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| Six Key Managerial Functions |
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Definition
| Planning, Organizing, Leading, Controlling, Decision-making, Staffing |
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| setting goal, how to reach goal |
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| assigning duties, tasks, responsibilities (who does what) |
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| directing, motivating, coaching, mentoring, modeling to reach goal |
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| setting goal, checking performances, comparing the two |
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| choosing among alternatives |
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| recruit, interview, hire, train, performance review, $ compensation, legal |
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| extent to which use resources wisely (the right way) |
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| extent to which reach goals (the right things) |
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| Traditional Management Structure (Levels of Management) |
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| conceptual (long term strategic planning) |
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| Middle level of Management |
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| Lower level of Management |
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| Technical range (short term) - supervisors |
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| cuts cost, more communication, quicker decisions |
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| Historical Management Approaches |
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| Classical Approach, Behavioral Approach, Management Science / Operations Research, Systems Approach, Contingency Approach |
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| find one best way to perform a task, efficient |
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| Motion Studies, cheaper by the dozen |
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| 14 principles of management |
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| Ideal Bureaucracy - clearly defined rules, policies, podcedures |
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| the Hawthorne Studies - when people are watched they perform better because they feel important |
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| Management Science / Operations Research |
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| uses mathematical models, computer simulations optimal (best) solutions |
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| a set of interdependent parts working together to accomplish a goal |
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| Criteria for Ethical Decision-Making |
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| Utilitarian Approach, Individualism Approach, Moral Right Approach, Justice Approach |
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| decisions you make for the greatest good in most people (some may be hurt) |
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| choosing action best for yourself |
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| certain rights not violated |
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| everyone gets equal/fair chance |
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| economic, enviornment, society |
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| degree to which a person or entity can meet its present needs without compromising the ability of other people or entities to meet their needs in the future |
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| suppliers, employees, customers |
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| Milton Friedmans Perspective to Social Responsibility |
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Definition
| support stockholders (sole purpose of a company is to make profit helping society providing a good or service) while making a profit, you hire more people |
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| Barrett's Goal Integration Model |
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Definition
| strive so that individuals goals are overlapping the firms goals |
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| MBO (Management by Objectives) |
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Definition
- managers and employees are on the same page working collaboratively
- takes a lot of time and money |
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| SMART Goals (Specific Measurable Achievable Realistic Timebase) |
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Definition
- link goals to rewards
-limit the # of goals
- involve workers
- follow up, control process |
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| Decision Making Conditions |
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Definition
| certainty, uncertainty, risk |
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| decision in which available alternatives and conditions/consequences are known |
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| decision in which probabilities of outcomes are not know |
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| decision in which probabilities of outcomes are known in advance |
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