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MGMT 321 – Chapter 1 Management Resources include: –People (skills, know-how and experience) –Machinery –Raw materials –Computers and IT –Patents –Financial capital –Loyal customers
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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