UNIT 1: Introduction to the Principles of Management Flashcards
Triple bottom line
People, Planet, Profit
P-O-L-C
Planning- Organizing - Leading - Controlling
Empowerment
The process of enabling or authorizing an individual to think, behave, take action, and control work & decision making in autonomous
General management roles
Responsible for mng a clearly identifiable revenue-producing unite {store, business unite, product line}
General management Process
Take direction form top excutives –> understands executives’s overall plan –> set specific goals
Managers’ responsibility
Getting actions completed efficiently with/ through other people and setting & achieving firm’s goals through the execution of POLC functions by utilizing: human, financial and material resources.
Managers’ areas
Interpersonal - Informational - Decisional
Managers’ roles (Inter)
Interpersonal {figurehead - leader - liaison}
Managers’ roles (Info)
Informational {monitor - disseminator - spokesperson}
Managers’ roles (Deci)
Decisional {entrepreneur - disturbance handler - resource allocation - negotiation}
Leadership
social/ informal sources of influence use to inspire action taken by others
Competition among employers and countries for?
best and brightest to increase mobility (war for talent) and hyper-competition to puts pressure on firms to invest in the present and future leadership capabilities.
Entrepreneurship
recognition of opportunities (needs, wants, problems, challenges) & the use or creation of resources to implement innovative ideas for new, thoughtfully planned ventures
Entrepreneur
a person who engages in the process of entrepreneurship
Strategy
provide a clear set of guidelines for daily action
Strategic management
what an org does to achieve its mission and vision {use knowledge}
functions of POLC
have been tremendous changes in the environment faced by managers and the tools used by managers to perform their roles, managers still perform these essential functions
Environmental scanning
planners must be aware of the critical contingencies facing their organization in terms of economic conditions, competitors, & customers
strategic planning (top mngr)
ivl analyzing competitive opportunities and threats, & the strengths and weaknesses of the orgn, and then determining how to position the orgn to compete efficiently in its environment
tactical planning
intermediate-range (1-3yrs) planning that is designed to develop relatively concrete & specific means to implement the strategic plan
structure of orgn
usually represented in the chain of command within an org
orgl design decisions
make abt the structure of an orgn
teamwork
cooperative effort by the member of a grp or tm to achieve a cmm goal
effective controlling
requires the existence of plans, since planning provides the necessary perf stds or objs
