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OU MGT 3013 - Exam 1 Study Guide

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MGT 3013 1st EditionExam # 1 StudyGuideChapter 1 - Management: What it is, What its benefits areo Managers operate within an organizationo Organization A group of people who work together to achieve some specific purposeo Management is defined as: The pursuit of organizational goals efficiently and effectively by integrating (coordinating) the work of people through planning, organizing, leading, and controlling the organization’s resources o To be efficient means to use resources – people, money, raw materials, and the like-wisely and cost-effectively  Specialization, integration, centralization, and formalizationo To be effective means to achieve results, to make the right decisions and to successfully care them out so that they achieve organizational goals and making an impact upon the market Coordination, flexibility, and decentralization - Efficiency versus Effectivenesso Many companies now use a recorded “telephone menu” of options to answer customer callso This is efficient for companies, but not effectiveo Most consumers prefer to a live agent- Multiplier effecto Value added to the organization created by good managers - Rewards for Studying Managemento Understanding how to deal with organizations from the outsideo Understanding how to relate to your supervisorso Understanding how to interact with co-workerso Understanding how to manage yourself in the workplaceo You are your employees can experience a sense of accomplishmento You can stretch your abilities and magnify your rangeo You can build a catalog of successful products or services - Seven Challenges to being an Exceptional Managero Managing for competitive advantage – staying ahead of rivalso Managing for diversity (uncertainty) - future won’t resemble the pasto Managing for globalization – the expanding management universe o Managing for information technology o Managing for ethical standardso Managing for sustainability – the “business of green”o Managing for your own happiness and life goals - Managing for Competitive Advantageo Competitive Advantage The ability of an organization to produce goods or services more effectively than competitors do, thereby outperforming them Responsive to customers (effective) Innovation (effective) Quality (effective) Efficiency  Economies of scale Economies of scope Unique, specialized and valuable assets Unique, specialized and valuable operational technologies Unique, specialized and valuable relationships Brand name recognition  Brand name loyalty Supply channel Ability to innovate- Managing for Sustainability o Sustainability Economic development that meets the needs of the present without compromising the ability of future generations to meet their own needs- What Managers do: The four principle functionso Planning You set goal and decide how to achieve themo Organizing You arrange tasks, people, and other resources to accomplish the worko Leading You motivate, direct, and otherwise influence people to work hard to achieve the organization’s goalso Controlling You monitor performance, compare it with goals, and take corrective action as needed- The Skills Exceptional Managers Needo Technical skills The job-specific knowledge needed to perform well in a specialized fieldo Conceptual skills The ability to think analytically to visualize an organization as a whole and understand how the parts work together o Human skills The ability to work well in cooperation with other people to get things done- Pyramid power: Levels and Areas of Managemento Level of Management Top Managers- Make long-term decisions about the overall direction of the organization and establish the objectives, policies, and strategies for it Middle Managers - Implement the policies and plans of the top managers above them and supervise and coordinate the activities of the first-line managers below them First-line Managers- Make short-term operating decisions, directing the daily tasks of nonmanagerial personnel  Non-managerial personnelo Functional Areas R&D, Marketing, Finance, Production, Human Resourceso Functional Manager (Specialization) Responsible for just one organizational activity Managers specialization  Technical skillso General Manager (Coordination) Responsible for several organizational activities  Manages Coordination Conceptual skills- Roles Managers Must Play Successfullyo The manager’s roles: Mintzberg’s useful findings A manager relies more on verbal than on written communication A manager works long hours at an intense pace A manager’s work in characterized by fragmentation, brevity, and variety- Three types of managerial roleso Interpersonal roles Managers interact with people inside and outside their work units Figurehead, leader, liaison o Informational roles Managers receive and communicate information  Monitor, disseminator, spokesperson o Decisional roles Managers use information to make decisions to solve problems or take advantages of opportunities Entrepreneur, disturbance handler, resource allocator, negotiator - The Entrepreneurial Spirito Entrepreneurship Process of taking risks to try to create a new empire Entrepreneur, intrapreneuro Entrepreneur Someone who sees a new opportunity for a product or service and launches a business to try to realize it o Intrapreneur Someone who works inside an existing organization who sees an opportunity for a product or service and mobilizes the organization’s resources to try to realize it - How do entrepreneurs and managers differ?o Being an entrepreneur is what it takes to start a businesso Being a manager is what it takes to grow or maintain a businessChapter 2- How we got to today’s Management Outlooko Evidence based management Translating principles based on best evidence into organizational practice, bringing rationality to the decision making process Pfeffer and Sutton Three Truths:- There are few really new ideas- True is better than new- Doing well usually dominates - Two Overarching Perspectives about Management o Historical Perspective Classical, behavioral, and quantitative o Contemporary Perspective Systems, contingency, and quality-management- Classical Viewpoint: Scientific & Administrative Managemento Classical Viewpoint Emphasis on ways to manage work more efficiently  Scientific Management- Frederick W. Taylor- Frank


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