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| a group of people who work together to achieve some specific purpose |
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| the pursuit of organizational goals efficiently and effectively by integrating the work of people through planning, organizing, leading, and controlling the organization’s resources |
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| the ends; the organization’s ends/goals. To be effective means to achieve results, to make the right decisions, and to successfully carry them out so that they achieve the organizations goals |
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| the means; the means of attaining the organization’s goals. To be efficient means to use resources (people, money, raw materials, etc., wisely and cost-effectively) |
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| your influence on the organization is multiplied far beyond the results that can be achieved by just one person acting alone |
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| Rewards of studying management (4): |
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1) Understand how to deal with organizations from the outside
2) Understand how to relate to your supervisors
3) Understand how to interact with coworkers
4) Understand how to manage yourself in the workplace |
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| Rewards of practicing management (3): |
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1) Experience a sense of accomplishment
2) Stretch your abilities and magnify your range
3) Build a catalog of successful products or services |
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| Challenges to being an exceptional manager (7): |
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1) managing for competitive advantage
2) managing for diversity
3) managing for globalization
4) managing for information technology
5) managing for ethical standards
6) managing for sustainability
7) managing for your own happiness and life goals |
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| IBM CEO who took risks to gain her position; has a deep understanding of the company, is engaging, and is high energy |
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| Most important abilities to any manager's survival (3): |
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1) take risks
2) embrace change
3) keep moving forward |
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| the scarcest, most valuable resource in business; the greatest shortage of managers |
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| the ability of an organization to produce goods or services more effectively than competitors do, thereby outperforming them |
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| An organization must stay ahead in these areas (4): |
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1) being responsive to customers
2) innovation
3) quality
4) efficiency |
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| finding ways to deliver new or better goods or services |
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| the global network of independently operating but interconnected computers, linking hundreds of thousands of smaller networks around the world |
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| electronic commerce; the buying and selling of goods or services over computer networks |
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| using the Internet to facilitate every aspect of running a business |
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| text messages and documents transmitted over a computer network |
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| Project management Software |
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| programs for planning and scheduling the people, costs, and resources to complete a project on time |
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| computerized collections of interrelated files |
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| using video and audio links along with computers to let people in different locations see, hear, and talk with one another |
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| using state-of-the-art computer software and hardware, to help people work better together |
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| the implementing of systems and practices to increase the sharing of knowledge and information throughout an organization |
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| work from home or remote locations using a variety of information technologies |
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| economic development that meets the needs of the present without compromising the ability of future generations to meet their own needs |
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Management Process/
Four Management Functions |
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1) planning
2) organizing
3) leading
4) controlling
All of these functions affect one another, are ongoing, and are performed simultaneously |
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| Levels of Management (3): |
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1) top managers
2) middle managers
3) first-line managers |
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| make long-term decisions about the overall direction of the organization and establish the objectives, policies, and strategies for it; they are future oriented, deal with uncertainty, and work in highly competitive conditions (i.e. CEOs, COOs, presidents, senior vice presidents, etc) |
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| implement the policies and plans of the top managers above them and supervise and coordinate the activities of the first-line managers below them; they are critical for organizational success that can directly affect employees, customers, and suppliers (i.e. plant managers, district manager, regional manager, clinic director, dean of student services, etc.) |
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| make short-term operating decisions, directing the daily tasks of nonmanagerial personnel (i.e. department head, foreman, forewoman, team, leader, supervisor) |
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| responsible for just one organizational activity (i.e. director of finance, vice president of production, human resources) |
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| responsible for several organizational activities (i.e. Executive Vice President) |
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| Types of Organizations (3): |
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1) for-profit organizations
2) nonprofit organizations
3) mutual-benefit organizations |
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| formed to make money, or profits, by offering products or services; success is measured by how much profit or loss is generated |
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| formed to offer services to some clients not to make a profit; may be either public or private sector; managers in this type of organization are called administrators; success is measured by the effectiveness of the services delivered |
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| Mutual-Benefit Organizations |
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| voluntary collections of members whose purpose is to advance members' interests (i.e. political parties, labor unions, and clubs); success is measured by the effectiveness of the services delivered |
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| Mintzberg Study and Findings (4): |
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Definition
Shadowed five chief executives for a week and recorded their working lives and found:
1) managers rely more on verbal than written communication
2) managers work long hours at an intense pace
3) managers work is characterized by fragmentation, brevity, and variety (time and task management are major challenges)
4) most important part of a manager's job is informational handling |
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| Types of Managerial Roles (3): |
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1) interpersonal roles
2) informational roles
3) decisional roles |
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| managers interact with people inside and outside their work units (i.e. figurehead, leader, and liaison activities) |
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| managers receive and communicate information with other people inside and outside the organization (i.e. monitors, disseminators, and spokespersons). *most important part of a manager's job according to Mintzberg |
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| managers use information to make decisions to solve problems or take advantage of opportunities. (i.e. entrepreneurs, disturbance handlers, resource allocators, and negotiators) |
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| founders of Yelp; got $1 million investment from boss; started locally in San Francisco; rewarded users by throwing open bar parties; expanded cities and threw more parties |
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| Small businesses (regarding job creation) (3)... |
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1) create about 75% of all new jobs
2) represent 99.7% of all employers
3) employ 50% of the private workforce
“New businesses are important to job creation primarily because they got founded, not because most of them tend to grow” |
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| Women-owned Businesses (2)... |
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1) becoming America's new job-creation machine
2)now provide 16% of US employment, but is expected to be creating one-third of the jobs by 2018 |
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| the process of taking risks to try to create new enterprise |
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| someone who sees a new opportunity for a product or service and launches a business to try to realize it (mostly run a small business with fewer than 100 employees) |
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| someone who works inside an existing organization who sees an opportunity for a product or service and mobilizes the organization’s resources to try to realize it (i.e. a research or scientist) |
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| Entrepreneurs vs. Managers |
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entrepreneurs start businesses
managers grow/maintain businesses |
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| High need for achievement |
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| entrepreneur are more motivated through their own efforts to realize their ideas and financial rewards while managers are motivated by promotions and organizational rewards of power and perks |
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| Belief in personal control of destiny |
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| characteristic of both; internal locust of control |
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| High energy level and action orientation |
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| characteristic of both, especially entrepreneurs; extraordinary investment of time and energy and a sense of urgency |
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| High tolerance of ambiguity |
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| characteristic of both, especially entrepreneurs; trying to do things that haven’t been done before, so must be able to make decisions based on unclear or incomplete information |
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| Self-confidence and tolerance for risk |
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| characteristic of entrepreneurs more than managers; need confidence to act decisively and be willing to make risky decisions in the pursuit of new opportunities |
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| Internal Locus of Control |
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| the belief that you control your own destiny and external forces have little influence |
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| people who suddenly must earn a living and are simply trying to replace lost income and are hoping a job comes along (i.e. laid-off corporate workers, discharged military people, immigrants, and divorced homemakers) |
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| Opportunity Entrepreneurs |
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| those who start their own business out of a burning desire rather than because they lost a job; tend to be more ambitious and to start firms that can lead to high-growth businesses |
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| Skills exceptional managers need (3): |
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1) technical skills
2) conceptual skills
3) human skills |
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| consists of the job-specific knowledge needed to perform well in a specialized field; most important at the lower levels of management |
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| consists of the ability to think analytically, to visualize an organization as a whole and understand how the parts work together; particularly important for top managers who must deal with problems that are ambiguous |
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| consist of the ability to work well in cooperation with other people to get things done; AKA soft skills (the ability to motivate, inspire trust, communicate); important for managers of all levels |
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| Most valued traits in a manager (4): |
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1) the ability to motivate and engage others
2) the ability to communicate
3) work experience outside the US
4) high energy levels to meet demands of global travel and a 24/7 world |
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