MGT 2010 Chapter 1

Management

the art of getting things done through people

organization

a group of people who work together to achieve some purpose

Management

The pursuit of organizational goals efficiently and effectively; by integrating the work of people through planning, organizing, leading, and controlling the organization's resources

Efficiency

the means of attaining the organization's goals, using resources wisely and cost effectively

Effectiveness

the ends- to achieve results, make right decisions, and successfully carry them out to achieve the organization's goals

Multiplier effect

your influence as a manager on the organization is multiplied far beyond results of one person acting alone

Rewards of STUDYING management

1. Understand how to deal with organizations from the outside
2. How to relate to your supervisors
3. how to interact with coworkers
4. Learn how to manage yourself in the workplace

Rewards of BEING a manager

1. You and employees have a sense of accomplishment
2. Can stretch your abilities and magnify your range
3. Build a catalogue of successful products and services

Managing for Competitive Advantage

staying ahead of rivals in areas of being responsive to customers, innovation, quality, and efficiency

Competitive advantage

the ability of an organization to produce goods or services for effectively than competitors

innovation

finding ways to deliver new/better goods or services

Seven Challenges to being an exceptional manager

1. Managing for competitive advantage
2. Managing for diversity
3. Managing for globalization
4. Managing for information technology
5. Managing for Ethical standards
6. Managing for sustainability
7. Managing for your own happiness and life goals

Internet

the global network of independently operating but interconnected computers, linking smaller networks globally

E-commerce

electronic commerce: buying and selling over internet

Project management software

programs for planning and scheduling the people, costs and resources to complete a project on time

Databases

computerized collections of interrelated files

telecommute

work from home, meetings via video conferencing

Collaborative computing

using computer software or hardware so people can work better together

Knowledge management

the implementing of systems and practices to increase sharing of knowledge and information throughout an organization

Sustainability

economic development that meets the needs of the present without compromising the ability of future generations to meet their own needs

Four principles of management

Planning, organizing, leading, controlling

Planning

setting goals and deciding how to achieve them

organizing

arranging tasks, people, and other resources to accomplish the work

Leading

motivating, directing, and influencing people to work hard to accomplish the organization's goals

Controlling

monitoring performance, comparing it with goals and taking corrective action if needed

Top managers

people who make long term decisions about the overall direction of the organization and establish the objectives, policies and strategies for it

What top managers are

Future oriented and able to deal with uncertain, highly competitive conditions

Middle managers

implement the policies and plans of top managers and supervise and coordinate activities of first line managers below them

First-line managers

aka supervisors, make short-term operating decisions and direct tasks of non-managerial personnel

Functional managers

responsible for just one organizational activity

General managers

responsible for several organizational activity

For-profit

an organization is _____ if they make $$

Non-profit

don't make money, offer services, managers are called administrators

Commonweal organization

offers servies to all clients, not just some. Examples would be the military, post office, police

Mutual benefit organization

organization that aids members

Henry Mintzberg

Found that:
1. A manager relies more on verbal than written communication
2. a manager works long hours at an intense pace
3. A manager's work is characterized by fragmentation, brevity, and variety

Three types of managerial roles

Interpersonal, Informational, and Decisional

Interpersonal roles

managers interact with people inside and outside their work units, roles incluse figurehead, leader, and liason

Informational roles

A monitor, disseminator, and spokesperson; managers receive and communicate information with others

Decisional roles

use information to make decisions or take opportunities; these roles are entrepreneur, disturbance handler, resource allocator, and negotiator

Entrepreneurship

taking risks to try to create a new enterprise

Entrepreneur

someone who sees a new opportunity for a product or service and launches a business to try to realize it

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 to realize it

Robert Katz

found through education and experience managers acquire technical, conceptual, and human skills

Technical skills

the job-specific knowledge needed to perform well in a specialized field

Conceptual skills

the ability to think analytically, to visualize an organization as a whole and understand how the parts work together, particularly important for top managers

Human skills

the ability to work well in cooperation with other people to get things done, also called "soft skills