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:
Leadership Role:
"Management is the execution of tasks through the work of others" (American Management Association).
Specific Functions:
"Management is the planning, organizing, directing, and controlling of organizational activities aimed at achieving organizational goals" (Kim H. Chung).
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:
General Management:
Involves management theories, functions, roles, styles, critical success factors, and trends across different territories and periods.
Enterprise Management:
Studies a business as an economic unit including its legal forms, business plans, asset management, financial management, and various operational activities.
Personnel Management:
Focuses on human resources, emphasizing planning, selection, organization, and staff management.
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.