chapter 5: nature of management Flashcards
define management
the process of working with and through other ppl to achieve bus goals in a changing enviro. This process requires effective and efficient use of limited resources
management reqs:
- working with & thru others –> interacting to achieve high lvls of commitment
- achieve goals of bus
- getting most from limited resources –> managers need to coordinate resources efficiently
- balancing efficiency and effectiveness –> managers must always balance to achieve competitive position in today’s challenging business environment
- coping with rapidly changing enviro –> managers anticipate and adjust to changing circumstances
what are the features of effectuve management and what should management make sure to do
an effective manager needs to be good at:
- planning: prep of a predetermined course of action, setting objectives and methods to achieve them
- organising: structuring of the organisation to translate goals and plans into actions
- leading: influencing or motivating ppl to work towards achievement of the organisation’s objectives
- controlling: compares what was intended to happen with what actually happened
make sure:
- joint efforts of employees directed towards achieving goals of the business
- greatest amt of products produced for the least cost
- meet shareholder expectations
what are some skills management should have
- outstanding interpersonal and communications
- exp in leading teams
- superior problem solving and decision making
- initiative and ability to work to deadlines
- successful management of stakeholder relations
- professional ethics to meet high standards of confidentiality
- adaptability to change
- reconciling conflicting interests of stakeholders
- flexibility
features of interpersonal skills
ability to relate to ppl, being aware of and appreciating their needs and showing genuine understanding
self management - ability to manage ones own time
communication - effective managers listen
supportiveness - build a supportive climate, acknowledging efforts
motivation - customise interactions
conflict resolution - effective leaders help parties engaged in disagreement find a solution
define comms and list some forms of comms
comms is the exchange of info b/w ppl
getting employees to understand business’s goals is a difficult challenge due to comms complex nature
effective comms comes in forms of:
- well written letters
- telephone
- pleasant convo
- concise emails
- friendly smiles and gestures –> reinforce carefully planned business strats and client networking
only 40% of employees say they are informed abt their company’s goals –> uncertainty abt goals can inhibit chronic stress and undermines teamwork
effects of miscomms and nonverbal comms
mistakes, misunderstandings and unforeseen barriers lead to false messages or none received at all
forms of nonverbal comms:
- body language
- facial expression
- posture
- placement of limbs
- proximity to others
important for managers to understand the power of body language –> usually conveying more powerful msg than body
what are the features of strategic thinking skills
strat thinking skills allows managers to see the bus as a whole and take a long-term view
managers may then:
- visualise how teams work and employees interrelate
- understand effect of any action on bus
- gain insights into an uncertain future
- see bus in context of trends and identify opportunities
help bus maintain competitive position within constantly changing bus enviro
what are features of vision skills
vision is the clear, shared sense of direction that allows ppl to attain common goal
most effective way for managers to share their vision is thru organisation’s goals
- managers will have display effective leadership qualities
- incredible perseverance, vision, confidence and dedication
- foster a supportive and safe enviro
what are the features of problem solving skills
management reqs a more systematic problem solving process when confronted with difficult/unfamiliar situations
problem solving means finding and implementing a course of action to correct an unworkable solution –> one of most important skills for managers is ability to decide which problem gets attention
what are the steps to solving a problem
SBS
1. identify problem and causes
2. gather relevant info
3. develop and analyse alternative solutions (adv and disadv)
4. implement and evaluate solution
what are the features of decision makign skills
decision making is the process of identifying options available and then choosing a specific course of action to solve a specific problem
accelerating change makes it difficult to accurately predict full effect of any decision
- thus managers need to develop effective decision making enviro within bus
- accomplished by tapping into the creative potential of employees
what are the features of flexibility and adaptability to change skills
flexibility is the responsiveness to change and ability to adjust to changing circum
proactive: management style that incorporates dynamic action and forward planning to achieve particular objectives
flexible managers:
- are adaptable and proactive rather than reactive
- those who are unprepared or passive in the face of change will not succeed
- bus today seeking managers who can cope with unfamiliar and unexpected circumstances
what are the features of reconciling the conflicting interests of stakeholders
- over last 4 decades, signif philosophical shift in business conduct to meet soceity’s expectations
- society increasingly expects to accept responsibility and accountability toward all stakeholders
businesses expected to:
- be enterprising
- sensitive to public view
- comply with law
- be socially just
- ecologically sustainable in their ops
ie strive to be “good corporate citizens” as they have recognised increased chances of success when aligning with interests of all stakeholders
expectations that are compatible satisfy most stakeholders and expectations that are incompatible create conflict
eg wage rise happy employees but angry customers
to maintain profit, management may decide to reduce costs by:
- ignore their responsibilities
- sacking employees
- compromising on quality to safety
however may lead to: - endangered employees or society
- damaged enviro –>pollution –>raising serious ethical and social responsibility considerations
define short term and long term shareholders
short term shareholders - motivated by quick return and not concerned with bus’s long term strats
long term shareholders - motivated by profit but purchase shares with intention of retaining for reasonable period. These non-speculative shareholders concerned with long term strats:
- appreciate responsibility to to act as good corporate citizen
- adopt long term view
- take into account long term impact –> particular regard to future generations
