MANAGEMENT 301 CHAPTER 1 Book Notes
MANAGEMENT 301 CHAPTER 1 Book Notes Management 301
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This 4 page Study Guide was uploaded by Stephanie Marie on Sunday February 8, 2015. The Study Guide belongs to Management 301 at a university taught by Professor Mangaliso in Fall. Since its upload, it has received 615 views.
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Date Created: 02/08/15
Chapter 1 The Nature of Management What is Management 0 Management is an activity or a process 0 Is the process of assembling and using sets of resources in a goaldirected manner to accomplish tasks in an organization 0 It is a process involves a series of activities and operations such as planning deciding and evaluating o Involves managing and assembling sets of resources variety of resources such as nancial material human and informational Goal directed manner activity with a purpose and direction 0 Involves activities carried out in an organization process undertaken in an organization by people with different functions intentionally structured and coordinated to achieve common purposes 0 Managerial Challenges 0 Manage change effectively 0 quotmost challenging 0 technology development new technology new products new processes 0 globalization development and observation of the increasing international and cross national nature of everything from politics to business events in other countries can affect an organization promotes greater involvement in international markets 0 Managing Resources 0 Build a portfolio of resources 0 Allocate and coordinate these resources to accomplish the organization s tasks 0 Implementing strategies to use resources to accomplish goals 0 Managing Strategically 0 Managers at all levels need to set strategic goals to accomplish the organization s ultimate performance 0 Strategically create more value for their customers than competitors 0 Always have to be alert on how to improve and strengthen strategies 0 Managing Entrepreneurially 0 Managers should regularly search for new opportunities or identify ideas that could create new markets 0 Entrepreneurial mindset a way of thinking about businesses that emphasizes actions to take advantage of uncertainty 0 Uncertainty helps to level the playing eld Historical Approaches to Management 0 Even ancient civilization used managerial concepts 0 Chinese organization large organization 0 Egyptian pyramids o Origins of modern management in industrial revolution What do Managers do 0 Four principle managerial functions 0 Planning Estimating future conditions and circumstances and based on these estimations making decisions about the work of the manager and for all employees for whom she or he is responsible Strategic planning addresses strategic actions designed to achieve the organization s long range goals Tactical planning translates strategic plans into actions designed to achieve speci c and shorter term goals Operational planning identi es the actions needed to accomplish the goals of particular units of the organization or particular product lines in their respective markets If you do not plan you are unprepared for the unexpected o Organizing Integrating resources systematically to conduct managerial work Identifying the appropriate structure of relationships among positions and the people occupying them and linking that structure to the overall strategic direction of the organization Without is chaos would ensue o Directing The process of attempting to in uence other people to attain the organization s objective Leading and motivating Leaders must develop effective relationships with employees and their actions should result in fair outcomes often referred to as justice 0 Controlling Regulate the work of those for whom the manager is responsible Setting standards of performance for employees monitoring ongoing performance Results are then fed back into planning Must achieve a balanced set of controls Managerial Roles Henry Mintzberg typology of managerial roles o Interpersonal 3 types of behavior The Figurehead Role emphasizes ceremonial activities such as attending social functions welcoming a visiting dignitary or presiding at a farewell reception for a departing employee quotshowing the agquot example commencement ceremonies The Leader Role 0 In uencing and directing others The Liason Role 0 Emphasizes the manager s contacts with those outside the formal chain of command ex customers suppliers government 0 Informational Roles The monitor Role managers engage to remain aware of crucial developments that may affect their units and their own work The disseminator role manager not only receives info but sends it too The spokesperson role called upon to represent the views of the unit for which he or she is responsible 0 Decision Roles The Entrepreneurial Role engage in activities to help make new opportunities o Involves risk The Disturbance Handler Role respond to problems or disturbances Judge problem solver The Resource Allocator Rule Deciding how to distribute resources The Negotiator 0 Making accommodations with other units or other organizations Managerial Job Dimensions 0 Three Dimensions according to Rosemary Stewart 0 The demands made on it o The constraints placed on it o The choices permitted in it What Skills do Managers need 0 Technical Skills 0 Involve having specialized knowledge about procedures processes and equipment 0 Especially important early in management 0 Interpersonal Skills 0 Example sensitivity persuasiveness and empathy 0 Very important at lower and middle level management 0 Conceptual Skills 0 Often caed cognitive ability or cognitive complexity examples ogica reasoning judgement and analytical abilities 0 Major determinant of who reaches highest management
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