chapter 8 - Summary Flashcards
current changes in the management function
Many managers are changing their approach to corporate managing.
Why are managers changing their approach to corporate managing
- be more ethical
- make their accounting practices more visible to investors & general public
- managing change is an important element of success
- keep up with the global marketplace
- cooperations among companies is increased
how are manager’s roles changing
- leaders tend to be younger
- more females
- fewer educated at elite university
- appreciate that many employees are knowledgeable in tech
- tend to put more emphasis on motivation, teamwork, & cooperation
- more expansions overseas
What are the 4 functions of management?
- planning
- organizing
- leading
- controlling
planning
- anticipating trends
- determining the best strategies & tactics to achieve organizational goals/objectives
organizing
- designing the structure of organizations
- creating conditions and systems in which everyone and everything works together
leading
- creating a vision for the organization
- guiding
- training
- coaching
- ## motivating others to work efficiently to achieve goals & objectives
controlling
- establishing clear standards to determine whether an orgaiztion is progressing toward goals and objectives
- rewarding people for doing well
- taking corrective action if not
goals VS objectives
Goals:
long-term achievements that organizations aim to accomplish
objectives:
specific short-term plans to reach the target goals
What is the SWOT analysis of a firm?
managers look at
1. Strength
2. Weaknesses
3. Opportunities
4. Threats
What are the 4 types of planning
- strategic
- tactical
- operational
- contingency
strategic planning
- broad
- long range planning
- outline goal of the orgaztion
tactical planning
- specific
- short term planning
- list organization objectives
operational planning
- part of tactical planning
- setting specific time tables and standards
contingency planning
- developing an alternate set of plans in case the first set does not work out
(Backup)
the 6 D’s of decision-making
- define the situation
- describe and collect needed information
- develop alternatives
- decide which alternative is best
- do what is indicated (begin implementation)
- Determine whether the decision is good and follow up
What is the organizing function of management
Organizing means…
–> Allocating resources (ex., funds for various departments)
–> assigning tasks
–> Establishing procedures for accomplishing goals & objectives
What are the 3 levels of management?
- top management
–> highest level
–> Presidents and other company executives who developed strategic plans
**rely on HR & conceptual skills - middle manaangement
–> general managers
–> Division managers, plant managers
–> responsible for tactical planning and controlling
** Need to balance all skills - supervirey management
–> First-line managers/supervisors
–> evaluate workers daily performance
**rely on technical & HR skills
What skills do managers need?
- technical skills
–> Perform specific tasks of selling products & developing software - HR skills
–> communicate & motivate - conceptual skills
–> See the organization as a whole and how all parts fit together
Manager VS Leader
manager
–> plans
–> organizes
–> Controls functions within operations
Leaders
–> Has vision and inspires others to grasp the vision
–> establishes corporate values
–> emphasizes corporate ethics
–> does not fear change
leadership styles
- boss centred
- subordinate centred
What is the control function of management?
involves measuring employees’ performance against objectives and standards
–> Rewarding people for a job well done
–> Taking corrective action if needed
5 steps of the control function of management?
- setting clear standards
- monitoring and recording performances
- Comparing performance with plans and standards
- communicating results and deviations to employees
- providing positive feedback or corrective action
What qualities must standards processes to be used to measure performance results
standers must be
- specific
- attainable
- measurable
