Chapter 1: Management Today

What is management?

Management is the process of planning, organizing, leading, and controlling resources to achieve organizational goals efficiently and effectively.

What is an organization?

A collection of people working together to achieve a common purpose that creates value for customers and society.

What is value creation?

When an organization’s outputs (goods/services) are worth more than the resources used to produce them.

What is an open system?

A system that transforms resource inputs into outputs while continuously interacting with its environment through feedback.

Define effectiveness, efficiency, and productivity.

Effectiveness = achieving goals; Efficiency = using resources wisely; Productivity = both combined (output/input ratio).

What are the trends shaping the modern workplace?

Valuing human capital, using technology, networking, team-based structures, diversity, sustainability, and global competition.

What is intellectual capital?

The combined knowledge, experience, and commitment of employees—an organization’s most valuable asset.

What is Tech IQ?

The ability to understand and effectively use new technologies at work.

Define globalization.

The worldwide interdependence of resource flows, product markets, and business competition.

What is job migration and reshoring?

Job migration = moving jobs to lower-cost countries; Reshoring = bringing jobs back home for quality, cost, or proximity reasons.

What is corporate social responsibility (CSR)?

The obligation of organizations to act in ways that serve both their interests and those of society.

What is ethics in management?

The moral principles that define right and wrong behavior in business decisions.

What is diversity in the workplace?

Differences among employees in age, gender, race, ethnicity, religion, sexual orientation, and more.

What is the glass ceiling effect?

An invisible barrier that prevents women and minorities from advancing to top management positions.

What is the free-agent economy?

A labor market where people change jobs often and work on flexible contracts or projects instead of long-term positions.

What is the shamrock organization?

A structure with three parts: (1) core professionals, (2) freelancers/contractors, (3) part-timers.

What are the four functions of management (POLC)?

Planning, Organizing, Leading, and Controlling.

What are the three levels of managers?

top managers (strategic), Middle managers (tactical), and First-line or team leaders (operational).

What is accountability?

The requirement to show performance results to a higher authority.

What is the upside-down pyramid?

A management view placing customers at the top, supported by frontline employees, then managers who serve and support them.

What are Mintzberg’s managerial roles?

Interpersonal (leader, liaison), Informational (monitor, spokesperson), and Decisional (entrepreneur, negotiator).

What are Katz’s three managerial skills?

Technical (job-specific skills), Human (interpersonal ability), and Conceptual (seeing the big picture).

What is Quality of Work Life (QWL)?

The overall quality of human experiences in the workplace, including fair pay, safety, and personal growth.

What is lifelong learning?

The continuous acquisition of new skills and knowledge throughout one’s career.

What does career readiness mean?

Having the essential competencies (knowledge, skills, mindset) needed to succeed in a professional environment.