PRINCIPLES OF MANAGEMENT AND LEADERSHIP

management

the process of achieving organizational goals efficiently and effectively by working with people and using organizational resources

organization

a group of people who work together to achieve a specific purpose

goal-oriented

focuses entirely on setting and reaching specific organizational objectives

people-centered

achieves results by working with and directing people rather than working in isolation

resource-dependent

utilizes organizational resources, including human, financial, physical, and informational assets

dual focus

requires balancing both efficiency (means) and effectiveness (ends)

efficiency

using resources wisely and cost-effectively to achieve organizational goals

effectiveness

achieving the right goals and getting the desired results

multiplier effect

states that managers can increase their influence by coordinating the work and abilities of other people, allowing their total impact to be far greater than what one person could achieve alone

managerial competencies

the specific skills and abilities needed to manage work and people effectively

synergistic impact

combines individual talents so that total group output exceeds the sum of individual contributions

broad scope of influence

expands a manager's organizational reach beyond personal labor

core competency categories

key abilities such as time management, people skills, interpersonal communication, electronic communication, organizing and planning

rewards of studying management

the educational and career benefits gained from understanding management principles

rewards of practicing management

the fulfillments experienced when serving in a managerial role

studying rewards

understanding how organizations operate

understanding the pressures and responsibilities of managers

improving interactions with co-workers

managing oneself and one's career effectively

potentially earning higher compensation

practicing rewards

experiencing a strong sense of personal accomplishment

developing professional skills and taking on greater responsibilities

creating successful products or services through management work

becoming a mentor and helping others grow

management process

consists of 4 essential functions that managers use to achieve an organization's goals: planning, organizing, leading, controlling (POLC)

planing

setting organizational goals and deciding how best to achieve them

organizing

arranging tasks, assigning responsibilities to individuals, establishing reporting relationships and resource allocations

leading

motivating, directing, influencing employees while resolving conflicts between different groups

controlling

monitoring performance, comparing actual results against established goals, and taking corrective actions when necessary

four levels of management

top managers, middle managers, first-line managers, team leaders (supported by nonmanagerial employees)

top managers

make long-term decisions about overall organizational direction + establish objectives, policies, and strategies

middle managers

implement top managers' policies + plans while supervising and coordinating first-line managers

first-line managers

make short-term operating decisions + direct the daily tasks of nonmanagerial employees

team leaders

facilitate team members' activities + provide the resources needed for the team to achieve its goals

nonmanagerial employees

perform tasks individually or in teams without formally supervising or managing others

functional manager

responsible for just one organizational activity

general manager

responsible for several organizational activities across multiple functional areas

three types of organizations

for-profit organizations

nonprofit organizations

mutual-benefit organizations

For-Profit Organizations

formed to generate profits by offering goods or services to customers

Nonprofit Organizations

formed to offer public or societal services, excess revenues are reinvested into the organization rather than distributed to shareholders

Mutual-Benefit Organizations

voluntary organizations formed to advance the specific interests of their members

fragmentation

work is divided into many short, disconnected activities

brevity

individual management tasks take a short time to complete

variety

managers perform many different types of activities throughout a single day

interrupt-driven day

workdays are frequently disrupted by unplanned phone calls, emails, and immediate requests

constituencies

managers must address requirements from diverse internal and external groups

Urgent vs. Important

distinguishing between tasks needing immediate attention (urgent) versus those contributing significantly to long-term goals

interpersonal roles

involve interacting with people inside and outside the organization (figurehead, leader, liaison)

figurehead

represents the organization in formal, symbolic, and ceremonial duties

leader

motivates, guides, trains, and supports employees to achieve goals

liaison

builds and maintains strategic relationships and networks with people inside and outside the organization

informational roles

involve receiving, processing, and communicating information (monitor, disseminator, spokesperson)

monitor

actively collects and analyzes information from internal operations and external environments

disseminator

shares relevant, vital information with employees and internal stakeholders

spokesperson

communicates official information and views to external public groups and stakeholders

decisional roles

involve using information to make strategic and operational decisions (entrepreneur, disturbance handler, resource allocator, negotiator)

entrepreneur

identifies new market opportunities and initiates positive organizational improvements or changes

disturbance handler

deals with unexpected operational crises, disruptions, and conflicts

resource allocator

decides how to distribute financial, human, time, and physical resources across competing priorities

negotiator

negotiates with internal groups or external entities to reach formal agreements

three principal managerial skills

technical skills

conceptual skills

human skills

technical skills

ability to perform a specialized job, most critical for first-line managers and lower-level employees

conceptual skills

ability to think analytically, visualize the organization as a whole, and solve complex, ambiguous problems, most critical for top managers

human skills

ability to interact, communicate, and work well with people, critical across all management levels

7 challenges of an exceptional manager

(managing for)

competitive advantage

technological advances

individual differences & workforce diversity

globalization

ethical standards

sustainable development

happiness and meaningfulness

career readiness

the extent to which a person possesses the knowledge, skills, and personal qualities that employers expect