Chapter 1 Managers and Managing

MGMT 321 – Chapter 1 Management Consists of: –Planning –Organizing –Leading –Controlling To achieve organizational goals effectively and efficiently

MGMT 321 – Chapter 1 Management Resources include: –People (skills, know-how and experience) –Machinery –Raw materials –Computers and IT –Patents –Financial capital –Loyal customers

MGMT 321 – Chapter 1 Organizational Performance

MGMT 321 – Chapter 1 Why Study Management? The more efficient and effective use of scarce resources, the greater the relative well-being and prosperity of people in that society Helps people deal with their bosses and coworkers Opens a path to a well-paying job and career

MGMT 321 – Chapter 1 Functions of Management

MGMT 321 – Chapter 1 Decisional Roles Roles associated with planning strategy and utilizing resources –Entrepreneur – deciding which new projects or programs to initiate and to invest resources in –Disturbance handler – managing crises –Resource allocator – assigning resources and setting the budgets of lower managers –Negotiator – reaching agreements between internal and external stakeholders

MGMT 321 – Chapter 1 Interpersonal Roles Roles associated with providing direction and supervision –Figurehead – symbolizing the organization’s mission and direction –Leader – training, counseling, and mentoring employee performance –Liaison – coordinating the activities of people inside and outside the organization

MGMT 321 – Chapter 1 Informational Roles Roles associated with obtaining and transmitting information –Monitor – analyzing information from both the internal and external environment –Disseminator – transmitting information to employees –Spokesperson – using information to influence how people respond to it

MGMT 321 – Chapter 1 Levels of Management

MGMT 321 – Chapter 1 Relative Amount of Spent on Managerial Functions

MGMT 321 – Chapter 1 Managerial Skills Conceptual skills –The ability to analyze and diagnose a situation and distinguish between cause and effect Human skills –The ability to understand, alter, lead, and control the behavior of other individuals and groups Technical skills –Job-specific skills required to perform a particular type of work or occupation at a high level

MGMT 321 – Chapter 1 Recent Changes in Management Practices Restructuring –Downsizing to lower costs Outsourcing –Contracting with another company to perform work previously performed by the company Empowerment –Giving employees more authority/responsibility Self-managed teams –Employees who assume collective responsibility for managing their own work

MGMT 321 – Chapter 1 Building Competitive Advantage

MGMT 321 – Chapter 1 Challenges for Management in a Global Environment Rise of global organizations Building a competitive advantage Maintaining ethical standards Managing a diverse workforce Utilizing information technology Global crisis management