MT&P - 7 Management roles, functions and skills

management

process of planning, organising, leading and controlling people to meet organisational goals

interpersonal roles

leading employees, building relationships, liaison between insiders and outsiders

informational roles

gather information, establish communication channels, set expectations

planning

establishing objectives and goals for an organisation and determining the best ways to accomplish them

strategic plans

plans outlining long term actions and resource allocation required to accomplish strategic goals
1) define mission, vision, values
2) perform SWOT
3) develop forecasts
4) analyse competition
5) establish goals and objectives
6) develop action plans

mission statement

brief statement of why an organisation exists, what it aims to accomplish

values statement

brief articulation of principles that guide a company's decisions and behaviors

goal

broad, long range target

objective

specific, short range target

SMART goals

goals have to be: Specific, Measurable, Attainable, Relevant and Time limited

organising

process of arranging resources to carry out the organisation's plans

management pyramid

organisational structure divided into top, middle and first-line management

top management

set strategic goals, have the most power and responsibility (CEO, CTO, CFO)

middle management

develop plans to implement top management's goals, coordinate work of first-line managers (controller, director)

first-line management

supervise operating employees, implement plans set by higher levels, most immediate responsibility

leading

process of guiding and motivating people to work towards goals

difference between management and leadership

management is rational, leadership is more emotional

qualities of a good leader

cognitive intelligence, emotional intelligence, social awareness

types of leadership styles

autocratic, democratic, laissez-faire

autocratic leadership

don't involve others, down the chain, subordinates little to no freedom

democratic leadership

shares decision making authority, seeks input, invites subordinates to participate, can encourage changes

laissez-faire leadership

manager acts as adviser/supporter, offers input when asked, most decisions made by employees

coaching

helping employees reach their highest potential

mentoring

long term relationships between seniors and juniors/experienced guides less experienced

organisational/corporate culture

set of shared values and norms that support the management system and guide management/employeoye behavior

controlling

process of measuring progress against goals and objectives and correcting deviations if results are not as expected

performance standards

criteria which performance will be measured against

benchmarking

collecting/comparing process and performance data from other countries

balanced scorecard

method of monitoring performance from 4 perspectives: finances, operations, customer relationships, growth and development

the control cycle

set strategic goals -> establish standards -> initiate activities -> measure performance (if doesn't meet standards, consider if they are achievable)

crisis management

procedures and systems for minimising the harm that might result from unusually threatening scenarios

essential management skills

interpersonal, technical, administrative, conceptual, informational, decision-making

interpersonal skills

skills required to understand other people and interact effectively

technical skills

ability/knowledge to perform mechanics of a particular job

administrative skills

technical skills necessary to direct an organisation (scheduling, research, analysing, managing projects)

conceptual skills

ability to understand relationships of parts as a whole, visualise organisation systems, markets, solutions

decision-making skills

ability to identify and define the problem/opportunity, develop options, weigh them, choose the best alternative, implement, evaluate results and monitor them

cognitive automation

AI technology that aims to help professionals and managers with complex questions that present some of the most daunting decision scenarios, a collaborative technique

executive dashboard

control board for managers, critical information that is required (quick, easy, real time access)

employee empowerement

giving employees the power to make decisions that apply to their specific aspects of work