New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

Principles of Management Week 1 Notes

by: David Meyer

Principles of Management Week 1 Notes MGT 3150 A

Marketplace > Georgia Institute of Technology - Main Campus > MGT 3150 A > Principles of Management Week 1 Notes
David Meyer

GPA 3.8
View Full Document for 0 Karma

View Full Document


Unlock These Notes for FREE

Enter your email below and we will instantly email you these Notes for Principles of Management

(Limited time offer)

Unlock Notes

Already have a StudySoup account? Login here

Unlock FREE Class Notes

Enter your email below to receive Principles of Management notes

Everyone needs better class notes. Enter your email and we will send you notes for this class for free.

Unlock FREE notes

About this Document

These are the notes from the first week of school. They include the 4 main characteristics of managers to the beginnings of talking about environmental factors with management.
Principles of Management
Dr. Flury
Class Notes




Popular in Principles of Management

Popular in Department

This 4 page Class Notes was uploaded by David Meyer on Tuesday August 23, 2016. The Class Notes belongs to MGT 3150 A at Georgia Institute of Technology - Main Campus taught by Dr. Flury in Fall 2016. Since its upload, it has received 43 views.


Reviews for Principles of Management Week 1 Notes


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 08/23/16
What do managers do (Henry Fayol)?    ● Planning  ○ Establish goals  ● Organizing and Staffing  ○ Follows a process about work specialization; how to structure individual jobs  ○ Structure is all about defining jobs, grouping jobs, how authority is delegated  throughout, creating standard policy, organizational rules (Macy’s receipt return  rule => takes decision making away from cashier and they just follow a rule)  ● Leading  ○ Directing and coordinating activities of individuals  ○ There is a flow from goals and organizing to leading  ○ Direct so there is maximum efficiency and effectiveness  ■ Effective: attributing to rules and goals  ■ Efficiency: being effective in the simplest way  ○ Motivation: driver of effort toward achieving a goal with persistence   ● Controlling  ○ Measuring performance (individual, machine, etc) and comparing performance  relative to standards. Then taking action if tolerance is broken  ○ Protecting assets of organization like theft  ○ Protecting individuals  ○ Generally: setting standards, comparing performance, taking corrective action  ○ Concurrent controls: security cameras  ○ Feedback controls: financial statements  ● Management Hierarchy  ○ Two basic roles in an organization: people who do not have others reporting to  them; people who are reported to  ○ Top level: setting the overall objectives for the organization; strategy and giving  dividends (primary what do’s of board of directors); culture is creating here by  senior managers who live and breathe that culture; hiring the middle manager  levels; need an understanding of what is happening in the market place  ■ Developing plans for the next few years  ○ Middle level: report to managers and have managers reporting to them;  organization can be defined by how many levels of middle managers  ■ District managers  ○ First line management  ■ Supervisors; face the operatives the most  ■ Developing plans for the next few hours  ■ Directing operatives  ■ Job related training of new hires  ■ Day to day activities  ○ Self­managed teams  ■ All the roles of management at a team level rather than an individual  ● Roles of Management (Henry Mintzberg)  ○ Three distinct roles  ○ Interpersonal roles  ■ Derived from formal authority  ■ Figurehead  ● Performing certain ceremonial duties  ■ Leader  ● Accountable for the work and performance of subordinates   ■ Liaison  ● Connection between organization or subunit and that which is  outside of it  ○ Informational roles  ■ Through interpersonal roles gives them important info  ■ Monitor  ● Scanning environment for information; waiting for valuable  information to relay to subordinates  ■ Disseminator  ● Giving information inside organization  ■ Spokesperson  ● Send information outside organization  ○ Decisional roles  ■ Entrepreneur  ● Looks for ways to improve their organization  ■ Disturbance Handler  ● Responding to events beyond their control  ■ Resource allocator  ● Who in their organization gets what (time, facilities, etc)  ■ Negotiator  ● Negotiate on behalf of the organization  ○ Manager: someone in charge of organization or subgroup  ■ Given a formal authority gives them a status  ● Mintzberg’s Characteristics of Management Work  ○ Common misconception that managers’ day was more ordered than it actually  was  ○ Managers have to be good at making decisions when they only have a superficial  knowledge on the issue  Manager's Job    ● As you go up from first­level management to top managers, the leading goes down and  the amount of organizing and planning goes up  ● Skills of Manager  ○ Conceptual, interpersonal, technical, political  ○ Technical: disciplinary knowledge they bring to the table; engineering, finance,  accounting, etc (core skills)  ○ Central Skills: connect the dots; how different parts form into one body of the  organization  ○ Political Skills: accumulate power through networks and also by building personal  power which is based on expertise and ability to reward/punish, admirable  characteristics  ■ Influence others to behave in ways they might not normally behave  ○ Nature of importance changes as you go up the management chain  ● We asked recruiters what are you looking for? Skills, talents, etc  ○ Decision­making, strategically sound, executive presence (combo of strategically  sound and personal attributes), self­developed, multi­tasking, listening, creative  thinking/entrepreneurial thinking  ○ Personal responsibility, self­confidence, resilience, competitive, trustworthiness  ■ Trust: if you trust someone then you believe they act in your best interest  ● The Management Environment  ○ Location, structure, workforce, technology, processes, all make up the internal  environment  ○ External environment: suppliers, competitors, customers, community  ○ Outer environment (macro): globalization, political/legal regulations,  demographic, sociocultural, economic, technology  ■ They all impact the business and gives restraints to the business  ● External Environment  ○ Economical  ■ Company’s affected by depression, recession, expansion, etc  ● No control only reaction  ■ Dictates the ability of customers to spend; depression, they spend less,  expansion, they spend more, etc  ■ Cost of capital: interest associated with debt  ● Cost of equity: cost associated with investments  ● Higher the capital the less businesses spend  ■ Exchange rates affect decisions  ○ Demographic  ■ Relatively slow moving; easier to predict  ■ Tends to affect what people buy; rich buy different things than poor  ■ Know whether demand will expand or contract  ○ Political/Legal   ■ Taxes: cigarettes have high taxes to discourage purchases  ■ One of the few factors that can actually be controlled through lobbyists  ○ Globalization  ■ Issues associated with world economy essentially  ● Effects of External Environment  ○ Jobs and employment  ○ Assessing environmental uncertainty  ■ As a manager, complexity makes your job more difficult; managers try to  reduce the complexity  ● To solve a complex problem; break into smaller problems, analyze  and learn more; simplification  ○ Stakeholders  ■ Customers, employees, owners, suppliers, partners, community, physical  environment, government  ■ Things impacted by actions of the organization  ■ As a manager, identify your stakeholders and create positive relationships  with them 


Buy Material

Are you sure you want to buy this material for

0 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."

Jennifer McGill UCSF Med School

"Selling my MCAT study guides and notes has been a great source of side revenue while I'm in school. Some months I'm making over $500! Plus, it makes me happy knowing that I'm helping future med students with their MCAT."

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."


"Their 'Elite Notetakers' are making over $1,200/month in sales by creating high quality content that helps their classmates in a time of need."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.