MGT 3200 EXAM 1 Chapter 1 Invitation To Management 1 What is management 09 02 2014 The process of achieving desired results through the efficient use of human material resources through the utilization of effectiveness efficiency 2 What are the 2 key concerns of management Effectiveness Efficiency 3 What is effectiveness concerned with efficiency Effectiveness is concerned with doing the right thing in the right time in the right way goal attainment Efficiency is concerned with reducing waste or minimizing resource costs since many resources are scarce Getting more bang for the buck 4 How are effectiveness efficiency related More concerned with efficiency the harder it is to be effective i e when you try too hard to cut costs you can loose sight of your goals Effective companies tend to be efficient 5 What is your important resource as manager Human resources people Injellitance incompetence jealousy is a big threat 6 Is management art or science When is it considered a science an art Both It is a science b c we develop theories of managing then test them using the scientific method w empirical evidence It is an art b c it s an extension of people s personalities it can not all be taught there are many different management styles that can be successful Equifinality Literally means many different roads to success Means that there are many different management styles that can work depending on the situation 7 How did management become important why is it still significant today Industrial Revolution changed how work was performed dividing up labor causes a need for managers Owners used to do all of the managing Craftsman didn t need managers b c could manage themselves but machine need coordination 8 What was the basic change in the industrial revolution Skilled craftsman use of machinery division of labor skilled labor decreased 9 What happened to productivity supply prices demand as a result of the industrial revolution Production increased prices decreased demand increased 10 What was the pivotal event of our time according to Drucker The switch from owner manager to professional manager 11 Why do most businesses fail Poor management 12 What does a first line manager do What are the names associated with 1st line management Ensures that the plans developed by top managers middle managers are implemented by laborers w minimum costs Foreman supervisor 13 What does a middle level manager do What are the names associated with middle level manager Taking the plans from top level management put them into action for 1st line management integrate interpret these plans Plant manager department head division head 14 What is corporate downsizing What happens in corporate downsizing What level of management is most adversely affected Cutting costs Cut the fat by reducing costs by ppl Efficiency oriented Often done by eliminating middle management levels staff management is farmed off to consulting firms everyone else that remains does more work technology computers help for faster communications but often those people left have survivors syndrome where they become stressed overworked think they are the next to leave since their friend s were just fired as a result their productivity decreases 15 What does a top manager do What are the names associated with top management Plan legitimize for the organization CEO CFO CIO chairman of the board executive vice president 16 What is the difference between a line manager a staff manager Line power over production have al the power exists at all levels of the production pyramid Staff gives support guidance advice most often middle managers 17 What is the difference between a functional manager a general manager Functional specializes manages 1 area 1st line managers usually General manages many areas a jack of all trades a master of none increase as you go up the pyramid 18 What is the difference between an administrator a manager Administrator Non profit companies Manager for profit companies 19 What are the 5 functions of management Be able to identify describe the five functions of management POSLC a Planning Setting goals steps necessary to get there b Organizing dividing up work making sure they work together c Staffing recruiting selecting employees d Leading motivate communicate resolve conflicts e Controlling give feedback 20 What does planning has primacy mean First thing you must do Gives directions to all of the other functions 21 What are the three aspects of controlling a Monitor performance b Compare actual results w hoped for results for feedback on performance c Taking corrective action if actual hoped for 22 What are the Siamese twins of management Planning Controlling 23 What is are the most important function s for a 1st line manager Middle manager Top manager 1 st line Middle organizing Top planning staffing leading 24 What are the three managerial roles Mintzberg identified Be able to identify each role Interpersonal to develop maintain positive relationships w others Informational receive information then analyze it Decisional using information to solve problems or to take advantage of opportunities 25 What gives rise to the three managerial roles according to Mintzberg A manager s authority gives rise to status 26 What are the three managerial skills identified by Katz Be able to identify each skill Technical knowledge expertise method Human ability to work well w others communication leadership emp athy self awareness Conceptual ability to problem solve see the big picture forecast 27 At what level of management are conceptual skills most important Technical skills Human skills Conceptual top managers b c they have to plan Technical 1st line most important Human equally important at all levels 28 What skill is most difficult to develop Why Conceptual skills b c you need to be smart have experience it takes time to develop this skill 29 According to Luthans 1988 are effective managers successful managers in general NO effective managers were not usually promoted rapidly through the organization the ones that networked were the ones who moved up 30 What percent of effective managers are successful 10 31 On what activity do effective managers spend the majority of their time Successful managers Effective manage down communication Successful networking not what you know but who you know they manage up 32 What is the primary difference between derailed executives executives who made it to top management according to the Center