EMA1011 - Management Flashcards
What are the four main fundamentals of management?
- Planning
- Organising
- Leading
- Controlling
What is meant by a “dynamic” environment?
A constant stream f change, often resulting from technology, policy shifts, artificial means, or geopolitical tensions
Why is there no set definition of “Management”?
Management encompasses various types, such as time, stress, conflict and organisation management, making it difficult to have one definitive explanation.
How is management applied in modern contexts compared to the Industrial Revolution?
Today management focuses on producing high-quality goods in the most cost-efficient way, maximising profits from limited resources and ensuring a better return on investment.
This contrasts an Industrial Revolution where the focus was on mass production systems in the cheapest way.
Give some examples about why our environment is dynamic.
Pandemics, cultural differences, advancements in technology, artificial intelligence, and environmental concerns (for example; Tesla with new cars in the automotive industry)
How does management contribute to achieving goals in an organisation?
Management involves making decisions, maximising resources, and efficiently utilising them to reach objectives and achieve the organisation’s goals.
How is an organisation defined?
An organisation is a structured group of people working together to achieve a common goal, which they cannot achieve individually.
What is a goal in the context of management?
A goal is an outcome to be achieved over time through the exercise of management functions and the expenditure of resources
What is an organisation?
A structured group of people working together to achieve a common goal, which they would not be able to achieve on their own.
What is a goal?
A goal is an outcome to be achieved over time through the exercise of management functions and expenditure of resources.
What is market dominance?
It is a situation where a company holds a leading position in a particular market, allowing them to control significant portions of that market’s activities. A company has a substantial share to the total sales/market activity in the industry.
They can set prices or influence market trends, block competitors from entering the market, control the supply of products and use economies of scale to outcompete smaller players.
What is regional dominance?
A company’s leading market position in a specific geographical area (e.g. a country, continent or smaller regions). They are able to control local sales, distribution or production. Regional dominance allows a company to cater specifically to local tastes, regulations and demand, often making it harder from outside competition to gain a foothold.
Why does an organisation put emphasis on the people?
Organisations are the people, relationships, interactions, and communication. An organisation does not exist in a vacuum, but it is continuously changing.
What are the 4 key differences between products and services?
- Intangibility (most important)
- Inseparability (it is hard to separate the service from the provider)
- Variability (no standardised way for a service - human element)
- Perishability (doesn’t work anymore - many services are single us)
Who needs management?
Griffin explains: ‘Any group of 2 or more people working together to achieve a goal - having human, material, financial, or informational resources at their disposal require the practice of management.’
It is essential in businesses, charities, sports, etc.
Define ‘Manager’
A person who allocates human, material and information resources in pursuit of an organisation’s goals.
What is a more complete definition of ‘Management’?
Management is a set of activities directed at an organisation’s resources aiming to achieve organisational goals efficiently and effectively.
What are the 4 fundamental pillars of management?
- Planning
- Organising
- Leading
- Controlling
What is Planning?
Defining organisational goals and proposing ways to reach them.
Establishing an overall direction for the future
Identifying and committing resources to achieve such goals and deciding which tasks should be done to reach those goals.
What is Organising?
Creating a structure of relationships to enable employees to carry out management’s plans and meet its goals.
Better coordination of human, material and information resources (and use them efficiently and effectively).
What is Leading?
Motivating staff to work in the best interests of the organisation.
The function of communicating with others to perform the tasks necessary to reach the organisation’s goals.
What is Controlling?
The process by which a person or organisation consciously monitors feedback and performance and takes corrective action.
What are the 3 basic levels of management?
- Top Managers
- Middle Managers
- First-line managers
What is the role of Top Managers?
They are responsible for the overall direction , strategy and operations of an organisation. They establish long-term company wide goals.
- develop goals, policies and strategies
- often represent the organisation in social occasions
What is the role of Middle Managers?
Receive broad strategies/policies from top management and translate them into specific goals/plans for the first-line managers to implement.
- most time is spent planning, organising and leading
- managing group performance and resource allocation
What is the role of First-line Managers?
They are directly responsible for the production of goods or services.
- supervise employees
- directing and inspecting (leading and controlling)
- strong on technical expertise
What are the functional areas managers may work in within an organisation?
- Marketing
- Finance
- Operations
- Human Resources
- (And increasingly IT)
The role of a Marketing Manager.
Identifies current and potential customer needs and preferences and developing goods and services that will satisfy them.
They focus on the 4P:
1. Product development
2. Pricing
3. Promotion
4. Place & Distribution
The role of a Finance Manager
Concerned with managing the flow of funds into and out of the organisation. They help determine how funds can be most effectively used.
- investing
- preparing budgets
- financial health
The role of an Operations Manager
Concerned with the core of what the business is - running as efficiently as possible. Create and manage system that create the organisation’s product and services. They perform operations needed to manufacture and item and/or provide a service.
- inventory levels
- factory layout
- scheduling production
The role of a Human Resources Manager.
Responsible for building and maintainability a competent and stable workforce.
- recruitment and selection
- training and development
- performance appraisal
- overseeing relations with unions within legal regulations
What is the role of an Information Technology Manager?
Responsible for developing information systems as a strategic tools.
Information is a value-added resource derived from data. Knowledge is used by individuals to create, store, share and apply information.
Basic managerial functions are dramatically changing, rapidly improving due to communication networks.
What makes a good manager?
A combination of education and experience.
What are the 6 key competencies necessary for effective management?
- Communication
- Planning & Administration
- Strategic ACtion
- Self-Management
- Global Awareness
- Teamwork
Dimensions of Communication Competency
Most fundamental competency - effective transfer of information and understanding between manager and others.
- Informal Communication
- Formal Communication
- Negotiation
Dimensions of Planning & Administration Competency
Deciding the task that need to be done, and determining how to do them. Allocating resources to those tasks and monitoring their progress
- Information gathering, analysis and problem solving
- Planning and organising projects
- Time management
- Budgeting and financial management
Dimensions of Teamwork Competency
Accomplishing goals through small groups who are collectively responsible and whose work is interdependent. Teams must be fully supported by management
- Designing teams
- Creating a supportive environment
- Managing team dynamics
Dimensions of Strategic Action Competency
Understanding the overall mission and values of the organisation. Ensuring that actions are aligned with the company mission and values.
- Understanding the industry
- Understanding the organisation
- Taking strategic action
Dimensions of Global Awareness Competency
Work entailing resources from multiple countries and serving markets spanning multiple countries.
- Cultural knowledge
- Cultural openness and sensitivity
Dimensions of Self-Management Competency
Taking responsibility for life at work and beyond. Not blaming difficulties on personal situation or on others.
- Integrity and ethical conduct
- Personal drive and resilience
- Balancing work and life issues
- Self-awareness and development
