Jessica Hirschberg BMGT110 Quiz Review 2 Chapter 7 Management and Leadership Management the process used to accomplish organizational goals through planning organizing leading and controlling people and other organizational resources Today s mangers Younger and more progressive growing number of women and fewer form elite universities Emphasis is on teams and team building Managers need to be skilled communicators and team players Act more are facilitators than supervisors Four Functions of Management Planning anticipating tends and determining the best strategies and tactics to achieve organizational goals and objectives Organizing designing the structure of the organization and creating conditions and systems in which everyone and everything works together to achieve the organization s goals and objectives Leading creating a vision for the organization and communicating guiding training coaching and motivating others to achieve goals and objectives in a timely manner Controlling establishing clear guidelines to determine weather an organization is progressing towards its goals and objectives rewarding people for doing a good job and taking corrective action if they are not Vision more than a goal a broad explanation of why the organization exists and where it is trying to go creates a sense of purpose for the organization Mission statement an outline of the fundamental purposes goals and objectives of an organization including The organization s self concept Nature of the product or service It s philosophy Long term survival needs Customer needs Social responsibility Goals the broad long term accomplishments an organization wishes to attain Objectives specific short term statements detailing how to achieve the organization s goals SWOT Analysis analyzes the organization s strengths weaknesses opportunities and threats Strengths that the organization can capitalize upon Weaknesses the organization should improve upon Opportunities the organization can take advantage of Threats the organization should avoid or minimize the impact of Strategic Planning done by top management and determines the major goals of the organization and the policies procedures strategies and resource it will need to achieve them Tactical Planning the process of developing detailed short term statements about what is to be done who is to do it and how it is to be done completed by managers at lower levels of the organization Operational Planning the process of setting work standards and schedules necessary to implement the company s tactical objectives Contingency Planning the process of preparing alternative courses of action the firm can use if its primary plans do not work out Organizational charts a visual device that shows relationships among people and divides the organization s work it shows who reports to whom Top Management the highest level consists of the president and other key company executives who develop strategic plans must have the most conceptual skills Chief Executive Officer CEO introduces change into an organization Chief Operating Officer COO implements CEO s changes Chief Financial Officer CFO obtains funds plans budgets collects funds etc Chief Information Officer CIO gets the right information to the right people so decisions can be made Middle Management includes general mangers division managers and branch and plant managers who are responsible for tactical planning and controlling must have technical human relations and conceptual skills equally Supervisory Management those directly responsible for supervising workers and evaluating daily performance must have the most technical skills Managerial Skills department Technical skills the ability to perform tasks in a specific discipline or Human relations skills skills that involve communication motivation they enables managers to work through and with people Conceptual skills skills that involve the ability to picture the organization as a whole and the relationship among its various parts Leaders must Communicate a vision and rally others around that vision Establish corporate values Promote corporate ethics Embrace change Stress accountability and responsibility Leadership styles others Autocratic leadership making managerial decisions without consulting Participative Democratic leadership managers and employees work together to make decisions Free rein leadership managers set objectives and employees are free to do whatever is appropriate to accomplish those objectives Progressive leaders give employees the authority to make decisions on their own without consulting a manger Customer needs are handled quickly Manager s role becomes less of a boss and more of a coach Enabling giving workers the education and tools they need to make decisions Work smarter Manage output instead of hours Train workers to be ready for a more complex corporate structure Allow lower level managers to make decisions Use new technology to foster teamwork Shift hiring emphasis to collaboration Five Steps of Controlling Establish clear standards Monitor and record performance Compare results against standards Communicate results If needed take corrective action Chapter 8 Adapting Organizations to Today s Markets Many companies are reorganizing especially those in decline auto makers homebuilders banks Adjusting to changing markets is normal in capitalist economies Companies must go back to basic organizational principles to firm up the foundation Structuring an Organization Create a division of labor Set up teams or departments Allocate resources Assign tasks Establish procedures Adjust to new realities More global competition Declining economy Faster technological change Pressure to protect the environment Often change in organizations is due to evolving business environments Customer expectations have also changed consumers today want high quality products with fast friendly service and all at low cost Mass production of goods led to complexities in organizing businesses Economies of Scale companies can reduce their production costs by purchasing raw materials in bulk the average cost decreases as production levels rise Organization Design Theory Fayol hierarchy of authority each employee reports to one and only one Weber rules and procedures employees need to do what they are told boss Fayol s Principles Unity of command Hierarchy of authority Division of labor Subordination of individuals interests to the general interest Authority Degree of
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