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ADM Exam ReviewManagers and Managing Management takes place in organizations which are collections of people who work together and coordinate their actions to achieve a wide variety of goals Management is the planning organizing leading and controlling of resources to achieve goals effectively and efficiently 8085 of time spent working with othersManagers must learn how to delegate Delegation of authority and responsibilityWhole is greater than the sum of its partsGoals longterm desired result To be achieved 1015 years from nowObjective steps to reach the goalMission Statement Philosophy What its purpose is What it is there to do It is longterm It can change over the longterm but not every days Way to achieve the mission may change annually but the philosophy never changes Ex Police forceTo Serve and Protectcarried out differently worldwideMission Statement depends onCompetitionMarket demandEconomy interest rates inflationCulture way society thinks morals issues social acceptabilityPoliticalLegal laws rules of conductTechnologyResourcesGoal longtern desired result reasonably attainable but also challengingmotivatingexcitingmeasurable to check progressspecific timeframeObjective shortterm steps to reach longterm goal Eg Goal to lose 100 lbs Objective is to lose 2 lbs a weekSet by people who are responsible of achievingPerformance appraisal systemEfficiency Effectiveness and Performance in an Organization3 WAYS TO MEASURE MANAGERIAL PERFORMANCE BY DRUCKERThe terms and conditions under which human an material resources ECONOMYare acquiredEFFICIENCYThe amount of resources incurred to produce goods and servicesEFFECTIVENESSHow well is the organization is doing in meeting its goals1EFFICIENCY VS EFFECTIVENESSLOW EFFICIENCYManagers choose wrong goals to pursue and make poor use of LOW EFFECTIVENESSresources Crappy product that no one wantsManagers choose the right goals to pursue but does a poor job of LOW EFFICIENCYusing resources to achieve these goals Awesome product that no HIGH EFFECTIVENESSone can affordManager chooses inappropriate goals but makes good use of HIGH EFFICIENCYresources to pursue these goals High quality product that no one LOW EFFECTIVENESSwantsManager chooses the right goals to pursue and makes good use of HIGH EFFICIENCYresources to achieve these goals Awesome product at awesome HIGH EFFECTIVENESSpriceFour Functions of Management The job of management requires helping an organization by allocating the resources of the org effectively and efficiently in order to achieve the goals Now how do managers accomplish this objective They do so by performing four essential functions planning organizing leading and controlling French manager Henri Fayol first outlined these managerial activities4 FUNCTIONS OF MANAGEMENT DEFINED BY FAYOLPLANNINGChoose appropriate goals and best course of actionEstablish task and authority relationships so that people work well ORGANIZINGtogetherMotivate coordinate and energize individuals and groups to work LEADINGtogetherEstablish measuring and monitoring systems to evaluate the CONTROLLINGorganizations workThe first thing a company needs is a vision followed by a mission statement goals objectives and a plan which leads to organization motivation and control There are usually 3 types of managers firstline middle and top First report to middle and middle reports to top The three managers are grouped into departments according to their specific job responsibilitiesA department is a group of people who work together and possess similar skills or use similar resources knowledge or tools to complete their jobThe three managers are found in each of a companys departmentFirst line managers oThey are the base of the managerial hierarchy pyramid oThey are also known as supervisorsoDaily supervision and coordination of nonmanagerial employeesoIn all departments of the organizationsMiddle ManagersoSupervise first line managersoFind the best way to organize human resources and other resourcesoEvaluate whether goals are appropriate Top mangersoResponsible for performance of all the departments and connecting the parts of the organization togetheroUsually title of vice presidentoEstablish goals monitor middle managersoResponsible for success or failure of the organizationsoThey report to the organizations CEOCEOoResponsible for developing good working relationships between top managersoThey set the vision for the organization A ROLE is a set of specific tasks that a person is expected to perform because of the position he or she holds and an organization There are 3 types of managerial roles1ImpersonalDone to coordinate and interact with organizational members and provide direction and supervision for employees and for the whole organization There are 3 types of impersonal roles of a managerFigureheadsymbolLeaderencourage train counsel mentorLiaisonlink and coordinate activity 2Informational Task to obtain and transmit informationThere are 2 informational roles of a mangerMonitoranalyzes information from inside and outside of organization to effectively organize and control peopleDisseminatortransmits information to other members of organization to influence attitude and behavior3
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