AFM 132 - Chp 5 - management Flashcards
What’s the importance of managers?
managers give direction to their organizations, provide leadership and decide how to use organizational resources to accomplish organizational goals
What are the core functions of mangement
- plan
- organize
- lead
- control
What is the success of an organization based on?
management’s ability to adapt to the fast-changing business environment around them
how can time decision be made to drive an organization towards its goals?
proper planning and management of resources (money, assets, information, and people)
What does management place a greater emphasis now? and how it be supported or comoplicated?
management today place greater emphasis on leading its people and how to manage a multigenerational and diverse workforce to work towards a common goal - management fo these resources be supported and complicated by tech and increasing global nature of the world of work
What following questions should be considered when working within an established organization or launching a new business and why?
- where are we now?
- examines the current situation of an organization and involves an assessment of the external environment - where do we want to be?
- consider where you want to has as an organization - shape desires + goals for the future - how can we get there from here?
- organization can address and close any gaps to meet its goals
what’s the purpose in the planning process?
identifies where to head with a business strategy to gain a competitive advantage in the marketplace - what’s decided in the planning stages will cascade down to the other core management function
what are the steps to a planning process?
defining a vision, mission statement, and values - provides direction for where the organization will head and ensures everyone is on the same page
define a vision
describes why an organization exists and where it wants to be by articulating an attractive future - aims to inspire all employees to make decision and take actions that drive towards the vision - roadmap for an organization
define a mission statement
describes the current purpose and what they do - typically address why a business exists and what makes the business unique
vision vs mission statement
vision = long-term goal for an organization
mission statement highlights its current purpose
Define values
fundamental beliefs that can guide decision making - help define how employees represent themselves and how to engage with others
what are the strategies to ensure that values are embraced in an organization?
- are these values communicated to all employees
- are they prominent?
- are they modelled by leaders within the organization
SMART goals
define goals
targets or accomplishments a business wants to achieve that should align with their vision and mission
define a contingency plan
recognize courses of action to take when original plans don’t go as anticipated - recognizes how the future is uncertain and helps keep the organization flexible and mitigate risks
What are the questions to ask when designing the structure of an organization?
how to allocate resources and assigning tasks
what will be the design processes and procedures - how info will flow within an organization
define an organizational chart
provides a glimpse of people are organized - chart details the number of employees and various functions
what’s the point of C-suite roles?
drives the company towards its vision while supporting a strong company culture
why are organizations reducing levels of middle management?
- employees are more educated and skilled - requiring less supervision - they can be empowered to make decision to work towards company goals
- companies are collapsing to organize around the customer - fewer layers of management - they can be more responsive and adapt quickly to every changing customer needs
What skills and knowledge should employees possess? and how does this change through employees to top management?
- human skills - interpersonal skills required to interact
- technical skills - knowledge + ability to perform tasks in a specific discipline
- conceptual skills - where an employee can see the big picture through analytical + critical thinking skills
less of technical skills from employee to middle to top management
What’s the main purpose of the “organize” management function
to arrange your resources and people to work towards company goals
What are the traits of successful leaders
- drive
- cognitive ability
- self-confidence
- honesty + integrity
- leadership motivation
What are leaders relied on and how do they best draw them out?
leaders are relied on to maximize the efforts of others and draw the best in them - done through engagement, motivation and empowerment