MGMT 3000 Lecture 1 Outline of Current Lecture I What is management II Netflix III American Airlines IV Four management Functions V Types of Managers Current Lecture What is management Efficiency Getting work done with a minimum of effort expense and waste doing things right Effectiveness Accomplishing tasks that help fulfill organizational objects Doing the right things Efficiency is not the same as Effectiveness Netflix Example If Netflix devoted all their time in delivering DVD s efficiently they would not be able to adapt to their environment or be effective because the market is moving away from DVD rentals American Airline companies did various techniques such as dropping unprofitable routes and having fuel efficient planes in order to make great profits Sustainable competitive management is preventing good competition and is the main goal of a management strategy American Airlines are very efficient but not very effective as American planes are rated the lowest in customer satisfaction Four Management Functions 1 Planning Determining organizational goals and a means for achieving them a What type of company are we b Will we be the lowest cost provider c How will we do it 2 Organizing Deciding where decisions will be made a Who will do what jobs and tasks b Who will work for whom 3 Leading involves inspiring and motivating 4 Controlling monitoring progress toward goal achievement and taking corrective action when needed These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute a Involves accounting procedures What do Managers do Kinds of Managers 1 Top Mangers 2 Middle Managers 3 First line managers 4 Team Leaders
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