Management Professor Myles Bassell

Agenda 1.What is management? 2.Diversity in the workplace 3.Planning 4.Organizing 5.Leading 6.Controlling 7.Summary

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

What is Management? Management is 1- the planning, organizing, leading, and controlling of resources effectively and efficiently to achieve a goal. Effectiveness – the degree to which goals are being achieved Efficiency – the measure of how well resources are being used to achieve goals 2- getting work done through others

Diversity in the Workplace Treat everyone the same. Treat everyone fairly, but manage everyone differently. Must not let stereotypes influence managerial decisions. Procedural Justice – ability to accurately measure performance Distributive Justice – rewards are distributed fairly and based on performance

Planning Types of Plans 1- corporate 2- business 3- functional SWOT Analysis ( S trengths, W eaknesses, O pportunities, T hreats) Porter’s 5 Forces Model 1)Level of Rivalry 2)Threat of new entrants 3)Supplier power 4)Buyer power 5)Threat of Substitutes

Organizing Types of Structures 1- product 2- geographic 3- market 4- functional Job design – dividing tasks into specific jobs Job enlargement – more tasks at same level of responsibility and complexity Job enrichment - more tasks at a higher level of responsibility and complexity Job Characteristics that achieve Job Satisfaction 1.Skill variety 2.Task Identity 3.Task Significance 4.Autonomy 5.Feedback

Leading 5 Sources of Power 1- Legitimate 2- Reward 3- Coercive 4- Expert 5- Referrent Motivation: Expectancy Theory 1.Expectancy 2.Instrumentality 3.Valence Intrinsic Motivation Extrinsic Motivation

Controlling Financial Measure of Performance 1- Profit Ratios 2- Liquidity Ratios 3- Leverage Ratios 4- Activity Ratios Operating Measures 1- Expenses 2- Revenues 3- Profit

Decision Making Types of Decisions 1- Programmed 2- Non-programmed Decision Making Process 1- Recognize Need for Decision 2- Identify Alternatives or Solutions 3- Evaluate Alternatives Legal Ethical Feasible Practical 4- Select an Alternative 5- Implement 6- Track Results

Summary Management is planning, organizing, leading, and controlling of resources to achieve a goal. Our greatest managerial challenge is to get work done through others.

Management Professor Myles Bassell (615) myspace.com/123teep