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Management Principles Chp 1

conceptual and decision skills
Skills pertaining to the ability to identify
and resolve problems for the benefit of the organization and its members.
controlling
The management function of monitoring performance and making needed changes
cost competitiveness
Keeping costs low to achieve profits and to be able to offer prices that are attractive to consumers
emotional intelligence
The skills of understanding yourself, managing yourself, and dealing effectively with others
frontline managers
Lower-level managers who supervise the operational activities of the organization
Innovation
The introduction of new goods and services
interpersonal and communication skills
People skills; the ability to lead, motivate, and communicate effectively with others
knowledge management
Practices aimed at discovering and harnessing an organization’s intellectual resources
leading
The management function that involves the manager’s efforts to stimulate high performance by employees
Management
The process of working with people and resources to accomplish organizational goals
middle-level managers
Managers located in the middle layers of the organizational hierarchy, reporting to top-level executives
organizing
The management function of assembling and coordinating human, financial, physical, informational, and other resources needed to achieve goals
planning
The management function of systematically making decisions about the goals and activities that an individual, a group, a work unit, or the overall organization will pursue
quality
the excellence of your products (goods or services)
service
The speed and dependability with which an organization delivers what customers want
social capital
Goodwill stemming from your social relationships
speed
Fast and timely execution, response, and delivery of results
team leaders
Employees who are responsible for facilitating successful team performance
technical skills
The ability to perform a specialized task involving a particular method or process
top-level managers
Senior executives responsible for the overall management and effectiveness of the organization
four function of management
*Planning
*Organizing
*Leading
*Controlling
management
*the process of working with people and resources to accomplish organizational goals
*efficient, effective
_ is monitoring performance and making needed changes
Planning
*systematically making decisions about the goals and activities that an individual, a group, a work unit, or the overall organization will pursue
*analyzing current situations, anticipating the future, determining objectives, deciding in what types of activities the company will engage
Organizing
*assembling and coordinating the human, financial, physical, informational, and other resources needed to achieve goals
*attracting people to the organization, specifying job responsibilities, grouping jobs into work units, marshaling and allocating resources,
Leading
stimulating people to be high performers
Controlling
monitoring performance and making needed changes
Performing all four management functions
*a typical day for a manager is not neatly divided into the four functions
*days are busy and fragmented, and spent dealing with interruptions, meetings, and firefighting
Good managers
don’t neglect any of the four management functions
Top-level managers
senior executives responsible for the overall management and effectiveness of the organization
Middle-level managers
managers located in the middle layers of the organizational hierarchy, reporting to top-level executives
Frontline managers
lower-level managers who execute the operations of the organization
Team leader
employees who are responsible for facilitating successful team performance
Three Role that all managers perform
*Interpersonal
*Informational
*Decisional
Interpersonal
Leader, liaison, figurehead
Informational
Monitor, disseminator
Decisional
Entrepreneur, disturbance handler, negotiator
Managers need three broad skills
*Technical skills
*Conceptual and decision skills
*Interpersonal and communication skills
*Emotional intelligence
Technical skills
the ability to perform a specialized task involving a particular method or process
conceptual and decision skills
skills pertaining to the ability to identify and resolve problems for the benefit of the organization and its members
interpersonal and communication skills
people skills, the ability to lead, motivate, and communicate effectively with others
emotional intelligence
the skill of understanding yourself, managing yourself, and dealing effectively with others
Major challenges facing managers
*globalization
*technological change
*the importance of knowledge and ideas
*collaboration across organizational boundaries
*increasingly diverse labor force
business operates on a global scale
*today’s enterprises are global, with offices and production facilities in countries all over the world
*means that a company’s talent can come from anywhere
*internet makes globalization inevitable
technological change: the internet
*enables managers to be
mobile and connected/
*it is a virtual marketplace, a means to sell goods and services, a distribution channel, and an information service
*speeds up globalization
*Provides access to information, allows better-informed decisions
*improves efficiency of decision making
*facilitates design of new products, from pharmaceuticals to financial services
Knowledge management
*practices aimed at discovering and harnessing an organization’s intellectual resources
*knowledge workers
collaboration boosts performance
*requires productive communications among different departments, divisions, or other subunits of the organization
*companies today must motivate and capitalize on the ideas of people outside the organization e.g. its consultants, ad agencies, and suppliers
The T-shaped Manager at BP
increase organizational effectiveness by sharing knowledge with others across the organization… while simultaneously focusing on achieving strong performance in their own business units
Diversity needs to be leveraged
*the labor force will continue to grow more diverse
*fast growth of “older workers” will occur to the point that approximately 1 out of 4 workers will be 55 and older
*Hispanics will grow to about 18 percent and Asians to about 6 percent of the labor force
Diversity needs to be leveraged cont
*A higher percentage of women than men will join the labor force
*White (non-Hispanic) workers’ participation in the labor force will drop 68 to 64 percent
Sources of Competitive Advantage
*Innovation
*Quality
*Service
*Speed
*Cost Competitiveness
_ is the fast and timely execution, response, and delivery of results
Speed
Innovation
*the introduction of new goods and services
*often the most important innovation is not the product itself, but how it is delivered
Quality
*the excellence of your product (good or service)
*Historically, quality referred to attractiveness, lack of defects, reliability, and long-term dependability
Today quality is about:
*preventing defects before they occur
*achieving zero defects in manufacturing
*designing products for quality
service
the speed and dependability with which an organization delivers customers want
speed
Fast and timely execution, response, and delivery of results
cost competitiveness
keeping costs low to achieve profits and be able to offer prices that are attractive to consumers
Best managers deliver all Five Advantages
*Don’t assume that you can settle for delivering just one of the five competitive advantages: low cost alone or quality alone
*the best managers and companies deliver them all
Best managers deliver all Five Advantages cont
trade-offs may occur among the five sources of competitive advantage, but this doesn’t need to be a zero-sum game where one has to suffer at the expense of another
Collaboration can occur between but not within organizations.
False
Knowledge management is a set of practices aimed at discovering and harnessing the competition’s intellectual resources.
False
Which of a manager’s roles involves searching for new business opportunities and initiating new projects to create change?
Entreperneur
Which type of manager has responsibility for translating the general goals and plans developed for an organization into more specific activities?
tactical
Planning involves which of the following?
Analyzing current situations
Successful CEO’s know that the change from a local to a global marketplace is
irreversible
Through careful monitoring of the financial budgets of a firm, managers can detect potential problems in reaching their financial goals and take actions to reverse the problem. This is an example of the management function of
controlling
As a manager at Get-Rich-Quick Investments (GRQ), Claus Cloudy spends much of his time coaching young managers and making sure that needed information reaches the GRQ branches so they will be successful. Claus would best be described as a (an)
tactical manager
Which of the following managerial roles is a decisional role?
Negotiator
One of Cory Crowe’s primary activities in his career as a supervisor at Crowe Bird Food, Inc. is working with his middle-manager, A.J. “Crazy” Crowe to carry out opportunities for new growth in the business (such as expanding into exotic bird foods) and developing the people who are actually manufacturing the food. Cory is most likely a(n)
frontline manager
Actively managing your relationship with your organization includes managerial actions such as
*delivering strategic value
*learning and changing
*mobilizing people
*building a dynamic organization
doing all of the above
______________ skills influence a manager’s ability to work well with people.
interpersonal
being self-reliant means
to take full responsibility for yourself, your actions, and your career
which of the following is a way to measure quality
*aesthetics
*product performance
*customer service
*reliability
all of the above can be used to measure quality
which of the following represent skills that managers need
technical, interpersonal & communication and conceptual & decision
Listening to employee suggestions, gaining support for organizational objectives and fostering an atmosphere of teamwork are all considered
interpersonal/communication skills
The set of skills composed of understanding yourself, managing yourself and dealing effectively with others is called
emotional intelligence
As one of the key management functions, leading focuses on a manager’s efforts to
mobilize people to contribute their ideas
In today’s work environment, one should only focus on becoming a specialist, since jobs are becoming so specialized.
False
Being a manager is more like being the conductor of an orchestra than playing an instrument in it.
True

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