Management Flashcards
wear many hats and must bring with them an entire toolkit of skills—conceptual skills, human skills, and technical skills—in order to reachorganizational goals and objectives effectively.
Managers
set objectives, scan the environment, and plan and make decisions
top managers
allocate resources, oversee first-line managers, report to top management, develop and implement activities
middle manager
coordinate activities, supervise employees, report to middle management, participate in day to day operations
first-line managers
Although the world of business haschanged tremendously over time, the four functions of management—planning, organizing, leading, and controlling—originally identified by Fayol in the early 1900s still hold
management theory
within a business ranges from the big picture to the very granular, from the organization’s foundational plan (its mission and vision) and set of strategic plans to tactical plans to its daily operations plans and contingency plans. Each one builds upon the other. Without a well-developed set of plans an organization is unlikely to succeed.
Planning
EXTERNAL FACTORS: Opportunities and Threat - technology, competition, economic, political, legal, social trends.
INTERNAL FACTORS: strengths and weaknesses - finical, technical, competition position, HR, and product line
SWOT Analysis
can have a tremendous impact on the organization’sability to react to both internal and external forces
Organizational structure also determines the managers’ span of control, communication channels, and operational responsibilities.
The organizationshould be structuredin such a way that it reflects the company’s mission and supports itscustomer and product/services goals to the greatest advantage
organization
Some of the most effective leaders are those who can adopt different styles to fit the situation at hand.
leadership
Autocratic/Authoritarian
Laissez-faire/Free Rein
Participative/Democratic
management style
Decision-making power is concentrated in the manager
Managers do not take any suggestions or consider initiatives from subordinates
Is effective for quick decision making but is generally not successful in fostering employee engagement or maintaining worker satisfaction
Can be useful in crisis situations, when it’s impractical to solicit employee input
Autocratic
Known as “hands-off” management because the manager delegates the tasks to the followers while providing little or no direction
Can sometimes result in a lack of productivity, cohesion, and satisfaction.
Effective when workers have the skills to work independently, are self-motivated, and areheld accountable for results
Managers of creative or innovative employees often adopt this approach in order to foster creativity
Laissez-faire
Manager shares the decision-making authority with group members
Can help employees feel more invested in decisions, outcomes, or the choices they’ve made, because they have a say in them
Effective during a transitional period managers need to guide the workforce through the change
Seeking input from employees at many levels within the organization can uncover people with invaluable experience, advice, and solutions
democratic
Transformational
Transactional
Narcissistic
types of leaders
Work with subordinates to identify needed change, create and share an inspiring vision, and bring about change together with committed members of a group
Serves to enhance the motivation, morale, and job performance of followers
transformational
Focuses on supervision, organization, and performance.
Pays attention to their followers’ work in order to find fault or deviation and gain their compliance through a system of rewards and punishments
2 factors thatform reward/punishment system
Contingent reward
Management by exception
transactional
Known for being interested only in themselves, at the expense of others, such as employees or group members
Cons: arrogance, self-absorption, and a personal egotistic need for power
Pros: takes charge and tend to take control of leaderless groups
narcissistic
Make order out of chaos
Evaluate whetherthe company’s efforts and resources are being maximized
The“control function” doesn’t give management license to be manipulative or autocratic
control
Setting standards
Measuring performance against those standards
Analyzing performance
Taking corrective action
process of control
Guide managerial decision making
Stated in monetary terms = costs, profits
Stated in other terms = units produced, number of defective products, quality, customer satisfaction
S.M.A.R.T operational objectives
Specific, Measurable,Achievable, Realistic,Time constrained
setting standards and objectives
is the process of collecting, analyzing, and/or reporting information regarding the performance of an individual, group, organization, system, or component
The rubric for measuring organizational performance is called aperformance metric and includes:
Establishing critical processes/customer requirements
Identifying specific, quantifiable outputs of work
Establishing targets against which results can be scored
performance measurement
is defined as a learned capacity in just about any given field of work, study, or even play.
technical skill
enable one to generate ideas creatively and intuitively and also show comprehensive understanding of contexts or topics.
Conceptual skills
a combination of social, interpersonal, and leadership skills
human skills
