Management 1 MGMT 8 Copyright 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. LEARNING OUTCOMES 2 Copyright 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. MGMT8 | CH1 1Describe what management is 2Explain the four functions of management 3Describe different kinds of managers 4Explain the major roles and subroles that managers perform in their jobs 5Explain what companies look for in managers LEARNING OUTCOMES 3 Copyright 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. MGMT8 | CH1 6Discuss the top mistakes that managers make in their jobs 7Describe the transition that employees go through when they are promoted to management 8Explain how and why companies can create competitive advantage through people 4 Copyright 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. MGMT8 | CH1 4 Management Is Effectively Efficiently Getting work done through others 5 Copyright 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. MGMT8 | CH1 Management Getting work done through others Efficiency: Getting work done with minimum effort, expense, or waste Effectiveness: Accomplishing tasks that help fulfil organizational objectives 2015 Cengage Learning 1-1 The Four Functions of Management 7 Copyright 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. MGMT8 | CH1 Management Functions Planning determining organizational goals and a means for achieving them Organizing deciding where decisions will be made, who will do what jobs and tasks, and who will work for whom in the company 2015 Cengage Learning 1-2 8 Copyright 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. MGMT8 | CH1 Management Functions Leading inspiring and motivating workers to work hard to achieve organizational goals Controlling monitoring progress toward goal achievement and taking corrective action when progress isnt being made 2015 Cengage Learning 1-2 9 Copyright 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. MGMT8 | CH1 9 The Control Process 2.4 Set standards to achieve goals Compare actual performance to standards Make changes to return performance to standards 1-3 What the Four Kinds of Managers Do 2015 Cengage Learning 11 Copyright 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. MGMT8 | CH1 Kinds of Managers Top managers: Executives responsible for the overall direction of the organization Chief executive officer (CEO) Chief operating officer (COO) Chief financial officer (CFO) Chief information officer (CIO) 12 Copyright 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. MGMT8 | CH1 Kinds of Managers Middle managers Responsible for: Setting objectives consistent with top managements goals Planning and implementing subunit strategies for achieving the objectives Plant manager, regional manager, or divisional manager 13 Copyright 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. MGMT8 | CH1 Kinds of Managers First-line managers Train and supervise the performance of nonmanagerial employees who are responsible for producing a companys goods and services Responsibilities - Monitoring, teaching, and short-term planning Office manager, shift supervisor, or department manager 14 Copyright 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. MGMT8 | CH1 Kinds of Managers Team leaders: Managers responsible for facilitating team activities toward goal accomplishment Help team members: Plan and schedule work Learn to solve problems Work effectively with each other 1-4 Mintzbergs Managerial Roles 2015 Cengage Learning 16 Copyright 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. MGMT8 | CH1 Managerial Roles Interpersonal Figurehead: Managers perform ceremonial duties (welcome visitors, speak at opening of new facilities, support local charities) Leader: Managers motivate and encourage workers to accomplish organizational objectives Liaison: Managers deal with people outside their units 17 Copyright 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. MGMT8 | CH1 Managerial Roles Informational Monitor: Managers scan their environment for information Disseminator: Managers share the collected information with their subordinates and others in the company Spokesperson: Managers share information with people outside their departments or companies 18 Copyright 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. MGMT8 | CH1 Managerial Roles Decisional Entrepreneur: Managers adapt themselves, their subordinates, and their units to change Disturbance handler: Managers respond to pressures and problems that demand immediate attention and action Resource allocator: Managers decide who gets what resources and in what amounts Negotiator: Managers negotiate schedules, projects, resources, and employee raises 19 Copyright 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. MGMT8 | CH1 Skills Companies are Looking For Specialized procedures, techniques, and knowledge required to get the job done Technical skills Ability to work well with others Human skills Ability to: See the organization as a whole, understand how the different parts affect each other Recognize how the company fits into or is affected by its environment Conceptual skills Assessment of how enthusiastic employees are about managing the work of others Motivation to manage Management Skills 1-5 2015 Cengage Learning 21 Copyright 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. MGMT8 | CH1 Exhibit 1.5 Top Ten Mistakes Managers Make Source: M. W. McCall, Jr., and M. M. Lombardo, What Makes a Top Executive? Psychology Today, February 1983, 2631. Stages in the Transition to Management 1-7 2015 Cengage Learning 23 Copyright 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. MGMT8 | CH1 Competitive Advantage through People Stanford University professor contends that what separates top-performing companies from their competitors is the way they treat their work forces-in other words their management. Managers in top-performing companies develop workforces that a smarter, better, trained, more motivated, and more committed than their competitors workforces. 23 24 Copyright 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. MGMT8 | CH1 Competitive Advantage Through People Employment security Employees can innovate and increase the profitability of an organization without the fear of losing their job Selective hiring Companies need to hire the best talent due to the presence of employment security Self-managed teams Produce high productivity through increased employee commitment and creativity 25 Copyright 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. MGMT8 | CH1 Competitive Advantage Through People Decentralization Allows employees closest to problems, production, and clients to make timely decisions High wages contingent on organizational performance High remuneration helps an organization attract talented employees and retain existing employees High wages indicates the organization values its employees 26 Copyright 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. MGMT8 | CH1 Competitive Advantage Through People Training and skill development Companies need to invest resources in the training employees to ensure skill development Reduction of status differences Leads to employees concentrating on work related issues rather than biases and prejudices of the management Sharing information Helps employees participate in the decision making process SUMMARY 27 Copyright 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. MGMT8 | CH1 Functions of management are planning, organizing, controlling, and leading Kinds of managers are top, middle, first- line, and team leaders Roles played by managers include interpersonal, informational, and decisional Technical, human, and conceptual skills are essential for managers KEY TERMS 28 Copyright 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. MGMT8 | CH1 Management Efficiency Effectiveness Planning Organizing Leading Controlling Top managers Middle managers First-line managers Team leaders Figurehead role Leader role Liaison role Monitor role Disseminator role Spokesperson role Entrepreneur role KEY TERMS 29 Copyright 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. MGMT8 | CH1 Disturbance handler role Resource allocator role Negotiator role Technical skills Human skills Conceptual skills Motivation to manage 30 Copyright 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. MGMT8| CH1