Chapter 5/6 Flashcards
Planning
Management process of determining what an org. Needs and how to get it done.
4 management functions:
Planning
Organizing
Leading
Controlling
Organizing:
Management process of determining how to best arrange an organizations resources and activities into a coherent structure.
Leading:
Guiding/motivating employees to meet an organizations objectives
Controlling:
Monitoring an organizations performance to ensure that it is meeting its goals
Top manager:
Responsible for firms overall performance and effectiveness
Middle manager
Responsible for implementing the strategies and working toward goals set by top managers
First-line manager:
Responsible for supervising work of employees
Areas of management
Human resources
Operations
Marketing
Information
Financial
Other?
Human Resource management:
Hire/train employees, evaluate performance, determine compensation, etc.
Operations management:
Responsible for production, inventory and quality control.
Marketing managers:
Responsible for getting products from producers to consumers. Encompasses pricing, promotion, distribution etc
Information management:
Design and implement systems to gather, organize and distribute information
Financial managers:
Plan/oversee accounting functions and financial resources.
Roles in management
Interpersonal
Informational
Decisional
Decisional role of management
Category of managerial roles including entrepreneur, disturbance handler, resource allocator, and negotiator
Informational role of management
Category of management including monitor, disseminator, and spokesperson
Interpersonal role of management
Category of managerial roles that includes figurehead, leader, and liaison
Management skills
Technical
Human resource
Conceptual
Decision-making
Time management
Technical skills:
Needed to perform specialized tasks
Human resource skills
Understanding and getting along with people
Conceptual skills
Ability to think in the abstract, diagnose and analyze different situations and be able to see beyond the present situation
Decision making skills
Defining problems and selecting best course of action.
Time management skills
Skills associated with the productive use of time
Mission statement:
Organization’s statement of how it will achieve its purpose in the environment in which it conducts business.
Long term goal
Goal that is typically 5+ years in the future.
Intermediate goal
Goal set for 1-5 years in the future.
Short term goal
Goal set for less than a year. The near future.
Corporate strategy
Strategy for determining the firms overall attitude toward growth and the way it will manage its businesses or product lines.
Business (competitive) strategy:
Strategy, at the business-unit or product line level, focusing on improving a firms competitive position.
Functional strategy
Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity.
SWOT analysis
Identification and analysis of an organza toons strengths and weaknesses and environmental opportunities and threats as part of strategy formulation.
Specialization:
Process of identifying the specific jobs that need to be done and designating people to perform them.
Departmentalization
Process of grouping jobs into logical units.
Profit center:
Separate company unit responsible for its own costs and profits
Functional Departmentalization
Deciding an organization to groups functions of activities.
Product departmentalization
Dividing an organization according to specific products or services being created.
Process Departmentalization
Dividing an organization according to production processes used to create a good or service.
Customer Departmentalization
Dividing an organization to offer products and meet needs for identifiable customer groups
Geographic Departmentalization
Dividing an organization according to the areas of the country it the world served by a business
Centralized organization:
Organization in which most decision masking authority is held by upper level management.
Decentralized organization
Organization in which a great deal of decision making authority is delegated to levels of management at points below the top.
Flat organizational structure:
Characteristic of decentralized companies with relatively few layers of management.
Tall organizational structure:
Characteristic of centralized companies with multiple layers of management.
Span of control
Number of people supervised by one manager
Delegation process and definition.
Def: process through which a manager allocates work to subordinates
- Assign responsibility
- grant authority to make decisions to complete task
- Create accountability, obligation for successful completion of task
Responsibilty
Duty to perform an assigned task.
Authority
Power to make the decisions necessary to complete a task
Accountability
Obligation employees have to their manager for the successful completion of an assigned task
Line authority:
Organizational structure in which authority flows in a direct chain of command from the top of the company to the bottom
Line department:
Department directly linked to the production and sales of a specific product.
(Solid line)
Staff authority:
Authority based on expertise that usually involves counseling and advising line mangers.
(Dotted line)
Functional structure:
Organizational structure in which authority is determined by the relationships between group functions and activities.
Divisional Structure
Organizational structure in which corporate divisions operate as autonomous businesses under the larger corporate umbrella.
Division
Department that resembles a separate business in that it produces and markets its own products.
Matrix Structure:
Organizational structure created by superimposing one form of structure onto another. (Combing)
Team organization:
Relies almost exclusively on project-type teams with little to no underlying hierarchy.
Virtual organization
Little to no formal structure. Handful of permanent staff. Brings in temporary workers, lease facilities and outsource services due to changing situations
Learning organization
Integrate continuous improvement with continuous employee learning and development. Constant upgrading
Informal organization
Network, unrelated to the firms formal authority structure, of everyday social interactions among company employees.
Grapevine
Informal communication network that runs through an organization
Intrapreneuring
Process of creating and maintaining the innovation and flexibility within the confines of a large organization
