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Final Exam Overview.docx

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McMaster University
Rita Cossa

Chapter 12Management and LeadershipManagers roles are evolving Resources a general term that incorporates human resources natural resources and financial resources Resources include the factors of productionManagement is becoming more progressive Successful management will demand a new kind of person a skilled communicator and team player as well as a planner coordinator organizer and supervisorFunctions of management Management the process used to accomplish organizational goals through planning organizing leading and controlling people and other organizational resourcesPlanning a management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives Planning teams help monitor the environment find business opportunities and watch for challengesOrganizing a management function that includes designing the structure of that organization and creating conditions and systems in which everyone and everything work together to achieve the organizations goals and objectivesLeading creating a vision for the organization and guiding training coaching and motivating others to work effectively to achieve the organizations goals and objectives Directing telling employees exactly what to doGenerally occurs in smaller firmsleading occurs in bigger firmsControlling a management function that involves establishing clear standards to determine whether or not an organization is progressing toward its goals and objectives rewarding people for doing a good job and taking corrective action if they are notThese four things are the heart of managementPlanning creating a vision based on values Planning involves setting the organizational vision values goals and objectives it is rated as the most valuable toolPart of the planning process involves the creation of a vision for the organizationVision an encompassing explanation of why the organization exists and where its trying to headGives organization a sense of purposeValues a set of fundamental beliefs that guide a business in the decisions they makeVision informs values while values come alive through vision Mission statement an outline of the fundamental purposes of an organization Should addressThe organizations selfconceptCompany philosophy and goalsLongterm survivalCustomer needsSocial responsibilityThe nature of the companys product or serviceGoals the broad longterm accomplishments an organization wishes to attainObjectives specific shortterm statements detailing how to achieve the organizations goalsPlanning answers several fundamental questions for businesses 1 What is the situation now SWOT analysis a planning tool used to analyze an organizations strengths weaknesses opportunities and threats Strengths and weaknesses include elements that are referred to as PRIMOF people resources innovation marketing operations and finance Opportunities and threats include concepts referred to as PESTLE political economic social technological legal and environmental Using info from SWOT a company can create an action plan to address the business situation identifiedA SWOT analysis is framed by the vision 2 How can we get there from here Planning takes four forms strategic tactical operational and contingencyPlanning is a continuous process Strategic planning the process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goalsTactical planning the process of developing detailed shortterm statements about what is to be done who is to do it and how it is to be done Tactical planning is usually the responsibility of managers or teams of managers at lower levels of the organization where as strategic planning is the responsibility of the top managers of the firmOperational planning the process of setting work standards and schedules necessary to implement the companys tactical objectives Focuses on the specific responsibilities of supervisors department managers and individual employeesCan include operational budgets The operational plan is the department managers tool for daily and weekly operationsContingency planning the process of preparing alternative courses of action that may be used if the primary plans dont achieve the organizations objectivesCrisis planning part of contingency planning involves reacting to sudden changes in the environmentA vision WHERE we are going in combination with values HOW will we treat our stakeholders and the mission statement Our purpose IS provides direction for the companyA companys objectives WHAT we want to accomplish are linked to its strategy HOW we will accomplish the objectivesSo there is a progression from vision and values to mission to objectives and to strategyThere is never a strategy without there first being an objectiveDecisionmaking finding the best alternative Decisionmaking choosing among two or more alternatives Heart of all management functionsRational decisionmaking model is a series of steps that can be thought of as the 7 Ds 1 Define the situation 2 Describe and collect needed information 3 Develop alternatives 4 Develop agreement among those involved 5 Decide which alternative is best 6 Do what is indicated begin implementation 7 Determine whether the decision was a good one and follow up Sometimes there isnt time for this process and decisions must be made on the spotProblem solving the process of solving the everyday problems that occurProblem solving is less formal than decisionmaking and usually calls for quicker action Problem solving teams are made up of two or more workersBrainstorming technique used for problem solvingcoming up with as many solutions to a problem as possible in a short period of time with no censoring of ideasPMI listing all the Pluses for a solution in one column all the Minuses in another and the Interesting in a third column It is a tool developed by Edward de Bono as part of his work on lateral and creative thinking strategiesOrganizing creating a unified system Organizing means allocating resources such as funds assigning tasks and establishing procedures for accomplishing the organizational objectivesOrganization structure is a framework that relates all workers tasks and resources to each otherOrganization chart a visual device that shows relationships among people and divides the organizations work it shows who is accountable for the completion of specific work and who reports to whom
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