MANAGEMENT 115.108

L3 Bounded Rationality

- managers do not know everything, so they do make the most logic and rational decison for the business, they are limited in their ability to process information - managers satisfice rather than maximise value

L3 Rule of thumb

- not changing strategy until something is decreasing such as money - for example, a business might only hire employees from a certain university as other employees that attended were better than other employees from different universities.

L3 Rational Decisions

- objective and rational decision maker - problem is clear and unambiguous - decision maker has a clear and specific goal - all alternatives and outcomes are known - decision maker selects between alternatives to maximise value - basically knows what they are doing

L1 why is organising important for a business?

- responsible for arranging and structuring work to accomplish the organisations goals. - determining what tasks are to be done and by whom - how tasks are to be grouped - who reports to whom and where decisions are to be made.

L2 Environmental Scanning

- studying global, industry and sector trends through formal research - attending conferences and fora at which latest industry trends and innovations are shared

L3 Role of intuition

- sub-consiously making decisions based on feelings, experience and judgement - your gut feeling may be based on beliefs and values the may not be productive to the person you're dealing with - doing things from past experience and go with your gut feeling, if you really think you shouldn't do something then don't do it.

L3 What is Group think?

- the tendency for highly cohesive teams to lose their evaluative capabilities - public agreement, private doubts - basically agreeing because everyone else is agreeing, though you do have concerns that you will not say, go with the flow

L1 why do we have to lead people in a business?

- to direct and co-ordinate the work activities of other employees

L1 why do we need to control people in a business?

- to monitor activities to ensure everything is completed the way it was planned

L2 What are the 7 key organisational dimensions to culture?

1. *innovation and taking risk* (to the degree of employees are encouraged to be innovative and take risks) 2. *attention to detail* (employees are expected to exhibit precision, analysis and attention to detail) 3. *Outcome orientation* (managers focus on results and outcomes rather than on how these outcomes have been achieved) 4. *people orientation* (management decisions take in account the effects on people in the organisation) 5. *team orientation* (work is organised around teams rather than individuals) 6. *aggressiveness* (employees are aggressive and competitive rather than cooperative) 7. *stability* (organisational decisions are actions emphasise maintaining the status quo)

L1 What are the 4 management skills?

1. Conceptual Skills 2. Technical skills 3. Interpersonal skills 4. Political skills

What are the 3 levels of Strategies?

1. Corporate 2. Competitive 3. Functional

L1 Name the 3 Characteristics of an organisation

1. Goals 2. People 3. Structure

L4 Strategic Management process

1. Identify the organisations current missions, goals and strategies. 2. internal analysis: strengths and weaknesses OR 2. External analysis: Opportunities and threats (SWOT) 3. Formulate strategies 4. Implement Stategies 5. Evaluate results

L1 What factors are reshaping and redefining management?

1. Increasing importance of consumers 2. Sustainability 3. Ethics and social responsibility

L2 what are the 5 components in an organisational system?

1. Inputs (RM, Human and informational resources) 2. transformation process (activities used to transform inputs to outputs such as organisational products) 3. Outputs (products and services, end result) 4. feedback (customers giving opinion) 5. environment

L1 What are the 3 management roles?

1. Interpersonal 2. Informational 3. Decisional

What are the types of goal setting?

1. Means-end chain: Higher-level goals (ends) are linked to lower-level goals as the means for goal achievement 2. Traditional goal-setting: goals set by top managers flow through the organisation and become sub-goals for each organisational area 3. Management by objectives MBO: a process of setting mutually agreed goals, and using these goals to evaluate performance

L1 What are the four management functions?

1. Planning 2. Organising 3. Leading 4. Controlling

L3 what is the decision making process?

1. Problem (identify the problem) 2. Criteria (what is needed) 3. Weights (how high is each weight when making a decision) 4. Options (what options are available) 5. Analysis (analysing the results) 6. Select (select the best result) 7. Action (put it into action) 8. Evaluation (evaluate if this was the best decision)

Why do organisations use teams?

1. Problem solving 2. Creativity and innovation 3. Quality decision making 4. commitment 5. motivation 6. control and discipline 7. job satisfaction

L1 Why are people an important characteristic in an organisation?

bringing people together to achieve a particular purpose, people are more creative than machines in a factory, we also need people to decision make

L1 What does Mintzbergs approach do?

compliments the functions view of management by offering additional insight into what managers do.

L1 What is a First-line manager

directly responsible for the day-to-day activities for the non-managerial employees. names: supervisers, team leaders, coaches, shift managers, unit co-ordinators. (checkout supervisor)

L1 Efficiency

doing things right, making sure the quality is the best and using resources and money wisely, balancing happy customers and a wealthy organisation "getting the most output from the least inputs"

L1 Effectiveness

doing work tasks with great quality to reach its goals, doing the right things

What are opportunities in SWOT

favorable external factors that an organization can use it its advantage. If utilized effectively, opportunities have the potential to create a competitive advantage. positive trends in the external environment

L1 What is a Middle Manager

found in-between the lowest and top managers, these managers are sometimes responsible for the non-managerial employees and are typically responsible for translating the goals set by top ,managers into specific detail that lower-level managers will get done. (finance manager)

L2 Environmental Certainty

knowing whats going on in the business and there is a slow or limited amount of change, few influential factors and resources are plentiful. - the outcome of every alternative is known (e.g investing in bank deposits)

Explain "external analysis" in the strategic management process

managers do this so they know what competitors are doing, what pending legislation might affect the organisation or what the labour supply is like n locations where it operates

L1 Conceptual Skills - key for top managers

managers use to analyse and diagnose complex situations. They help managers to see how things fit together and facilitate making good decisions

L1 What is a Top Manager

near the top of an organisation, they are responsible for making decisions about the direction of the organisation and establishing policies and philosophies that affect all organisation members. ( store manager)

Explain "Implementing strategies" in the strategic management process

no matter how effectively an organisation has planned its strategies, performance will suffer if the strategies aren't implemented properly.

Personality conflict

occurs when 2 or more team workers clash with their personalities and create conflict between one another

L1 what are Non managerial employees

people who work directly on a job or task and have no responsibility for overseeing the work of others. an example is the employees who ring up your sale, make you coffee etc. names: associates, team members, contributors, employee partners.

Explain "internal analysis" in the strategic management process

provides important information about in organisations specific resources and capabilities. after this, they will be able to identify strengths and weaknesses within the business

L1 Interpersonal skills - key for middle managers

skills involve with working well with other people both individually and in groups.

What are weaknesses in SWOT

stop an organization from performing at its optimum level. They have the potential to reduce progress or to give a competitive edge to the competition.

Differences in style

team mates having their own opinion and style to ideas. some will agree and disagree

L1 What is management?

the process of getting things done effectively and efficiently with and through other people

L2 Dynamism

the quality of being characterised by vigerious activity and process

Explain the 'Formulating strategies" in the strategic management process

there are 3 main types strategies that managers formulate Corporate: what business the organisation is in Competitive: how the organisation will compete in its businesses to ain and maintain a competitive advantage Functional: how functional departments support the competitive strategy

What are Strength in SWOT

what an organization excels at, allowing decisions on how to gain a competitive advantage.

L1 Decisional

*Entrepreneur:* searches organisation and its environment for opportunities and initiates 'improvement projects to bring about changes (organising strategy and review sessions to develop new programs) *Disturbance handler*: Responsible for corrective action when organisation faces important, unexpected disturbances (organising strategy and review sessions that involve disturbances and crisis) *Resource handler*: Responsible for the allocation of organisational resources of all kinds; making approving all significant organisational decisions (Scheduling; requesting authorisation; performing any activity that involves budgeting and the programming of subordinates work) *Negotiator*: responsible for representing the organisation at major negotiations (participating in union contract negotiations)

L1 Interpersonal

*Figurehead:* performing a number of routine duties of a legal or social nature (greeting visitors, signing legal documents) *Leader:* Motivating subordinates and responsible for staffing, training and associated duties (performing virtually all activities that involve subordinates) *Liaison:* maintains self-developed network of outside contacts and informers who provide favours and information (acknowledging mail and doing external broad work, performing activities involving outsiders.)

L1 The organisation system

*Inputs*: is what we gather all together to start off with to make the product such as equipment (machines), raw materials (burger buns) people (employees), capital (cash to make the product) information (knowing what to do) *Transformation process*: this is the stage between getting the materials and then selling it, this stage makes sure the product is good enough for the market and making the sure quality is, kind of like feedback. *Outputs*: goods and services out to the world for consumers to buy

L1 Informational

*Monitor:* seeks and receives wide variety of internal and external information to develop thorough understanding of the organisation and the environment (reading reports, maintaining personal contacts) *Disseminator*: transmits information received form outsiders or from subordinates to members of the organisation (holding information meetings, making phone calls to relay information) *Spokesperson*: transmits information to outsiders on organisations plans, policies, actions, results etc (holding board meetings, giving information to the media)

L2 Why does culture matter?

- *different views* about the world - our *beliefs* and *values* shape our behaviours - what we think and do has consequences - it is what you are as a person - our culture tells us what is important

L1 What is an organisation?

- A deliberate arrangement of people brought together to accomplish some specific purpose - Apple has brought people together with technology skills to make quality products such as iPhones, iPads, MacBooks, to satisfy customer needs.

L1 What is the key difference between managers and non-managerial?

- Non-managerial employees are responsible for doing their own work - Managers are responsible for themselves and also others in the organisation

L1 SWOT

- Strengths - Weaknesses - Opportunities - Threats

L2 Management responses

- deciding what is a challenge and what is an opportunity - formulating a plan on how the organisation will respond - organisational trend (structure, culture, products and markets)

L1 why plan?

- defining goals - establishing strategy - developing plans to coordinate activities SWOT is a very effective way to plan and take on any on-coming issues early.

L2 Organisational Culture

- influences how managers define whats an opportunity, whats a threat. - helps keep organisational members together - defines whats acceptable (turning up lat for work?)

L2 Learning the culture

1. Symbols - things such as employee of the month and saying what is valued 2. Stories - telling stories to the future generation of the business 3.Rituals - repetitive actions that reinforce values and goals such as a formal welcoming every time

How can we keep teams together?

1. Team norms: Standards accepted and shared by the group (dress, loyalty, effort) 2. Team Cohesion: members are motivated to stay part of the group, leads to conformity

L1 What are the 4 Management levels? from highest to lowest

1. Top managers 2. Middle managers 3. First-line managers 4. Non-managerial employees

L1 Why do we need structure

All organisations develop a deliberate and systemiatc structure that defines and limits the behaviour of its members. within that structure some will supervise other members, work teams will operate

L1 Why do we need goals

Distinct purpose, which is typically expressed in terms of a goal or set of goals... an example is apple and there goal "is not to make money but to make good products"

L2 whats one of the biggest mistakes managers do?

Failing to adapt to the changing world

L2 Environmental uncertainty

How well managers can understand or predict the changes and trends in the environments affecting their organisations - risk

L1 What are Managers

Individuals who direct and oversee the activities of other people in the organisation. this includes giving employees instructions and making sure they do the job properly (training them) and checking their progress. - they rely on other employees to get things done.

L1 Technical Skills - key for lower level managers

Job-specific knowledge and techniques needed to perform work tasks

Whats the difference between a manager and leader?

Manager: has formal authority and influences others within bounds, they have a plan and has subordinates - Management can be learned Leader: may not have formal authority and influences others beyond limits, they have followers and pushes for a change, they have a vision - leaders is a 'calling'

L1 Whats the differences between small and large organisations for managers?

Managers in both small and large organisations perform the same activities, but how they go about those activities and the proportion of time they spend on each are different

Explain "Identify the organisations current missions, goals and strategies" in the strategic management process

Misson: a statement of its purpose, defining the mission forces managers to identify what its in business to do. goals: what will make your business improve? setting goals in a business will help improve more effective and efficient work for employees Strategies: plans for how the organisation will do what its in business to do, how it will compete successfully and how it will attract its customers in order to achieve its goals

L3 Programmed decision-making aids

Policy: A general guide that establishes parameters for making decisions about recurring problems Rule: An explicit statement that tells managers what hey ought or ought not to do Procedures: a series of interrelated sequential steps that can be used to respond to a well-structured problem

What are threats in SWOT

Threats refers to factors that have the potential to negatively impact an organisation. negative trends in the environment

L1 Political Skills - key for all managers

a managers ability to build a power base and establish the right connections

Task Ambiguity

a problem that usually builds up upon a poor work planning approach. - If project or business managers fail to accurately deliberate project roles and their tasks in the team, then certain task ambiguity can easily occur on the course of project performance and it can trigger much of confusion, enormous time wasting, and other counter-productive problems.

Social loafing

an employer with low motivation will know other employees will want to accomplish the goal, therefore the social loafer will leave the work to the diligent employees

L2 Stakeholders

anyone directly affected by the organisations, or indirectly affected by what they do. eg. employees, directors, managers

Explain "Evaluating results" in the strategic management process

how effective have the strategies been at helping the organisation to reach its goals? is anything needing to be adjusted?