Principles of Management (MAS261)

This set of flashcards covers key concepts and definitions from the Principles of Management (MAS261) lecture.

Management

The process of using organizational resources to achieve the organization's goals through planning, organizing, leading, and controlling.

Organizational Performance

Measures how efficiently and effectively managers use resources to satisfy customers and achieve goals.

Efficiency

A measure of how well resources are used to achieve a goal; usually involves minimizing resource input while achieving the same goal.

Effectiveness

A measure of how appropriate the chosen goals are and the degree to which they are achieved.

Planning

The process used by managers to identify and select appropriate goals and courses of action for the organization.

Organizing

Creating the structure of working relationships in an organization that allows members to work together to achieve goals.

Leading

Determining direction and helping employees understand their role in achieving goals; involves using power and communication.

Controlling

Evaluating how well the organization is achieving its goals and taking corrective action to improve performance.

First-line Managers

Managers responsible for day-to-day operations and supervising the activities required to provide goods or services.

Middle Managers

Managers who supervise first-line managers and are responsible for optimizing departmental resources to achieve goals.

Top Managers

Executives responsible for the performance of all departments and setting organizational goals.

Empowerment

Expanding the tasks and responsibilities of workers, allowing them some decision-making authority.

Self-managed teams

Groups of employees given the responsibility to supervise their own actions and monitor quality of work.

Interpersonal Roles

Roles that involve coordination and interaction with employees; includes figurehead, leader, and liaison roles.

Informational Roles

Roles related to obtaining and transmitting information for organizational management; includes monitor, disseminator, and spokesperson roles.

Decisional Roles

Roles related to planning strategy and resource utilization to achieve goals; includes entrepreneur and negotiator roles.

Managerial Skills

The three essential skill sets for managers: conceptual, human, and technical skills.

Management Challenges

Issues such as increasing global organizations, building competitive advantages, managing diversity, and adapting to new technologies.