Management 201: Chapter 1

organization
a group of people who work together to achieve some specific purpose
Management
the pursuit of organizational goals effectively and efficiently by integrating the work of people through planning, organizing, leading and controlling
Efficency
“the means”, means to use resources wisely and cost-effectively
Effectiveness
“the ends”, means to achieve results, to make right decisions, and to successfully carry them out so that they achieve the organization’s goals
Multiplier effect
Managers influence on the organization is multiplied far beyond the results that can be achieved by just one person acting alone
Competitive advantage
ability of an organization to produce goods or services more effectively than competitors do, thereby outperforming them
4 areas that an organization must stay ahead in
1. being responsive to customers
2. innovation
3. quality
4. efficency
innovation
finding ways to deliver new or better goods
Managing for diversity
a challenge of managing
Managing for globilization
gestures and symbols don’d have the same meaning to everyone throughout the world
Managing for information technology
challenge the effects management
internet
global network of independently operating but interconnected computers, linking hundreds of smaller networks across the world
E-commerce
the buying and selling of goods over computer networks
E-business
Using the internet to facilitate every aspect of running a business
E-mail
text messages and documents transmitted over a computer network
Project management software
programs for planning and scheduling the people, costs, and resources to complete a project on time
Telecommute
work from home or remote locations using a variety of information technologies
Video-conferencing
using video and audio links along with computers to let people in different locations see, hear, and talk with one another
Collaborative computing
using state-of-the-art computer software and hardware, will help people work better together
Knowledge management
implementing of systems and practices to increase the sharing of knowledge and information throughout an organization
Managing for ethical standards
challenge of management
Management process (four management functions)
planning, organizing, leading, and controlling
Planning
you set goals and decide how to achieve them
Organizing
You arrange tasks, people, and other resources to accomplish work
Leading
You motivate, direct, and otherwise influence people to work hard to achieve the organization’s goals
Controlling
You monitor performance, compare it with goals, and take corrective action as needed
Three levels of management
top, middle, first-line
Top managers
makes long-term decisions about the overall direction of the organization and establish objectives, policies, and strategies for it
Middle managers
Implement the policies and plans of the top managers above them and supervise and coordinate the activities of the first-line managers below them
First-line managers
make short term operating decisions, directing the daily tasks of non-managerial personel
commonweal organization
a type of non-profit that offer services to all customers within their jurisdictions
3 roles of a manager
1. rely more on verbal than on written communication
2. work long hours at an intense pace
3. work characterized by fragmentation, brevity and variety
Three types of managerial roles
interpersonal, informational, decisional
Interpersonal
managers interact with people inside and outside their work units (figurehead, leader, liaison)
informational
managers receive and communicate information (monitor, disseminate, spokes person)
Decisional
Managers use information to make decisions to solve problems or take advantage of opportunities (entrepreneur, disturbance handler, resource allocator, negotiator)
Entrepreneurship
the process of taking risks to try to create a new enterprise
Entrepreneur
someone who sees a new opportunity for a product or service and launches a business to try to realize it
Intrapreneur
someone who works inside an existing organization who sees an opportunity for a product or service and mobilizes the organizations resources to try to realize it
High need for achievement
Both entrepreneurs and managers
Belief in personal control of destiny
both entrepreneurs and managers
High energy level and action orientation
Mostly entrepreneurs, also managers
High tolerance for ambiguity
Mostly entrepreneurs, also mangers
Self confidence and tolerance for risk
Mostly just entrepreneurs
opportunity entrepreneurs
those who start their own business out of a burning desire, not because they lost their job
Necessity Entrepreneurs
those who suddenly must make a living and are simply trying to replace lost income
three principal skills acquired by managers
technical, conceptual, human
technical skills
job-specific knowledge needed to perform well in a specialized field
Conceptual skills
the ability to think analytically, to visualize an organization as a whole and understand how the parts work together
Human skills
the ability to work well in cooperation with other people to get things done