Management 301 Week 1 Notes
Management 301 Week 1 Notes Management 301
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This 4 page Class Notes was uploaded by Eunji Cho on Thursday January 21, 2016. The Class Notes belongs to Management 301 at University of Massachusetts taught by Bogdan Prokopovych in Spring 2016. Since its upload, it has received 62 views. For similar materials see Principles of Management in Business, management at University of Massachusetts.
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Date Created: 01/21/16
UMass Amherst Management 301: Professor Prokopovych Notes for Week 1: Jan 19-22 By Eunji Cho January 19, 2016 1. Introduction Why Principles of Management? • Employment of management occupations is projected to grow 6 percent from 2014 to 2024, which will result in 505,400 new jobs. • This will be driven by the formation of new organizations and expansion of existing ones. In 2014, the median annual wage for management occupations was $97,230, which was the highest wage for most major occupations. 2. Main topics in this class • Social Responsibility & Managerial Ethics • Decision Making • Strategy • Leadership • Motivation • Groups & Teams • Organizational Structure & Design • International Management & Globalization January 21, 2016 Nature of Management What is Management? • Dictionary definitions o The process of dealing with or controlling things of people. o The responsibility for and control of a company or similar organization. o The people in charge of running a company or organization, regarded collectively • Historical approaches to management o Ancient China: art of warfare, Sun Tsu’s “The Art of War” o Ancient Egypt: building of pyramids o Roman Empire: building of roads and viaducts o Industrial Revolution: modern management – automated management, manathng labor • Etymology: “Maneggiaare” (15 century Italian) the ability to handle a horse Is Management a Profession? Professor Mintzberg: • “Put together a good deal of craft (experience, practical learning) with the right touch of art (vision, creating insights) alongside some use of science (analysis, systematic evidence), and you end up with a job that is above all a practice, learned through experience and rooted in context.” Increasing importance of management: Establishment of business schools • 1881: first business school, Wharton Business School, was established by John Wharton, an industrialist and entrepreneur. Management is… • Process: a series of activities • Resources: assembling and using • Tasks: acting in a goal-directed manner to accomplish • Organization: carried out in an organizational setting Managerial Challenges 1. Change: Technology, Globalization • Stock market, oil price, climate change 2. Resources: Financial, Human, Physical, Technology • Human assets, Internet 3. Strategically: Goals & strategies, Capabilities • Setting and being able to change goals 4. Entrepreneurially: Opportunities, Ideas, Dealing with uncertainty What Managers Do Managerial activities differ by… • Functions managers serve o Planning o Managing o Organizing o Directing o Controlling • Roles in which managers operate o Interpersonal roles: figurehead, leader, liaison § Social function at work, improving organizations o Decisional roles: entrepreneur, disturbance handler, resource allocator, negotiator § Decision maker, crisis manager (caretaker) o Informational roles: monitor, disseminator, spokesperson § Communicator, creator of the business’ image • Dimensions of each manager’s job o Demands § Types: activities/duties, performance standards § Sources: boss/organization o Constraints § Time, budget, technology § Attitudes § Legal o Choices § How to work § How much work § Who works § Which options What Skills Do Managers Need? • Technical: important for entry-level managers o Specialized knowledge (including when and how to use the skills) • Interpersonal: important for all managers o Sensitivity o Persuasiveness o Empathy • Conceptual: important for top-level managers o Logical reasoning o Judgment o Analytical ability
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