2: MA & Its Environment II Flashcards
What is a Manager?
An individual tasked with leading, planning, staffing, and organising an organisation/ part of an organisation
Types of Managers?
Examples; Senior Manager, Middle Manager, Line Manager = Levels
Examples; General Manager, Functional Manager, Staff Manager = Tasks
Managers Functions?
Identifying long term strategic objectives
Asking how to achieve them and through this short term goals and objectives are determined
Search for alternative course of actions to achieve objectives
Identifying potential opportunities and threats
Entering the new markets and introducing new product
Evaluating the alternatives
Use available info and all possible options are evaluated
Cost benefit analysis in the short and long term
Select the best alternative
This option produces the maximum benefits
Must satisfy the corporate objectives
Implement the decision
Selected alternative is implemented
Ending the planning phase
Plan is now a part of the budgeting process
Budgeting process let everyone know who plays what role and how performance will be measured
Compare actual and planned performance
Actual performance is measured
Then compared against planned performance
Reports are produced for managers
Feedback is collected
What is Leadership?
Occurs when 1 person influences others to do something of their volition instead of them being required to in fear of the consequences of non compliance
Focuses more on people than task = looks outward
Requires ability to motivate and inspire
Independent vision
What is Management?
Requires a wider range of skills
Focuses and responsible for task and people = looks inward
Needs to work within organisational objectives
Theory X
Douglas McGregor (1959)
The average person dislikes and wants to avoid work
Most people must be coerced into work
Average person prefers to be directed and avoid responsibilities
Lacks ambition, wants security above all
Leads to an AUTOCRATIC LEADERSHIP STYLE
Autocratic = Power with 1 person
1 person controls all managerial decisions without consulting subordinates
They are task orientation, high control and centralisation of power and LOW autonomy
Low autonomy = heavy reliance on human intervention and are largely manual and require human input for tasks like decision making
Theory Y
Douglas McGregor (1959)
Work is as natural as play or rest
If committed most people will give their best without coercion
Average person enjoys responsibilities
Imagination and creativity are widely distributed in the population
Leads to a DEMOCRATIC LEADERSHIP STYLE
Democratic = Power with group
There is a considerable amount of participation of employees in the decision making and opinions of the subordinates are valued
They are relation orientation, low control and decentralised power and HIGH autonomy
High autonomy = heavily reliance through the use of AI, machine learning and robotic process
Corporate Social Responsibilty
The continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as the local community and society at large
Corporate Social Responsibility
CONTROVERSIAL
Lacks quantification
Lacks verification (not audited)
Impression management
Argued to be greenwashing - a deceptive marketing practice where companies exaggerate or falsely claim environmental benefits for their products or services. It’s a way to make consumers believe that a company or product is more eco-friendly than it actually is
Has massive corporate exploitation of environment and natural resources
What is a Business Environment?
What surrounds us in the environment - the basic idea
All living and nonliving things from the environment
Environment becomes complex
Business environment has been rapidly changing
Changes in the investment and consumption preferences
Social responsibility is expected in business
Socially responsible inclusive business structure
Changes in regulation and scope of business
Disruptive technologies changing the game
What is an Organisation?
A rational coordination of the activties of a number of people
for the achievement of a common goal
through division of labour and a hiearchy of authority
What is Autocratic?
Power with 1 person
When 1 person controlls all managerial decision without consulting subordinates
Centralisation of power, task orientated, high control and less autonomy (have limited control over their actions and often require approval from others
What is Democratic?
Power with group
There is a considerable amount of participation of employees in the decision-making, and the opinions of the subordinates are valued
Decentralised power, relation orientated, low control, and high autonomy (have a high control over their actions, decisions and responsibilities, they can make choices without seeking approval from others)
Why Environmental Accounting?
focus of management accounting
Cost reduction
Gives an opportunity to reduce or eliminate environmental costs
minimises the use of hazardous materials
MinImises the use of energy in the prodution and the use of product
maximises the opportunity to recyc;e
Understanding the environmental costs can lead to more accurate costing and pricing of products
What is DEI?
D - Diversity; including and involving people from diverse backgrounds and communities
E - Equity; enabling people to have equal rights and opportunities therfore leading to JUST outcomes
I - Inclusion; making everyone feel welcomed and valued
Closely linked values
