MGM101H5 Lecture 2: What is Business

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MGM101:Lecture2:WhatisBusiness?
Whatisamanager?:
Helpsrunorganization
Someonewhocanimplementchange
Leadershipmotivation
Controlsallocateddefinition
Hasvisiontoachievegoals
Usesresources
Runningthecompanyontheowner’sbehalf
Entrepreneurialskills
MaintainingSystems
“Managersareresponsibleformakingdecisionsabouttheallocationofscarceresources
throughstrategicobjectives”(Swanston,2016)
Whatmakessomeoneaneffectivemanager?:
Effectivemanagersmakebetterdecisionsmoreoften
Allocatingresourcesisimportant–physicalresources,etc.
Wewantresourcesinthemosteffective,beneficialway
Everybusinesshasdifferentgoalsandobjectives
Whatworksforoneorganizationwontworkforotherorganizations
ItsimportanttoDEVELOPaSTRATEGY
Onceyouhaveastrategy/goal,thatwillguideyouinhowyouwanttorunyourbusiness
ThereisnoONEstrategy
Havetomakedecisionsthatareconsistentwithstrategy
Managers’RolesAreEvolvingNewApproaches:Why?:
GlobalCompetition
o Businessmaybedonesomewhereelse
o Increasesthesizeandstrengthofcompetition
o Placesnewdemandsonmanagement
BusinessScandals
o WhenBusinessesdosomethingwrong,itbecomeshardtocoveritupduetotheir
globalexposuretoenvironments
o Greatreasonoftransparency,accountabilitywhichhaschangedthewaymanagement
hasconductedthemastheydoitinamorerespectfulmanner
o Therefore,Businesspracticesarechangingforthebetterbecausetheyarebeing
exposedmoreeasilythesedays
ConstantChange
o Businessesareinaconstantrateofchange
o Assoonasmanagersmakedecisions,theywillhavetomakenewonesinayearfrom
nowbecauseBusinesseshavechanged
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o Havetousetouncertaintyandgettingthroughthosesituations
BetterEducatedworkers
o Smallerpoolsofuneducatedworkerswhocandocertainjobsthatplacesdon’thave
enoughspotstofill
o Provestobeaproblemasthereisnoshortageofworkforjobslikejanitors
o ThisisdifferentfromajobsuchasanAccountantwhichbecomesmoredemandingand
competitiveduetothenumberofapplicantsapplyingforahighpayingjob
Downsizing/Rightsizing
o Weareconstantlyfindingwaystoincreaseproductivity,domorewithlessresources,
thereforecreatingtheneedfororganizationstohaveallemployeescontribute
FunctionsofManagement:
PlanningandStrategizing
o Oncewecreateplansandputtheminplace,westrategizeandallocateresourcesand
putthemtowardsachievingtheplan
Organizing
o Puttingtogetheryourplansanddecidingwhichonetoactonefirstwithallocated
resources
LeadingandDeveloping
o Gatheringyourgroupofworkersanddirectingthemtoachieveorganizationgoal,
involvesdevelopingskillstheyalreadyhavefurther
Controlling
o Motivatingemployeesthroughinitiativesandgettingthetaskdone
TypesofManagers:
GeneralManagers/CEOs–overseefunctionalmanagers,andtheyoverseeeverythingmeaning
thesemanagershavetohaveskillsincertainareas
FunctionalManagers–inchargeoffunctionalarea/division/office/seesmanagers
FrontlineManagers–responsibleforbusinessunit/seesnonmanagers(frontlineemployees)
Stakeholders(Employees,customers,creditors,shareholders,suppliers,distributors,etc.):
GeneralPublic(Employees,Customers,Creditors)
Government(Employees,Distributors,Suppliers)
LocalCommunities(Creditors,Shareholders,Suppliers)
Sometimesstakeholdersprioritiesincreaseanddecreasebasedondemand
o Knowyourstakeholdersandwhatsimportanttothem
“HowCAEwantstomaketheworldsaferbystimulatingdisasterbothintheairandtheoperating
room?”:
Why“simulation”isanimportanttool
TalksaboutCAE–acompanythatstartedoffaviationroots/Hasbecomeadominantmarket
leaderwithgreatreputations
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