Fortune 500 The list of companies by total amount of revenue in the U S Pre Chapter Language of Business Accounting Technical Language Business Major Functional Language Management People Organizational Language Business info Literacy Conversational Language Chapter 1 All three sections 1 1 Terms Manager a person who supports and is responsible for the work of others First line managers team leaders and supervisors in charge of people performing nonmanagerial duty Middle managers oversee the work of large departments or divisions Top managers guide the performance of the organization as a whole or its major parts Board of directors elected by stockholders to represent their ownership interests Governance oversight of top management by a board of directors or board of trustees Accountability the requirement to show performance results to a supervisor Effective manager successfully helps others achieve high performance and satisfaction in their work Quality of work life QWL the overall quality of human experiences in the workplace Upside down pyramid view of organizations puts customers at the top and being served by nonmanagerial workers who are supported by team leaders and higher level managers Ideas Concepts In 50 s 60 s 70 s the explosion of industrial revolution constantly needed a great manager In 80s to 90s Leadership is more encouraged Managers vs Leaders Managers Administers Systems Structures Maintaining Relies on Control etc Leaders Innovators Focus on people Develop Inspire Trust etc Video Example Shirtless guy dancing o Capture the principle of follower Guts to stand easy to follow move must be public 1st follower turn things to sparkle Difference between For Profit and Non Profit o CEO is accountable or reports to Board of Directors in a for profit firm hire fire o President or executive director are accountable to Board of Trustees in a non profit firm Roles of Managers Interpersonal Informational Decisional o Interpersonal LFL Leadership Figure Head Liaison Ex McDonald s CEO o Informational SMD Spokesperson Monitor Disseminate Apple s Steve Jobs Mary Barra GM CEO Introducing Chevy Bolt o Decisional NERD Negotiator Entrepreneur Resource Allocation Disturbance Handler Elon Musk 1 2 Terms Planning the process of setting objectives and determining what should be done to accomplish them Organizing the process of assigning tasks allocating resources and coordinating work activities Leading the process of arousing enthusiasm and inspiring efforts to achieve goals Controlling the process of measuring performance and taking action to ensure desired results Agenda setting involves identifying clear action priorities Networking involves building and maintaining positive relationships with other people Social Capital the capacity to attract support and help from others to get things done Technical skill the ability to use expertise to perform tasks with proficiency Human skill the ability to work well in cooperation with other people Emotional intelligence the ability to manage our relationships and ourselves effectively Conceptual skill the ability to think analytically and solve complex problems Lifelong learning the continuous learning from daily experiences Ideas Concepts Management Process P O L C order does matter o Planning Organizing Leading Controlling Emotional Intelligence MARS Skills of Managers HTC o Personal motivation Self Awareness Self Regulation Social awareness Empathy o Conceptual seeing the big picture strategic planning Xerox CEO Ursula conceptual o Human Dead equal to every position to understand and have o Technical SCM ACCTG Skills that job required Career Issues for Managers Leadership Competencies o Globalization Governance Knowledge Ethics Diveristy Self Management Six Must Have Managerial Skills Communication pg 17 o Teamwork Self Management Leadership Critical thinking Professionalism 1 3 Terms Global sourcing involves contracting for work to be performed in other countries Job migration occurs when global outsourcing shifts jobs from one country to another Reshoring moves jobs back from foreign to domestic locations Ethics set moral standards of what is good and right behavior in organizations and in our personal lives Corporate governance is oversight of a company s management by a board of directors Workforce diversity differences among workers in gender race age ethnicity religion sexual orientation and able bodiedness Glass ceiling effect an invisible barrier limiting career advancement of women and minorities Prejudice the display of negative irrational attitudes toward women or minorities Discrimination actively denies women and minorities the full benefits of organizational membership Free agent economy people change job more often and many work on independent contacts with a shifting mix of employers Shamrock organization operates with a core group of full time long term workers supported by others who work on contracts and part time Intellectual capital the collective brainpower or shared knowledge of a workforce Knowledge workers use their minds and intellects as critical assets to employers Self management the ability to understand oneself exercise initiative accept responsibility and learn from experience Ideas Concepts In the book The Transparent Leader the author argues that integrity is a major key to ethics in leadership CEO of Dial Corporation CEO of Colgate Palmolive the clearest case of leading with honor and transparency I ve witnessed in my career Intellectual capital equation IC competency x commitment The free agent economy places a premium on your capacity for self management Chapter 2 All three sections Note Do not need to know Follett or Argyris for exam 2 1 Terms Ideas Concepts Scientific management emphasizes careful selection and training of workers and supervisory support Motion study the science of reducing a job or task to its basic physical motions Bureaucracy a rational and efficient form of organization founded on logic order and legitimate authority Scalar chain principle states that organizations should operate with clear and unbroken lines of communication top to bottom Unity of command principle states that a worker should receive orders from only one boss Big 3 Approaches to MGMT Theory Practice Classical Behavioral Modern o Classical Scientific Management Frederic Taylor Bureaucratic Organization Max Weber Administrative Principles Henri Fayol o Behavioral 2 2 Hawthorne Studies Elton Mayo Theory X Y
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