Principles of Managment w Gaylor

Mississippi College

Organization

deliberate collection of people brought together to accomplish some specific purpose

Organization Characteristics

• goals

• people

• structure

Management

the process of getting things done effectively and efficiently, with and through people

Efficiency

doing things right

Effectiveness

doing the right things

The Levels of Management

Top Managers > Middle Managers > First Line Managers > Team Leaders

Functions of Management

Planning Organizing, Leading, Controlling

Employable Skills for a Manager

critical thinking, communication, collaboration, knowledge application and analysis, social responsibility

Good Boss Characteristics

someone who listens and allows for employees to be put in situations that best fit their skills set, clear outlines of expectations

Bad Boss Characteristics

micromanagement, bad at scheduling times that fit the employees schedule, arrogant

Approaches to Management

• Classical Approach: rules and principles were developed that could be taught and used in a variety of settings.

• Behavioral Approach: focused on the actions of workers

• Quantitative Approach: statistics, optimization models, information models, computer simulations, and other techniques and activities

• Contemporary Approach: managers’ concerns inside the organization

Key Contributors to Management

• Intentionality

• Trust

• Autonomy

• Connection

• Accountability

Characteristics of External Environment

• Political/legal

• Demographics

• Economic

• Sociocultural

• Technological

• Global

Sharing Economy

Asset owners share with other individual through peer to peer service, for a set fee, their underutilized physical assets or their knowledge, expertise, skills, or time

Economic Inequality

the unequal distribution of income and opportunity between different groups in society

Demographics

• Demography is destiny

• Age cohorts

Age Cohorts

baby boomers, Gen X, Gen Y, Gen Z

Share Holders

an owner of shares in a company

Stake Holders

Any constituencies in an organization's environment that are affected by that organizations decisions and actions

Organizational Culture

Shared values, principles, traditions, and ways of doing things that influence the way organizations members act

Characteristics of a strong culture

• Substitute for formal rules and regulations

• Create predictability, orderliness, and consistency.

4 types Of Organizational Culture

1. innovative culture

2. Sustainability culture

3. Ethical Culture

4. Learning Culture

Globalization

A boundaryless world where goods and services are produced and marketed worldwide

Ways To Go Global

• Multi domestic corporations

• Transnational organizations

• Global corporations

Hofstedes Framework

• Assertiveness

• Future Orientation

• Uncertainty avoidance

• Power distance

• Individualism/ collectivism

Corporate Social Responsibility

• Social obligations

• Social responsiveness 

• Ex. Magazines in Barbershop

Views of Ethical Behavior

• Utilitarian view of ethics

• Rights view of ethics

• Theory of Justice view of ethics

How Should managers create an ethical environment?

• Be a good role model by being ethical and honest.

• Tell the truth always.

• Don’t hide or manipulate information.

• Be willing to admit your failures.

• Share your personal values by regularly communicating them to employees.

• Stress the organization’s or team’s important shared values.

• Use the reward system to hold everyone accountable to the values.

The Three Ethical View Points

• Utilitarianism - provides the greatest good for greatest number of people

• Rights view - respect and protect greatest number of people 

• Justice view - expect to b treated fairly and impartial decision making 

Steps Of The Decision Making Process

Common Errors in Decisions Making Process

overconfidence, hindsight, randomness, representation, avaliablity, revison, framing, confirmation, selective perception, anchoring effect, immidiate gradification

Rational Decision Making

 choices that are consistent and value maximizing within specified constraints. Usual not a very realistic approach 

Bounded Rationality

a concept in decision-making theory that suggests individuals make decisions by selecting the best available option given their cognitive limitations, time constraints, and the complexity of the decision-making environment.

Satisfice

a practical approach to decision-making, particularly in situations where the decision-maker faces constraints such as limited time, cognitive resources, or access to information.

Escalation Of Commitment

refers to the phenomenon where individuals or groups continue to invest more resources, such as time, money, or effort, into a failing course of action despite evidence that suggests it is unlikely to succeed or is no longer the best option.

Intuition

involves making decisions on the basis of experience, feelings, and accumulated judgment, which can complement both rational and bounded rational decision making. (more than half of managers use this approach.)

Types of Problems Managers Make

Structured problem - straightforward, familiar, easily defined

Unstructured problem - new or unusual for which information is ambiguous or incomplete 

Programmed - repetitive decision that can be handled using a routine approach 

Nonprogrammed - a unique and non recurring that requires a custom made solution 

How Managers Make Decision

Managers must account for certainty, risk, uncertainty

Difference between Procedures, Problems, and Rules

Procedures refer to a series of steps or actions that are followed to accomplish a specific task or objective within the organization.

Problems represent challenges or obstacles that arise within the organization that hinder productivity, performance, or goal achievement.

Rules are established guidelines, policies, or standards that govern behavior, conduct, or operations within the organization.

Pros of Group Decision Making

• Diversity of experiences

• More alternatives

• more legitimacy

Cons of Group Decision Making

• time-consuming

• Minority domination

• ambiguous responsibility

• Pressures to conform

Ways to Improve Group Decision Making

• Brainstorming

• The nominal group technique

• Electronic Meetings

Why Ethical People Make Unethical Choices

excessive pressure to reach an unrealistic target, conflicting goals, no positive example,

Classical Approach

rules and principles were developed that could be taught and used in a variety of settings.

Behavioral Approach

focused on the actions of workers

Quantitative Approach

statistics, optimization models, information models, computer simulations, and other techniques and activities

Contemporary Approach

managers’ concerns inside the organization