Chapter 1 Managers and Managing. MGMT 321 – Chapter 1 Management Consists of: –Planning...

Chapter 1

Managers and Managing

MGMT 321 – Chapter 1

Management

Consists of:– Planning– Organizing– Leading– Controlling

To achieve organizational goals effectively and efficiently

MGMT 321 – Chapter 1

Management

Resources include:– People (skills, know-how and experience)– Machinery– Raw materials– Computers and IT– Patents– Financial capital– Loyal customers

MGMT 321 – Chapter 1

Organizational Performance

MGMT 321 – Chapter 1

Why Study Management?

The more efficient and effective use of scarce resources, the greater the relative well-being and prosperity of people in that society

Helps people deal with their bosses and coworkers

Opens a path to a well-paying job and career

MGMT 321 – Chapter 1

Functions of Management

MGMT 321 – Chapter 1

Decisional Roles

Roles associated with planning strategy and utilizing resources– Entrepreneur – deciding which new projects or

programs to initiate and to invest resources in– Disturbance handler – managing crises– Resource allocator – assigning resources and

setting the budgets of lower managers– Negotiator – reaching agreements between

internal and external stakeholders

MGMT 321 – Chapter 1

Interpersonal Roles

Roles associated with providing direction and supervision– Figurehead – symbolizing the organization’s

mission and direction– Leader – training, counseling, and mentoring

employee performance– Liaison – coordinating the activities of people

inside and outside the organization

MGMT 321 – Chapter 1

Informational Roles

Roles associated with obtaining and transmitting information – Monitor – analyzing information from both the

internal and external environment– Disseminator – transmitting information to

employees– Spokesperson – using information to influence

how people respond to it

MGMT 321 – Chapter 1

Levels of Management

MGMT 321 – Chapter 1

Relative Amount of Spent on Managerial Functions

MGMT 321 – Chapter 1

Managerial Skills

Conceptual skills– The ability to analyze and diagnose a situation and

distinguish between cause and effect Human skills

– The ability to understand, alter, lead, and control the behavior of other individuals and groups

Technical skills– Job-specific skills required to perform a particular

type of work or occupation at a high level

MGMT 321 – Chapter 1

Recent Changes in Management Practices Restructuring

– Downsizing to lower costs Outsourcing

– Contracting with another company to perform work previously performed by the company

Empowerment– Giving employees more authority/responsibility

Self-managed teams– Employees who assume collective responsibility

for managing their own work

MGMT 321 – Chapter 1

Building Competitive Advantage

MGMT 321 – Chapter 1

Challenges for Management ina Global Environment Rise of global organizations Building a competitive advantage Maintaining ethical standards Managing a diverse workforce Utilizing information technology Global crisis management