mie 201 ch 6 - management

Management

Designed to achieve objectives by using resources effectively and efficiently

Effectively

Having intended result

Efficiently

Accomplishing objectives with minimum of resources

Managers

Make decisions about use of resources (employees, suppliers, financials)

Planning

the process of determining the organization’s objectives and deciding how to accomplish them; the first function of management.

Mission statement 

A brief statement of why an organization exists; in other words, what the organization aims to accomplish for customers, investors, and other stakeholders

Vision statement 

A brief and inspirational expression of what a company aspires to be

Values statement 

A brief articulation of the principles that guide a company’s decisions and behaviors

Staffing

the hiring of people to carry out the work of the organization.

downsizing

the elimination of a significant number of employees from an organization.

goals

aspirational statements written in general terms that reflect what an organization or individual wants to achieve over the long term.

objectives

measurable benchmarks that can be used to determine the progress of goals.

key performance indicators

specific and quantitative metrics that are measured, tracked, and analyzed to measure progress toward objectives.

strategic plans

those plans that establish the long-range objectives and overall strategy or course of action by which a firm fulfills its mission.

tactical plans

short-range plans designed to implement the activities and objectives specified in the strategic plan.

operational

very short-term plans that specify what actions individuals, work groups, or departments need to accomplish in order to achieve the tactical plan and ultimately the strategic plan.

crisis management (contingency planning)

an element in planning that deals with potential disasters such as product tampering, oil spills, fire, earthquake, computer virus, or airplane crash.

organizing

the structuring of resources and activities to accomplish objectives in an efficient and effective manner.

business model

how a firm creates, delivers, and is organized to operate and provide value to stakeholders.

directing

motivating and leading employees to achieve organizational objectives.

controlling

the process of evaluating and correcting activities to keep the organization on course.

high-level managers

the president and other top executives of a business, such as the chief executive officer (CEO), chief financial officer (CFO), and chief operations officer (COO), who have overall responsibility for the organization.

middle managers

those members of an organization responsible for the tactical planning that implements the general guidelines established by high-level management.

front-line managers

those who supervise both workers and the daily operations of an organization.

financial manager

Focuses on obtaining the money needed for the successful operation of the organization and using that money in accordance with organizational goals.

Productions and Operations Manager

Develops and administers activities involved in transforming resources into goods, services, and ideas ready for the marketplace

conceptual skills

the ability to think in abstract terms and to see how parts fit together to form the whole.

analytical skills

the ability to identify relevant issues, recognize their importance, understand the relationships between them, and perceive the underlying causes of a situation.

human relations skills

the ability to deal with people, both inside and outside the organization.

leadership

the ability to influence employees to work toward organizational goals.

autocratic leaders

leaders that make all of the decisions without input from employees.

democratic leaders

leaders that involve employees in their decisions.

free-rein leaders

leaders that let their employees work without much interference.

authentic leaders

leaders that are passionate about the goals and mission of the company and form long-term relationships with stakeholders.

servant leaders

leaders that consider the needs of their employees and form strong relationships with stakeholders.

employee empowerment

when employees are provided with the ability to take on responsibilities and make decisions about their jobs.