Bm - Chapter 6

Front 1

management

Back 1

A process designed to achieve an organization’s objectives by using its resources effectively and efficiently in a changing environment

Front 2

4 importance of management

Back 2

1. managers

2. staffing

3. acquiring suppliers

4. financial resources

Front 3

managers

Back 3

• Individuals who make decisions about the use of resources

• Use planning, organizing, staffing, directing & controlling to reach objectives

Front 4

staffing

Back 4

- downsizing

- hiring people to carry out the work of organization

Front 5

acquire suppliers

Back 5

maximize efficiencies & provide creative solutions

Front 6

financial resources

Back 6

need to pay for essential activities

Front 7

planning

Back 7

• Process of determining the organization’s objectives and deciding how to accomplish them

• Mission

• Goals

• Objectives

Front 8

plans what

Back 8

• Strategic plans

• Tactical plans

• Operational plans

• Crisis management or contingency planning

Front 9

organizing

Back 9

- establish lines of authority

- structuring resources & activities to accomplish objectives

- improves communication

Front 10

directing

Back 10

• Telling employees what to do and when to do it by using deadlines

• Determining and administering rewards and recognition

• Motivate employees by providing incentives

Front 11

controlling

Back 11

• Process of evaluating and correcting activities to keep the organization on course

Front 12

3 levels of management

Back 12

1. top management: president, CEO

2. middle management: division managers

3. first line management: supervisors

Front 13

top management function

Back 13

• Spend most of their time planning

• Compensation committees work with directors and CEOs to keep pay in line with performance

• Workforce diversity is good for workers and the bottom line

Front 14

5 rules of diversity recuiting

Back 14

1. involves employees

2. communicate diversity

3. support diversity initiatives

4. delegate resources

5. promote diversity intiatives

Front 15

middle management function

Back 15

Responsible for tactical and operational planning that implements the general guidelines established by top management

Front 16

first line management function

Back 16

• Responsible for implementing the plans established by middle management

• Direct workers’ daily performance

• Spend most of their time directing and controlling

Front 17

financial manager

Back 17

• Focus on obtaining the money needed for the successful operation of the organization and using that money in accordance with organizational goals.

Front 18

production & operations manager

Back 18

develop and administer the activities involved in transforming resources into goods, services, and ideas ready for the marketplace.

Front 19

human resources manager

Back 19

Handle the staffing function and deal with employees in a formalized manner.

Front 20

marketing manager

Back 20

Responsible for planning, pricing, and promoting products and making them available to customers through distribution.

Front 21

IT manager

Back 21

Responsible for implementing, maintaining, and controlling technology applications in business, such as computer networks.

Front 22

administrative manager

Back 22

Manage an entire business or a major segment of a business; do not specialize in a particular function.

Front 23

3 managerial roles

Back 23

1. interpersonal

2. informational

3. decisional

Front 24

4 skills needed by managers

Back 24

1. technical expertise

2. conceptual skills

3. analytical skills

4. human relations skills

Front 25

leadership

Back 25

Ability to influence employees to work toward organizational goals

Front 26

4 leadership styles

Back 26

• Autocratic

• Democratic

• Free-rein

• Authentic

Front 27

requirements for successful leadership

Back 27

1. Communicate objectives and expectations.

2. Gain the respect and trust of stakeholders.

3. Develop shared values.

4. Acquire and share knowledge.

Front 28

employee empowerment

Back 28

Occurs when employees are provided with the ability to take on responsibilities and make decisions about their jobs

• Participative decision making

• Leadership in teams

Front 29

steps in decision making

Back 29

1. recognize & define the decision situation

2. develop options

3. analyze options

4. select best option

5. implement decision

6. monitor consequences

Front 30

Recognizing and Defining the Decision Situation

Back 30

• Situations may be positive or negative

• Situations calling for small-scale decisions occur without warning

• Large-scale decisions generally occur after some warning signs

• Once a situation is recognized, management must define it

Front 31

develop options

Back 31

- brainstorming

- list of possible courses of action includes standard & creative plans

Front 32

analyzing options

Back 32

Management must look at the practicality and appropriateness of each option

Front 33

select best option

Back 33

• Often a subjective procedure

• The best option always relates to analyzing risks and trade-offs

Front 34

implement decision

Back 34

• Can be fairly simple or very complex

• Prepare for unexpected consequences

Front 35

monitoring consequences

Back 35

did decision accomplish desired result

Front 36

management in practice

Back 36

• Working with others

• Establishing and updating an agenda of goals and implementation plans

• Networking

• Confronting complex and difficult challenges of the business world