Chapter 1 The Exceptional Manager 1 1 Management What it is what its benefits are Management is defined as 1 the pursuit of organizational goals efficiently and effectively by 2 integrating the work of people through 3 planning organizing leading and controlling the organization s resources Managers are task oriented achievement oriented and people oriented And they operate within an organization Organizations are a group of people who work together to achieve some specific purpose Organizations value managers because of the multiplier effect Multiplier effect good managers have an influence on the organization far beyond the results that can be achieved by one person acting alone Efficiency is the means of attaining the organization s goals To be efficient means to use resources people money raw materials and the like wisely and cost effectively Effectiveness is the organization s ends the goals To be effective means to achieve results to make the right decisions and to successfully carry them out so that they achieve the organization s goals What are the rewards of studying practicing management 1 Financial rewards as a generality managers tend to make more 2 Organizational Savvy you will understand how to deal with organizations 3 Interpersonal Influence you will understand how to relate to your from the outside supervisors and how to interact with co workers workplace opportunity to perceptions etc not only with you directed who helped you accomplish it 4 Self Awareness you will understand how to manage yourself in the realize insights about yourself such as your personality emotions values which can give you more control over your destiny 5 Goal Accomplishment every successful goal accomplished provides you personal satisfaction but also with the satisfaction of all those employees 6 Upward Mobility every promotion up the hierarchy of an organization stretches your abilities accomplishments challenges your talents and skills and magnifies the range of your 1 2 Six Challenges to Being a Star Manager 1 Managing for Competitive Advantage staying ahead of rivals Competitive Advantage is the ability of an organization to produce goods or services more effectively than competitors do thereby outperforming them This means an organization must stay ahead in 4 areas 1 being responsive to customers 2 innovation 3 quality and 4 efficiency Finding ways to deliver new or better goods and services is called innovation 2 Managing for Diversity the future won t resemble the past Manage contributions of gender age race ethnicity 3 Managing for Globalization the expanding management universe Cultural differences off shoring on shoring outsourcing all are a challenge due to globalization 4 Managing for Information Technology Embrace technology as a competitive edge 5 Managing for Ethical Standards Golden rule Business Conduct Guidelines 6 Managing for Your Own Happiness and Life Goals Maintain your work life balance 1 3 What Managers Do The Four Principle Functions Planning Organizing Leading Controlling Planning 1 Planning defined as setting goals and deciding how to achieve them 2 Organizing defined as arranging tasks people and other resources to accomplish the work 3 Leading defined as motivating directing and otherwise influencing people to work hard to achieve the organization s goals 4 Controlling defined as monitoring performance comparing it with goals and taking corrective action as needed 1 4 Pyramid Power Levels and Areas of Management Within an organization there are managers at 3 levels 1 Top Managers CEOs Presidents CFOs etc make long term decisions about the overall direction of the organization and implement the policies and plans of their superiors and supervise and establish the objectives policies and strategies for it 2 Middle Managers Dean Division Head etc coordinate the activities of the managers below them 3 First Line Managers Supervisors nonmanagement personnel Make short term operating decisions directing the daily tasks of Areas of Management Functional Managers vs General Managers Responsible for just one organizational activity Examples include Vice President of Production Director of Finance etc Responsible for several organizational activities If you are working in a small organization and your title is Executive Vice probably a general manager over several departments such as Production 1 Functional Managers 2 General Managers President you are and Finance and Human Resources 1 5 Roles Managers Must Play Successfully A manager relies more on verbal than on written communication A manager works long hours at an intense pace A manager s work is characterized by fragmentation brevity and variety Time and task management are major challenges for every manager Three Types of Managerial Roles Interpersonal Informational and Decisional 1 Interpersonal Roles their work units In their interpersonal roles managers interact with people inside and outside Interpersonal roles include Figurehead mouthpiece symbolic Leader responsible for others and Liaison politician bridger 2 Informational Roles accurate info is vital for making intelligent decisions information with other people inside and outside the organization The most important part of a manager s job is information handling because Managers working in their informational roles receive and communicate Informational roles include Monitor alert for info repository Disseminator distribute info and Spokesperson diplomat organization representative 3 Decisional Roles In their decisional roles managers use information to make decisions to solve problems or take advantage of opportunities The Four Decision Making Roles are 1 Entrepreneur a good manager is to initiate and encourage change and 2 Disturbance Handler Conflict resolution and mediator 3 Resource Allocator Set priorities about the use of resources and how to 4 Negotiator must work with others inside and outside the organization to innovation distribute them accomplish your goals 1 6 The Entrepreneurial Spirit Entrepreneurship is the process of taking risks to try to create a new enterprise There are two types of entrepreneurship 1 Entrepreneur someone who sees a new opportunity for a product or service and launches a business to try to realize it Most entrepreneurs run small businesses with fewer than 100 employees 2 Intrapreneur someone who works inside an existing organization who sees an opportunity for a product or service and mobilizes the organization s
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