Chapter 1 – The Exceptional Manager1.1 – 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 andcost-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 from the outside.3) Interpersonal Influence – you will understand how to relate to your supervisors, and how to interact with co-workers.4) Self-Awareness – you will understand how to manage yourself in the workplace; opportunity to realize insights about yourself (such as, your personality, emotions, values,perceptions, etc.), which can give you more control over your destiny.5) Goal Accomplishment – every successful goal accomplished provides you not only with personal satisfaction but also with the satisfaction of all those employees you directed who helped you accomplish it.6) Upward Mobility – every promotion up the hierarchy of an organization stretches your abilities challenges your talents and skills, and magnifies the range of your accomplishments. 1.2 – Six Challenges to Being a Star Manager1) 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 innovation2) Managing for Diversity – the future won’t resemble the past- Manage contributions of gender, age, race, ethnicity3) Managing for Globalization – the expanding management universe- Cultural differences, off-shoring, on-shoring, outsourcing all are a challenge due to globalization4) Managing for Information Technology- Embrace technology as a competitive edge5) Managing for Ethical Standards- Golden rule, Business Conduct Guidelines.6) Managing for Your Own Happiness and Life Goals- Maintain your work-life balance1.3 – What Managers Do: The Four Principle FunctionsPlanning →Organizing →Leading →Controlling →Planning1) Planning – defined as setting goals and deciding how to achieve them. 2) Organizing – defined as arranging tasks, people and other resources to accomplish the work3) 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 andestablish the objectives, policies and strategies for it.2) Middle Managers (Dean, Division Head, etc)- implement the policies and plans of their superiors and supervise and coordinate the activitiesof the managers below them3) First-Line Managers (Supervisors)- Make short-term operating decisions, directing the daily tasks of nonmanagement personnel - Areas of Management: Functional Managers vs General Managers1) Functional Managers- Responsible for just one organizational activity- Examples include: Vice President of Production, Director of Finance, etc.2) General Managers- Responsible for several organizational activities.- If you are working in a small organization and your title is Executive Vice President, you are probably a general manager over several departments, such as Production 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 Decisional1) Interpersonal Roles-In their interpersonal roles, managers interact with people inside and outsidetheir work units-Interpersonal roles include: “Figurehead” (mouthpiece, symbolic), “Leader” (responsible for others), and “Liaison” (politician, bridger)2) Informational Roles-The most important part of a manager’s job is information handling, becauseaccurate info is vital for making intelligent decisions.- Managers working in their informational roles receive and communicate information with other people inside and outside the organization.- 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 innovation2) Disturbance Handler – Conflict resolution and mediator3) Resource Allocator – Set priorities about the use of resources and how to distribute them4) Negotiator – must work with others inside and outside the organization to accomplish your goals1.6 – The Entrepreneurial Spirit- Entrepreneurship is the process of taking risks to try to create a new
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