August 18th-25th Notes
August 18th-25th Notes MNGT 3100- 004
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MNGT 3100- 004
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This 8 page Class Notes was uploaded by Callisa Ruschmeyer on Wednesday August 17, 2016. The Class Notes belongs to MNGT 3100- 004 at Auburn University taught by Joel Carnevale in Fall 2016. Since its upload, it has received 14 views. For similar materials see Principles of Management in Business at Auburn University.
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Date Created: 08/17/16
Chapter 1 Micromanaging- study of employees o Example: how employees feel Micromanaging- study of organizations o Example: how organizations are competing in a market Both want to study performance POLC o Planning- define goals and objective Strategy formulation Did Dell compete against others on cost or offering a different product? o Organizing- attracting people, specifying jobs, marshalling and allocation of resources, creating good working conditions Strategy formulation and implementation o Leading- directing, motivating, and communication within company; decision- making more micro based strategy implementation Its core is strategy: defining and communicating the company's unique position and making tradeoffs o Controlling Management The art of getting things done through the efforts of other people o Similar to investment- the goal is to get the most out of your resources --> resources meaning people o Managers get the most out of: training, reallocating, empowering Corporations Stakeholders- individuals and organizations who are actively involved in the organization- gain or lose as the corporation does They operate as their own being Raise capital b stock- main owners of corporations are stockholders Different Views of Corporations o Traditional- corporation meant to maximize profits and shareholder value o Modern- interests all work together for purpose of producing goods and services at a profit considering both shareholders and other constituencies Triple Bottom Line- social, environmental, economic Governance o Shareholders- own the firm o Top management team (TMT)- make decisions involving the firm's direction o Board of Directors- act in the interest of owners and monitor TMT Economic Performance A function of a firm's success in producing benefits for its owner Done though product innovation and efficient use of resources End goal is good profits Corporate Social Responsibility (CSR)- corporations consider the interests of society, assume responsibility for the impact of their activities o Examples: Toms and Indosole o Why engage in CSR? Customers like responsible companies Customers willing to pay a premium for products Social responsible companies get better ratings, on average Managers Top Managers- responsible for developing the organization's strategy and acting as a steward for its vision and mission o Example- Steve Jobs Functional Managers- responsible for the efficiency and effectiveness of a specific area such as accounting or marketing o Example- Kellogg's brand manager: specific areas of a company Divisional (Product) Managers- lead a team that contributes directly to the products or services the organization creates o Example- general electric Changing Roles o Traditional: top managers ensure the organizations competitiveness; lower managers and employees implement top management's strategy with obedience o Contemporary: top managers support personnel development; lower level managers and employees are responsible for the organization's competitiveness Example of Holacracy- Zappos- basically the company does not have manages; instead, the employees can have any number of roles within those circles o Negatives- complicated, compensation and advancement?, too much autonomy? o Positives- more innovative, les bureaucracy, more open to change 10 Roles of Management Created by Henry Mintzberg Interpersonal- provide information (example- Dean Hardgrave meeting students on the first day) o Figurehead- symbolic leader o Leader- direct and motivate o Liaison- establish and maintain contacts with outside Informational- process information o Monitor- seek and acquire work-related information o Disseminator- communicate information within organization o Spokesperson- communicate to outsiders Decisional- use information o Entrepreneur- identify new ideas and initiate improvement projects o Disturbance handler- deals with disputes or problems o Resource allocator- decide where to apply resources o Negotiator- defends business interests Empowerment The process of enabling or authorizing an individual to think, behave, take action, and control work and decision making in autonomous ways Google empowers its employees very well though o Google cafes, direct emails to any of the company's leaders, 20% projects, google moderator Two job attitudes that have the greatest potential to influence how we behave at work: o Organizational commitment Employees who are not committed engage in withdrawal behavior (like longer lunch breaks, taking more sick days, etc.) Three types of commitment Affective- emotion based- I want to be here (most attractive to employees) Continuance- cost based- I need to be here Normative- obligation based- I ought to be here o Job satisfaction Know the difference among o Attitude- how you feel things; how committed and satisfied are they to the job o Trait- characteristics o Behavior- how people act The nature of an employee's work motivates the most; pay is the least likely to motivate individuals Individual Level Performance o In-role performance: individuals are recruited, selected, and hired to take responsibility for fulfilling the job description o Extra-role performance: additional "extras" that add value but which are not part of the formal job description; go above and beyond OCB-I: helping behaviors aimed directly at specific persons Helping a coworker OCB-O: helping behaviors aimed at the system Being on board for change Staying late to finish a project Strategy Planning and directing large scale military operations --> basically to gain competitive advantage Competitive advantage- a condition or circumstance that puts a company in a favorable or superior business position Competitive Advantage A condition or circumstance that puts a company in a favorable or superior business position Chapter 2 Early Management Principles Henri Fayol - 5 management functions and 14 management principles o We combine his functions down into 4: planning, organizing, leading, and o 14 Principles abbreviated 1. Specialization 2. Authority 3. Discipline 4. Unity of command 5. Unity of direction- each group should follow one coordinated strategy 6. Subordination of individual interests- the interests of one person should never take precedence over what is best for the company as a whole 7. Remuneration- workers must be compensated fairly 8. Centralization- centralize or decentralize depends on competency of workers Decentralized example: Google 9. Line of authority 10. Order 11. Equity- workplace must be fair and respectful 12. Stability of tenure- organizations do best when tenure is high and turnover is low; tenure comes from incentivizing employees Tenure- how long you have been working for a company 13. Initiative 14. Espirt de corps- harmony o These principles lead to motivation (= better performance), commitment, and satisfaction Frederick Taylor - scientific management (Taylorism) o Concerned with productivity and efficiency --> laid groundwork for studies on efficiency o "time studies" using a stopwatch Frank and Lillian Gilbreth - time and motion studies o Developed "motion studies" - tried to figure out which movements to completely eliminate to increase productivity o Sort of in competition with Taylor o Therbligs- 18 motions to maximize efficiency Limitations of Early Theorists Manuel labor force- only applies to them; these ideas and theories do not apply to other areas of work, like sales Dehumanizing- these principles reduce man to mere machine Economies go through three stages: agricultural --> industrial --> service oriented o Today, more managers think of workers knowledge and minds Management Ideas of the 1990s Peter Drucker - management as an art and science o First to write about how to manage knowledge workers o Changed managers' views on relationships with employees and customers o Key contributions: knowledge worker (handling or using information), decentralization (increase labor's decision making), respect for the worker o Led the shift from traditional management to contemporary management styles Tom Peters and Robert Waterman - placed further emphasis on leadership, innovation, and valuing people o Empower people by involving everyone in decision-making o Eliminate bureaucratic rules and humiliating conditions o Celebrate and recognize employees for their contributions o Develop an inspiring vision o Lead by example Simon Sinek - defines what a leader is o Certain characteristics define a "leader", but one of the most important facts is the environment they are in Learning Organization Organizations that are skilled at creating, acquiring, and transferring knowledge, and at modifying to behavior to reflect new knowledge and insights In order to learn- retain information or learn from past mistakes- requires memory Five building blocks o Systematic problem solving o Experimentation- testing ideas in small steps o Learning from past experiences o Learning from others- inside and outside organization o Transferring knowledge Visual Organization Organizations with members who are geographically apart and who usually work by computer email and groupware while appearing to others to be a single, unified organization with a real physical location o Advantages Lower capital requirements Greater availability across regions Perhaps more capable of adapting and changing o Disadvantages Loss of customer experience Credibility? (think jewelry) Greater Personalization and Customization Consumers want more say in products and services One size no longer fits all Tailoring products and services to meet different needs, cultural sensitivities, and income level Developing your Values-Based Leadership Skills Managers face many ethical challenges Managers must model ethical behavior and uphold values and standards Unethical companies include: Tyco, HealthSouth, and Enron Why do people make ethical transgressions (lapses)? Pressure to meet unrealistic business objectives/deadlines A desire to further one's career A desire to protect one's livelihood Foot-in-the door technique o Start by asking someone for something small; if they comply with your first small request, they will be more likely to respond to your next and bigger request o Basically, a slippery slope Sarbanes-Oxley Act Why it came about… o Conflicts of interest by auditors and analysts o Boardroom failures o Inadequate funding of the Security and Exchanges Commission What is the act? It forces company to write and enforce a code of ethics o The CEO is required to sign his/her firm's tax return This may prevent CEOs from claiming that they did not know tax fraud was occurring in these firms o In the past, white collar crimes often received a proverbial slap on the wrist. SOX significantly increased the penalties associated with white-collar crimes and conspiracies o Companies are required to write a code of ethics Integrating Ethics into Managerial Decision Making Assess the situation Consider the stakeholder's point of view Consider all possible alternatives Pay attention to how it makes you feel- would you feel proud or ashamed o morality requires empathy Make a decision Monitor outcomes Three Conditions for there to be an Ethical Dilemma 1. An individual, called the "agent," must make a decision about which course of action is best 2. There must be different courses of action to choose from 3. No matter what course of action is taken, some ethical principle is compromised o Basically, there is no perfect solution Ethical Theories Utilitarianism o The purpose of morality is to make the world a better place o Morality is about producing good consequences, not having good intention o We should do whatever will bring the most benefit (intrinsic value) to all of humanity The needs of the many outweigh the needs of the few Maximize the greater good o You do not care about the intensions, just about the consequences o The difference between the two examples in class: proximity of the act Deontology The theory of duty or moral obligation Judges the morality of an action based on the action's adherence to a rule or rules It is not the consequences that matter, but rather the motives behind the decision Moral worth not determined by its consequences because: It is possible that someone does something out of evil intention, but ends up bringing good consequences to society It is also possible that someone does something out of good intention, but ends up bringing about bad consequences The consequences of an action are not under our control We can only control our motives when acting as a moral person THEREFORE, the moral worth of an action is given by our good will Lone Survivor example- intensions were pure but the consequence was bad Saved the lives of the three civilians, but all the other Navy Seals died except the one Rest's Four-Stage Model of EDM 1. Recognize moral issue 2. Make a moral judgement 3. Establish moral intent 4. Make a moral decision Assumptions o Assumes ethical decision-making occurs in a linear fashion o Assumes the individual is aware a moral situation exists Management Theory Scientific theory- a framework used to understand a phenomenon, and is supported by evidence o More used for hard sciences, not social sciences The point of a theory is to never prove anything- just to test what you are looking at What is the Purpose theory? o To explain an event o To predict future events o Establish causality between these events Example: fairness and employees behavior are related Equity Theory- employees are motivated by equal actions A theory needs to be testable and falsifiable Theory parts o Concepts o Relationships o Can be represented by a model Control Theory (Motivation) o Basically theorizes that behavior is a function of a perceived discrepancy; you try to fix the issue o Current vs. Desired State --> Output --> Impact on Environment But environmental disturbances might occur
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