Chapter 1- The Exceptional Manager
Chapter 1- The Exceptional Manager MGT 250
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This 7 page Class Notes was uploaded by Stephanie De Angelis on Saturday January 23, 2016. The Class Notes belongs to MGT 250 at Pace University - New York taught by Professor Bhandari in Winter 2016. Since its upload, it has received 59 views. For similar materials see Managerial and Organizational Concepts in Business, management at Pace University - New York.
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Date Created: 01/23/16
Chapter 1 – The Exceptional Manager What You Do, How You Do It Vocabulary Artificial Intelligence the discipline concerned with creating computer systems that simulate human reasoning and sensation Big Data stores of data so vast that conventional database management systems cannot handle them Cloud Computing the storing of software and data on gigantic collections of computers located away from a company’s principal site Collaborative Computing using stateoftheart computer software and hardware, will help people work better together Competitive Advantage the ability of an organization to produce goods or services more effectively Conceptual Skills the ability to think analytically, to visualize an organization as a whole and understand how the parts work together Controlling monitoring performance, comparing it with goals, and taking corrective action as needed Databases computerized collections of interrelated files Decisional Roles managers use information to make decisions to solve problems or take advantage of opportunities Ebusiness using the Internet to facilitate every aspect of running a business Ecommerce the buying and selling of goods or services over computer networks Email electronicmail messages and documents transmitted over a computer network Effective to achieve results, to make the right decisions and to successfully carry them out so that they achieve the organization’s goals Efficient to use resources – people, money, raw materials, and the like – wisely and cost effectively Entrepreneur someone who sees a new opportunity for a product or service and launches a business to try and realize it Entrepreneurship the process of taking risks to try to create a new enterprise Firstline Managers make shortterm operating decisions, directing the daily tasks of nonmanagerial personnel Four Management Functions also known as management process, planning, organizing, leading, controlling. Functional Managers responsible for just one organizational activity General Managers responsible for several organizational activities “Hightouch” Jobs dealing with people rather than computer screens or voiceresponse system Human Skills the ability to work well in cooperation with other people to get things done Informational Roles as monitor, disseminator, and spokesperson – managers receive and communicate information with other people inside and outside the organization Innovation finding ways to deliver new or better goods or services Internal Locus of Control the belief that you control your own destiny Internet the global network of independently operating but interconnected computers, lining hundreds of thousands of smaller networks around the world Chapter 1 – The Exceptional Manager What You Do, How You Do It Interpersonal Roles managers interact with people inside and outside their work units Intrapreneur someone who works inside an existing organization who sees an opportunity for a product or service and mobilizes the organization’s resources to try and realize it Knowledge Management the implementing of systems and practices to increase the sharing of knowledge and information throughout an organization Leading motivating, directing, and otherwise influencing people to work hard to achieve the organization’s goals Management (1) the pursuit of organizational goals efficiently and effectively by (2) integrating the work of people through (3) planning, organizing, leading, and controlling the organization’s resources Management Process also known as four management functions, planning, organizing, leading, controlling. Mentor an experienced person who provided guidance to someone new to the work world Middle Managers implement the policies and plans of the top managers above them and supervise and coordinate the activities of the firstline managers below them Organization a group of people who work together to achieve some specific purpose Organizing arranging tasks, people, and other resources to accomplish the work Planning setting goals and deciding how to achieve them Project Management Software programs for planning and scheduling the people costs, and resources to complete a project on time Social Media internetbased mobile technologies such as Facebook and Twitter for generating interactive dialogue with others on a network Soft Skills the ability to motivate, to inspire trust, to communicate with others Startup a newly created company designed to grow fast Sustainability economic development that meets the needs of the present without compromising the ability of future generations to meet their own needs Team Leaders a manager who is responsible for facilitating team activities toward achieving key results Technical Skills jobspecific knowledge needed to perform well in a specialized field Telecommute work from home or remote locations using a variety of information technologies Texting quick text messages exchanged among smart phones Top Managers longterm decisions about the overall direction of the organization and establish the objectives, policies, and strategies for it Videoconferencing using video and audio links along with computers to let people in different locations see, hear, and talk with one another Chapter 1 – The Exceptional Manager What You Do, How You Do It 1.1 Management: What It Is, What Its Benefits Are The Art of Management Defined o Management is “the art of getting things done through people” o Managers should be task oriented, achievement oriented, and people oriented o Good managers always strive to achieve efficiency and effectiveness (the means and the ends) Why Organizations Value Managers: The Multiplier Effect o Some great achievements have been accomplished by individuals working quietly by themselves; but so much more has been accomplished by people who were able to pull their talents and abilities by being managers o Good managers create value o The multiplier effect – your influence on the organization is multiplied far beyond the results that can be achieved by just one person acting alone o Managers have a lot more influence and can earn two to seven times more than a salesperson The Financial Rewards of Being an Exceptional Manager This section is just a whole bunch of numbers and statistics as to what you could possibly make as a manager or higher. What Are the Rewards of Studying & Practicing Management o The rewards of studying management o You will understand how to deal with organizations from the outside May give you some defensive skills for dealing with a customer or investor o You will understand how to relate to your supervisors Help understand the pressures managers deal with and why and how they respond to you in the way they do o You will understand how to interact with coworkers Management policies affect how everyone acts in the workplace o You will understand how to manage yourself in the workplace You come to realize your personality, emotions, values, perceptions, needs, and goals o The rewards of practicing management o You and your employees can experience a sense of accomplishment Successful goals give you a personal satisfaction as well as your employees that you directed to help with the process o You can stretch your abilities and magnify your range Every promotion stretches your abilities, challenges your talents and skills, and magnifies the range of your accomplishments o You can build a catalog of successful products or services Chapter 1 – The Exceptional Manager What You Do, How You Do It Every product becomes a testimonial to your accomplishments o You can become a mentor and help others Mentors can help others advance in their careers 1.2 What Managers Do: The Four Principal Functions Planning: Discussed in Part 3 of This Book o You set goals and decide how to achieve them Organizing: Discussed in Part 4 of This Book o You arrange tasks, people, and other resources to accomplish the work Leading: Discussed in Part 5 of This Book o You motivate, direct, and otherwise influence people to work hard to achieve the organization’s goals Controlling: Discussed in Part 6 of This Book o You monitor performance, compare it with goals, and take corrective action as needed 1.3 Seven Challenges to Being an Exceptional Manager Challenge #1: Managing for Competitive Advantage – Staying Ahead of Rivals o Organization must stay ahead because of competitive advantage through o Being responsive to customers The first law of business is to always take care of the customer o Innovation No organization, forprofit, or nonprofit can allow itself to become satisfied o Quality If it’s a oneofakind company, customers will put up with less than extraordinary products o Efficiency Companies strive to produce goods or services as quickly as possible using as few employees and raw materials as possible Challenge #2: Managing for Diversity – The Future Won’t Resemble the Past o One in six American workers are foreignborn o In the years to come, there will be a different mix of women, immigrants, and older people in the workforce Challenge #3: Managing for Globalization – The Expanding Management Universe o Verbal expressions and gestures don’t have the same meaning to everyone throughout the world Challenge #4: Managing for Information Technology – Dealing with the “New Normal” o Other technologies as well as how well your own works affects your business o Ecommerce has reshaped how industries are run. Chapter 1 – The Exceptional Manager What You Do, How You Do It o The internet can radically alter activity on the flow of information. This can lead through a ranges of effects such as: o Farranging electronic management: ecommunication all the time o More and more data: the challenges to decision making o The rise of artificial intelligence: more automation in the workforce o Organizational changes: shifts in structure, jobs, goals, and knowledge management Challenge #5: Managing for Ethical Standards o There’s always pressures to meet sales, production, and other targets o Ethical behavior is not just a nicety; it is a very important part of doing business Challenge #6: Managing for Sustainability – The Business of Green o Our economic system has brought success, but it has also led to unmanageable business practices because it has assumed that natural resources are limited when in fact they are not. Challenge #7: Managing for Happiness & Meaningfulness o Happiness is getting what you want, of having your desires fulfilled. o Meaningfulness is achieving a valued sense of one’s self and one’s purpose within the larger context of life and community. This may not always give people happiness o Research has shown that meaningfulness gives people a better work and life satisfaction as well as performance 1.4 Pyramid Power: Levels & Areas of Management Four Levels of Management o Top Managers: Determining Overall Direction o Consists of the CEO, COO, President, and Senior Vice President o They need to pay a lot of attention to the outside environment o They must be future oriented o Middle Managers: Implementing Policies and Plans o Consists of plant manager, district manager, and regional manager o In nonprofits, they consist of clinic direction, dean of student services, etc. o They implement the strategic plans created by the top managers o FirstLine Managers: Directing Daily Tasks o Tends to have the title of department head, foreman, or freewoman, or supervisor o Team Leaders: Facilitating Team Activities o Teams and teamwork are a typical standard of operations in a company o They report to the firstline managers Areas of Management: Functional Managers versus General Managers o There are many departments to a company o For Profit Chapter 1 – The Exceptional Manager What You Do, How You Do It Research & Development Marketing Finance Production Human Resources o Nonprofit Faculty Student Support Staff Finance Maintenance Administration o Functional Managers: Responsible for One Activity o General Managers: Responsible for Several Activities Managers for Three Types of Organizations: For Profit, Nonprofit, MutualBenefit o ForProfit Organizations: For Making Money o Nonprofit Organizations: For Offering Services o MutualBenefit Organizations: For Aiding Members Different Organizations, Different Management? o You would be still doing the four management functions o However, in a forprofit organization, they measure the success by finding out how much profit, or loss, it generates throughout the year o In nonprofit and mutualbenefit, it is the effectiveness of services delivered 1.5 The Skills Exceptional Managers Need Technical Skills – The Ability to Perform a Specific Job o Having technical skills is most important for lower management jobs Conceptual Skills – The Ability to Think Analytically o As you move up in management, these skills become more important o Most important to top managers Human Skills – “Soft Skills,” the Ability to Interact Well with People o Human skills are important in teams o Soft skills are important to all levels of management The Most Valued Traits in Managers o Chief skills companies want in top managers o Be able to engage and motivate other workers o Be able to communicate o Work experience outside the US o High levels of energy. This helps them to meet the demands of traveling constantly 1.6 Roles Managers Must Play Successfully The Manager’s Roles: Mintzberg’s Useful Findings Chapter 1 – The Exceptional Manager What You Do, How You Do It o A manager relies more on verbal than on written communication o A manager works long hours at an intense pace o A manager’s work is characterized by fragmentation, brevity, and variety Three Types of Managerial Roles: Interpersonal, Informational, & Decisional Look at Table 1.1 For More Indepth Information on This o Interpersonal Roles figurehead, leader, and liaison o Informational Roles monitor, disseminator, and spokesperson o Decisional Roles entrepreneur, disturbance handler, resource allocator and negotiator 1.7 The Link between Entrepreneurship and Management Starting Up a Startup: From Hats to Hamburgers o Some remain small while others prosper at an increasing rate. Entrepreneurship Defined: Taking Risks in Pursuit of Opportunity o What Entrepreneurship Is o Entrepreneurs have a business with less than 100 employees o Intrapreneurs tend to be researchers or scientists o How do Entrepreneurs & Managers Differ? o Entrepreneurs are not always the inventor but they search for an opportunity until they find it and then take it o Entrepreneurs are what it takes to start a business while managers are what it takes to grow and maintain the business o As both, you create new goods and services Characteristic of both high need for achievement Also the belief in personal control of destiny Also a high energy level and action orientation (especially for entrepreneurs) Also a high tolerance for ambiguity (especially for entrepreneurs) Also selfconfidence and tolerance for risk (especially for managers) o There are necessity entrepreneurs, who have been laidoff, discharged, immigrants, or divorce people who are just trying to make a living o There are opportunity entrepreneurs, who are people who have a drive in them to start their own business
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