MGMT Final Ch. 1 Flashcards
Why study management?
Teaches how to effectively lead and manage others to help individuals, teams and organizations meet their full potential
What is management?
How businesses organize and direct workflow, operations, and employees to meet company goals
Efficiency
Ability to accomplish something with the least amount of wasted time, money, and effort or competency in performance
Effectiveness
The degree to which something is successful in producing a desired result (success)
What is a manager’s responsibility?
For achieving organizational objectives through efficient and effective utilization of resources
Resources
Human (“human capital”), financial (budgeting), physical (making sure equipment is well), informational (set objectives and make decisions on how to allocate and use your scare resources to attain objectives)
Good Managers- Characteristics
Effective communicators, active listener, confident, trust, honest, accountability
Bad Managers- Characteristics
Lack of personal connections, micromanaging, no empathy, poor communication
Management Functions
Planning, organizing, leading and controlling
Management Skills
Technical skills (hard skills), interpersonal skills (soft skills), and decision-making skills
Levels of Management
Top-level: Top management ex. President
Middle: Middle managers ex. Marketing manager, operations manager, finance manager, human resources manager
First-line: Ex. supervisors
Team leader: Ex. project leader
Top Managers Skills
Decision-making, interpersonal skills, planning, organizing
Middle Managers Skills
Balance of all skills in other categories
First-Line Managers Skills
Technical and interpersonal skills, leading, controlling
