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Final

MGMT100 Final: MGMT100 Notes

43 pages55 viewsSummer 2019

Department
Management
Course Code
MGMT100
Professor
Nilufa
Study Guide
Final

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MGMT100 Notes.
Introduction to Management
Total value = tangible assets + intangible assets Tangible assets physical, visible things
companies own. E.g. cash, land, trucks, warehouses Intangible assets organisational culture,
motivation, quality of leadership, created by managers
Working the in New Economy
- Today’s economy is a networked economy, where the new economy is a global economy
- National economics are becoming increasingly interdependent
- Organisations are expected to continuously excel on performance criteria
- No guarantee of long-term employment for individuals
Globalisation
- globalisation has come about due to the rapid growth of technology such as mobile phones,
the internet allowing for the growth of communication routes allowing people and countries
to exchange information and goods at a quicker rate.
- more products are available for more people, however an exchange of services, culture,
language and knowledge is influenced.
- businesses and individuals often suffer and benefit depending on the geographic location for
example, in first world countries it often leads to a higher unemployment rate due to work
moving to overseas usually third world countries which is of significant benefit as it provides
locals with employment and a source of income however they still remain poor due to a lack
of health and social insurance.
- disadvantage of globalisation is ecological problems such as climate change which are often
instigated by the increasing use of planes, lorries and ships in order to transport goods from
one location to another causing more Carbon dioxide to be released into the atmosphere
which is the main contributor to global warming.
- Worldwide interdependence of resource flows, product markets and business competition,
- Challenges Nationalism, Brexit, Nationalist leaders
Technology
- Computers allow organisations of all types and sizes, to increase speed of transactions and
improve decision-making
- Virtual space people in remote locations can hold meetings, access databases and share
information without having to meet face to face
- Computer literacy must be masters and continuously developed as a foundation for
success
Diversity
- Workforce Diversity gender, race, age, culture, sexual orientation and religion
- Legal context of HRM is very strict in prohibiting demographic characteristics to be used in
hiring and promotion decision-making processes
- Through valuing diversity, organisations can tap a rich talent pool and help people work to
their full potential
- one of the contributing factors to the increasing diversity within the Australian workforce is
the arrival of refugees into Australia.
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- however with businesses that contain a wide diversity of people, discrimination may
become a vast problem as individuals may be discriminated against based on religion, race,
ethnicity, language and education.
Ethics
- Ethic and social responsibility issues involve all aspects of organisations, behaviour of
members and impact on society
- Expectations:
Sustainable development, environmental protection
Product safety and fair practices
Protection of human rights
Equal employment opportunities
Equity of compensation
Privacy, health and safety
Job security
Freedom from sexual harassment
Organisation in Today’s Workplace
- Organisation collection of people working together with a division of labour to
achieve common purpose, should return value to society and satisfy customers’ needs
- Open systems transform resource inputs from the environment into product or service
outputs, closed loop production
Open systems
Transform resource inputs from the environment into product or service outputs.
Closed loop production
Organisation Performance
- Value is created when resources are used in the right way, at the right time and at minimum
cost to create high quality goods/services, including performance measures such as
productivity, performance effectiveness and efficiency
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The Management process: the four functions of management.
PLANNING for example creating a budget which becomes a control mechanism
ORGANINSING could be the structuring of human resources into an organisational chart
LEADING is influencing others to achieve organisational objectives created in the planning
function
CONTROLLING would be comparing budget with actual figures and taking corrective action
if necessary
Ensuring that these functions are performed effectively and efficiently creates a
competitive advantage ultimately leading to the achievement of organizational goals.
Robert Katz Managerial Skills
Additional skills
* Diagnostic skills. Diagnostic skills include the ability to determine, by analysis and
examination, the nature of a particular condition. A manager can diagnose a problem in the
organization by studying its symptoms. These skills are also useful in favourable situations.
* Political skills. Political skill is the ability to acquire the power necessary to reach
objectives and to prevent others from taking power. Political skill can be used for the good of
the organization and for self-interest.
The extent to which managers need different kinds of skills moves from lower management
to upper management. Most low-level managers use technical skills extensively. At higher
levels technical skills become less important while the need for conceptual skills grows.
However, human skills are very important to all managers
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