Chapter 1 Flashcards
What is management?
it is the process of designing, maintaining an environment where individuals work together in a group, efficiently accomplish selected aims.
What are the funtions of management?
Planing. organising, staffing, leading and controlling.
What is the aim of all managers?
To create surplus
describe top-level mannagement
planning, organising, control.
conceptual, design and human skills
eg: human
describe middle-level management
leading and control.
conceptual and human skills
eg: regional manager
describe first-level management
leading
technical and human skills
eg: supervisors
3 goals of management
surplus,
the least amount of time/dissatisfaction/money/material and more output,
high productivity withing time period
approaches to successful management
Oriented towards action
Focussed on needs of consumers
Productivity oriented
Promoted managerial autonomy and entrepreneurship
Company philosophy based on their leader’s values
Focus on a business they knew best (best practices)
Simple organizational structure with a lean staff
Centralized as well as de-centralized
qualities of an efficient manager
Creativity (competence/excellency)
Work within the existing structure (within / extending boundaries)
Intuition (emotional intelligence)
Knowledge (business/employees)
Commitment (towards goal/ mission/ vision)
Being human (being oneself)
Flexibility & versatility (openness)
Lightness (fun-loving)
Discipline (focussed approach)
Big picture / small action (small steps to goal)
what is emotional intelligence
the capacity to be aware of, control, and express one’s emotions, and to handle interpersonal relationships judiciously and empathetically
Personality traits of a successful manager
Take team along/ motivate/ extract the best/ hone their abilities & skills Sense of dressing Honest/ fully committed/ empathetic On-Time Ego behind Flexible and realistic Respect your team
Knowledge/skills required for today’s managers
Technology : B2C/ B2B/ e-commerce/ m-commerce
Globalization: WTO/ culture
Efficiency (achievement of ends with least resources)
Productivity (increasing o/p with same input: decreasing i/p maintaining same o/p: increasing o/p decreasing i/p) => o/p (within time period and specific quality)
Effectiveness (achievement of objectives)
Productivity = effectiveness / efficiency
Is management Science or Art?
SCIENCE
Organized knowledge underlying the practice
Objective decision making
Laws and rules
Some amount of calculation with trial and error
ART As a practice Know-how of a situation Doing things in light of a situation Intuition
