MGMT 371 - Chapters 1-2

Management

the attainment of organization goals in an effective and efficient manner through planning, organizing, leading, and controlling organizational resources

the facilitation of organizational performance

organizational performance

the attainment of organizational goals by using resources in an efficient and effective manner

effectiveness

the degree to which an organization achieves its goals

efficiency

the use of minimal resources to produce the desired output

4 functions of management

1. planning

2. organizing

3. leading

4. controlling

Planning

• identifying organizational goals and the tasks and resources needed to attain them

• what do we want to get done?

• What do we need / need to do to get those things done?

Organizing

• Assigning tasks, delegating authority, and allocating resources

• Who should do what?

• Who needs what?

Leading

• The use of influence to motivate employees to achieve goals

• How do we get employees to do what needs to be done?

Controlling

• Monitoring activities, taking corrective action when needed

• Are we making progress?

• If not, what needs to change?

Non-profit

focused on social impact

for-profit

traditionally focused on making money for the organization

What is purpose of a corporation?

• Previously, the purpose of the corporation was narrowly defined: to serve the shareholder

• In 2019, Business Roundtable broadened that purpose; corporations need to focus on other key stakeholders: employees, supplies, consumers, surrounding communities

• recognition that the long-term interest of shareholders and other stakeholders are inseparable

Manager must have 3 skills

1. technical skills

2. human skills

3. conceptual skills

technical skills

understanding and proficiency in the performance of specific tasks

human skills

ability to work with and lead other people

motivate, facilitate, coordinate, communicate, and resolve conflict

conceptual skills

ability to see the organization as a whole system and the relationship among its parts

to think strategically and solve complex problems