Management_flash

Management: Introduction to Issues

• Definition of Management:

  • The term "management" translates to "řízení" (control) in Czech but is more comprehensive than the control aspect often emphasized in English.

  • Management refers to overall organizational leadership and accountability at higher levels.

• Conceptual Definitions:

  1. Leadership Role:

     • "Management is the execution of tasks through the work of others" (American Management Association).

  2. Specific Functions:

     • "Management is the planning, organizing, directing, and controlling of organizational activities aimed at achieving organizational goals" (Kim H. Chung).

  3. Subject of Study:

     • "Management is the process of optimizing the use of human, material, and financial resources to achieve organizational goals" (John A. Pearce and Richard B. Robinson).

• Integrated Definition:

  • "Management is a cohesive set of proven approaches, viewpoints, experiences, recommendations, and methods applied by managers to master specific managerial tasks necessary for achieving a system of business goals".

  • Management also relates to influencing internal system elements and external relationships, especially for marketing-oriented businesses.

• Key Areas of Management:

  1. General Management:

     • Involves management theories, functions, roles, styles, critical success factors, and trends across different territories and periods.

  2. Enterprise Management:

     • Studies a business as an economic unit including its legal forms, business plans, asset management, financial management, and various operational activities.

  3. Personnel Management:

     • Focuses on human resources, emphasizing planning, selection, organization, and staff management.

  4. Knowledge Management:

     • Deals with methods for distributing knowledge within the organization, enhancing efficiency through collaborative work.

Key Concepts of Management

• Production Management:

  • Addresses production processes, quality management, and logistics including production capacity and material flow management.

• Innovation Management:

  • Involves generating and validating ideas that meet changing market needs for customer satisfaction.

• Investment Management:

  • Focuses on strategic investment decisions, distinguishing between financial, capital, and intangible investments.

• Financial Management:

  • Similar to investment management but concerned more with practical financing of operations and examining financial performance metrics.

• Strategic Management:

  • Aligns with strategic planning, focusing on long-term goals and priority settings.

• Project Management:

  • Handles project design and control concerning costs and outcomes, typically extending organizational activities.

• International Management:

  • Focuses on managing foreign relations and understanding cultural differences in management styles.

• Marketing Management:

  • Overarching management aspect ensuring all processes align with customer demands and satisfaction.

Managerial Personality Attributes

• Difference Between Manager, Leader, and Executive:

  • Manager: Responsible for achieving goals through a team.

  • Leader: Goes beyond managing; motivates and directs with vision.

  • Executive: Mid-management roles guided by higher-level directives.

• Crucial Managerial Traits:

  • Vision for profitability and resource preparedness.

  • Ability to motivate and build effective teams.

  • Decision-making and delegating proficiency.

Effective Management Techniques

• Useful Techniques:

  • Feedback, motivation, coaching, and recognition.

• Discouraged Techniques:

  • Coercion, public criticism, ignoring feedback, and micromanagement are seen as harmful.

Managerial Functions and Skills

• Basic Managerial Functions:

  • Planning, organizing, staffing, directing, coordinating, reporting, and budgeting.

• Managerial Roles:

  • Interpersonal, informational, and decisional roles within the organization.

7S Concept

• 7S Framework:

  • An organizational structure incorporating Shared Values, Strategy, Structure, Systems, Style, Staff, and Skills.

Strategic Management Elements

• Strategic Management Overview:

  • Encompasses defining objectives, resources, priorities, and the paths to long-term goals.

• Strategic Planning:

  • Myriad components like the situational analysis (SWOT), long-term goal definitions, and implementation mechanisms connecting to everyday operations.

Contemporary Trends in Management

• Current Management Trends:

  • Process approaches, psych-social approaches, systems thinking, quantitative methodologies, and empirical methods focusing on syntheses of previous management theories.

• Future Directions:

  • Focus on sustainable management practices, embracing technological advancements, and fostering global organizational cultures.

Corporate Social Responsibility (CSR)

• Understanding CSR:

  • The responsibility of an organization to contribute to societal goals and environmental sustainability beyond economic performance.

• Differences Between Business and Managerial Social Responsibility:

  • Business CSR relates to entity-wide compliance with ethical norms while managerial CSR encompasses personal accountability toward stakeholders.

Corporate Culture and Identity

• Definition of Corporate Culture:

  • The shared values, norms, and practices that characterize a company.

• Types of Corporate Culture:

  • Power culture, role culture, task/result culture, individual culture reflecting various structural dynamics in organizations.