MGT 330 exam 1

Management

process of working with people and resources to accomplish organizational goals efficiently and effectively

Planning

Deciding goals and how to achieve them.

Organizing

Arranging resources to achieve goals.

Leading

Motivating people to perform well.

Controlling

Monitoring and improving performance.

Planning Step 1

Analyze current situation.

Planning Step 2

Anticipate the future.

Planning Step 3

Determine objectives.

Planning Step 4

Decide what actions to engage in.

Planning Step 5

Choose a business strategy.

Planning Step 6

Determine resources to achieve goals.

Top-Level Managers

Senior executives responsible for the organization.

Middle-Level Managers

Managers between top and frontline managers.

Frontline Managers

Managers overseeing day-to-day operations.

Team Leader

Guides team performance and communication.

Three Managerial Roles

Interpersonal, informational, decisional.

Technical Skills

Ability to perform specialized tasks.

Conceptual & Decision Skills

Ability to solve organizational problems.

Interpersonal & Communication Skills

Ability to lead and communicate effectively.

Top Manager Skill Profile

Low technical, high conceptual, high interpersonal.

Middle Manager Skill Profile

Medium technical, high conceptual, high interpersonal.

Frontline Manager Skill Profile

High technical, medium conceptual, high interpersonal.

Team Leader Skill Profile

High technical, medium conceptual, high interpersonal.

Knowledge Management

Using an organization's knowledge effectively.

Innovation

Introducing new products or services.

Quality

Excellence and reliability of products or services.

Service

Delivering what customers want reliably.

Speed

Fast execution and delivery.

Cost Competitiveness

Keeping costs low while staying profitable.

Sustainability

Reducing resource use and waste.

Early Management (Egyptians)

Used planning, organizing, leading, and controlling to build pyramids.

Early Management (Chinese)

Used delegation, cooperation, organization, and control.

Sun Tzu

Stressed planning and leadership in The Art of War.

Early Management (Greeks)

Treated management as a science and art.

Early Management (Venetians)

Standardized production with assembly and inventory systems.

Adam Smith

Promoted specialization (division of labor) and control.

Classical Approaches Era

Mid-1800s to early 1950s.

Systematic Management

Used procedures to improve coordination and efficiency.

Scientific Management

Used science to find the best way to perform work.

Frederick Taylor

Father of scientific management; created four efficiency principles.

Taylor's 4 Principles

Scientific methods, select/train workers, cooperate, divide work.

Frank & Lillian Gilbreth

Used motion studies to improve efficiency.

Henry L. Gantt

Created the Gantt chart for planning and scheduling.

Bureaucracy

Formal structure with specialized jobs (Max Weber).

Characteristics of Bureaucracy

Division of labor, chain of command, merit-based promotion, professional managers, consistent rules.

Administrative Management

Principles for coordinating organizations (Henri Fayol).

Fayol's 14 Principles

Management principles like division of work, authority, unity of command, and esprit de corps.

Chester Barnard

Emphasized purpose, leadership, and communication.

Mary Parker Follett

Promoted flexibility and group motivation.

Human Relations

Focused on how social and psychological factors affect work.

Hawthorne Effect

People work differently when they know they're being observed

Hawthorne Studies

Showed social factors and teamwork improve productivity.

Abraham Maslow

Created the hierarchy of needs.

Sociotechnical Systems Theory

Balances technical and social needs for better performance.

Quantitative Management

Uses math and data to solve management problems.

Open Systems

Organizations that interact with their environment.

Inputs

Resources used to create products or services.

Outputs

Products and services produced.

External Environment

Forces outside the organization.

Macroenvironment

Broad external factors affecting all organizations.

Demographics

Population characteristics (age, gender, education, etc.).

Competitive Environment

Immediate environment of customers, suppliers, and competitors.

Porter's Five Forces

Rivalry, new entrants, buyers, suppliers, and substitutes.

Barriers to Entry

Obstacles that prevent new competitors.

Final Consumers

Customers who buy finished products.

Intermediate Consumers

Businesses that buy products to resell or use (B2B).

Substitutes

Alternative products that compete with existing ones.

Complements

Products often bought together.

Suppliers

Providers of resources for production.

Switching Costs

Costs of changing suppliers.

Supply Chain Management

Managing the flow of goods from suppliers to customers.

Environmental Uncertainty

Lack of information about future conditions.

Environmental Complexity

Number and interconnectedness of external factors.

Environmental Dynamism

Rate of change in an industry.

Environmental Scanning

Monitoring the external environment.

Competitive Intelligence

Information about competitors and the market.

Benchmarking

Comparing practices with other organizations.

Buffering

Keeping extra resources for unexpected needs.

Smoothing

Reducing normal fluctuations in demand or supply.

Strategic Maneuvering

Changing the organization's environment to its advantage.

Organizational Culture

Shared values, beliefs, and practices.

Clan Culture

Teamwork and people-focused culture.

Hierarchical Culture

Rule and stability-focused culture.

Market Culture

Competition and results-focused culture

Adhocracy Culture

Innovation and risk-taking-focused culture.

Ethics

Moral principles guiding behavior.

Moral Philosophy

Principles used to determine right and wrong.

Universalism

Certain ethical values apply to everyone.

Caux Principles

Global ethics based on human dignity and the common good.

Egoism

Ethics focused on self-interest.

Utilitarianism

Greatest good for the greatest number.

Relativism

Ethics depend on others' beliefs and culture.

Virtue Ethics

Ethics based on good moral character.

Kohlberg's Stages of Moral Development

Preconventional, conventional, and principled morality.

Sarbanes-Oxley (SOX) Act

Law increasing corporate accountability and financial reporting.

Ethical Climate

How an organization makes ethical decisions.

Compliance-Based Ethics Programs

Prevent and punish legal violations.

ntegrity-Based Ethics Programs

Encourage personal ethical responsibility.

Ethical Leader

Leads and promotes ethical behavior.

Level 1 Costs of Ethical Failure

Direct costs (fines, penalties).