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Lecture 2

MGM101 Lecture 2 - Lecture and Book notes

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Dave Swanston

Lecture 2 September-20-13 11:17 AM Article:incoming Tim Hortons CEO - Keep in mind that this is a Canadian icon (not just a company) - What are the biggest challenges? ○ Tim Hortons has been successful for many years, CEO can't risk everything ○ They want to keep franchises happy too by making profit for them ○ Expenses on employees- how they affect sales ○ Resources (they want to maintain quality of coffee) ○ Customerexperience/ satisfaction ○ He has a lot of people to satisfy (stakeholders - shareholders) - ultimately,this is what CEO does Management ○ Different skills, knowledge, priorities, decisions ○ Roles change ○ Sets of objectivesthat need to be carried out ○ More of an art than science Second article Debate: How much should CEO be making? - In US, they're making 400 times as lowestpaid employee - Greed and self satisfying behaviour are problem in the market - CEO are becoming more responsible, ethical, fair - Wagemarkis promoting this Functions of management - Planning and strategizing - what type of coffee shop, where is the shop - Organizing - staff compensation - Leading and developing - motivationof employeesto accomplish goals, guide changes - Controlling - develop opportunities, correctiveactions Type of managers - Frontline - Day to day activities, take strategies from higher managers - Functional - Departmental,provide input, execute goals - General - Setting goals, develop strategies Becoming a manager From Specialist to Manager - Journey begins when people are successful at a specialist task that they were hired to do - Need to be able to get things done through other people Mastering the Job - Tends to be a large difference between expectationsand reality - Workload is tremendous - Biggest challenge within the first year = “Peoplechallenges” ○ Ex. Accountant to manager ○ Being a specialist is good for applying for managerial position. You can work yourself up from there. ○ Developmanagement skills as you advance ○ You need to have both managerial skills and expert's skills ○ Experts that becomemanagers are not as effective managers Management roles Management roles Managerial motivation - Desire to compete,exercise power, be distinct, take action - you have to want these to becomeeffective - Self driven - Aggressive - Control resources Stakeholders - decisions that satisfy more needs Who are they What's important for them What's important for them Classicalapproaches to management Assumption: People are rational • Scientific management ○ F.W. Taylor ○ Systematicstudy of relationship between people and tasks for the purpose of redesigning the work process to increase efficiency ○ Principle 1: Study the way workersperform their tasks, gather informal job knowledge that workers possess, experimentwith ways of improving way tasks are performed ○ Principle 2: Codify new methods of performing tasks into written rules and standard operating procedures ○ Principle 3: Carefully select workersso that they possess skills and abilities that match the needs of the task, and train them to perform the task according to established rules and procedures ○ Principle 4: Establish fair or acceptable level of performance for task, and then develop a pay system that provides a reward for performanceabove acceptable level • Administrative principles ○ Henri Fayol ○ Study of how to create an organizational structure that leads to high efficiency and effectiveness • Bureaucratic organization ○ Max Weber ○ Formal system of organization and administration designed to ensure efficiency and effectiveness ○ Principle 1: Manager’s formal authority derives from position he/she holds in the
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