Business Chapter 6 Study Guide.docx

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Department
Business Administration
Course
BUS 201
Professor
Peter Tingling
Semester
Fall

Description
Management • The process of planning, organizing, leading, and controlling and enterprise’s financial, physical, human, and information resources to achieve the organization’s goals. o Efficiency  The greatest level of output with a given amount of input o Effectiveness  Achieving organizational goals that have been set Planning • Process of determining the firm’s goals and developing a strategy for achieving those goals o 1. Goals are established for the organization o 2. Managers identify whether a gap exists between the desired and actual position o 3. Managers develop plans to achieve the desired objectives o 4. Plans that have been decided upon are implemented o 5. The effectiveness of the plan is assessed A hierarchy of plans • Strategic plans o Decisions about resource allocations, company priorities, and the steps needed to meet strategic goals, and are usually set up by top management • Tactical plans o Shorter-range plans concerned with implementing specific aspects of the company’s strategic plans. Typically involve upper and middle management • Operational plans o Developed by middle and lower-level managers, set short-term targets for daily, weekly, or monthly performance. Organizing • Process of deciding which jobs must be performed, and how these jobs should be coordinated so that the company’s goals are reached. Leading • Managers guide and motivate workers to meet the company’s objectives. Controlling • The process of monitoring a firm’s performance to make sure that it is meeting its goals. Levels of management • Top managers o Managers who guide the fortunes of companies o Set policies, formulate strategies, oversee significant decisions, and represent the company in its dealings with other businesses and government o Responsible to the board of directors and stockholders for the firm’s overall performance and effectiveness o Titles include CEO, CFO, COO • Middle managers o Occupy positions of considerable autonomy and importance o Titles include plant manager, operations manager, and division manager o Responsible for implementing the strategies, policies, and decisions made by top managers. • First-line managers o Titles include supervisor, officer manager, group leader, sales manager, project manager o Spend most time working with employees who report to them o Ensures employees are properly trained and are knowledgeable Areas of management • Human resource managers o Found in most companies; they hire employees, train them, evaluate their performance, decide how they should be compensated, and deal with labour unions. • Operations managers o Responsible for a company’s system for creating goods and services o Includes production control, inventory control, and quality control. • Information managers o Responsible for designing and implementing various systems to gather, process, and disseminate information. • Marketing managers o Development, pricing, promotion, and distribution of products and services • Financial managers o Plan and oversee its financial resources • Other managers o More specialized managers Basic Management Skills • Technical skills o Help people perform specialized tasks o These skills are developed through experience and education o Needed less as management moves up the chain • Human relation skills o Help managers lead, motivate, communicate with, and get along with their subordinates o Important at all levels of management • Conceptual skills o A person’s ability to think in the abstract, to diagnose and analyze various situations, and to see beyond the present situation. o Helps managers recognize new market opportunities and threats. o Needed more as management moves up the chain Time management skills • The productive use that managers make of their time. o Four leadings causes of wasted time:  Paperwork  The telephone  Meetings  Email Decision making skills • Helps managers define problems and select the best course of action o Rational decision-making process  1. Recognizing and defining the decision situation • Sine stimulus indicates that a decision must be made  2. Identifying alternatives • The more important the decision, the more alternatives  3. Evaluating alternatives • All alternatives must be evaluated to increase the success rate  4. Select the best alternative • Consider all factors and the situation. • May choose more than one alternative  5. Implementing the chosen alternative • The chosen alternative is implemented into the organization system.  6. Following up and evaluating the results • Make sure that the alternative has served its original purpose • Behavioural aspects of decision making o Organizational politics  The actions that people take as they try to get what they want  May or may not be beneficial to the organization, but they do influence decision making o Intuition 
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