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Lecture 1

MAN3025 Lecture Notes - Lecture 1: Asset Management, Firstline, Formal Verification


Department
Management
Course Code
MAN3025
Professor
Flynn
Lecture
1

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Administrative Management Chapter 5, 8, 9 and 16
Chapter 5 Planning
o Planning and Strategy
Planning, Strategy and Strategic Management
Planning Defined as setting goals and deciding how to achieve them
Business Plan Document that outlines a proposed firm’s goals, the
strategy for achieving them, and the standards for measuring success
Business Model Outlines the need the firm will fill, the operations of
the business and its components and functions.
Strategy a large-scale action plan that sets the direction for an organization
Revised over time
Strategic Management a process that involves managers from all parts of the
organization in the formulation and implementation of strategies and strategic
goals
Establish the mission and vision
Asses the current reality
Formulate the grand strategy & Strategic, tactical, & Operational plans
Implement the strategy
Maintain strategic control
Why Planning and Strategic Management are important
Providing Direction and Momentum
Encouraging New Ideas
Developing a Sustainable Competitive Advantage
o Fundamentals of Planning
Mission Statement Organization mission is its purpose or reason for being
Responsibility of top management and BOD
Vision Statement vision is a long-term goal describing “what” an organization
wants to become. It is a clear sense of the future and the actions needed to get
there
Where wants to go strategically
Strategic Planning by Top Management
Strategic Planning they determine what the organization’s long-term
goal should be for the next 1-5 years with the resources they expect to
have available
Tactical Planning by Middle Management
Tactical Planning -they determine what contributions their departments
or similar work units can make with their given resources during the
next 6-24 months
Operational Management by first-line management
Operational Planning determine how to accomplish specific tasks with
available resources within the next 1-52 weeks
o Goals & Plans
Three types of goals: Strategic, Tactical and Operational

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Goal/Objective a specific commitment to achieve a measurable result
within a stated period of time
Means-end Chain because in the chain of management the
accomplishment of low-level goals is the means leading to the
accomplishment of high-level goals or ends
o Strategic goals set by and for top management
o Tactical goals set by and for the middle Managers
o Operational Goals set by and for first-line managers and
concerned with the short-term matters associated with realizing
tactical goals
o Action Plan and Operating Plan
Action plan defines the course of action needed to achieve the stated goal
Operating Plan typically designed for a one-year period defines how you will
conduct your business based on the action plan; it identifies clear targets
o Types of plans: Standing plans & Single-Use Plans
Standing Plans: Policies, Procedures and Rules
Standing plans plans developed for activities that occur repeatedly
over a period of time
o Policy a standing plan that outlines the general response to a
designated problem or situation
o Procedure a standing plan that outlines the response to
particular problems or circumstances
o Rule A standing plan that designates specific required action
Single -Use Plans pland developed for activities that are not likely to
be repeated in the future
o Program single-use plan encompassing a range of projects or
activities
o Project- a single use plan of less scope and complexity than a
program
o Promoting Goal Setting SMART Goals and Management by Objectives
Smart Goals
Specific, Measurable, Attainable, Results Oriented, and has Target dates
Management by Objectives: Four Step Process for Motivating Employees
Peter Drucker
Management by Objectives
o Managers and employees jointly set objectives for the
employee
o Managers develop action plans
o Managers and employees periodically review the employee’s
performance
o Manager makes a performance appraisal and rewards the
employees according to results
Cascading Objectives MBO from the top down
o Top Management must be committed

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o Must be applied organization wide
o Objectives must cascade
Cascading objectives are structured in a unified
hierarchy, becoming more specific at lower levels of the
organization
Importance of Deadlines
Planning/Control Cycle
Make the Plan
Carry Out the plan
Control the direction by comparing the results with the plan
Control the direction in two ways
o Correcting deviations being carried out
o Improving future plans
Chapter 8
o Organizational Culture, Structure, and Design
Aligning Strategy, Culture, and Structure
Person-Organization Fit reflects the extent to which your personality
and values match the climate and culture in an organization
According to Edgar Schein
o Organization/Corporate Culture defined as a set of shared,
taken-for-granted implicit assumptions that a group holds and
that determines how it perceives, thinks about, and reacts to its
various environments
Organizational structure a formal system of task and reporting
relationships that coordinates and motivates organization’s members so
that they can work together to achieve the organization’s goals
o Drivers of culture, organizational culture, Organizational
structure and internal processes, group and social processes,
work attitudes and behaviors, and overall performance
What Kind of Organizational Culture will you be operating in?
Four types of Culture
o Clan
Thrust: Collaborate
Means: Cohesion, Participation, Communication,
empowerment
Ends: Moral, people development, and commitment
o Adhocracy
Thrust: Create
Means: Adaptability, Creativity, and agility
Ends: Innovation, Growth, Cutting-edge output
o Hierarchy
Thrust: Control
Means: Capable, Processes, Consistency, Process
Control, and Measurement
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