ABM 1 Topic 1

The willingness of companies to run their business operations in a sustainable and responsible manner.

Corporate Social Responsibility

Company’s main reason to act on a particular decision or situation.

Driving Force

The use of resources not owned by the firm such as consultants, temporary employees, and suppliers.

Outsource

A science as well as an art.

Management

A good _______ must be able to look situations and use creativity and imagination in coming up with solutions to problems.

manager

Process of planning, organizing, leading, and controlling the activities of an organization, especially in today’s world that is much more complex and where constants change is a norm.

Manager

What does a manager do with activities of an organization?

Plans, organizes, and leads

Ability to maximize output with minimum input.

Efficiency

What is “efficiency” usually referred to as?

“Doing things right.”

What if effectiveness usually referred to as?

Doing the right thing.

Requires things to be done quickly to avoid wasting time and effort.

Efficiency

Capacity to attain intended objective or result.

Effectiveness

Meeting the desired goal regardless of the amount of input required.

Effectiveness

What are the 5 factors affecting management?

Globalization, Technology, Sustainable and Social Corporate Responsibility, psychology, and ecosystems.

Phenomenon of growing interconnectivity and interdependent of relations between nations.

Globalization

Advancements in technology, transportations, communication, and education, as well as the gradual deregulation of trade.

Globalization

Greatest challenge for managers to consistently make good decisions to satisfy and maintain customers

Globalization

Rendered business functions and related tasks easier to accomplish, bringing increased level of productivity.

Globalization

Improved communication channels shorten the transaction time between companies.

Technology

Outsourcing is the significant phenomenon. Transfer of an organizational function to a third party

Technology

Companies should plan and conduct long term business operations to ensure minimal negative impact on the social, cultural, and economic aspects.

Sustainability

Willingness of companies to run their business operations in a sustainable and responsible manner.

Corporate Social Responsibility

Managers are challenged to implement programs and processes that will enable their organization to engage in sustainable and socially responsible activities.

Sustainability and Corporate Social Responsibility

Focuses on developing people management skills and analyzing customer satisfaction

Psychology

Understanding psychological concepts is vital for effective management.

Psychology

This helps managers to foster closer relations and better communication and better assess their employees.

Psychology

Consists of group of firms that provide related products and services

Ecosystems

Rely on collective and collaborative action in carrying out organizational decisions.

Ecosystems

Information sharing among organizations within is crucial in determining the direction that the industry should take, especially implementing changes that might impact their business and external environment.

Ecosystems

What is management?

A process of planning, organizing, leading, and controlling the activities of the organization effectively and efficiently to achieve organizational goals.

What is the difference between efficiency and effectiveness?

Efficiency is maximizing outputs while minimizing inputs. Effectiveness is the capacity to attain the intended objectives or results