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77 Cards in this Set
- Front
- Back
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Efficiency |
The means of using resources wisely and cost effectively |
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Effectiveness |
Achieving results to make right decisions and to successfully carry them out |
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Multiplier effect |
Proper management directly impacts improvements in the well-being of a society |
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Management Process (four functions of management) |
Planning, Organizing, Leading, and Controlling |
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Planning |
Setting goals and determining how to achieve them |
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Organizing |
Arranging tasks, people, and other resources to accomplish work |
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Leading |
Motivating, directing, and influencing people to work hard to achieve the organization's goals |
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Controlling |
Monitoring performance, comparing it with goals, and taking corrective action as needed |
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Innovation |
Finding ways to deliver new or better goods or services |
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e-commerce |
the buying and selling of goods or services over computer networks |
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e-business |
using internet to facilitate every aspect of running a business |
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Knowledge management |
the implementing of systems and practices to increase the sharing of knowledge and information throughout an organization |
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sustainability |
economic development that meets the needs of the present without compromising the ability of future generations to meet their own needs |
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Four levels of management |
Top management, middle managers, first-line managers, non-managerial team leaders |
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Top managers |
Responsible for determining the overall direction of a company, making long term decisions by setting goals |
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Middle Managers |
Implement the policies and plans of the top managers and supervising and coordinating the activities of those below. (plant managers, district managers, regional managers) |
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First- Line |
Direct daily tasks by making short term operating decisions, directing the daily tasks of non-managerial personnel |
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Team leaders |
basically the employees with all of the technical skills |
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What is commerce? |
exchanging of goods and services |
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What is the point of commmerce? |
To improve the standard of living |
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Functional manager |
Responsible for just one organizational activity (Vice president of production, director of finance, administrator for human resources) |
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General managers |
Responsible for several organizational activities (executive vice president) |
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Managers for three types of organizations |
1. For-Profit Organizations: for making money 2. Nonprofit organizations: For offering services 3. Mutual-Benefit Organizations: for aiding members |
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Principle skills for managers |
Technical, conceptual, human skills |
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Technical Skills |
The job-specific knowledge needed to perform well in a specialized field |
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Conceptual skills |
The ability to think analytically, to visualize an organization as a whole and understand how the parts work together |
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Human Skills |
The ability to work well in cooperation with other people to get things done |
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Three types of managerial roles |
Interpersonal, Informal, Decisional |
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3 Interpersonal Roles: |
Figurehead, leader, and Liaison activities
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3 Informational Roles: |
Monitor, Disseminator, and Spokesperson |
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4 Decisional Roles |
Entrepreneur, Disturbance handler, resource allocator, negotiator |
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Figurehead role |
INTERPERSONAL performing symbolic tasks that represent your organization. EX: attending birthday parties, presenting ethical guidelines to subordinates |
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Leadership Role |
INTERPERSONAL Responsible for actions of your subordinates, as their successes and failures reflect on you |
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Liaison Role |
INTERPERSONAL Working with other people outside your work unit and organization to develope alliances |
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Monitor role |
INFORMATIONAL staying constantly alert for useful information |
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Dissiminator role |
INFORMATIONAL constantly being able to disseminate important information to empoyees via emails and meetings |
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Spokesperson role |
INFORMATIONAL to be the diplomat, to put the best face on the activities of your work or organization to people outside it |
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Entrepreneur Role |
DECISIONAL initiate and encourage change and innovation |
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Disturbance handler role |
DECISIONAL fixing unforeseen problems |
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Resource allocator role |
DECISIONAL: setting priorities about the use of resources |
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Negotiator role |
DECISIONAL: working with others inside and outside the organization to accomplish goals |
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Economic Recession |
Slowing down of exchanges of goods and services |
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Why do Recessions happen? |
When corporations fear the future, so they restrict inputs and resources, thus landing in a recession |
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Productivity |
how well an organization uses resources to generate output |
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Productivity Ratio: |
Outputs / Inputs |
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What is the point of management? |
To increase productivity |
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Profit Equation |
Q x (P-Cv) - Cf where: Q= quantity P=sales price Cv= variable cost Cf= Fixed costs Also, Profit = revenues - costs |
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Value |
The utility the buyer believes they will receive. Value is all about perception |
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Price |
What the buyer pays and the seller receives |
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Mass producing is a result of |
Availability of machine power |
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Scientific Management |
How does work get done and who does it?
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General Administrative Theory: |
organizing management of company |
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Principles of Scientific Management? |
Worker selection One best Way Training and Incentives |
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Frank and Lillian Gilbreth: |
Time and motion studies |
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Henry Gantt |
Linked manager's bonus to their employee's performance Gantt Chart |
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Max Webber's IDEAL OF BUREAUCRACY: |
Put the right workers in the right roles |
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Henri Fayol |
14 principals of management |
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FDR's "New Deal" |
helpd people feel confidant because they now had work. Perception that things will be okay |
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Great depression led to the? |
Human Relations Approach |
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Industrial Revolution led to the? |
Classical approach |
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World War II led to the? |
Quantitative approach |
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Decline in US manufacturing led to the? |
Quality Management Approach |
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Human Relations Approach |
emphasized importance of understanding human behavior |
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Elton Mayo's Hawthorne Effect: |
When you're being watched while working, you work a little better |
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Douglass McGreggor's Theory X and Theory Y |
People end up behaving how you expect they will |
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The Quantitative Approach |
Implemented use of mathematical tools to aid in decision making |
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Metrics and Data analytics: |
Measurements into place to measure data, and correctly interpreting how the data works |
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# 1 reason for data and information to managers |
So managers can make better decisions in the future |
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3 Principles of Total Quality Management |
1. Continuous improvement 2. Employee involvement 3. Defective prevention |
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S.M.A.R.T. Objectives |
Specific Measurable Attainable Results-Oriented Time-limited |
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Management By Objectives |
System where specific performance objectives are jointly determined by supervisors and their subordinates |
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Social Responsibility |
Maximize positive impact and minimize negative impact on society |
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Four Ethical Framework terms |
Utilitarianism Individualism Moral Rights Approach Justice Approach |
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Utilitarianism |
For the greatest good |
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Individualism |
For your greatest self-interest long term which helps others |
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Moral Rights Approach |
Respecting fundamental rights by everyone |
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Justice Approach |
Respecting impartial standards of fairness |
