions during crises
1 create teams for rapid decision making and communications
2 estanlish chain of command and reporting relatoons for fast response
3 Right recruting for these type of teams
4 negotiation strategies when conflucting interests arise
