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Midterm Review.docx

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Dave Swanston

Midterm ReviewManagementFocus on 1 Chapter 1 Introduction to Management 2 Chapter 2 The Evolution of Management Theory 3 Chapter 3 What is Business 4 Chapter 4 Forms of Business OwnershipChapter 1 Introduction to Management Objectives1 Describe the basic functions of Management 2 Identify where in an organization managers are located 3 Discuss the challenges people encounter as they become firstline managers 4 Describe the roles managers adopt to perform the basic functions of management 5 Outline the competencies managers must have to be effective 6 Explain why paying attention to all stakeholder groups is so important for managerial success Management The art of getting things done through organizational resources These organizational resources include HNF 1 Human resources ie employees2 Natural resources ie raw materials 3 Financial resources ie moneyManagers 1 Give organizations a sense of purpose and direction 2 Create new ways of producing and distributing goods and services3 Change how the world works through their actions Henri Fayol had stated there are 4 functions of Management PsOCLd 1 Planning and Strategizing2 Organizing3 Controlling 4 Leading and Developing 1 Planning A formal process whereby managers choose goals identify actions allocate responsibility for implementing action measuring the success of actions and revising planso Planning is used to develop overall strategieso Strategy An action that managers take to attain the goals of an organizationo Strategizing The process of thinking through a continual basis what strategies the organization should pursue to attain its goals2 Organizing The process of deciding who within an organization will perform what tasks where decisions will be made who reports to whom and how different parts of an organization will coordinate their activities to pursue a common goal 3 Controlling The process of monitoring performance against goals intervening when goals arent met and taking corrective action4 Leading and Developing o Leading The process of motivating influencing and directing others in the organization to work productively in pursuit of organizational goalso Developing Employees The process of hiring training mentoring and rewarding employees in an organization including other managers1o Human Capital The knowledge skills and capabilities embedded in individuals Skilled leaders 1 Drive strategic thinking 2 Have a plan for the organization 3 Proactively structure the organization 4 Exercise control with a deft hand 5 Use the right kind of incentives 6 Get the best out of people 7 Build a highquality team 3 Types of Main Managers 1 General Managers 2 Functional Managers 3 Frontline Managers 1 General Managers Managers responsible for the overall performance of an organization or one of its major selfcontained subunits or division2 Functional Managers Managers responsible for leading a particular function or a subunit within a function3 Frontline Manager Managers who manage employees who are themselves not managers Multidivisional Enterprises have 4 levels of Management o Corporate levelo Business level o Functional Managerso Frontline Managers1 Corporate level Managers o Usually the CEO who leads the entire enterprise o Formulates strategies that span businesses decide whether to enter new business or exit a certain area o Decides how enterprises should be organized into different divisions o Controls decisions monitor performances and decides on the incentives 2 Business level Managerso Businesslevels lead their divisions motivate influence direct their subordinates o Responsible for divisional performance o Organize operations within their divisions decide how to divide tasks into functions oro departments o How to coordinate those subunits so the strategy can be successfully implemented 2
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