MGT 3304 EXAM 1 What is Management Management o The planning organizing leading and controlling of human and other resources to achieve organizational goals effectively and efficiently o Integrating the work of people Managers o The people responsible for supervising the use of an organizations resources to meet its goals o Good managers create value o 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 Capital POLC Management process 4 Principal Functions as a Manager Plan Organize Lead Control Planning Organizing Leading Controlling Identifying and selecting appropriate goals and courses of action for an organization o The planning function determines how effective and efficient the organization is Setting goals and deciding how to achieve them 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 members 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 goals 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 action Efficiency To use resources people money materials and the like wisely and cost effectively Effectiveness Making the correct decisions to reach goals to achieve results to make the right decisions and to successfully Why 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 accomplishment 6 Challenges Managers Face 1 Managing for Competitive Advantage Stay ahead of Rivals a 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 efficiency ii Being Responsive to Customers Take care of the customer iii iv Efficiency Strive to produce goods or services as quickly as possible using as few employees and Innovation Finding ways to deliver new or better goods or services raw materials as possible 2 Managing for Diversity The Future Wont Resemble the Past 3 Managing for Globalization The Expanding Management Universe a Foreigners actually send far more office work to the US than American Companies send abroad 4 Managing for Information Technology a Internet i The global network of independently operating but interconnected computers linking hundred of thousands of smaller networks around the world b E Commerce c E Business i involves buying and selling of goods online i Using the internet to facilitate every aspect of running a business d Implications of e business i Far ranging e management and e communication using wired and wireless telephones email and text messages 1 Project Management Software a Programs for planning and scheduling the people costs and resources to complete a project on time ii Accelerated decisions making conflict and stress the internet is speeding everything up 1 Databases Computerized collections of interrelated files 2 These can overwhelm us with information iii Changes in organizational structure jobs goal setting and knowledge management organizations are no longer bound by time zones and locations a Occurs when employees work from home or remote locations using a variety of 1 Telecommuting information technologies 2 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 goals 3 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 another 4 Knowledge Management a The implementing of systems and practices to increase the sharing of knowledge and information throughout and organization a With pressure to meet sales production and other targets managers can find themselves confronting 5 Managing for Ethical Standards ethical dilemmas b Responsibility to act green 6 Managing for your Own Happiness and Life Goals Lowers the cost of communications Accelerates decision making conflict and stress Enables the use of collaborative computing a 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 happiness The internet can affect companies or activities that depend heavily on the flow of information by Sustainability Meeting the needs of the present through economic development without compromising the needs of future generations Pyramid Power Levels Areas of Management The Traditional Management Pyramid Levels