Part I Lecture Notes Chapter 1 Introduction to Management What is Management o Management is the act of getting things done through people Any situation involving an organization or a group needs some sort o The concepts of management are what you use to get work completed of management within organizations Tools you need to become a successful manager o The goal of management is to get work completed in a timely manner Empowerment o Empowerment involves job related activities designed to make the organization more effective Everyone wants to feel like they matter and contribute Not a very straightforward process because everyone has different skill sets o To be successful empowerment requires Skilled motivated workers Managers willing to share power to facilitate employee development Three Key Managerial Skills o The use of these skills make some managers more effective than others Technical Skills the ability to apply specialized knowledge or expertise All jobs require some specialized expertise and many people develop their technical skills on the job Human Skills ability to work with understand and motivate other people both individually and in groups describes human skills Arguably the most important of the three especially for new Conceptual Skills the mental ability to analyze and diagnose managers complex situations Important because you need to be able to see the big picture Leadership o Leadership may be defined as the act of influencing others toward a goal The art of leadership Trying to influence people to get what you need done o Leadership involves actions taken to mobilize others to work toward a o Good leaders understand when where and how to use formal authority Leaders do not necessarily need power and authority to get things common goal and power done Four Functions of Management P O L C o Planning Involves setting objectives and determining a course of action for achieving those objectives Conceptual skills are needed here o Organizing Involves developing an organizational structure and allocating human resources to ensure the completion of objectives often through the design of individual jobs within the organization Conceptual skills are needed here o Leading Involves social and informal sources of influence used to inspire others to take action utilizing knowledge of personalities values attitudes and emotions Human skills are needed here o Controlling Involves ensuring that managerial actions do not deviate from standards by creating processes and procedures that ensure consistent behavior Human skills are needed here Corporate Social Responsibility CSR o Business organizations must become good corporate citizens They are not always good corporate citizens because of the drive or need for profitability If they are not good corporate citizens the government may restrict their ability to operate in society o Corporations do not operate in a vacuum their actions impact employees shareholders and communities o CSR is defined as actions that protect and improve the society along with o Corporate success the corporation s own interest corporation and its business environment is based on the interactive relationship between the Chapter 2 History Globalization and Ethics History of Management o A very young science only about 125 years old Can be traced back to industrial revolution o Three individuals that made important contributions to field of management Henri Fayol administrative management and the fourteen Fredrick Taylor scientific management efficiency and cost principles control Father of cost accounting Was an engineer Peter Drucker productivity through people customer relations lean management Globalization o The concept of global markets is not a new concept Early explorers were the creators of the true global markets Looking to create the spice trades or spice routes o In 1960 three of ten firms were active in global markets o Global markets are not new for decades firms like DuPont Exxon and Caterpillar operated globally These products are used the same way across the world o Today global markets have evolved to include consumer goods and services making cultural differences more important Ex Jeans are popular in the United States but not in the Middle East Ex Eighty percent of the coffee drinking world use instant coffee Five Dimensions of National Culture o The work of Geert Hoftstede provides a framework for analyzing the cultural environment of different countries He recognized that as we have intersections at global locations we have to get out heads around these cultures o Individualism vs collectivism focuses on whether a culture stresses individual achievement freedom and competition individualism or whether it stresses group harmony cohesiveness and consensus collectivism Ex United States would have strong individualism while Japan would have strong collectivism o Power distance measures whether countries believe economic and social differences in wealth status and well being are natural High power distance cultures allow the gap between social classes Low power distance countries use taxation or social welfare to persist Ex Japan programs to reduce inequalities Ex United States o Achievement oriented countries value assertiveness performance success competition and results whereas nurturing oriented countries value the quality of life warm personal relationships and service and care for the weak Ex United States would be high o Uncertainty avoidance countries high on this dimension tend to be rigid and intolerant preferring structured situations and conformity to norms because they provide a sense of security low uncertainty avoidance countries are more easygoing Ex United States would be medium to low o Long term orientation emphasizes saving and persisting in achieving goals whereas a short term orientation expresses a concern for maintaining personal stability or happiness for living in the present Ex United States would be extremely long term oriented Four Major Challenges o Managing human resources to gain a competitive advantage Human resources people are they key to every successful organization with less Organizations are challenged because they are trying to do more o Social responsibility and ethical behavior are important Things that organizations might do social responsibility and should do ethical behavior o Managing work force diversity individuals Think Demographics Do we have an organization designed to get the most from
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