Management - 1st Quarter
Terms
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- Management
- The process of coordinating work activities effeciently and effectively with and through people
- Efficiency
- Doing things right. Resource usage and means.
- Effectiveness
- Doing the right things. Goal attainment and ends.
- Causes of business failure
- "6% unknown, 1% neglect, 1% frud or disaster, 92% management errors"
- Paradigm shifts
- changing the way we view the world
- Chaos theory
- "Random change, unexpected events"
- non-managers
- Work directly on a task; no responsibility for the work of others
- 1st line managers
- Day-to-day operations; direct the work of operatives; eg. Supervisor or shift manager
- Middle Managers
- "Manage other managers; hardest position, assign resources, pressure from the top and questions from the bottom"
- Top Managers
- "Decisions about the direction of the organization. Small group of ppl including ceo, vp, and president."
- Fayol's Managerial Functions: 5
- "Plan, organize, coordinate, control, command"
- Plan
- Devise course of action
- Organize
- Get everything ready and in place for action
- Coordinate
- Make sure it all works together
- Control
- Monitor the plans in action and measure the performance
- Command
- Direct employees
- Mintzberg's 3 Broad Categories
- "Interpersonal, decisional, and informational"
- Interpersonal roles
- "Figurehead, Leader, and Liaison"
- Informational Roles
- "Monitor (watch for opportunities and threats), Disseminator (pass out the info), and Spokesperson (speaking to people outside the org or inside your unit)"
- Decisional Roles
- "Entrepreneur (seek improvement, initiate change), Disturbance handler (respond to change), Resource allocator (who gets what), Negotiator (tell people who get's what)."
- Facts about managers: 3
- "Managers work at an unrelenting pace, work characterized by brevity and variety, managers prefer action to reflection"
- Managerial Role importance: Small firm
- "High: Spokesperson, Med: Entrepreneur, figurehead, leader, Low: Disseminator"
- Managerial Role importance: Large firm
- "High: Resource Allocator, Med: Liaison, Monitor, disturbance handler, negotiator, Low: Entrepreneur"
- Network Building
- Meet Everyone!
- Agenda Setting
- Having a clear picture of what they wnt to accomplish and a set of priorities
- Low level management has
- Tech skills
- Mid-level management has
- "Human skills, dealing with managers above and below"
- Top management has
- Conceptual skills for deciding the direction of the firm
- Most identified skills:
- "Verbal communication, managing time and stress, managing individual decisions, recognizing and solving problems, and motivating others"
- Scientific Management
- "Find the single best way to accomplish work, do this through standardization"
- Frederick Taylor (Scientific Management)
- "Develop management as a science. Scientific selection training and development. Cooperation with workers and equal division tasks. Treats people as machines, ""Cogs have feelings too"""
- "Frank and Lillian Gilbreth, Thirbligs Study"
- "Motion study, classification scheme of successful hand motions"
- Administrative Theory
- "Find the single best way to structure organizations, generally went with bureaucracy. Fale's 14 principles of management in textbook."
- Weberian Bureaucracy
- "Clear division of labor. Hierarchy of positions. Formal selection based on tech qualifications. Formal rules and regulations give reliable predictable behavior. Impersonal, admin decisions based on performance. Separate mgt and ownership."
- Org Behavior Approach
- Focused on human behavior. Humanized the work force. Views human and social factors as most important. Based on motivation and leadership.
- Quantitative
- Military strategy from WWII. Based on a lot o math. General thrust: quantitative skills can be used for solving mgt problems.
- Process approach
- "Management performs the functions of planning, organizing, leading, and controlling."
- Systems approach
- The organization is composed of a set of interrelated and interdependent parts. Inputs --> Transformation --> Outputs
- Entropy
- The tendency for a system to decay
- Synergy
- The whole organization is greater than the sum of its parts
- Contingency approach
- The best way to do something is contingent on several key variables
- The Learning Organization
- Encourages openness and creativity. Like the advertising agencies.
- Knowledge Management
- Importance set on everyone having all the info.
- Workplace spirituality
- Encourage or discourage?
- Classical approach
- Good for repetitive tasks
- Behavioral viewpoint
- "Employees are people, how to people behave?"
- Management Science
- Good for quantifiable factors to get quantitative solutions
- Production view
- Looks at the external environment and culture. Suppliers --> The Firm --> Customers
- Managerial View
- "Suppliers --> Corporation and managers: Owners and employees --> customers, all with environment around it"
- Stakeholder view
- Puts the advantage of the stakeholder first
- Culture
- Shared attitudes and perceptions in an organization that are based on a set of fundamental values
- Strong culture
- "Pervades and organization, like starbucks. "
- Effective Culture
- Helps the organization w/ external adaptation and internal integration. Culture is considered valuable and is taught to new members.
- Functions of culture
- Supports strategy. Defines appopriate management behavior. Facilitates hiring. Defines ways to interact with stakeholders.
- Multinational Corporation
- Maintains significant operations in multiple countries but run from a home country
- Transnational Corporation
- Maintains significant operations in more than one country but is decentralized. Nationals hired to run operations in each country.
- Borderless Orgnizations
- Eliminates structural divisions that impose artificial geographic barriers. Tries to use the best practices from the whole world.
- Parochial Managers
- "Narrow view of the world, have an inability to recognize major differences between people."
- Ethnocentric Managers
- Recognize differences between people but believe that their home management practices are superior and can be exported.
- Polycentric Managers
- Believe all countries' management practices are different and they leave foreign offices alone.
- Geocentric Managers
- Accept both similarities and differences in management practices; attemp to strike a balance and find the best practices world wide.
- 50% of worlds exports come from
- 10 countries
- Explanations of export concentration
- 1) inherited wealth 2) Natural resources 3) Cheap labor 4) Macroeconomic policies
- Factor conditions
- "The components of production needed to compete; includes human, physical, capital, and knowledge resources and infrastructure"
- Factor Disadvantages
- Problems with factor conditions often brings about innovation
- Demand Conditions
- The characteristics of domestic demand for the industry's product
- Roles of companies
- Create pressure for innovation. Seek out their toughest competitors. Develop early warning systems. Improve national diamond. Welcome domestic rivalry.
- Corporate Social Responsibility
- The obligation of managers to make decisions and take actions that enhance the welfare of both society and the organization.
- Economic Responsibility
- The responsibility of an organization to produce goods and services desired by society and earn a profit.
- Legal Responsibility
- Responsibility of an organization to obey the law.
- Ethical Responsibility
- The responsibility to make decisions with fairness and to respect people's rights.
- Descretionary Responsibility
- "The responsibility to make social contributions not required by economics, law, or ethics."
- Programmed Decisions
- "Repetitive decisions that can be handled routinely with procedures, rules, and policies."
- Nonprogrammed Decisions
- Unique decisions that require a custom-made solution.
- Rational Decision Making Model
- Objectives are known and have complete information. Criteria for alternatives is known. Just be a rational decision maker.
- Bounded Rationality
- Managers have limits or boundaries on how rational they can be because they have limited information and/or ability
- Administrative Decision Making Model
- "Bounded rationality, satisficing, intuition, and heuristics."
- Satisficing
- Choosing the first solution that meets minimum requirements.
- Intuition
- A quick understanding of the situation and making a decision based on past experience.
- Heuristics
- "Rules of thumb based on representativeness, availability, & anchoring and adjustment."
- Group Decisions Excel at
- "Setting objectives and evaluating alternatives. Given suffecient time, information, participants, uncertain decisions, and subordinate development."
- Group Decision Formats
- "Interactive groups, nominal groups, and delphi groups."
- Interactive Groups
- Nominal Groups
- Delphi Groups
- Advantages of Groups
- "Broader perspective, more knowledge, reduces uncertainty, and fosters supported decisions."
- Disadvantageds of Groups
- "Compromise decisions, time consumption, diffusion of responsibility, and groupthink."
- Groupthink
- Phenomenon in which group members withhold disagreements because they are more committed to the group than the decision.
- Improving decision making
- "Choose a devil's advocate, need multiple advocacy, dialetical inquiry, and brianstorming."
- Specific Environment
- Customers, suppliers, and competitors.
- Key Factor Conditions
- Specialized and advanced. Those companies that are in high end research, promote education in their field, etc.