Management 1

Management
Involves coordinating and overseeing the work activities of others so that their activities are completed efficiently and effectively
Managers
A person responsible for controlling or administering all or part of a company or similar organization
Why is it important to understand management
The universality of management
• Good management is needed in all organizations.
The reality of work
• Employees either manage or are managed.
Rewards and challenges of being a manager
• Management offers challenging, exciting and creative opportunities for meaningful and fulfilling work.
• Successful managers receive significant monetary rewards for their efforts.
Use fundamental theories to describe what effective managers do
Planning
• Defining goals, establishing strategies to achieve goals, developing plans to integrate and coordinate activities.
Organizing
• Arranging and structuring work to accomplish organizational goals.
Leading
• Working with and through people to accomplish goals.
Controlling
• Monitoring, comparing, and correcting work
Describe contemporary management jobs and how they are changing
Contemporary management jobs
The Increasing Importance of Customers
• Customers: the reason that organizations exist
• Managing customer relationships is the responsibility of all managers and employees.
• Consistent high quality customer service is essential for survival.
Innovation
• Doing things differently, exploring new territory, and taking risks
• Managers should encourage employees to be aware of and act on opportunities for innovation
Describe how teams perform on information processing tasks, and explain the managerial implications
– Teams tend to leverage their resources But, teams often perform worse than their “best” member
– Implications include Individuals (not teams) should be assigned to tasks where there are few benefits from pooling member’s resources. When finding and staffing the “best” person for task is difficult, tends to be better to assign a team, rather than an individual. On complex tasks that require broad and deep expertise, teams have best chance of tackling the problems.
List the major components of the team performance and satisfaction model
Look at diagram
Explain the steps involved in team information processing
Look at diagram
Describe structured group techniques to promote effective teamwork
Structured Process:
o Individually write down 2 ideas
o Take turns reading aloud ideas & transcribe them
o Discuss each idea to clarifying and expanding
o Privately rank top 3 ideas
o Share and aggregate rankings with stars
o 1st place idea ***, 2nd place idea **, 3rd place idea *
o Tally stars to identify team’s top ideas
Explain two types of problems/decisions, and identify examples of each
– Structured Problems
o Straightforward, and easily defined—information about the problem is available and complete.
o Familiar (have occurred before).
– Programmed Decision
o A repetitive decision that can be handled by a routine approach.
o Types include
• Procedure – series of sequential and interrelated steps
• Rule – explicit statement what about should (not) be done
• Policy – guideline for making a decision
– Unstructured Problems
o New or unusual problem for which information is ambiguous or incomplete.
– Nonprogrammed Decisions
o Decisions that are unique and nonrecurring, involving custom-made solutions.
Explain and use the two major perspectives on the decision-making
– Normative Perspective: describes how decision-making should occur. (Rational Decision). 8 step process.
– Descriptive Perspective: describes how decision-making does occur
Describe the overconfidence bias and ways of reducing it
– Erroneously believing that our judgments are more accurate than actually
– Not, the same as arrogance
– Ways to overcome it: Identify related quantities/ items to act as “boundaries”
– Be contrarian (“Why might I be wrong?”)
Describe the availability bias and ways of reducing it
– We weigh information that comes easily comes to mind (available)
– Ways to reduce it, Be wary of “flashy”‘ vivid information and personal experience
– Investigate base rates (how often does “X” occur in population)
– Be contrarian (“Why might I be wrong?”)
Describe two main decision making styles
– Linear thinking style
o A person’s preference for using external data and facts and processing this information through rational, logical thinking
– Nonlinear thinking style
o A person’s preference for internal sources of information and processing this information with internal insights, feelings, and hunches
Identify effective decision-making techniques
– Effective decision making combines linear and nonlinear thinking styles
– Gather relevant information (“linear thinking style”)
o Identify__Related_to act as “boundaries”
o Be wary of _Flashy_, vivid information and personal experience
o Collect information on __Base__ and __Notes___
– Blend in intuitive thinking (“nonlinear thinking style”)
o It is best to rely on subjective experience __After__ you have systematically identified a set of alternatives that meet an objective criteria
• Example the choice of which car buy, university to attend
Define motivation and explain key elements
– The process by which a person’s efforts are energized, directed, and sustained toward attaining a goal.
– An interaction between the person and a situation; it is not a personal trait
Explain and apply the goal-setting theory
– When people accept and are committed to goals, specific and difficult goals increase the intensity and persistence of effort
o Self-set goals also enhance performance through the development of task strategies
Explain and apply the job design theory
– Characteristics of jobs create psychologically meaningful experiences that, in turn, motivate employees
o Skill variety: How many skills and talents are needed?
o Task identity: Does the job produce a complete work?
o Task significance: How important is the job?
o Autonomy: How much independence does the jobholder have?
o Feedback: Do workers know how well they are doing?
– This is especially true for employees with “high growth need” ( a strong desire for self-esteem and self-actualization)
Explain and apply expectancy theory
– People exert greater effort toward activities for which they expect greater rewards
– Elements include
o Expectancy (effort-performance linkage)
o Instrumentality (performance -reward linkage)
o Valence (attractiveness of reward)
Define leadership/leader
– Process of influencing others to achieve goals
– Those who can influence others (and who have managerial authority)
Describe transformational vs transactional leadership
– Transformational
o Leaders who inspire followers to transcend their own self-interest by altering their ideals, values, interests, which leads them to perform better than initially expected (for the good of the organization)
– Transactional
o Leaders who guide or motivate their followers in the direction of established goals by clarifying role and task requirements.
Describe what team leadership involves
– Patiently sharing information
– Trusting others and giving up authority
– Understanding when to intervene
– Their job is
o Managing the team’s external boundary
o Facilitating the team process
– How to perform their job
o By performing four key leadership roles
Describe the path-goal contingency leadership theory
– The leader’s job is to assist followers in attaining goals and to provide direction or support to ensure the goals are compatible with organizational goals
– Leaders assume different leadership styles at different times depending on the situation (i.e., contingencies):
o Directive leader
o Supportive leader
o Participative leader
o Achievement oriented leader
Explain the primary sources of a leader’s power
– Legitimate power
o The power a leader has as a result of his or her position.
– Coercive power
o The power a leader has to punish or control.
– Reward power
o The power a leaders has to give positive benefits or rewards.
– Expert power
o The influence a leader can exert as a result of his or her expertise, skills, or knowledge.
– Referent power