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BMGT Chapter 7

by: Lucy Notetaker

BMGT Chapter 7 BMGT110F

Lucy Notetaker

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Chapter 7 notes
Introduction to the Business Value Chain
Richard Hutchins
Class Notes
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This 5 page Class Notes was uploaded by Lucy Notetaker on Monday September 26, 2016. The Class Notes belongs to BMGT110F at University of Maryland taught by Richard Hutchins in Fall 2016. Since its upload, it has received 14 views. For similar materials see Introduction to the Business Value Chain in Business at University of Maryland.


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Date Created: 09/26/16
BMGT 110 Chapter 7: Management and Leadership Managers used to be figures that instruct and take charge, now managers are more for facilitating group efforts. It’s a more progressive style of management. Some questions to get you thinking…Have you ever managed something? When you are in charge, how do you typically show power? 4 Functions of Management - Management- the process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other resources 1. Planning- anticipating trends and determining the best strategies to achieve goals. You do this everyday if you keep a to do list. You are planning your actions to have a productive day. 2. Organizing- includes designing the structure and creating conditions that everyone can work together to achieve goals. If you work as a lifeguard or had a summer job, there was a place where you could see your shifts. This keeps the process organized. 3. Leading- creating a vision for guiding, training, coaching and motivating to achieve goals. When you are a captain of a sports team, you are doing exactly this. 4. Controlling- establishing clear standards to determine whether or not an organization is progressing towards goals. As an example, let’s say your group project is going horribly wrong. A good manager would “lay down the laws” and force everyone to meet, cooperate and put tactics in place to turn it around Planning and Decision Making - For this section we will be using an extended example (your life) - Vision- An encompassing explanation of why the organization exists and where it wants to go. What do you want to do, be a businessperson, a doctor, a lawyer, or a baker? - Mission Statement- an outline of the fundamental purposes or an organization (should include these things) 1. The organization’s self concept 2. Its philosophy 3. Long Term Survival Needs 4. Customer Needs 5. Social Responsibility 6. Nature of the Product or service - Goals- broad, long term, accomplishments an organization wishes to attain (get a degree) - Objectives- short term, specific statements detailing how to achieve the organizations goals (the specific assignments you will complete on a given day) - These are some questions to help with planning What is the Situation Now? - Look at the market, the environment, your business, your competition and evaluate - SWOT Analysis- a planning tool used to analyze an organizations strengths, weaknesses, opportunities and threats - Most strengths and weaknesses are internal How Can We Get to Our Goal From Here? - Strategic Planning- determining the major goals of the organization and applying policies and strategies for obtaining and using resources to achieve those goals - Policies are broad guidelines for actions, while strategies are specific implementations - Tactical Planning- the process of developing detailed, short term, statements about what should be done and who should do it - Some examples would be, developing a budget or making a written plan. This version is more set in stone that strategic - Operational Planning- the process of setting work standards and schedules necessary to implement objectives - This is pretty much making the employee schedule. Seeing who works well in the busy times of the day and which employees get overwhelmed. - The day to day practicality - Contingency Planning- preparing alternative actions in case the first plan doesn’t work out - Plan B, plan C, plan D…it’s all of the backup plans - Crisis planning goes a step further and it’s when things go emergency wrong Decision Making and Finding the Best Alternative - Decision Making- Choosing among two or more alternatives - The rational decision making model has 6 D’s 1. Define the situation 2. Describe and collect needed information 3. Develop alternatives 4. Decide which alternative is best 5. Do what is indicated (implement) 6. Determine whether or not the decision was good (follow- up) - To test how well you understand this model, take a minute and apply it to a recent decision you made…buying a car, breaking up with someone, choosing a college, or selecting whether or not to attend a party. - Problem Solving- the process of solving everyday problems that occur. Problem solving is less formal that decision-making and calls for quicker action. - Brainstorming- coming up with as many solutions to a problem as possible in a short time frame (I call it a brain dump) - PMI- listing all the pluses for a solution in one column, minuses in another, and implication in the third (the first letter of each column is what gave this process the name PMI) Organizing: Creating a Unified System - Top Management- the highest level of management, consisting of the president and other key company executives who develop plans - Some people to note are CEO, CFO (financial), CIO (information), CKO (knowledge), COO (operating), but that’s going out of style - Middle Management- general managers, division managers and branch managers who are responsible for planning and controlling - Usually very important, but some firms have cut them out - Supervisory Management- managers who are directly responsible for supervising workers and evaluating performance - This would be the manager that manages a clothing retail store at the mall Tasks and Skills at Different Levels of Management - Technical Skills- skills that involve the ability to perform tasks in a specific discipline or department. Tying a special knot, baking a cake, making an excel spreadsheet. - Human Relations Skills- communication and motivation, working with people. Shaking someone’s hand, having a heart to heart with an under performing employee. - Conceptual Skills- skills that involve the ability to picture the organization as a whole and the relationships within the company. The general picture of the company (having a vision) Staffing: Getting the Right People - Staffing- A management function that includes hiring, motivating, and retaining the best people available to accomplish the company’s objectives - Companies will offer all sorts of incentives to draw employees in Leading - Here are the five principles of a good leader 1. Communicate a vision and rally others around that vision 2. Establish Corporate Values 3. Promote Corporate Ethics 4. Embrace Change 5. Stress Accountability and Responsibility - Basically lead by example. A good leader makes for a great team! - Transparency- the presentation of a company’s facts and figures in a way that is clear and apparent to all stakeholders - Transparent companies are the most ethical typically Leadership Styles - Multiple styles of leadership and all are effective in their own way 1. Autocratic Leadership- Making decisions without consulting others. It’s good for emergency, absolute decisions and an inexperienced staff, but can lead to disdain because the manager could be dictator-y. Think about a similar reaction, when you have a forceful parent who constantly says “I’m the parent” when you ask why. 2. Participative (Democratic) Leadership- managers and employees work together to make decisions. This one tends to be highly successful and create teamwork 3. Free-Rein Leadership- Managers set objectives and employees are free to do whatever they wish to do to achieve them. This is great for employee morale, but the staff has to be talented for this to work. Empowering Workers - Directing is only done in lower level shops, but higher up jobs are stressing the importance of empowering employees - Enabling- giving workers the education and tools to make decisions Managing Knowledge - Knowledge Management- finding the right information, keeping the information in a readily accessible place and making it known to the firm - Some implementations in a company would be a communication board or weekly report Controlling: Making sure that it Works - Five steps- how to control 1. Establishing clear performance standards 2. Monitoring and recording results of performance 3. Comparing results against plans and standards 4. Communicating results to employees 5. Taking corrective action and providing positive feedback - It’s a combination of being in charge and being supportive. Controlling is a little bit of tough love. - Specific goals are always better - External Customers- dealers, who by products to sell to others and customers who buy products for their own use (someone at a shopping mall) - Internal Customers- individuals and units within the firm that receive services from other individuals (a salesperson, who implements market research) That was a very dense chapter, but it’s straight forward. Managers have to ride that fine line between showing dominance and being liked. No one wants a nightmare manager, but the manager that is everyone’s friend may not get anything done. Managing is basically parenting…it’s a balance.


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