Chapter 1 Flashcards
Who is a Manager?
- Someone who has 1 or more subordinates reporting to him/her
- Given authority by an organisation to take charge of an area of work
Define ‘Efficiency’
- Cost-effective usage of resources
- Productivity through minimum input and maximum output
Define ‘Effectiveness’
- Make decisions and successfully executing them to achieve results
- Enables customers, employees and general public to be satisfied
What are the 7 Challenges Faced by Managers?
- Managing for Competitive Advantage
- Managing for Diversity
- Managing for Globalisation
- Managing for IT
- Managing for Ethical Standards
- Managing for Sustainability
- Managing for Happiness and Personal Goals
Regarding the 7 Challenges Faced by Managers,
Define ‘Managing for Competitive Advantage’
- Ability to produce goods and services more effectively than competitors
- Staying ahead of rivals
Regarding the 7 Challenges Faced by Managers,
What are the 4 Areas of Competitive Advantage?
- Responsiveness to Customers
- Innovation
- Quality
- Efficiency
Regarding the 7 Challenges Faced by Managers,
Define ‘Managing for Diversity’
- Ensuring that staff hired are varied in age, race etc.
Regarding the 7 Challenges Faced by Managers,
Define ‘Managing for Globalisation’
- Interacting with business associates and clients of different cultures and values
Regarding the 7 Challenges Faced by Managers,
Define ‘Managing for IT’
- Facilitates E-Business through the Internet
Regarding the 7 Challenges Faced by Managers,
What are the Implications of E-Business?
- E-Management is required via Telecommunicating and Video Conferencing
- Accelerated decision making, possibly leading to stress
- Changes in:
- Organisational Structure
- Nature of Jobs
- Goal Setting
- Knowledge Management
Regarding the 7 Challenges Faced by Managers,
Define ‘Managing for Ethical Standards’
- Handling Ethical Dilemmas; increasing pressures to meet targets or participating in bribery
Regarding the 7 Challenges Faced by Managers,
Define ‘Managing for Sustainability’
- Meeting present needs without compromising the ability of future generations to meet their own needs; such as “green business”
Regarding the 7 Challenges Faced by Managers,
Define ‘Managing for Happiness and Personal Growth’
- Striking a work-life balance; such as setting aside time for family and friends
