Midterm Flashcards
Four functions of management
Planning
Organizing
Controlling
Leading
What is planning
Defining goals: usually pushed from the top and on down
Goals deliver strategic value
Goals drive plans you put into place
What is organizing
How the organization will be structured
Who is responsible for what
Who has authority
Allocating resources
Controlling
Most things are accomplished by people
People must be motivated and supportive of plan
Resolving conflicts
Leadership
What is leading
How do we get back on track (correction)
Where are we (measurement)
Where do we plan to be? (Evaluate)
Definition of management (people)
The people with authority to decide what the goals of the organization should be and how those goals will be achieved
Definition of management (process)
The process of planning, organization, leading, and controlling people in the organization. To effectively and efficiently use resources to meet organizational goals
Four Types of plans
Strategic plans
Tactical plans
Operational plans
Contingency plans
Vertical management
Top down management
Hierarchical relationship
Most companies use this management style
Vertical thinking
Types of roles (mintzberg)
Three broad categories
Interpersonal
Informational
Decisions
Interpersonal roles (mintzberg)
Figurehead
Leader
Liaison
Informational roles
Monitor
Disseminator
Spokesperson
Decisions roles
Entrepreneur
Disturbance handler
Resource allocator
Negotiator
Figurehead
Externally represent organization
Leader
Lead and guide people to organization goals
Liaison
Connects people
Monitor
Seek information to understand organization and if environment
Disseminator
Sharing information between people
Spokesperson
Communicate on behalf of organization.
Disturbance handler
Taking corrective action during crisis or conflicts
Resource allocator
Provides resources to people and units
Negotiator
Engages in negotiations with stakeholders inside and outside the organization
Four levels of management
Top management
Middle managers
First line managers
Team leaders
What is a top manager
Responsible for long term success of company
Mostly setting goals and paying attention to external environment of company
Middle manager
Received broad strategic plans
Implements tactical and operational plans
Encourages, supports, and fosters employees
Mainly organizing and leading
First line manager
Focused on internal issues
Must communicate and be affective leaders
Entry level
Team leader
Make sure team is operating efficiently
Develops timelines for people
Distribute work assignments
Train their teams
Communicate instructions
Classical viewpoints
Pros and cons
Pros
Clear structure for management
Increased productivity and efficiency
Increased wages for workers
Lead to better working conditions
Cons
Tends to view humans as cogs within a machine
One idea is the best way
Simple organization structure
No creativity
Definition of humanistic approach
The emphasis is on the importance of understanding human behavior and motivating and encouraging employees
Describe hawthorn studies
Workers feelings and attitudes affect their work
Financial incentives not most important
Group norms and behavior play a critical role
Definition of scientific management
Scientific methods can be applied to analyzing work and completion Of tasks to maximize efficiency
Four principles of scientific management
Study
Hire
Monitor
Divide
Operations management
Concerned with physical processes
Management science
Use mathematical models and statistical methods to improve decision making
Quality control
The strategy for minimizing errors by managing each stage of production
Quality assurance
Focuses on the performance of workers
Total quality management
Continuous improvement
Training
customer satisfaction
Max Weber’s components of bureaucracy
Hierarchical management Division of labor Formal selection process Career orientation and ownership Formal rules and regulations
Goldberg motion studies
Identified 17 basic motions and applied them to work process
Macro environment
Laws and regulations Economy Technology Demographics Social values
Competitive environment
Rivers New competitors Customers Substitutes Suppliers
Internal environment
Culture
Values
PESTEL
External analysis
Political Economic Social Technological Legal
SWOT
Internal analysis
Internal strengths
Internal weaknesses
External opportunities
External threats
Porters 5 forces
Profits (higher vs lower) Entrance (difficult vs easy) Rivalry (high vs low) Buyers (weak vs strong) Suppliers (weak bs strong) Substitutes (easy vs hard to switch)
VRIO
Value
Rarity
inimitable
Organization
Mission
Organizations reason for being
Vision
Future orientated
aspirations
Stakeholder analysis
To understand the groups and individuals who have an interest in the organization and have some influence on the companies strategy and performance
Basis of planning
Mission and vision
Strategy
Goals and objectives
Corporate strategy
High level
Businesses, markets, industries,
Concentration
Business strategy
More specific
Major actions that strengthen companies competitive advantage
Low cost strategy vs differentiation
