The Nature Of Management Flashcards
What are managers?
Managers are those that make the management decisions concerned with allocating resources effectively.
What are the main management functions?
Planning, organizing, directing, controlling
What at the specifics of planning?
The plan specifics: by whom, when, how
The goal: time, and target ( profits, product quality, volume of sales)
Objectives derive from the mission: objectives are measurable, mission is not, ex. Sales, marketing share, efficency, growth
What are the different stages of management? Give examples.
Top tier management: ceos, executive vice president.
Middle management: department managers
First line management: supervisors, office managers
In what areas can managers chose to specialize in? Explain what each of them require.
Financial manager: focus on obtaining money needed
Production and operation manager: develop activities involved with transforming resources into goods
human resource management: handle staffing situation
Information technology (it) management: implementing, monitoring and controlling technology applications for businesses
Marketing manager: planning marketing strategies and pricing, make goods available to customers through distribution
What is homo ecomomics?
The ability to compare alternative opportunities, elaborate all available information, and basically make decisions with symmetric information.
Confirmation bias
Cherry picking info and results in favour of your ideas
Anchoring bias
First piece of info seen weighs more than
Groupthink
Dominant opinions matter more than
Availability bias
Info available is more reliable
Overconfidence bias
Overestimate one’s ability to evaluate and make decisions
Authority bias
Greater credibility to authoritative people
What might restrict an individuals action?
Time, money, availability, resources
How do companies make decisions?
Recognise and define the decision situation - develop options - analyse options - select the best option - implement the decision - omit or the consequences
