MGMT 3000 Exam 1 Study Guide Lectures 1 13 Lecture 1 January 9 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 What management dilemma did Netflix face 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 What did American Airlines do in order to make profits American Airline companies did various techniques such as dropping unprofitable routes and having fuel efficient planes in order to make great profits American Airlines are very efficient but not very effective as American planes are rated the lowest in customer satisfaction What is Sustainable Competitive management Sustainable competitive management is preventing good competition and is the main goal of a management strategy What are the 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 a Involves accounting procedures What are the different kinds of managers 1 Top Mangers 2 Middle Managers 3 First line managers 4 Team Leaders Lecture 2 January 12 What are the different roles of managers 1 Interpersonal roles Managers spend a lot of time dealing with people 3 sub roles 1 Figurehead role managers perform ceremonial duties like greeting company visitors or speaking at events or representing the company 2 Leader role managers motivate and encourage workers to accomplish objectives 3 Liaison role managers deal with people outside their units 2 Informational roles Spend a lot of time obtain and sharing information 1 Monitor role Scan their environment for information contact others for information 2 Disseminator role managers share information they have collective with subordinates and others in the company 3 Spokesperson role Share information with people outside their departments and companies 3 Decisional roles Make decisions for the company 1 Entrepreneur role managers adapt themselves subordinates and units to change 2 Disturbance handler role respond to pressure and problems to serve that they demand immediate attention and action 3 Resource allocator role manager decide who will get what resources and how many 4 Negotiator role managers negotiate schedules projects goals outcomes resources and employee raises What companies look for in managers Technical skills are specialized procedures techniques and knowledge required to get the job done Needed to train employees and to troubleshoot problems Come less important as managers rise through their ranks Human skills can be summarized as ability to work well with others Work effectively within groups good listeners and communicators More for upper level management Conceptual skills involve ability to see the organization as a whole and to understand how the different parts affect each other and recognize how the company fits into or are affected by its external environment Recognize and reconcile problems Motivation to manage an assessment of how motivated employees are to about managing the work of others Lecture 3 January 16 What are the mistakes that managers make Insensitive to others Cold arrogant Betray of trust Overly Ambitious Specific Performance problems with the business Over managing Unable to staff effectively Unable to think strategically Unable to adapt to boss with different style Over dependent on Mentor Describe the Management transition process Initial Be a boss Formal authority Manage tasks Job is not managing people After 6 months Initial expectation were wrong Fast pace Heavy workload Job is to be a problem solver and troubleshooter to subordinates After a year No longer doer Communicating listening and giving positive reinforcement Learning to adapt to the control stress In order to transition to these phases of management it is important to learn which skills you need What are the Management practices that yield a competitive advantage through people Employment security Selective hiring Self managed teams High wages contingent on performance Training and skill development Reduction of status differences Sharing information What is the external environment External Environment forces and events outside a company that have the potential to influence or affect the company What are the components of changing external environments 1 Environmental change Rate at which a company s environment change Stable slow rate of change Dynamic fast rate of change Ex Waste management is changing from a stable to dynamic environment Punctuated equilibrium theory companies cycle through stable and dynamic environments 2 Environmental complexity The number and intensity of external factor in he environment that affect organizations Simple vs complex Ex Waste management is becoming complex Ex In the beer industry a lot of people are turning to Craft beers and big companies such as Bud are loosing market share 3 Resource Scarcity The degree to which an organization s external environment has an abundance or scarcity of critical organizational resources Ex With waste management Land is a limited resource Environmental change environmental complexity and resource scarcity leads up to Uncertainty which is how well managers can understand or predate the external changes and trends affecting their businesses Lecture 4 January 21 What is the general and specific environment A general environment consists of the economy and the technological sociocultural and political legal trends that indirectly affect all organizations A Specific Environment includes the customers competitors suppliers industry regulations and advocacy groups that are unique to an industry and directly affect how a company does business What are the components of the General Environment Economy The state of country s economy affects every organization doing business there In general a growing economy leads to consumers having more money to spend and is favorable for growth Managers scan their