Exam 1 Principles of Management

Effective

Using resources to achieve an organizations goals.

Efficient

using resources wisely and cost efficiently.

Managers and the Multiplier effect

When a managers influence in an organization is multiplied for beyond the results that achieved by just one person working alone.

4 Functions of Management

1. Planning; Set goals and design how to achieve them.

2. Organizing: arrange task to accomplish the work.

3. Leading: motivate, direct, and otherwise influence people to work hard to achieve the organizations goals.

4. Controlling: Monitoring performance and taking correction action as needed.

4 Levels of Management

1. top managers

2. middle managers

3. first line manager

4. team leaders

Knowledge Workers

Have a great deal of technical skills

Top managers

Marks long term decisions about the overall direction of the organization and set strategies.

Middle Managers

Implement the policies and plans of top managers

first-line managers

Supervisors. make short-term operating decisions directing the daily tasks of non-managerial personnel.

Team Leaders

Help teams achieve their goal

Types of organizations

1. For profit organization: there organizations are formed to make money or profit by offering products and services

2. Non-profit organizations: the purpose is to offer services to clients not to make profit.

3. Mutual-Benefit Organizations

Written and Oral communication ability

One of the most important career readiness competencies a manager can develop.

Mindfulness

The state of being fully aware of what is happening in the present moment without reacting or applying judgement.

Types of management roles

1. Interpersonal Roles: when managers interact with people inside and outside of their work units.

2. Informational Roles: when managers receive and communicate information with other people.

3. Decisional roles: Managers use information to make decisions to solve problems or to take advantage of opportunities.

3 Management Skills

1. Technical skills: the ability to perform a specific job.

2. conceptual skills: the ability to think analytically

3. Human Skills: the ability to interact well with other people.

Competitive advantage

the ability of an organization to produce goods or services more effectively than competitors do.

Innovation

Find ways to deliver new or better goods or services.

Information Technology application skills

reflects the extent to which you can effectively use information technology and learn new applications on an ongoing basis.

Artificial Intelligence

is the reasoning concerning the creation of computer systems that simulate human reasoning and sensation.

Telecommute

working from home or remote location using information technology

Videoconference

Using video and audio links along with computers to conduct meetings and allow people in different locations to see, hear and talk to others.

Sustainable Development

focuses on meeting present needs while simultaneously ensuring that future generations will be able to meet their needs.

Meaningfulness

the sense of belonging to and serving something that you believe is bigger than the self.

Happiness

Linked to being a taker rather than a giver, whereas meaningfulness went with being a giver rather than a taker.

Career Readiness

represents the extent to which represents the knowledge and attributes desired by employers.

Core Competencies

Something you are an expert in

Soft Skills

people skills needed for success at work.

Attitude

Beliefs and feelings directed for specific objects, people or events. A learned free disposition towards a given object.

Resilience

Ability to bounce back from adversity and to sustain yourself when faced with adversity.

Triple bottom line

Represents people, planet, and profit.

Stakeholders

the people whose interest are affected by an organizations activities.

Board of Directors

Group of people elected to oversee the firms activities and ensures that management acts in shareholders interest.

Task Environment

Consist of 10 groups that interact with the organization on a regular basis.

Customer

Those who pay to use an organization’s goods or services.

Competitors

People or organizations that compete for customers or resources.

Supplier

a person or an organization that provides supplier - that is, raw material, services, equipment, labor, or energy to other organizations.

Strategic Allies

Describe the relationship of 2 organizations who joined forces to achieve advantages neither can perform aswell alone

Venture Capital

money provided by investors to start a firms or small businesses in return for an ownership stake,

Crowdfunding

raising money for a project or venture by obtaining many smalls amounts of money from many people.

The general environment

macroenvironment - the set of broad uncontrollable forces in the external environment that impact the organization.

Economic Forces

consist of the general economic conditions and trends such as unemployment, interest rates, and trade balance that may affect an organization’s performance

Trade Deficit and Surplus

Export more than imports - trade surplus

Imports more than exports - trade deficit

Demographic Forces

influences on an organization arising from changes in the characteristics of a population, such as age, gender, or ethnic origin.

Ethical Dilemma

A situation in which you have to decide whether to pursue a course of action that may benefit you or your organization but that is unethical or even illegal.

Ethics

Standards of right and wrong that influence behavior

Values

relatively permanent and deeply held underlying belief and attitudes that help determine a persons behavior.

Utilitarian approach

is guided by what will result in the greatest good for the greatest number of people.

Individual approach

is guided by what will result in the individuals best long-term interest.

Moral-right approach

guided by reject for the fundamental rights of human beings.

Justice approach

guided by respect for standard of fairness + equity

Whistle Blower

an employee, or even an outside consultant, who reports organizational misconduct