Ch. 7 Management And Leadership (Understanding Business)

Internal customers

individuals and units within the firm that recieve services from other individuals or units

The control process

-Establish clear standards (ties planning and control functions) -monitor and record performance and results -compare results against plans and standards. -comunicate results to employees needed -taking action when needed or providing positive feedback

Staffing

A management function that includes hiring, motivating, and retianing the best people available to accomplish the company's objectives.

Conceptual skills

Skills involving ability to picture organization as a whole and the relationship among its various parts. Top managers need the most conceptual skills.

Human relations skills

Skills that involve communication and motivation skills. Enable managers to work through and with people. associated with leadership, coaching, support, and training.

technical skills

Skills that involve the ability to perform tasks in a specific discipline or department. First line managers need the most of this.

Rational decision-making model

Steps managers follow to make decisiosns.. 7 D's Define situation Describe and collect info Develop alternatives Develop agreements Decide best alternative Do what is indicated Determine whether decision was good

management

The process used to accomplish organizational goals and objectives through: planning organizing leading, and controlling people and other organizational resources (it is an art not a science!!) "it is getting things done through other people"- Peter Ducker

Supervisory (first line) management

Those directly responsible for supervising and evaluating workers. First level above workers.

Brainstorming

a problem-solving technique. Coming up with as many solutions to a problem possible in a short amount of time with no censoring of ideas.

vision

first managerial fuction by setting organizations vision, goals, objectives. incudes mission statement. why it exists and what it will do.

SWOT Matrix

planning tool to analyze organizations: Strengths Weaknesses Opportunities Threats

goals vs. objectives

Long term, broad accomplishments an organization wants to attain vs. specific short term statements of how to achieve goal.

Controlling

A management function (4) that estblishes clear standards to termine whether organization is progressing towards goals. Rewarding or taking action for the work done. Measuring whether what actually occurs meets the organizations goals.

Leading

A managment function (3) that creates the vision for the organization and communicates, guides, trains, coaches to acheive goals in timely fashion

transparency

A presentation of a company's facts and figures in a way that is clear and apparent to all stakeholders. Holds leaders more accountable and responsible.

Organization Chart

A visual device that shows relationships among people and divides the organization's work; it shows who reports to whom.

CEO

Chief executive officer. Often also president for firm and makes all top level decisions. Responsible for introducing change into an organization.

CFO

Chief financial officer. Responsible for obtaining funds, planning budgets, collecting funds etc... They would cut the COO.

CIO or CKO

Chief information officer or chief knowledge officer. Responsible for getting right information to other managers to make right decisions.

COO

Chief operating officer. Responsible for putting CEOs changes into effect by structuring work, controlling operations, and rewarding to ensure that everyone strives. Many eliminated today as cost cutting measure assigning that role to CEO.

Decision making

Choosing among 2 or more alternatives. Heart of all management functions.

external customers

Dealers, who buy products to sell to others, and ultimte customers (or end users) who buy products for their personal use

knowledge managemet

Finding the right information so employees dont't have to keep finding it, keeping it in a readily accessible place, and making the information known to everyone in the firm.

planning

First management strategy. anticipating trends and determining the best strategies and tactics to achieve orgsnizational goals and objectives.. -set goal, develop strategy, determine resources, set standards. -other management functions depend heavily on planning

Contingency Planning

Form of back up planning by preparing alternate courses of action is primary plans do not work out. also crisis planning.

tactical planning

Form of planning that identifies the specific, short-range objectives by lower-level managers. What is to be done, who has to do it, and how. ex: annual budgets

Operational planning

Form of planning that sets standards and schedules to implement tactical objectives. focuses on specific supervisors, employees and managers for weekly opperations

strategic planning

Form of planning that sets the broad, long-range goals by top managers. the process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goals.

enabling

Giving workers the education and tools they need to make decisions. Key to success of empowerment (giving workers sense of belonging to make own decision)

Participative (democratic) leadership

Leadership style that consists of manangers and employees working together to make decisions. Increases job satisfaction but may not increase effectiveness.

Aucratic Leadership

Leadership style that involves making managerial decisions without consulting others. For emergencies and when absoute followership is needed.

Free-rein leadership

Leadership style when managers set objectives and employees are free to do whatever is appropriate to accomplish them. Most successful leadership style when managing professionals.

Problem solving

Less formal than decision making. Process of solving everyday problems that occur. Usually calls for quicker action.

organizing

Management function (2) that designs the structure of the organization and creates conditions and systems in which everyone and everything works together to acheive organizations goals.

PMI

Technique for problem solving. Listing all the Pluses for a soution in one column, all the Minuses in another, and Implications in the third.

Top Management

The highest level of management, consisting of the president and other key company executives who develop strategic plans. CEO CFO COO etc..

Middle Management

The level of managemet that includes general managers, division managers, and branch and plant managers responsible for tactical planning and controlling.