Management Roles, Functions, and Skills Flashcards
Management
The process of planning, organizing, leading, and controlling to meet organizational goals
Managerial Roles
Behavioral patterns and activities involved in carrying out the functions of management; includes interpersonal, informational, and decision making roles
Managers need to be both efficient and effective in order to achieve organizational goals
Efficiency
Doing things right
Effectiveness
Doing the right things
Planning
Establishing objectives and goals for an organization and determining the best ways to accomplish them
Strategic Plans
Plans that establish the actions and the resource allocation required to accomplish strategic goals
Usually defined for periods of two to five years and developed by top managers
mission statement
A brief statement of why an organization exists; in other words, what the organization aims to accomplish for customers, investors, and other stakeholders
Vision Statement
A brief and inspirational expression of what a company aspires to be
Values Statement
A brief articulation of the principles that guide a company’s decisions and behaviors
What does SWOT stand for and what do they all mean?
Strengths: positive internal factors that contribute to a company’s success
Weaknesses: negative internal factors that inhibit the company’s success
Opportunities: positive situations that represent the possibility of generating new revenue
Threats: negative forces that could inhibit a firm’s ability to achieve its objectives
Quantitative Forecasts
typically based on historical data or tests and often involve complex statistical computations
Qualitative Forecasts
based on intuitive judgements
Goal
A broad, long-range target or aim
Objective
A specific, short-range target or aim
Organizing
The process of arranging resources to carry out the organization’s plans
Management Pyramid
An organizational structure divided into top, middle, and first-line management
Top Managers (CEOs, CTOs, President, ect.)
Those at the highest level of the organization’s management hierarchy
Responsible for setting strategic goals, and they have the most power and responsibility in the organization
Middle Managers (Controller, manager, director, ect.)
Those in the middle of the management hierarchy
they develop plans to implement the goals of top managers and coordinate the work of first-line managers
First-line Managers (Supervisors, managers, department head, ect.)
Those at the lowest level of the management hierarchy
They supervise the operating employees and implement the plans set at the higher management levels
Leading
The process of guiding and motivating people to work toward organizational goals
Cognitive Intelligence
involves reasoning, problem solving, memorization, and other rational skills
Emotional Intelligence
measure of a person’s awareness of and ability to manage his or her own emotions
Social intelligence
involves looking outward to understand the dynamics of social situations and the emotions of other people, in addition to your own
Autocratic Leadership
Manager makes the decisions and issues directives down the chain of command; subordinates have little or no freedom to make decisions, deviate from plans, or provide contrary input
Democratic Leadership
Manager Shares decision-making authority, seeking input and inviting subordinates to participate in a coordinated planning process; group can encourage a change of course if needed
Laissez-Faire Leadership
Manager acts as advisor and supporter, offering input when asked but generally letting subordinates chart and adjust their own course towards meeting agreed-upon goal and objectives
Organizational Culture
A set of shared values and norms that support the management system and that guide management and employee behavior
Controlling
The process of measuring progress against goals and objectives and correcting deviations if results are not as expected
Standards
Criteria against which performance is measured
Benchmarking
Collecting and comparing process and performance data from other companies
