Chapter 1 Flashcards
Why Learn about Management (5)
Learn skills to get manager role
Improve working relationship with manager
Manager important role in society
Improve ability of organization to create or capture value
Self understanding
Describe technical, social, conceptual
Technical: expertise in particular area
Social: getting along with others, communication, leadership
Conceptually: thinking complex and broad organization issues
First line supervisor
Manage work of organizational members involved in production or creation of g/s
Middle manager
Manage work of first line managers
Top managers
Organization-wide managerial responsibilities
Management (what)
Process of planning, organizing, leading, controlling human and other organizational resources
Management (why)
Working towards effective achievement of organizational goals
Organization
Goal directed, deliberately- structured group of people working to provide g/s
10 roles of managers (3 categories)
Interpersonal roles
Decisional roles
Informational roles
Interpersonal roles (3)
Leader, liaison, figurehead
Decisional roles (4)
Resource allocator, negotiator, entrepreneur , crisis handler
Informational roles (3)
Monitor, disseminate, spokesperson
Four functions of manager
Planning
Organizing
Leading
Controlling
Organization chart
Describes reporting relationships and authority structure of organization
Stakeholders
Parties that have an interest in what an organization does because they contribute resources to organization or are affected by its operations
Efficiency vs effectiveness
Doing things right vs doing the right things
Effectiveness draws the attention to larger meaning of life and overarching goals shaping management
Good manager=
Effective manager =
Moral obligations
Depends on criteria people use to evaluate success
Financial bottom line
Maximizing an organizations financial well being, achieved by appealing to individual self interest and ignoring negative externalities
Invisible hand
Good of community is assured when every individual is permitted to pursue their own self-interested goals
Consequential utilitarianism and how it’s measured
Optimizing an actions rightness (and limiting its wrongness) measured by effect on net overall happiness
Externalities
Positive and negative effects that organizations have on society but not reflected in financial statements
TBL
Enhancing an organizations financial well being while simultaneously reducing its negative socio-ecological externalities
Sustainable development
Meeting needs of present generation without compromising ability of future generations to meet their needs
Enlightened consequential utilitarianism
Ethical management seeks to improve an organizations financial well being while reducing social and ecological externalities
Set management
Enhancing social and ecological well being while maintaining financial viability
Maximizing financial well being is not approach at all
Virtue ethics (4)
Happiness is achieved by practicing virtues in community
Wisdoms
Justice
Self control
Courage
Entrepreneurial
Someone who invents or improves g/s with initiative to develop idea by making plan and mobilizing resources to convert idea to reality
Entrepreneurial success (3)
Opportunity for new g/s for value creation
Organizational plan for resources
Motivation
Why become entrepreneur (3)
Gain autonomy
Meet challenges
Achieve financial goals
Value creation
Offering g/s valued by society
Value capture
Acquiring financial benefits associated with value being created
