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Virginia Tech MGT 3304 - EXAM 1

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MGT 3304 EXAM 1What is Management?• Management:o The planning, organizing, leading, and controlling of human and other resources to achieve organizational goals effectively and efficientlyo Integrating the work of people• Managers:o The people responsible for supervising the use of an organizations resources to meet its goalso Good managers create valueo Managers create a multiplier effect Your influence on the organization is multiplied far beyond the results that can be achieved by just one person acting alone• Resources are organizational assets:o People (Skills, Energy, Knowledge), Information, Raw Materials, Machinery, Financial CapitalPOLC: Management process (4 Principal Functions as a Manager): Plan, Organize, Lead, ControlPlanning: • Identifying and selecting appropriate goals and courses of action for an organizationo The planning function determines how effective and efficient the organization is• Setting goals and deciding how to achieve themOrganizing:• Structuring working relationships in a way that allows organization members to work together to achieve organizational goals.• Arranging tasks, people and other resources to accomplish the work• Organization: A group of people who work together to achieve some specific purpose• Organizational Structure:o A formal system of task and reporting relationships that coordinates and motivates organizational members.o Creating organizational structure: Grouping employees into departments according to the tasks performed. Laying out lines of authority and responsibility for organizational membersLeading:• Articulating a clear vision to follow and energizing and enabling organizational members so they understand the part they play in attaining organizational goals.o Leadership involves using power, influence, vision, persuasion, and communication skills.o motivating, directing, and otherwise influencing people to work hard to achieve the organizations goalsControlling: • Evaluating how well an organization is achieving its goals and taking action to maintain or improve performance.o Monitoring individuals, departments, and the organization to determine if desired performance standards have been reached.• Involves comparing actual results to goals and taking corrective actionEfficiency: To use resources-people, money, materials and the like-wisely and cost-effectivelyEffectiveness: Making the correct decisions to reach goals, to achieve results, to make the right decisions and to successfullyWhy Study Management?• Proper management directly impacts improvements in the well-being of a society.• Studying management helps people to understand what management is and prepares them accomplish managerial activities in their organizations.• Studying management opens a path to a well-paying job and a satisfying career.• You will better understand how to relate to your supervisors wherever you work• You will better understand how to interact with your coworkders • You will better understand how to manage yourself in the workplace• You will better understand how to deal with organizations as a customer or investor.Rewards of Practicing Management:• It may help you in running your own business• You can build a catalog of successful products or services• You can stretch your abilities and magnify your range of accomplishments• You and your employees can experience a sense of accomplishment6 Challenges Managers Face:1. Managing for Competitive Advantage: Stay ahead of Rivalsa. Competitive Advantage:i. The ability of an organization to produce goods or services more effectively than competitors do, thereby outperforming them, so they must stay ahead in being responsive to customers, innovation, quality, and efficiencyii. Being Responsive to Customers: Take care of the customeriii. Innovation: Finding ways to deliver new or better goods or servicesiv. Efficiency: Strive to produce goods or services as quickly as possible using as few employees and raw materials as possible2. Managing for Diversity - The Future Wont Resemble the Past3. Managing for Globalization - The Expanding Management Universea. Foreigners actually send far more office work to the US than American Companies send abroad4. Managing for Information Technologya. Internet: i. The global network of independently operating but interconnected computers, linking hundred of thousands of smaller networks around the worldb. E-Commerce:i. involves buying and selling of goods onlinec. E-Business:i. Using the internet to facilitate every aspect of running a businessd. Implications of e-business:i. Far-ranging e-management and e-communication = using wired and wireless telephones, email, and text messages1. Project Management Software: a. Programs for planning and scheduling the people, costs, and resources to complete a project on timeii. Accelerated decisions making, conflict, and stress = the internet is speeding everything up1. Databases: Computerized collections of interrelated files2. These can overwhelm us with informationiii. Changes in organizational structure, jobs, goal setting and knowledge management = organizations are no longer bound by time zones and locations1. Telecommuting: a. Occurs when employees work from home or remote locations using a variety of information technologies2. Collaborative Computing: a. The use of state of the art computer software and hardware to help people work better together, enables managers and employees to track goals3. Video Conferencing: a. Using video and audio links along with computers to enable people located at different locations to see, hear, and talk with one another4. Knowledge Management: a. The implementing of systems and practices to increase the sharing of knowledge and information throughout and organization5. Managing for Ethical Standardsa. With pressure to meet sales, production, and other targets, managers can find themselves confronting ethical dilemmas.b. Responsibility to “act green”6. Managing for your Own Happiness and Life Goalsa. Regardless of how well paid you are, you have to consider whether in meeting the organizations challenges you are also meeting the challenge of realizing your own happinessThe internet can affect companies or activities that depend heavily on the flow of information by:• Lowers the cost of communications• Accelerates decision making, conflict, and stress• Enables the use of collaborative computingSustainability:


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