Management Introduction and Principles

A set of vocabulary flashcards based on lecture notes regarding the definition of management, the four functions of management (Planning, Organizing, Leading, Controlling), managerial skills, and the importance of employee-manager relationships.

Management

The process of getting things done effectively and efficiently, with and through people.

Effectiveness

Doing the right things to achieve objectives; it is concerned with the end result and how well goals are met.

Efficiency

Doing things right to achieve objectives; it refers to the capability of a manager to utilize organizational resources optimally with minimal waste.

Managerial Effectiveness Steps

1. Setting Goals, 2. Choosing What's Important, 3. Smart Decision-Making, 4. Leading People, and 5. Being Adaptable.

Managerial Efficiency Steps

1. Resource Use (careful use to increase productivity), 2. Less Waste (avoiding loss of limited resources), and 3. Doing More with Less (achieving goals with the smallest amount of resources necessary).

Planning

A managerial function that involves choosing tasks to perform, outlining how and when they will be performed, and focusing on attaining the "right" things.

Organizing

A managerial function involving assigning tasks to people, putting plans into action, and grouping tasks into departments.

Leading

Also known as motivating, directing, or influencing; its focus is on people within the organization to increase productivity through human-oriented situations.

Controlling

The process where managers gather information on recent performance, compare actual vs. planned results, and take corrective action in a positive feedback loop.

Conceptual skills

The ability to analyze and diagnose complex situations.

Interpersonal skills

The ability to work well with others.

Technical skills

Possessing expert job knowledge.

Political skills

The level of political adeptness a manager possesses.

Management Skill Progression

As an individual moves from lower-level management to upper-level management, conceptual skills become more important and technical skills become less important.

The Gallup Organization Finding on Productivity

The single most important variable in employee productivity and loyalty is the quality of the relationship between employees and their direct supervisors.

Employee Engagement

A state where employees are connected to, satisfied with, and enthusiastic about their jobs.

The Gallup Organization Statistic on Engagement

The relationship with a manager is the largest factor in employee engagement, accounting for at least $70\%$ of an employee's level of engagement.