MANGMT 1010 1st Edition Lecture 2 Management Opportunities for leadership by non supervisory employees Increased competition and more demanding customers Loosening of formal organizational structures Fewer busier managers Predominance of the knowledge worker Growing focus on projects and teams Required Management Skills 1 Technical Skills Deal with Industry function specific duties 2 Human Relations Skills Face to face interaction 3 Conceptual Skills Problem solving Management Function 1 Planning Strategic Operational Contingency 2 Organizing 3 Leading 4 Controlling Planning Create Vision Set vision goals and objective Goals Broad Long Term Objective Short Term Specific Strategic Planning Situation audit External internal analysis External environment Oppurtunities and risks Competitive analysis Internal environment Current strategy Resources Organizational Capabilities Implementation Control Trends in Organizing Self managed teams Left on their own Cross functional Stakeholders Staffing Very Important Diversity More background more successful solution EX a psych major english major business major on a team Organizational Structure Tall structure Supports actions requiring control e g increased production cost cutting Flat Structure Support rapid change e g development of new product Competencies Core Competencies major areas of learning expertise within a firm e g Technological development marketing cost control Successful Leadership Having a vision Communicating the vision Corporate values and ethics Don t fear change Change is for the better Leadership Styles Autocratic Directive authoritative Ex I made the decision you do it Democratic Asks input provides a higher job satisfaction EX What would you like Laissez Faire Leaves people alone Situational Depends on the situation determine if it needs managing or not Most effective Empowerment Giving people authority and responsibility to get the job done Controlling Set Standards Specific Attainable Measurable Procedures for monitoring Monitor Record Compare plan and standards to results Communicate to employees Corrective action Tips for new managers Be objective Listen to your employees Be the model Be willing to delegate Respect your employees Develop employees trust Audit performance Recognize your limits