Chapter 1: What is Management?

Question 1

Organizations

Answer 1

People working together/coordinating actions to achieve specific goals and outcomes

Question 2

Social Economy

Answer 2

Organizations that have social objectives central to their mission and practice

• third pillar of economy, joining FP organizations and NFP structures
• social enterprises, social ventures, and social purpose businesses

Question 3

Blended Value

Answer 3

Organizations in the social economy that create both social and economic value

Question 4

Collective Impact

Answer 4

Public, private and non-profit organizations working together to solve social problems

Question 5

Management (4)

Answer 5

Planning, organizing, leading and controlling of resources to achieve organizational goals effectively and efficiently

Question 6

Resources (7)

Answer 6

Organizational assets, including:

• people
• machinery
• raw materials
• computers/IT
• patents
• financial capital
• loyal customers/employees

Question 7

Organizational Performance (2)

Answer 7

Measures how efficient and effective a manager is using resources to satisfy customers and achieve goals
- increases in direct proportion to increased effectiveness and efficiency

Question 8

Efficiency

Answer 8

Measure of how well resources are used to achieve goals

Question 9

Effectiveness

Answer 9

Measure of appropriateness of goals the organization is pursuing and the degree to which the organization is achieving the goals

Question 10

Efficiency or Effectiveness?

Answer 10

Choose effectiveness

Question 11

Low Efficiency + High Effectiveness

Answer 11

• right goals
• poor job of using resources to achieve these goals
• Result: product that customers want but is too expensive for them to buu

Question 12

Low Efficiency + Low Effectiveness

Answer 12

• wrong goals
• poor use of resources
• Result: low-quality product that customers don’t want

Question 13

High Efficiency + Low Effectiveness

Answer 13

• wrong goals
• good use of resources
• Result: high-quality product that customers don’t want

Question 14

High Efficiency + High Effectiveness

Answer 14

• right goals to pursue
• makes good use of resources to achieve this goal
• Result: product that customer want at a quality and price they can afford

Question 15

Henry Fayol

Answer 15

Described the 4 managerial functions in his book in 1916

Question 16

Planning (2)

Answer 16

Process used to identify and select appropriate goals or courses of action
- outcome of planning is STRATEGY

Question 17

Five Steps of Planning

Answer 17

1. Deciding which goals to pursue
2. Analyzing environment for threats/opportunities
3. Decide on the course of action to adopt
4. Deciding how to allocate resources to implement the plan
5. Evaluating whether the strategy achieved the goal

Question 18

Organizing + What managers will do (5)

Answer 18

Structuring working relationships so organization members interact and cooperate to achieve goals

• outcome of organizing is creating ORGANIZATIONAL STRUCTURE
• establish the task needs and task/authority relationships that allow people to work together to achieve goals

Managers will:

• group people into departments based on tasks performed
• define lines of authority and responsibility for members

Question 19

Leading + Manager’s Role (6)

Answer 19

Motivate, coordinate, energize individuals and groups to work together

• articulate a clear goal
• ensure employees understand their role in the goal
• outcome of leading is MOTIVATION and COMMITMENT

Managers must:

• coordinate behaviour of everyone so that activities and efforts are in harmony
• courage employees to perform at high level

Question 20

Controlling + Manager’s Role (6)

Answer 20

Evaluating how well organization is achieving its goals

• establish accurate measuring and monitoring systems to evaluate progress
• outcome of controlling is ability to MEASURE performance and REGULATE efficiency and effectiveness

Managers will:

• monitor individuals, departments, and the organization to see if goals are met
• take action to increase performance if required

Question 21

First Line Managers

Answer 21

Responsible for