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Management

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achieving the goals of an organization through planning, organizing, leading and controlling organizational resources including people, money and time

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Planning

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figuring out where to go and how to get there

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Organizing

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determining a structure for both individual jobs and overall organization

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Leading

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directing and motivating people to achieve organizational goals

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Controlling

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checking performance and making adjustments as needed

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3 basic levels of management

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top management, middle management, and first-line(or supervisory) management

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Top management

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set the overall direction of the firm, articulating a vision, establishing priorities, and allocating time, money, and other resources

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Top management titles include:

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CEOs, president, and vice president

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Middle management

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supervise lower-level managers and report to a higher-level manager- "manages the managers"

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Middle managers primary contribution:

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coordinating teams and special projects with their peers from other departments

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Middle management titles include:

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director, division head, and branch manager

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First-line management

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supervise non management employees

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First-line managers must

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train, motivate, and evaluate non management employees

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First-line management totals include:

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supervisor, foreman, and section leader

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Owners of smaller companies must act as the

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top-, middle-, and first-line manager

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Technical skills

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expertise in a specific functional area or department

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Human skills

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the ability to work effectively with and through other people in a range of different relationships

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Examples of human skills

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communication, leadership, coaching, empathy, and team building

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Conceptual skills

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the ability to grasp a big-picture view of the overall organization, the relationships among its various parts, and its fit in the broader competitive environment

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Front-line managers skills:

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high degree of technical skills

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Middle-level managers skills:

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high level of human skills

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Top-level managers skills:

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excellent conceptual skills

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Two skills that have become increasingly important:

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critical thinking and decision-making

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Maslow's Hierarchy of Needs Theory

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a motivation theory that suggests the human needs fall into a hierarchy and that as each need is met, people become motivated to meet the next-highest need in the pyramid

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Physiological need

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need for basic survival- food, water, clothing and shelter

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Physiological need workplace example

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a job with enough pay to buy the basics

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Safety need

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need to feel secure- free of harm and free of fear

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Safety need workplace example

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safety equipment, healthcare plans, life insurance, retirement plans, job security

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Social (belonging) need

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need to feel connected to others- accepted by family and friends

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Social need workplace example

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teamwork, positive corporate culture, company lunchroom, department outings

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Esteem need

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need for self-respect and respect from others- recognition and status

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Esteem need workplace example

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acknowledgment, feedback, promotions, perks

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Self-actualization need

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need for fulfillment- the need to realize one's fullest potential

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Self-actualization need workplace example

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challenging, creative jobs; meaningful work that ties to a greater good

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Theory X

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workers dislike work and will do anything they can do to avoid it, fear is motivating, people prefer to be directed, avoiding responsibility and seeking security

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Theory Y

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work is as natural as play or rest, different rewards can be motivating, people can accept and even seek responsibility, etc.

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Job enrichment

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the creation of jobs with more meaningful content, under the assumption that challenging, creative work will motivate employees

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Job enrichment: Skill variety

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workers can use a range of different skills

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Job enrichment: Task identity

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worker complete tasks with clear beginnings and endings

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Job enrichment: Task significance

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workers understand the impact of the task on others

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Job enrichment: Autonomy

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workers have freedom and authority regarding their jobs

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Job enrichment: Feedback

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workers receive clear, frequent information about their performance

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Expectancy Theory

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a motivation theory that concerns the relationship among individual effort, individual performance, and individual reward

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Expectancy Theory key concept

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a worker will be motivated if he or she believes that effort will lead to performance, and performance will lead to a meaningful reward

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Equity Theory

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a motivation theory that proposes that perceptions of fairness directly affect worker motivation

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Equity Theory key concept

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people won't be motivated if they believe that the relationship between what they contribute and what they earn is different from the relationship between what others contribute and what others earn

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Equity Theory is based on...

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perceptions

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Strategic planning

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high-level, long-term planning that establishes a vision for the company, defines long-term objectives and priorities, determines broad action steps, and allocates resources

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Operational planning

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very specific, short-term planning that applies tactical plans to daily, weekly, and monthly operations

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Tactical planning

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more specific, shorter-term planning that applies strategic plans to specific functional areas

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Contingency planning

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planning for unexpected events, usually involving a range of scenarios and assumptions that differ from the assumptions behind the core plans

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Strategic planning process

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1.Define the mission of the organization 2. Evaluate the organization's competitive position 3.Set goals for the organization 4.Create strategies for competitive differentiation 5.Implement strategies 6.Evaluate results, and incorporate lessons learned

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Mission

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the definition of an organization's purpose, values, and core goals, which provides the framework for all other plans

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SWOT Analysis

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strengths, weaknesses, opportunities, and threats

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SWOT Analysis

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a strategic planning tool that helps management evaluate an organization in terms of internal strengths and weakness, and external opportunities and threats

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Strategic goals

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concrete benchmarks that managers can use to measure performance in each key area of the organization

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3 most effective goals

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specific and measurable, tied to a time frame, realistic but challenging

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Strategies

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action plans that help the organization achieve its goals by forging the best fit between the firm and the environment

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Organization chart

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a visual representation of the company's formal structure

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Degree of centralization

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the extent to which decision making power is held by a small number of people at the top of the organization

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Span of control

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span of management; refers to the number of people a manager supervises

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Departmentalization

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the division of workers into logical groups

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Line organization

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organizations with a clear, simple chain of command from top to bottom

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Line-and-staff organizations

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organizations with line managers forming the primary chain of authority in the company, and staff departments working alongside line departments

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Line managers

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managers who supervise the functions that provide advice and assistance to the line departments

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Staff managers

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managers who supervise the functions that provide advice and assistance to the line departments

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Matrix Organizations

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organizations with a flexible structure that brings together specialists from different areas of the company to work on individual projects on a temporary basis

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Autocratic leaders

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leaders who hoard decision-making for themselves and typically issue orders without consulting their followers

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democratic leaders

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leaders who share power with their followers. while they still make final decisions, they typically solicit and incorporate input from their followers

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free-rein leaders

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leaders who set objectives for their followers but give them freedom to choose how they will accomplish those goals

Intro to Bus Chapter 14 – Flashcards

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