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IUPUI BUS 100 - The Management Process

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BUS X100 1nd Edition Lecture 6 Outline of Last Lecture I. Entrepreneurship Economya. Government, cultural, societal, and competitive factorsII. Small Business TrendsIII. Small Business GuidelinesIV. Small Business pros and consa. Prosb. ConsV. Entrepreneurshipa. Key issuesb. Successful characteristicsc. “The Road to Entrepreneurship”VI. Small Business Administrationa. Resourcesb. FranchisingOutline of Current Lecture The Management ProcessI. Resourcesa. Human, material, informational, financialII. The Five-Step-ProcessIII. Planning for the Management Processa. Types of Plans and Outcomesb. Strategic, tactical, operational, and contingencyIV. Organizing the ProcessV. Formal organizationsVI. Corporate Organization Levels of ManagementThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.VII. SpecializationVIII. Directing, Leading, and Motivatinga. Skillsb. RolesIX. Leadership styles and traitsX. Steps in the Delegation ProcessXI. Leading VS ManagingXII. ControllingXIII. Review and Modifya. Steps of the processCurrent LectureThe Management ProcessI. Resources- There are FOUR main types of business resources for management and they are the same resources that have previously been mentioned in earlier lectures.a. Human Resourcesi. The actual people who run your business or work for a profit to help you run your business. Mangers, CEO’s, construction workers, etc.b. Material Resourcesi. The raw material put into making your business successful. Ranges from the building that you work in to the pencil you write new ideas down with.c. Informational resourcesi. Anything that gives you information about how well you are running your business or what you need to improve your business. d. Financial resourcesi. These are the resources that financially support your business, such as the bank and loaners.II. The Five Step Process of Managementa. Planningi. Strategic planning- the fundamental longer-term strategies and key goals of your organization. Preparing for the future of your business.ii. Tactical planning- being very specific of your action-oriented objectives for each department of your business.iii. Operational planning- this is the short-term/weekly/daily plans for things like your budget and performance expectationsiv. Contingency planning- this is where you plan for the “what ifs” and make a plan for the worst or best for a situation of economic and business related senarios.b. Organizingi. Using your resources, activities, structure, and Chain of Commandc. Directingi. Leading, motivating, delegating, and prioritizingd. Controllingi. Setting standards for specific aspects/people, measuring improvements and failures, and having a corrective action ready when needed.III. The Organizing Processa. Defining the job i. Make specifics for the major functions and related tasks for each jobii. Once you have done that, then organize these into work assignmentsb. Departmentalizationi. You should group jobs into manageable units such as departments or sections that all have similarityc. Delegationi. Make sure you distribute responsibility and authority within an organization and not just have one person trying to run all of those departments at one timed. Span of Managementi. This is the number of subordinates reporting to each manager in the specific departments, can be wide or narrow depending on the size of thebusiness and departmentsii. Organize levels of management!e. Chain of Commandi. LINE positions are positions with direct authority and higher power.ii. STAFF positions are positions that support the LINE positionsIV. Areas of Management Specializationa. Financial Managers are responsible for the organization’s financial resourcesb. Operations and Production Managers are for managing the systems that convert resources into goods and servicesc. Marketing Managers are responsible for facilitating the exchange of products between the organization and its customers or clientsd. Human Resources Managers are for managing the organization’s human resources programse. Administrative Managers are not associated with any specific functional area, provide overall administrative guidance and leadershipV. Directing, Leading and Motivatinga. Management Skillsi. Technical Skills- having the skills needed to accomplish a job or specializedactivityii. Conceptual skills- the ability to be able to think abstractly as well as be able to look at the big pictureiii. Interpersonal skills- leading and motivating and effectively deal with people/co-workers.b. Managerial Rolesi. Decision roles- having effective management decision making and delegationii. Information roles- being able to gather information as well as distributing and providing informationiii. Interpersonal roles- being a good communicator and positively dealing with peopleVI. Steps in the Delegation Processi. Assign responsibility of doing a job or performing a specific taskii. Grant authority and power to accomplish an assigned job or taskiii. Assign accountability to a worker and give them the obligation to accomplish an assigned job/task.VII. Controllinga. The process of evaluating and regulating ongoing activities to ensure that goals and objectives are set and


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IUPUI BUS 100 - The Management Process

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