Management 301 Chapter 1-4 pg 2

U.S consumer spent online:

$395 billion online in 2016 nearly 12% of overall retail spending and are expected to spend $603 billion in 2021.

Median weekly wage for full time workers with at least a bachelors degree:

$66.092 compared to $37,000 for high school graduate.

People employed full time in management had the highest incomes:

$73,372 for men and $55, 016 for women

According to the U.S. Bureau of Labor the median wage for full time U.S workers is:

$859 or $44,688 a year

Salaries for High Management like CEOs:

$98 million, Average compensation for CEOs at the 350 largest comp was $15.6 million Median wage: $737,613 Operational Manager: $102,750

Organization

A group of people who work together to achieve some specific purpose. Getting things done through people.

How are Nonprofit managers known as:

Administrators Ex: from the public sector such as the University of California, or in the private sector such as Stanford University there purpose is to offer service not profit.

6. Managing for sustainability the Business of green

An apparently changing climate, bringing increased damage from hurricanes, floods and fires throughout the United States and the world has brought the issue of being green. Sustainability: is defined as economic development that meets the needs of the present without compromising the ability of future generations to meet their own needs.

3. The rise of artificial intelligence: more automation in the workforce.

Artificial Intelligence(AI) is the discipline concerned with creating computer systems that simulate human reasoning and sensation. 33% of jobs did not exist 25 years ago.

Susan L. Solomon

As CEO of the nonprofit New York Stem Cell Foundation, Susan L. Solomon does not a lot of fundraising, along with directing the activities of the foundation's research.

3. Decisional

roles are entrepreneur, disturbance handler, resource allocator and negotiator.

2. Informational

roles are monitor, disseminator and spokersperson

1. Interpersonal

roles include figurehead, leader, and liaison activities.

4. Managing for Globalization The Expanding Management Universe

Verbal expressions and gestures don't mean the same thing to everyone around the world. Failure to understand such differences can affect organizations ability to manage globally.

2. Soft Skills

We defined soft skills above as interpersonal or "people" skills needed for success at work. Wall street journal survey reported that 92% of executives believe soft skills were more important than Technological skills.

Accountability:

Where managers sit on the top of the pyramid and all the managers below them has to report.

2. Conceptual skills

consist of the ability to think analytically, to visualize an organization as a whole and understand how the parts work together. Conceptual skills are more important as you move up the management ladder, particularly for top managers. knowing how to plan an organize your day or your work place.

1. Technical Skills

consists of the job specific knowledge needed to perform well in a specialized field.

4. Non managerial employee

either work alone on tasks or with others on a variety of teams. They do not formally supervise or manage other people and they are bulk of a companys workforce.

Mutual-benefit organizations

for aiding members Mutual benefit organizations are voluntarily collections of members- political parties, farm cooperatives, labor unions and clubs whose purpose is to advance members interests.

Leading

is defined as motivation, directing, and otherwise influencing people to work hard to achieve the organizations goals.

How many mutual benefit organizations exist?

nearly 10,000

Commonwealth organization

offer services to all clients within their jurisdictions. Ex: Military services, U.S Postal Service and your local fire and police department.s

E commerce:

or electric commerce the buying and selling of goods or services over the computer networks.

Multitasking

performing multiple tasks at the same time

3. Managing for Diversity the future wont resemble the past

*2015: more than 43 million people in the USA were foreign born 13.4% *By 2060 they are projected to be 18% *Non hispanic whites are projected to decrease from 62% in 2014 to 43% in 2060. *African Americans will increase from 13% to 14%, *Asians from 5% to 9% *Hispanics of any race from 17% to 29% *Older people in the general population 1 out 5 is expected to be 65 and older. Increase to 98.1 million in 2060.

Managers for Three Types of Organizations

-For-Profit Organizations: For Making Money -Nonprofit Organizations: For Offering Services -Mutual-Benefit Organizations: For Aiding Members

The rewards of studying management:

1) You will understand how to deal with organizations from the outside 2) You will understand how to relate to your supervisors 3) You will understand how to interact with coworkers 4) You will understand how to manage yourself and your career

three of Mintzberg's finding

1. A manager relies more on verbal than on written communication 2. A manager works long hours at an intense pace from 50 hours being typical and up to 90 hours not unheard 3. A manager's work is characterized by fragmentation, Brevity & Variety ( being interrupted constantly by phone calls, emails etc, makes them loose time during the day to accomplish their work.)

Implications of information technology

1. Far-ranging electronic management: e-communication all the time 2. More and more data: challenges to decision making 3. The rise of artificial intelligence: more automation in the workforce 4. Organizational changes: shifts in structure, jobs, goals, and knowledge management 5. Knowledge management and collaborative computing

80,000 undergraduates students from over 350 universities across the United States rated 2017 most attractive employers:

1. Google 2. Walt Disney 3. Apple 4. Nike 5. Amazon 6. J.P Morgan 7. Goldman Sachs 8. Ernst & Young 9. Deloitte 10 FBI

Other female CEO's:

1. IBMs Virginia Ginni Rometty, 2. Hewlett Packard Meg Whitman 3. KPMG Lynne Doughtie 4. Oracel Sofra Katz 5. Locked Martin , Marillyn Hewson 6. Mondelez International, Irene Rosenfeld

Three suggestions for building meaning into your life.

1. Identify activities you love doing 2. Find ways to build your natural strengths into your personal and work life 3. Go out and help someone.

1.4 Roles managers must play successfully pg: 15

1. Interpersonal 2. Informational 3. Decisional

Three Types of Managerial Roles

1. Interpersonal 2. Informational 3. Decisional

Model of Career Readiness:

1. Knowledge 2. Soft Skills 3. Attitudes 4. Other Characteristics Table 1.2 pg 30

Seven Challenges to Being an Exceptional Manager

1. Managing for competitive advantage ahead of rivals 2. Managing for information Technology Dealing with the New Normal 3. Managing for Diversity The future wont resemble the past 4. Managing for Globalization - The expanding Management Universe 5. Managing for Ethical standards 6. Managing for Sustainability - The Business of Green 7. Managing for Happiness and Meaningfulness

POLC pg 9

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

Name the four principal functions of management:

1. Planning 2. organizing 3. leading 4. controlling

Chief skills companies seek in top managers are: ___

1. The ability to motivate and engage others 2. The ability to communicate 3. Work experience outside the United States 4. High energy levels to meet the demands of global travel and a 24/7 world.

More formally management is defined as:

1. The pursuit of organizational goals efficiently and effectively by 2. integrating the work of people through 3. Planning, organizing, leading and controlling the organizations resources.

You'll want to close these gaps for three reasons:

1. To get a job and earn more money 2. To impress employers with your self awareness 3. To create you own motivation to learn.

Tree levels of Management:

1. Top 2. Middle 3. and first line managers. Non managerial: employees represent the foundation of an organizational pyramid.

Within an organization there are four levels of managers:

1. Top 2. Middle 3. first line managers 4. team leaders

Rewards of Practicing Management

1. You and your employees can experience a sense of accomplishment 2. You can stretch your abilities and magnify your range 3. You can build a catalog of successful products or services 4. You can become a mentor and help others. According to one survey 84% of workers who had a mentor an experience person who provided guidance to someone new to the work world said the mentor helped them advance their careers.

This means an organization must stay ahead in four areas when it comes to competitive advantage:

1. being responsive to customers 2. Innovation 3. quality 4. efficiency

Other types of knowledge desired by employers include:

1.Information technology application. 2.Cross Cultural awareness 3.computational thinking 4.Understanding the business 5.New media literacy

1. Knowledge

Skills in the knowledge category, generally referred to as Hard Skills encompass the basic knowledge employers expect you to possess.

Salaries for farther down Managers:

Between $35,000-60,000

Jeff Bezos

Created Amazon online site, originally for selling books. Founder of Amazon now his the second or third richest man on earth.

Henry Mintzberg

Divided manager's job into three types: interpersonal, informational, decisional In the 1960s he shadowed five chief executives for a week and recorded their working lives. What he found out that managers would do the most important things of the day, because they were not able to do everything, when having 500 emails, 100 calls a day etc, in those days it was less work because there were no email or social accounts but still there was a lot of work to do.

Name the four Decision Roles

Entrepreneur, Disturbance Handler, Resource Allocator and Negotiator. Look at chart 1.1 for information

4. Team leaders

Facilitate team activities toward achieving a goal.

Name the three Interpersonal roles:

Figured, Leader, and Liaison activities Look at chart 1.1 for information

Industrial Revolution

First Industrial Revolution: relied on steam and water power Second Industrial Revolution relied on electric power Third Industrial Revolution relied on introducing electronics and information technology as means to automate the production of physical goods. Fourth Industrial Revolution is on the horizon are the unprecedented speed, scope, and impact of technological break throughs on every industry including AI, Robotics, self driving cars, 3D printers, the internet an many more.

Researcher Robert Kats

Found that through education and experience managers acquire three principal skills: 1.Technical, 2.conceptual, and 3.human

A company is either way run by two types of Managers :

General Manager or Functional Manager

The different functions of Managers:

General managers, or functional managers responsible for one organizational activity. Managers may work for profit, non profit or mutual benefit organizations.

Why Organizations Value Managers: The Multiplier Effect

Good Managers create value: The reason is that in being a manager you have a multiplier effect: Your influence on the organization is multiplied far beyond the results that can be achieved by just one person acting alone. Comparing to a salesperson who is only value by their boss, and does his job for his own personal benefit.

The traditional Management Pyramid: Levels and Areas

Image: pg 11 The levels and areas of management: Levels of Managements: 1. Top managers 2. Middle Managers 3. First line managers 4. Non managerial employees Functional areas: 1. R & D 2. Marketing 3. Finance 4. Production 5. Human

2. Middle Managers

Implement the policies and plans of the top managers above them and supervise and coordinate the activities of the first line managers below them. Some titles include: plant manager, district manager and regional manager among others. Middle managers are important because they implement the strategic plans created by CEOs and top managers.

2. Middle Managers

Implement those decisions from top managers

Organizing

Is defined as arranging tasks, people, and other resources to accomplish work.

Controlling

Is defined as monitoring performance comparing it with goals and taking corrective actions as needed.

Planning

Is defined as setting goals and deciding how to achieve them.

Management:

Is defined as the pursuit of organizational goals efficiently and effectively.

1. Functional Managers

Is responsible for just one organizational activity. Ex: Google has several title for functional managers, Fitness Program Manager, Green Team Lead and Vice President of Search Products and User Experience.

2. General Managers:

Is responsible for several Organizational activities Ex: CEOs

1. Managing for Competitive Advantage

Is the ability of an organization to produce goods and services more effectively than competitors do, thereby outperforming them.

Far-ranging electronic management: e-communication all the time

Knowing how to use any Electronic device for communication like smart phones. Information Technology application skills: reflect the extent to which you can effectively use information technology and learn new applications on an ongoing basis.

knowledge management and collaborative computing.

Knowledge mana gement: the implementation of systems and practices to increase the sharing of knowledge an information throughout an organization Collaborative computing: Using state of the art computer software and hardware, will help people work better together. Ex: Many hospitals now knit various functions together Patients histories, doctors orders, lab results, prescriptions, billing in a single infomation system.

1. Top Managers

Make long term decisions

3. First line managers

Make short personnel who are of course all those people who work directly at their jobs but dont oversee the work of others. Job titles Order of department head, foreman or forewoman, or supervisor, clerical supervisor, production supervisor, research supervisor and so on. Salaries from 43000-74000

3. First line managers

Make short term decisions

1. Interpersonal Roles

Managers interact with people inside and outside their work units.

2. Informational Roles

Managers receive and communicate information with other people inside and outside the organization.

7. Managing for happiness and Meaningfulness

Meaningfulness: is the sense of belonging to an serving something that you believe is bigger that the self.

Note the words Efficiently and Effectively:

Means doing the right thing: Efficiency: is the means of attaining the organizations goals to be efficient: means to use resources people, money, raw materials and the like and cost effectively. Effectiveness the ends: Effectiveness regards the organizations ends, the goals. To be effective means to achieve results, to make the right decisions and to successfully carry them out so they can achieve the organizations goals.

Is Mindfulness or Multitasking better for Management?

Mindfulness: is the awareness that emerges through paying attention on purpose, in the present moment and nonjudgmentally to the unfolding of experience moment by moment. Multitasking in the other hand divides your brain in two, and it takes longer to accomplish work.

Name the three Informational Roles:

Monitor, Disseminator, Spokesperson Look at chart 1.1 for information

E business:

More important than Ecommerce has led to E business using internet to facilitate every aspect of running a business.

4. Organizational changes: shifts in structure, jobs, goals, and management.

Telecomunicate: or work from home or remote locations using a variety of information technologies. Video conferencing: using video and audio links along with computers to let people in different locations see, hear and talk one another. Project management: software: programs for planning and scheduling the people, costs and resources to complete a project on time.

Career readiness

The career development process includes awareness, exploration, preparation, an application of those skills culminating in life long career management. Represents the extent to which you possess the knowledge, skills, and attributes desired by employers.

2. Managing for information Technology Dealing with the New Normal

The challenge of managing for information technology.

Even more data: a challenge to decision making

The digital universe is expected to at least double in size every two years and by 2020 it will be 50 larger than 2010. Cloud computing: through this the internet speed up everything. The storing of software and data on gigantic collections of computers located away from a companys principal site. ( in the cloud) Databases: computerized collections of interrelated files. Big Data: stores of data so vast that conventional database management systems cannot handle them. Sophisticated analysis software and supercomputers are required.

3. Decision Roles

The most important part of a managers job, Mintzberg believed is information handling. Managers receive and communicate information with other people inside and outside the organization.

3. Human skilss

This is the most difficult skill master. Consists of the ability to work well in cooperation with other people to get things done especially with people in teams, an important part of todays organizations. often this is thought as Soft Skills: are interpersonal people skills needed for success at all levels.

Chief executive officer Mary Barra:

Took the reins of Detroit-base General Motors (GM) in January 2014, she became he first CEO of a global automaker anywhere in the world. She also became the 22nd woman at the helm of a Fortune 500 company.

1. Top Managers:

Top executives, CEO. Make long-term decisions about the overall direction of the organization and establish the objectives, policies and strategies for it.