GMS200 Ch.1

Lecture Chapter 1 - Management Today

Globalization

worldwide interdependence of resource flows, product markets & business competitions (people & countries connected)

• Job Migration - possible consequence, shifts jobs from one country to another (lost economic vitality locally)

• Restoring - shift of manufacturing & jobs back home from overseas

Intellectual Capital

Utilizing Skills - High Performing

Combined brainpower & shred knowledge of an organization’s employees

Intellectual Capital = Competency (personal talents or job related capabilities) + Commitment (how hard you work to apply capabilities & talents into tasks)

Creativity & Insights = Critical Assets

• High Concept - creative with good ideas

• High Touch - cheerful with good relationships

Tech IQ

person’s ability to use current technology at work and in personal life

Shamrock Organization

First Leaf - core group, permanent full-time employees who follow standard career paths

Second Leaf - offer specialized skills & talents on a contract basis

Third Leaf - temporary part time workers

Free Agent Economy

People change jobs more often and work on flexible job contracts

Premium on Self Management - assess yourself realistically, recognize strengths and weaknesses, make constructive changes and among personal development

Organizations

group of people working together toward a common purpose

Open systems that interact with their environment by obtaining resource inputs & transforming them to outputs in the form of finished goods

Performance Measures - Resource Utilization

High Goal Attainment + Poor Resource Utilization = Effective not Efficient

• goals achieved, resources wasted

High Goal Attainment + Good Resource Utilization = Effective & Efficient

• goals achieved, no wasted resources

Low Goal Attainment + Poor Resource Utilization = Not Effective nor Efficient

• no goals achieved with wasted resources

Low Goal Attainment + Good Resource Utilization = Not Effective but Efficient

Productivity - Effectiveness & Efficiency

Assesses performance (quantity & quality of outputs relative to cost of inputs)

• Performance Effectiveness - output measure of a task or goal accomplished

• Performance Efficiency - input measure of resource costs associated with goal accomplished

  • as minimal costs & labour possible

Levels of Management

Board of Directors - makes sure organization runs well

Top Managers - responsible for performance as a whole, or a major part

Middle Managers - oversee large departments or divisions

Team Leaders - supers groups of non managerial workers

Types of Managers

Line Managers - responsible for work activities that directly affect outputs

Staff Managers - use technical expertise to advise & support efforts of line workers

Functional Managers - responsible for a single area of activity

General Managers - responsible for more complex units that include functional areas

Administrators - managers who work in public & nonprofit organizations

Activities Critical to a Manager’s Success

Agenda Setting - develop action priorities

• incomplete till info from other resources is received and played out given the opportunity

Networking - agendas implemented, building & maintaining positive relationships with people who may help with that agenda

• Social Capital - ability to attract support & get things done

Skills

Knowledge into Action - 3 Sets Necessary for Managerial Success

Technical Skill - special expertise to perform particular tasks with efficiency

• can be quickly outdated

Human & Interpersonal Skills - ability to work well in cooperation with others

Critical Thinking Skills - thinking analytically & achieve integrative problem solving

• break problems into parts and see its implications

• approach problems as a learner, not a knower

4 Functions of Management

The Management Process

• Planning - setting performance objectives & deciding how to achieve them

• Controlling - measuring performance & taking action to ensure desired results

• Organizing - arranging tasks, people & other resource to accomplish the work

• Leading - inspiring people to work hard & achieve high performance