Management chap 1-2-3

What is management?

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

What is efficiency vs effectiveness?

Efficiency means "doing things right" by using the fewest possible resources (time, money, materials, and labor) to maximize output, while effectiveness means "doing the right things" by setting and achieving the proper goals that drive strategic value

What is the main goal of managers?

To help an organization make the best use of its resources to achieve its goals and satisfy its customers

What characterizes a high-performing organization?

It uses resources efficiently and effectively to achieve its goals.

What is the administrative cycle, so what are the four main tasks of management?

• Planning (process used to identify and select appropriate goals and courses of action/ anticipate the futur)

• Organizing (establishing relationships among people, tasks, and resources)

• Leading (motivating, coordinating, communicating and energizing individuals and groups to work together toward organizational goals)

• Controlling (Evaluating how well an organization is achieving its goals and taking action to maintain or improve performance, so basically to pose a judgement on the results that you have received, so are you satisfied or not, if you are not then you can plan something new so the cycle starts again)

What are reasons why you would trust your manager?

They are competent, inspiring, wise

What are the three logics of action that can explain a manager’s legitimacy?

• Formal authority (reason, rules, formal processes, explicit technical competence)

• Collective tradition (tradition, customs, community values)

• Individual charisma (charisma, surpassing oneself, passion, grace, magnetism, leadership)

Formal authority associated with a manager being considered competent

Collective tradition is associated with a manager being considered wise

Individual charisma is associated with a manager being inspiring

What are Mintzberg’s three categories of managerial roles?

• Interpersonal roles (figurehead, leader, liaison)

• Informational roles (monitor, disseminator, spokesperson-so communicates info to the team)

• Decisional roles (entrepreneur, disturbance handler, ressource allocator, negotiator, is he making the harder decisions that need to be made)

This is the daily roles of managers

one question that could be at the exam:do you feel that that manager is being there, really present in all of these 3 roles

To avoid disappearing, organizations must observe
their environment and learn to read its norms, trends, threats,
and opportunities

What is the difference between the global environment and the business environment?

The global environment includes:

• social norms (what we consider normal in society- working the weekdays and not saturday/sunday- engrained in our society/ not changing)

• societal contexts (trends/ what is changing)

The business environment includes:

• Stakeholders related to the sector of activities (customers, suppliers, competitors)

• Stakeholders related to the global environment (government, unions, local communitites, pressure groups, activist, associations)

question at exam could be : tell me about the global environment (the norms/ what trends are in development), and tell me about the business environment (stakeholders)

what are some norms about work?

salary, work relations, working conditions, job security

they are things we consider normal that are not really changing

what is PESTEL

a strategic business framework used to analyze the external, macro-environmental factors that can impact an organization

• What are the major Political trends? (government)

• What are the major Economic trends? (the dollar, inflation)

• What are the major Sociocultural trends? (influence the specific nature of demand- ex: ageing populations, changes in wealth distribution, changing cultural attitudes)

• What are the major Technological trends? (AI, internet)

• What are the major Ecological trends? (pollution, waste, climate change,)

• What are the major Legal trends? (what laws are changing?…: labour, environmental and consumer regulation; taxation and reporting requirements; and rules on ownership)

why is all this important ?

because we want to substain our compagnys activities for the longest time possible and in order to do so you need to strike a balance between the economic, social and environmental part of your project