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Management
the art of getting things done through the efforts of other people
Principles of Management
are the means by which you actually get things done through others—individually, in groups, or in organizations.
Academic Fields Relevant to Management
leadership, entrepreneurship, strategy, psychology
Types of Managers
top managers, middle managers, first-line managers, non-managerial employees
Four principal functions (POLC)
planning, organizing, leading, controlling
Organizational performance- triple bottom line
Economic performance, Social performance, Environmental performance
Fayol's Principles of Management
Division of labor, authority and responsibility, unity of command, line of authority, centralization, unity of direction, equity, order, initiative, discipline, remuneration of personnel, stability of tenure of personnel, subordination of individual interest to the common interest, esprit de corps
Scientific management (Taylorism)
a management theory using efficiency experts to examine each work operations and find ways to minimize the time needed to complete it
Behavioral Viewpoint
importance of understanding human behavior and motivating employees toward achievement
Hawthorne effect
A change in a subject's behavior caused simply by the awareness of being studied
Contemporary principals
virtual organizations; evidence based management
Culture
Shared beliefs, customs, and traditions of a specific group of people.
Hofstede's original four dimensions
Power distance, individualism versus collectivism, uncertantity avoidance, masculentity versus femininity
power distance
the extent to which less powerful members within a country expect and accept that power is distributed unequally
Individualism vs. Collectivism
the degree to which individuals beliefs and actions should be independent of collective thought and action (individualism)
Uncertantity avoidance
societys tolerance for ambiguity
Masculinity vs. Femininity
A preference for achievement, heroism, assertiveness and material rewards for success
Personality
a persons relatively stable feelings, thoughts, and behavioral patterns.
Big Five Personality Traits
openness, conscientiousness, extraversion, agreeableness, neuroticism
Conscientiousness
how dependable, responsible, organized and persistent one is
Agreeableness
how trusting, good-natured, cooperative, and soft-hearted one is
Neuroticism
anxiety, insecurity, emotional instability
Openness
willingness to try new things and be open to new experiences
Extraversion
talkative, sociable, passionate, assertive, bold, dominant
self monitors
-understand what the situation demands and act accordingly
-rated as high performers and emerge as leaders
-effective at networking and influencing other people
-as managers, they tend to have lower accuracy in evaluating the performance of their employees
proactive personalities
-Use initiative to solve problems.
-May have higher levels of performance.
-Understand the political environment better, make friends more quickly, and are more responsive to feedback they receive.
-May be perceived as too pushy
self-esteem
is related to higher levels of job satisfaction
self-efficacy
An individual's belief that he or she is capable of performing a task.
Hot issue in personality test
exaggerating your responses to a personality test in a socially desirable fashion
Values
Stable life goals that people have, reflecting what is most important to them
10 human values (Schwartz's Model)
Achievement, power, hedonism, stimulation, self-direction, benevolence, universalism, conformity, tradition, security
Work (Job) Attitudes
The evaluations of one's work (job) that express one's feelings toward, beliefs about, and attachment to one's work (job).
job satisfaction
a positive feeling about one's job resulting from an evaluation of its characteristics
organizational commitment
the attachment people have toward the company they work for.
Three types of organizational commitment
Affective Commitment
Continuance Commitment
Normative Commitment
Work Behaviors
job performance, organizational citizenship, absenteeism, turnover
Job Performance
Employee behaviors that contribute either positively or negatively to the accomplishment of organizational goals
organizational citizenship behavior
voluntary behaviors employees perform to help others and benefit the organization
counterproductive work behavior
voluntary behavior that violates significant organizational norms and threatens the well-being of the organization, its members, or both
absenteeism
the failure to show up for work
turnover
Employee departure from an organization.
Mission Statement
a statement of the organization's purpose - what it wants to accomplish in the larger environment
Vission Statement
provides a guiding image of the future that the org wishes to reach
Value Statement
A brief articulation of the principles that guide a company's decisions and behaviors
creativity
key to success in business
programmed thinking
Logic, structure, extensions of what is
lateral thinking
Shift in perception, out of the box, what might be
Brainstorming
the process of getting a group to think of unlimited ways to vary a product or solve a problem
scamper
A checklist tool that helps you think of changes you can make to an existing marketplace to create something new.
stakeholders (internal)
owners, shareholders, directors, management, employees
Stakeholders (external)
customers, suppliers, and community groups
Stakeholder Analysis
The range of tools used to identify and understand the needs and exception of major interests inside and outside the organization environment
Stakeholder mapping
provides a systematic way to identify the expectations, needs, importance, and relative power of various stakeholders
SWOT analysis
strengths, weaknesses, opportunities, threats
Intended VS Realized Strategies
Intended: decisions following from analysis (rarely survives in original form)
Realized: combination of deliberate and emergent strategies
two dimensions of competition
market commonality and resource similarity
Four generic strategies
cost leadership, differentiation, cost focus, differentiation focus
internal analysis- VRIO
Value, Rarity, Imitability, Organization
Porter's Five Forces
threat of entry, threat of substitute, supplier power, buyer power, and competitive rivalry