Chapter 1 Management in the 21 st Century

Management 1e Learning Objectives  Define management  Describe a manager’s four major tasks  Describe sustaining as a balanced approach to management  Correlate managers’ tasks with the organizational roles that they play  Compare and contrast different types of organizations, managers, and the decisions they make  Explain the purpose of organizational values, mission, and vision  Demonstrate how focusing on skills and strengths leads to success as a manager 1 - 2

Management 1e  Critical thinking (p. 4) Ability to diagnose situations and predict patterns of behavior Results in better decision making  mitigates biases  enlarges perspectives on a situation Seven steps involved in critical thinking Introduction

Management 1e Seven Steps to Changing Behavior with Critical Thinking (p. 5) Figure 1.1

Management 1e  Management (p. 6) Process of working with people and distributing an organization’s resources to achieve goals efficiently and effectively Managers must ensure that the organization meets four success factors What Is Management? Figure 1.2

Management 1e  Every company needs managers Managers are always busy Managerial activities fall into two categories  Focused on people  Focused on technical matters What Do Managers Do? (p. 7)

Management 1e How Is Management Both Art and Science? (p. 8) People- focused activities Technically- focused activities Figure 1.3

Management 1e How Do Managers Make a Difference? (p. 8)  Managers’ bottom line defined by the “3 P’s” People – invest in the well-being of employees and provide interesting and rewarding jobs that offer the opportunity to be productive Profit – ensure that the company is financially healthy Planet – protect and support the environment, causes, and communities  Corporate social responsibility (p. 9)

Management 1e The Four Management Functions (p. 10)  Planning - setting goals for the future, designing appropriate strategies, and deciding the actions and resources needed to achieve success  Organizing - orchestrating people, actions, resources, and decisions to achieve goals  Leading - motivating and communicating with people to achieve goals  Controlling - monitoring activities, measuring results and comparing them with goals, and correcting performance when necessary

Management 1e Management Functions: Traditional View vs. Today’s Approach (p. 10) Figure 1.4

Management 1e Sustaining: A Balanced Approach to Management  Sustaining (p. 13) Balanced approach that involves seeing, analyzing, and designing systems to achieve long-term organizational, community, and environmental health Figure 1.5

Management 1e Management Roles (p. 14)  Interpersonal roles – building relationships with coworkers and acting as a public symbol for the people they represent  Informational roles – require managers to gather, assess, and communicate information in support of the organization’s values, mission, vision, and goals  Decisional roles – making judgments and decisions based on available information and analysis of the situation

Management 1e Managers at Work  Organization (p. 15) An entity formed and structured to achieve goals Organizations differ in size in the U.S. Figure 1.6

Management 1e Managers at Work (cont.)  Organization (cont.) Differ in terms of the number of paid employees in U.S. Figure 1.7

Management 1e Managers at Work (cont.)  Start- up company – newly formed organization, with limited or no operational history (p. 15)  Multinational corporation –operations in multiple countries that design, develop, and sell products and services all over the world (p. 16)  Growth company – increases its annual revenue faster than its competitors  Non-profit organization – required by IRS to reinvest all profits back into the organization  Student organization – group formed to further engage students in the college experience

Management 1e Managers at Work (cont.)  Types of managers (p. 17) Top managers – set the organization’s direction and make decisions that impact everybody Middle managers – report to top management and direct the work of first-line managers  Responsible for divisions or departments First-line managers – direct daily activities for producing goods and services

Management 1e Values, Mission, and Vision (p. 17)  Philosophical statements and beliefs managers use to allocate resources, provide consistent feedback to employees, make decisions, and foster organizational culture  Values - beliefs that shape employee and organizational behaviors (p. 18)  Mission - organization’s central purpose intended to generate value in the marketplace (for-profit) or community (non-profit)

Management 1e Values, Mission, and Vision (cont.)  Vision - description of an optimal future one to ten years from now (p. 19) Management: A Balanced Approach to the 21 st Century 1e Figure 1.8

Management 1e Successful Management (p. 20)  To be successful, managers must demonstrate both: Effectiveness – level to which people or organizations achieve agreed-upon goals Efficiency – using the smallest amount of resources to achieve the greatest output

Management 1e Successful Management (cont.)  Skills - degree to which a person can effectively and efficiently complete a task, interaction, or process (p. 20) Conceptual skills – ability to think through complex systems and problems (p. 21) Technical skills – ability to perform job-specific tasks Relational skills – ability to collaborate and communicate  Strengths - skills in which a manager demonstrates greatest aptitude  Positive psychology (p. 22)

Management 1e Successful Management (cont.)  Skills required by types of managers Figure 1.12

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