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Chapter 1-Business Management 101

by: Maayan Notetaker

Chapter 1-Business Management 101 Business Management 101

Marketplace > Yeshiva University > Business > Business Management 101 > Chapter 1 Business Management 101
Maayan Notetaker
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About this Document

These are detailed notes on Chapter 1 of the textbook Exploring Management. They are highlighted based on the lecture with key additions.
Business Management in a Global Environment
Dr. Judith Ryba
Class Notes
business, Management, intro




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This 5 page Class Notes was uploaded by Maayan Notetaker on Sunday September 18, 2016. The Class Notes belongs to Business Management 101 at Yeshiva University taught by Dr. Judith Ryba in Fall 2016. Since its upload, it has received 35 views. For similar materials see Business Management in a Global Environment in Business at Yeshiva University.

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Date Created: 09/18/16
Chapter 1 What is a  ● Manager­ person/s who supervise, support, are  manager?  responsible for, and help activate work efforts of others to achieve  goals ­GETS THE JOB DONE  What are the 3  types of  ● First line manager ­ someone in charge of a small work  group composed of non­managerial workers ­ need technical skills managers?  ○ Department head, team leader, unit  manager ● Middle managers ­ oversee the work of relatively large  departments or divisions ­ mostly in charge of taking action ­  implement strategies of top­ relay information to lower  management ­ need human skills ○ Clinic directors, deans, division managers ● Top managers ­ guide performance of organization as a  whole or of major parts ­ mostly strategic ­ need conceptual skills  ○ Must: alert to trends, developments in  environment, recognize potential problems and  opportunities, set strategy, and lead ○ CEO, COO (operations­ responsible for all  bus. operations) , CFO (finances),  CTO (chief of  technology officer), CIO (INFORMATION­ engineers), CSO (science­ never find someone who has a business  background) ○ Sometimes there is simply a president and  COO ○ Future oriented strategic thinkers ● Board of directors ­ elected by stockholders to represent  owners interests and keep top managers in check ○ often in charge of auditing and making sure  there is no fraud­ protect owners Accountability ● Nonprofits have Board of Trustees ­ elected by local  citizens, appointed by gov, or invited by existing members ● Accountability ­ requirement to show results to supervisors  ­ flows upward in the pyramid ­ a control system to combat the  autonomy of a manager (delegation of power) Quality of work  ○ Dependency ­ managers dependence on  life (QWL)  workers to do job ● Managers have a certain level of autonomy but they are  also UNDER someone and must show the success of their  How to be a good delegated task­ accountability manager today? ● Effective manager ­ helps others achieve high performance and satisfaction in their work  ● Quality of work life ­ overall quality of human experience in  workplace ○ Respect and value employees, fair pay, safe work conditions, learning and growing, progression in  career  ○ Protection of rights and pride in work  What  do  ● Best managers today help and support more than order  ○ Lead by example, work with employees, act  managers do? as equals, approachable, enthusiastic, high expectations  help growth Management  ● organization ­ series of layers representing different levels  of work process (not  exclusive to  ● upside ­down pyramid ­ customers at top served by  managers)  workers who are supported by managers below them ○ Customers are the most important ­>  workers who interact with them ­> managers who support  the workers  ● Managers often work constantly, fast­paced, hectic ○ Day filled with meetings, calls, unexpected  problems ○ Must work long hours at varied tasks using  communication and interpersonal relationships ● Management process ­ planning, organizing, leading,  controlling use of resources to achieve goals ○ Planning ­ setting performance objectives  How do  and deciding how to achieve their goals managers  ○ Organizing ­ arranging tasks, people, and  realistically follow other resources to accomplish work the management  ○ Leading ­ inspiring people to work hard  process? ○ Controlling ­ measuring performance and  Managerial roles taking action to ensure desired results ● Interpersonal roles ­ interactions with people inside and  outside work  ○ Figurehead , leader, liaison  ● Informational rules ­ giving, receiving, and analyzing of  information  ○ Monitor, disseminator, spokesperson  ● Decisional roles ­ using information for decision making  and problem solving ○ Entrepreneur, disturbance handler,  negotiator ● Agenda setting ­ develop action priorities ● Networking ­ build and maintain positive relationships with  other people ○ Helps gain social capital  ­ capacity to attract support from others to get things done  ○ Networking broadly is important ■ With customers, suppliers,  and community reps  What are the 3  managerial  ● Leader  ­ guide ­ someone with specific power who has  followers ­ someone who influences others skills? ○ Certain types of managers to do not also  have to be leaders ■ CFO’s, deans ■ It depends on what type of  Emotional  manager you are intelligence ● Technical skills ­ ability to use expertise to perform a task  with efficiency ○ most important for entry level ­ lower level ○ Gained through education and training ● Human skills ­ ability to work well with others ○ important for all levels ■ Specifically for middle level ○ Helps with emotional intelligence ­ ability to  manage ourselves and relationships effectively  ■ Self regulation ­ thinking  before acting and controlling impulses ■ Self awareness ­  understanding moods and emotions  6 most important  ■ Motivation­ working hard and  persevering managerial skills ■ Empathy­ understand others  emotions ■ Social skills ­ building  relationships ● Conceptual skills ­ ability to think critically  ○ Break down problems and solve ○ More important for higher level management positions ● Lifelong learning ­ continuous learning from daily  Globalization and experience Job Migration ● Teamwork­ cohesiveness; work together to achieve the  same goals ● self management ­ organize oneself and structure oneself;  ability to self asses ●  Leadership ­ influence others; inspire others; supportive ● critical thinking ­ factual analysis; ability to gather  How to prevent  information (facts) to solve problems job Migration? ● Professionalism ­ code of conduct in order to gain trust of  others­ can vary from country to country; business ethics ● communication ­ listening effectively and expressing  oneself effectively (written or oral skills); having a good feedback  process; how to collect, process, and distribute information ● All countries interconnected  ­ fortunes and misfortunes  affect all ○ National boundaries have largely  disappeared in world business ● Globalization ­  worldwide interdependence of resource  flows, product markets, and business competition ○ Lead to global sourcing ­ hiring workers and  Business Ethics buying supplies and services in other countries (lowest  prices) ● Job migration ­ the shifting of jobs from one country to  another due to global outsourcing ○ US lost jobs  while CHina gained jobs ● Preventing job migration ● Some call for government regulation ● Others say high cost of travel will balance system naturally ● To prevent scandals we rely on ethics  ○ Ethics are a set of moral standards dictating  good and right as opposed to wrong ● Risk ­ loss and reward  ● Corporate government now focuses on moral leadership  and integrity ● Workforce diversity ­ differences among workers in gender, What is a free  agent economy?  race, age, ethnicity, religion, sexual orientation, and able­ bodiedness ● Glass­ceiling effect ­ invisible barrier limiting career  advancement of women and minorities ○ High percentage of people believe women  cannot be both good mothers and good employees ○ Prejudice­ negative irrational attitudes which lead to discrimination ● Free­agent economy ­ people change jobs more often and  many work on independent contracts with shifting mix of  employers ○ Shamrock org. ­ operates with a core group  of long term full­time employees supported by others who  work on contracts and part time  ○ Giganomics ­ well trained professionals  make their living moving from one gig to the next ● Resumes should always be up to date with ­> ○ Intellectual capital: what you can offer an  employer in terms of brainpower, skills, and capabilities ■ Competence X commitment ● Knowledge workers ­ use minds and intellects as assets ● Conceptual age ­ capital is with people who are creative  and joyful ● How to motivate people: mastery, purpose, and autonomy ○ Make them learn on the job, understand the  reason they are useful, and give them the means to work  by themselves 


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