Chapter 6 The Nature Of Management

Front 1

Management

Back 1

The process designed to achieve an organization's objectives by using its RESOURCES effectively and efficiently in a changing environment.

Front 2

Effectively

Back 2

Having the intended results. (Get It Done)

Front 3

Efficiently

Back 3

Accomplishing the objectives with a minimum of resources. (not to waste)

Front 4

Managers

Back 4

Those individuals in organization's who make decisions (utlilize resources) about the use of resources and who are concerned with planning, organizing, staffing, directing, and controlling the organization's activities to reach its objectives.

Front 5

5 Things Managers Do:

Back 5

Planning, Organizing, Staffing, Directing, and Controlling

Front 6

Planning

Back 6

The process of determining the organization's objectives and deciding how to accomplish them, the first function of management.

-Activities to achieve the organization's objecives

Front 7

The Importance of Management

Back 7

Crucial for a successful business

-Resources acquisition and coordination (resources: people, raw materials, money, and equipment)

Front 8

Organizing

Back 8

Resources and activities to achieve the organization's objectives

Front 9

Staffing

Back 9

The organization with qualified people.

Front 10

Directing

Back 10

Employees' activities toward achievement of objectives

Front 11

Controlling

Back 11

The organization's activities to keep it on course.

Front 12

Mission

Back 12

The statement of an organization's fundamental purpose and basic philosophy.

Front 13

A well-developed misson statement will answer 5 basic questions.

Back 13

1.) Who are we?

2.) Who are our customers?

3.) What is our operating philosophy? (beliefs, values, ethics, etc)

4.) What are our core competencies and competitive advantages?

5.) What are our responsibiliites with respect to being a good stewards if environment, financial, and human resources.

Front 14

Goals

Back 14

The result that a firm wishes to achieve. (almost always have multiple goals)

Front 15

Objectives

Back 15

The end or results desired by an organization, derive from the organization's mission.

Front 16

Plans (Three Types)

Back 16

Strategic, Tactical, and Operational

Front 17

Strategic Plans

Back 17

Those plans that establish the long-range objectives and overall strategy or course of action by which a firm fulfills its mission.

Front 18

Tactical Plans

Back 18

Short-range plans designed to implement the activities and objectives specified in the strategic plan.

Front 19

Operational Plans

Back 19

Very short-term plans that specify what actions individuals, work groups, or departments need to accomplish in order to acheive the tactical plan and ultimately the strategic plan.

Front 20

Crisis Management (Contigency Planning)

Back 20

An element in planning that deals with potential disasters such as product tampering, oil spills, fire, earthquake, computer virus, or airplane crash.

Front 21

Organizing

Back 21

The structuring of resources and activities to accomplish objectives in an efficient and effective manner.

Front 22

Staffing

Back 22

The hiring of people to carry out the work of the organization.

Front 23

Downsizing

Back 23

The elimination of a significant number of employees from an organization.

Front 24

Directing

Back 24

Motivating and leading employees to achieve organizational objectives

Front 25

Controlling

Back 25

The process of evaluating and correcting activities to keep the organizations on course.

Front 26

Types of Management

Back 26

1) Top Management

2) Middle Management

3) First Line (Supervisory Management)

Front 27

Top Managers

Back 27

The president and other top executives of a business, such as the chief executive officer (CEO), chief financial officer (CFO), and chief operation officers (COO), who have overall responsibility for the organization.

Front 28

Common Organizational Objectives

Back 28

1.) Profit

2.) Competitive Advantage

3.) Efficiency

4.) Growth

5.) Service

6.) Ethics

7.) Community Responsibility

Front 29

Middle Managers

Back 29

Those members of an organization responsible for the tactical planning that implements the general guidelines established by top management.

Front 30

First-Line Managers

Back 30

Those who supervise both workers and the daily operations of an organization.

Front 31

Financial Managers

Back 31

Those who focus on obtaining needed funds for the successful operation of an organization and using those funds to further organizational goals.

Front 32

Production and Operations Managers

Back 32

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

Front 33

Human resources managers

Back 33

Those who handle the staffing function and deal with employees in a formalized manner.

Front 34

Marketing Managers

Back 34

Those who are responsible for planning, pricing, and promoting products and making them available to customers.

Front 35

Information technology managers (IT)

Back 35

Those who are responsible for implementing, maintaining, and controlling technology applications in business, such as computer networks.

Front 36

Areas of Management

Back 36

1.) Finance

2.) Production

3.) HR

4.) Marketing

5.) IT

6.) Administration

Front 37

Administrative Management

Back 37

Those who manage an entire business or a major segment of a business; they are not specialists but coordinate the activities of specialized managers.

Front 38

Skills Needed By Managers

Back 38

1.) Leadership

2.) Technical Expertise

3.) Conceptual Skills

4.) Analytical Skills

5.) Human Relations Skills

Front 39

Leadership

Back 39

The ability to influence employees to work toward organizational goals.

Front 40

Technical Expertise

Back 40

The specialized knowledge and training needed to perform jobs that are related to particular areas of management.

Front 41

Conceptual Skills

Back 41

The ability to think in abstract terms and to see how parts fit together to form the whole.

-The ability to think creatively-needed by all managers- especially important for top managers.

Front 42

Human Relations Skills

Back 42

The ability to deal with people, both inside and outside the organizations.

Front 43

Agenda

Back 43

A calender, containing both specific and vague items, that covers short-term goals and long-term objectives.

Front 44

Networking

Back 44

The building of relationships and sharing of information with colleagues who can help managers achieve the items on their agendas.

Front 45

Types of Leaders

Back 45

1.) Autocratic Leaders

2.) Democratic Leaders

3.) Free-rein Leaders

Front 46

Six Steps to Decision Making

Back 46

1.) Recognize & Define the decision situation

2.) Develop options

3.) Analyze options

4.) Select the best option

5.) Implement the decision

6.) Monitor the consequences

Front 47

The Reality of Management

Back 47

1.) Not a cut and dried process.

2.) Managers spend a lot of time:

- establishing and updating the agenda

- a calender that covers short-term goals and long-term objectives.

3.) Networking

- building relationships and sharing info with colleagues who can help managers achieve the items on the agenda.

4.) Confronting the complex challenges of today's business world.

Front 48

Analytical Skills

Back 48

The ability to identify relevant issues, recognize their importance, understand the relationships between them, and perceive the underlying causes of a situation.

-Most important for top level managers

-Required in complex situations where the solutions unclear.