MGT Week 1

management functions include:

-applying and distributing organizational resources effectively -acquiring new resources when necessary -analyzing and adapting to the ever-changing environment in which the organization operates -complying with legal, ethical, and social responsibilities of the community -developing relationships with and among people to execute the strategies and plans

Resource allocator.

All levels of management will make resource allocation decisions, depending upon whether the decision affects the entire organization, a single department, or a particular task or activity.

Management (Functions)

Defining the goals of the organization, planning the actions to meet the goals, and organizing the resources needed to carry out the actions are all vital functions of management. Planning and organizing ensure that everyone in the organization is working together toward meeting goals.

Negotiator.

Depending on the effect on the organization, most negotiation is done by top and middle-level managers. Top managers will handle negotiations that affect the entire organization, such as union contracts or trade agreements. Middle-level managers negotiate most salary and hiring decisions

Feedback Loop

Fix it, improve it, make changes --> Sell the improved product --> Assess Progress (is it selling?) --> Ask Customers if they like the new product --> Fix it, improve it, make changes

Entrepreneur.

The entrepreneurs in a firm are usually top-level managers. They identify economic opportunities, lead the initiative for change, and make product decisions.

Disturbance handler.

Top and middle managers will react to disturbances (unexpected events) in the organization—whether internal or external. They will decide what corrective actions should be taken to resolve the problems.

process

a set of activities that are ongoing and interrelated

Team Leaders

a special kind of manager who may be appointed to manage a particular task or activity. The ____ reports to a first-line or middle manager. Responsibilities of the _____ include developing timelines, making specific work assignments, providing needed training to team members, communicating clear instructions, and generally ensuring that the team is operating at peak efficiency. Once the task is complete, the ____ position may be eliminated and a new team may be formed to complete a different task.

Joe, a salesperson for Stratasys, is proposing a 3D printer to MacIntyre Engineering Inc., which makes gyroscopes for aeronautical applications including satellites. A 3D printer would speed up the design process by prototyping new designs. He meets with several people. Mike asks about running the machinery. Steve asks about the competition, any legal issues, and supplier interests. Joe suspects Steve is

a top manager

Vertical management

also called top-down management, refers to the various levels of management within an organization

Anson Dorrance, coach of the UNC women's soccer team, fostered an almost family-like sense of the team while also bringing out his players' aggressiveness. This created ________ that was not easily duplicated by other teams.

competitive advantage

Turnover is very expensive for SAS, a software company. It takes a year or two to train a new engineer in the details of their systems. SAS goes to extremes to retain employees. Their turnover rate is 3 percent, well below the industry average of 20 percent. SAS creates ________ through its employees.

competitive advantage

As you're walking out the door to head to the airport for your vacation, you go down a checklist in your head (or maybe on paper, if you're really prepared): Did you bring your pajamas? Do you have your toothbrush? Does anyone need to visit the bathroom? These checks represent the management function of

controlling

organizing

deciding how the organization will be structured (by departments, matrix teams, job responsibilities, etc.). _______ involves assigning authority and responsibility to various departments, allocating resources across the organization, and defining how the activities of groups and individuals will be coordinated.

Planning

defining performance goals for the organization and determining what actions and resources are needed to achieve the goals. Through ________, management defines what the future of the organization should be and how to get there.

well-trained and experienced employees are the main source of

effectiveness, efficiency, and sustainability

In 2004, Eric Ries co-founded IMVU, a social network. IMVU members use 3D avatars to meet new people, chat, and create and play games. It is instant messaging with visuals. Eric needed to risk his own money to start the firm, and he made decisions about what the product would be. Customers did not care about some features, and the firm quickly moved on, a process called the lean startup approach. Eric's role, as described here, is

entrepreneur

Decision Making Roles

entrepreneur, disturbance handler, resource allocator, negotiator

First-Line Managers

entry level of management, the individuals "on the line" and in the closest contact with the workers. They are directly responsible for making sure that organizational objectives and plans are implemented effectively. focused almost exclusively on the internal issues of the organization and are the first to see problems with the operation of the business, such as untrained labor, poor quality materials, machinery breakdowns, or new procedures that slow down production. It is essential that they communicate regularly with middle management.

Controlling may be the most important management function. The control process is also described as

feedback loops

Apple's current vision statement was introduced by CEO Tim Cook, who stated, "We believe that we are on the face of the earth to make great products." This is part of the ________ role of managers.

informational

Informational roles

involve the receiving and sending of information—whether as a spokesperson, a mentor, a trainer, or an administrator. A top manager is a voice of the organization and has to be aware that even personal opinions will reflect (for better or worse) on the business Middle managers must skillfully determine what information from top management should be shared with others, how it should be interpreted, and how it should be presented. Similarly, they must weigh the value of information they receive from first-line managers and employees in order to decide what to forward to top management The informational role for first-line managers is primarily one of disseminating what they have been given and helping the employees to see how their own contributions further organizational goals. They have a responsibility to see that the employees understand what they need to be successful in their jobs.

An organization is effective

it is accomplishing things that support the vision and mission

An organization is efficient

it is doing things in the best possible manner.

An organization is sustainable

it is generating revenue to support its continued operation.

Southwest Airlines is famous for operating at low cost. They achieve low costs because they are very selective in the people they hire and they create a friendly and supportive environment. In return, the employees support the company. Competitors have failed to duplicate this and Southwest has retained

it's competitive advantage

intellectual resources

knowledge and experience

Nokia transitions caused disruptions in its labor force. New skills were needed and old skills were less important. Managers needed to motivate employees to adapt to the changes. Managers needed to be

leaders

main disadvantage of vertical management

limits information flow from the lower levels of the organization to the upper levels (like water, information flows downhill easily). Without easy two-way communication, top management can become isolated and out of touch with how its plans affect core processes in the organization

Middle Managers

links between the top managers and the first-line managers and have one or two levels below them. _____ managers receive broad strategic plans from top managers and turn them into operational blueprints with specific objectives and programs for first-line managers. They also encourage, support, and foster talented employees within the organization. An important function of middle managers is providing leadership, both in implementing top manager directives and in enabling first-line managers to support teams and effectively report both positive performances and obstacles to meeting objectives.

Strategic plans

long-term and affect the entire organization. A _____ plan bridges the gap between what an organization is and what it will become.

Competitive advantage

means that the business outperforms its rivals in the market because customers prefer its products or services

Managers encourage, support, and foster talented employees. The managers who focus in this area are

middle managers

material resources

money and equipment

upper management

must be aware of conditions in the organization's environment and have knowledge of the total resources of the organization

Management as a process means

planning, organizing, leading, and controlling resources and people to meet organizational goals.

primary functions of effective management/management process

planning, organizing, leading, and controlling.

Figurehead activities

public face of the management team and represent the business in legal, economic, and social forums

Mintzberg classified management decision roles into four types. These include

resource allocator, disturbance handler, and negotiator

Employees that understand how their company operates and competes can make better decisions. Therefore management can create a competitive advantage by

sharing information with employees

interpersonal skills

such as motivating employees, negotiating salaries, and encouraging innovation and creativity. First-line managers lead both by example when they actively participate in the tasks assigned to their workers and by modeling the policies and work ethics of the organization

Ongoing

the activities are not done in a linear, step-by-step fashion where responsibility is passed from one activity to the next. Instead, the activities are continued as new activities are started

Controlling

the process of monitoring activities, measuring performance, comparing results to objectives, and making modifications and corrections when needed. This is often described as a feedback loop,

Interrelated

the results of each activity influence the other activities and tasks

Management (Managers)

those people in strategic positions who make important decisions for the organization, such as the executive officers, president, or general manager

Managers pay careful attention to the external environment of the organization: the economy, proposals for laws that would affect profits, stakeholder demands, and consumer and public relations. The managers most involved in these activities are

top managers

Google has a flatter organization chart than most large companies. Engineers talk to each other across the organization. But Google still has the basic levels of management, including

top, middle, first-level, and team-leaders

Tactical plans

translate strategic plans into specific actions that need to be implemented by departments throughout the organization. The ________ plan defines what has to be done, who will do it, and the resources needed to do it.

Top-Level Managers

ultimately responsible for the long-term success of the organization. They set long-term goals and define strategies to achieve them. They pay careful attention to the external environment of the organization: the economy, proposals for laws that would affect profits, stakeholder demands, and consumer and public relations. They will make the decisions that affect the whole company such as financial investments, mergers and acquisitions, partnerships and strategic alliances, and changes to the brand or product line of the organization.

Leaders

use knowledge, character, and charisma to generate enthusiasm and inspire effort to achieve goals. Managers must also lead by communicating goals throughout the organization, by building commitment to a common vision, by creating shared values and culture, and by encouraging high performance. Managers can use the power of reward and punishment to make people support plans and goals. _____ inspire people to support plans, creating belief and commitment. _______ and management skills are not the same, but they can and do appear in the most effective people.

vertical thinking

using traditional and recognized methods to solve particular problems. opposite of thinking outside of the box