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Midterm

MGM101 Mid term 1....Summaries of Chapter 1-4....Prof.Swanston

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Department
Management
Course
MGM101H5
Professor
Dave Swanston
Semester
Fall

Description
MGM101 Chapter 1-Management Management: The art of getting things done through people. The Functions of Management: 1. Planning: A formal process whereby managers choose goals, identify actions to attain those goals, allocate responsibility for implementing actions to specific individuals or units, measure the success of actions by comparing actual results against the goals, and revise plans accordingly. 2. Strategizing: The process of thinking through on a continual basis what strategies an organization should pursue to attain its goals. 3. 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 the organization will coordinate their activities to pursue a common goal. 4. Controlling: The process of monitoring performance against goals, intervening when goals are not met, and taking corrective action. Incentive: A factor, monetary or nonmonetary, that motivates individuals to pursue a particular course of action. Leading: The process of motivating, influencing, and directing others in the organization to work productively in pursuit of organization goals. developing employees: The task of hiring, training, mentoring, and rewarding employees in an organization, including other managers human capital: The knowledge, skills, and capabilities embedded in individuals. Types of managers: 1. general managers: Managers responsible for the overall performance of an organization or one of its major self-contained subunits or divisions. 2. functional managers: Managers responsible for leading a particular function or a subunit within a function. 3. frontline managers: Managers who manage employees who are themselves not managers. Managerial roles: Specific behaviours associated with the task of management. 1. Interpersonal roles are roles that involve interacting with other people inside and outside the organization. 2. Informational roles are concerned with collecting, processing, and disseminating information. 3. Decisional roles: The information collected through monitoring is directed toward dis- covering problems or opportunities, weighing options, making decisions, and ensuring that those decisions are put into action Competencies: A manager’s skills, values, and motivational preferences. Manager skills: 1. Conceptual skills: The ability to see the big picture. 2. Technical skills: Skills that include mastery of specific equipment or following technical procedures. 3. Human skills: Skills that managers need, including the abilities to communicate, persuade, manage conflict, motivate, coach, negotiate, and lead. Values: Stable, evaluative beliefs that guide our preferences for outcomes or courses of action in a variety of situations. Enacted values: Values that actually guide behaviour. Espoused values: What people say is important to them. Shared values: Values held in common by several people. Ethical values: Values that society expects people to follow because they distinguish right from wrong in that society. Managerial motivation: 1. Desire to compete for management jobs 2. Desire to exercise power -Personalized power orientation: Seeking power for personal gain. -Socialized power orientation: Accumulating power to achieve social or organizational objectives. 3. Desire to be distinct or different 4. Desire to take action Stakeholder: An individual, institution, or community that has a stake in the operations of an organization and in how it does business. MGM101 Chapter 2- The evolution of Management Job specialization: The process by which a division of labour occurs as different employees specialize in different tasks over time. Scientific management: The systematic study of relationships between people and tasks for the purpose of redesigning the work process to increase efficiency. Administrative management: The study of how to create an organizational structure that leads to high efficiency and effectiveness. Bureaucracy: A formal system of organization and administration designed to ensure efficiency and effectiveness. Authority: The power to hold people accountable for their actions and to make decisions concerning the use of organizational resources. Rules: Formal written instructions that specify actions to be taken under different circumstances to achieve specific goals. standard operating procedures (SOPs): Specific sets of written instructions about how to perform a certain aspect of a task. Norms: Unwritten rules and informal codes of conduct that prescribe how people should act in particular situations. Behavioural management: The study of how managers should behave in order to motivate employees and encourage them to perform at high levels and be committed to achieving organizational goals. Informal organization: The system of behavioural rules and norms that emerge in a group. Organizational behaviour: The study of the factors that have an impact on how individuals and groups respond to and act in organizations. Theory X: Negative assumptions about employees that lead to the conclusion that a manager’s task is to supervise them closely and control their behaviour. Theory Y: Positive assumptions about employees that lead to the conclusion that a manager’s task is to create a work setting that encourages commitment to organizational goals and provides opportunities for imagination, initiative, and self-direction. Management science theory: An approach to management that uses rigorous quantitative techniques to help managers make full use of organizational resources. • Quantitative management uses mathematical techniques—such as linear and nonlinear programming, modelling, simulation, queuing theory, and chaos theory—to help managers decide, for example, how much inventory to hold at different times of the year, where to build a new factory, and how best to invest an organization’s financial capital. • Operations management (or operations research) provides managers with a set of techniques that they can use to analyze any aspect of an organization’s production system to increase efficiency. • Total quality management (TQM) focuses on analyzing an organization’s input, conversion, and output activities to increase product quality.19 • Management information systems (MIS) help managers design information sys- tems that provide information about events occurring inside the organization as well as in its external environment—information that is vital for effective decision making. organizational environment The set of forces and conditions that operate beyond an organization’s boundaries but affect a manager’s ability to acquire and use resources. Open system :A system that takes in resources from its external environment and converts them into goods and services that are then sent back to that environment for purchase by customers. Closed system: A system that is self-contained and thus not affected by changes that occur in its external environment. Entropy: The tendency of a system to dissolve and disintegrate because it loses the ability to control itself. Synergy: Performance gains that result when individuals and departments coordinate their actions. Contingency theory: The idea that managers’ choice of organizational structures and control systems depends on—is contingent on—characteristics of the external environment in which the organization operates. MGM101 Chapter 3- What is business Commercial Endeavours refers to the markets the organization serves, the products and services it offers, and the needs it professes to meet in the marketplace. Employee Interaction refers to the value-creating skills an organization’s employees bring to the marketplace. The success of many businesses lies with the specialized skills that exist within its labour force. Organizational Efficiency and Structure is a reflection of the complexities of the business activities that circulate within an organization. Business refers to the mission- focused activities aimed at iden- tifying the needs of a particular market or markets, and the development of a solution to such needs through the acquisition and transformation of resources into goods and services that can be delivered to the marketplace at a profit. Assets refers to the infrastruc- ture and resource base of the organization. Labour refers to the human resource requirements of the business. Capital refers to the money needed by an organization to support asset-based expendi- tures, meet operating cash requirements, and invest in the development of new products and/or services which the organization desires to introduce into the marketplace. Managerial Acumen refers to the foresight, drive, knowledge, ability, decision-making compe- tency, and ingenuity of the organization’s key individuals—its owners or top-l
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