management Flashcards
What is Management?
Management is described as attainment of organizational goals in an effective and efficient manner through organizing, leading and controlling organizational resources.
What is Efficiency?
A measure of how well or how productively resources are used to achieve a goal. For example, Burger King developed a fat fryer that reduces the oil used in cooking and sped up the process of frying fries by 30%
What is Effectiveness?
A measure of the appropriateness of the goals that managers have selected for the organization to pursue and the degree to which the organization achieves these goals. For example, Juici-Beef Patties made a goal to attract more costumers by providing breakfast. This goal was proven successful as 30% of the revenue comes from breakfast sales.
Why are managers needed?
Managers are needed to allocate resources, make decisions, provide a guide and make sure the organizational objectives are met.
Who are managers?
Managers are the executive function of the organization responsible for the building and coordinating an entire system rather than performing specific tasks. They solve problems, turn organizations around and achieve astonishing performances.
How do managers differ from non-managerial employees?
Mangers set the goals for the organization and are responsible for said goals. If they succeed they take credit for the achievement and if they fail they will face the consequences. Whereas, non-managerial employees are made to work to achieve the goals and are responsible for their own work.
What is the hierarchy of managers in descending order?
Top managers, Middle managers and First-Line managers
What is a First-Line manager?
These are managers that are called supervisors. They are responsible for the daily supervision of non-managerial employees who perform specific tasks to achieve the organizations goal.
What is a Middle manager?
They supervise the first-line managers, are responsible for finding the best way to organize human and other resources to achieve the organizational goals. They evaluate if the goal they’re pursuing is appropriate and suggest to the Top mangers ways the goal can be changed.
Who are Top managers?
In comparison to middle managers, Top managers are responsible for all performances of the organization. They establish the goals such as which goods and services the company should produce, how the different departments interact and supervise the effectiveness of middle mangers. They are ultimately responsible for the success and failure of the organization.
