Management Notes(1).docx

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Department
Management
Course
MGM101H5
Professor
Dave Swanston
Semester
Fall

Description
Key Definitions: 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. Strategy: An action that managers take to attain the goals of an organization. Strategizing: The process of thinking through on a continual basis what strategies an organization should pursue to attain its goals. 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. 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. Leading and Developing Employees: Leading and developing employees are in many ways the core connection among planning and strategizing, organizing, controlling, and creating incentives. Skilled leaders • Drive strategic thinking (strategizing) deep within the organization while articulating their own vision for the organization. • Have a plan for their organization and push others to develop plans. • Structure the organization proactively to implement their chosen strategy. • Exercise control with a deft hand, never seeming too overbearing or demanding, while at the same time never taking their eyes off the ball. • Put the right kinds of incentives in place. • Get the best out of people by persuading them that a task is worthy of their effort. • Build a high-quality team of other managers and employees through which they can work to get things done. Without skilled leaders strategy may fail. The organization may become bureaucratic; control may be lost; employees will lack incentives and motivation; and the organization may suffer insufficient human capital. Types of Managers: General Managers: Managers responsible for the overall performance of an organization or one of its major self-contained subunits or divisions. Functional Managers: Managers responsible for leading a particular function or a subunit within a function. Frontline Managers: Managers who manage employees who are themselves not managers. Managerial Roles Specific behaviours associated with the task of management. Interpersonal Roles: Roles that involve interacting with other people inside and outside the organization. Managers get things done through their network of interpersonal relationships. The Three Types of Interpersonal Roles: Figurehead role: Managers at all levels are figureheads. They greet visitors, represent the company at community events, serve as spokespeople, and function as emissaries of the organization Leader Role: Managers behave as leaders to influence, motivate, and direct others within organizations and to strategize, plan, organize, control, and develop. A central task of leaders is to give their organizations a sense of direction and purpose. They do this by identifying and articulating strategic visions for the organizations (by strategizing) and then by motivating others to work toward this vision. Liaison Role: managers connect with people outside their immediate units. These may be the managers of other units within the organization or people outside the organization, such as suppliers, buyers, and strategic partners. An important purpose of such liaisons is to build a network of relationships. Managers can use their networks to help coordinate the work of their units with others, to gain access to valuable information, and more generally to get things done and further their own agendas within the organization. Informational Roles: Informational Roles are concerned with collecting, processing, and disseminating information. Managers collect information from various sources both inside and outside the organization, process that information, and distribute it to others who need it. Mintzberg found that managers spend 40 percent of their time in these tasks. Mintzberg divided the information roles of management into three types: monitor, disseminator, and spokesperson. The Three Types of Informational Roles: Monitors: Scan the environment both inside and outside the organization. At Microsoft, for example, CEO Steve Ballmer is constantly reviewing competitive, technological, and regulatory trends in the markets in which Microsoft competes. He also monitors the performance of the different units within Microsoft, assessing, for example, how well the Windows, Office, and Xbox businesses are performing against targets. The monitoring role of management is part of the controlling function. Disseminator: Managers regularly inform staff about the company’s direction and sometimes about specific technical issues. At the supervisory level, the disseminator role often takes the form of one-to-one informal conversations with specific employees about particular matters. Spokesperson: managers deliver specific information to individuals and groups located outside their department or organization. Sales managers communicate with business partners regarding new sales strategies. Division heads give presentations to their colleagues in other divisions about strategies and resource requirements. CEOs meet with investors, government officials, community leaders, and others to convey information about company developments of interest to those stakeholders. These are more than figurehead activities: They communicate valuable information to important constituencies and in doing so they can help to shape their perception of the organization and the way they interact with it. For example, if by sharing information the CEO of a company can successfully persuade investment analysts that his company is pursuing a good strategy, they may write a favourable investment report. In turn, this might lead to an increase in the company’s stock price, making it easier for the company to raise additional capital from investors in the future by issuing new stock. Decisional Roles: Whereas interpersonal roles deal with people and informational roles deal with knowledge, decisional roles deal with action. They translate the people and information into processes with the purpose of moving the organization toward its strategic goals. Mintzberg identified four decision roles: entrepreneur, disturbance handler, resource allocator, and negotiator. The Four Types of Decisional Roles: Entrepreneur Role: managers must make sure that their organizations innovate and change when necessary, developing or adopting new ideas and technologies and improving their own products and processes. They must make decisions that are consistent with such entrepreneurial behaviour. If they do not, their organizations will be quickly outflanked by more nimble competitors. Disturbance Handler: includes addressing unanticipated problems as they arise and resolving them expeditiously. In managerial work unanticipated problems arise often. Sales may grow more slowly than anticipated; excess inventory may accumulate; production processes may break down; valuable employees might leave for jobs elsewhere; and so on. Managers must decide what to do about these unanticipated problems—often quickly. Resource Allocator: decide how best to allocate the scarce resources under their control between competing claims in order to meet the organization’s goals. As a resource allocator, a manager in charge of product development, for example, may have to assign people, money, and equipment to three different product development teams. A marketing manager may apportion money between media advertising and point-of-sale promotions. A production manager may have limited funds for new equipment. In general, resource allocation decisions should be guided by the strategy of the organization. Negotiation Role: They negotiate with suppliers for better delivery, lower prices, and higher-quality inputs. They negotiate with customers over the pricing, delivery, and design of products and services. They negotiate with peers in their own organization over shared resources and cooperative efforts. They negotiate with their superiors for access to scarce resources, including capital, personnel, and facilities. They even negotiate with subordinates in their own work unit, trying to allocate employees between tasks to meet the goals of both the organization and individual employees. Managers who are successful when making negotiation decisions can lower input costs, strike better deals with customers, gain access to more high-quality resources within the organization, and better organize their own subordinates. Skilled negotiators are more likely to successfully implement strategy and raise the performance of their organizations. Competencies: A manager’s skills, values, and motivational preferences The Three Managerial Skills: Conceptual skills: The ability to see the big picture. Technical skills: Skills that include mastery of specific equipment or following technical procedures. Human skills: Skills that managers need, including the abilities to communicate, persuade, manage conflict, motivate, coach, negotiate, and lead. The Three Managerial Values: 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. Key Definitions: Ethical values: Values that society expects people to follow because they distinguish right from wrong in that society. Personalized power orientation: Seeking power for personal gain. Socialized power orientation: Accumulating power to achieve social or organizational objectives. Key Factors of Managerial Motivation: - Desire to Compete for Management Jobs: Managers are more successful when they are motivated to compete for their jobs. - Desire to Exercise Power: Successful managers are motivated to seek power. However, they don’t want this power for personal gain or for the thrill they might experience from wielding power over others (called personalized power orientation). Instead good managers have a socialized power orientation. They do not seek power for its own sake; rather, they accumulate power to accomplish organizational objectives. - Desire to Be Distinct or Different: Successful managers need to be—or at least feel comfortable being—different from the people they lead. Why? One reason is that managers need to broker the interests of many stakeholders, so the need to be distinct or different from others allows them to act neutrally. - Desire to Take Action: One of the most important challenges for managers is to create momentum—motivating employees (as well as suppliers and other stakeholders) to achieve the organization’s ambitions for the future. Scientific Management Theory (Frederick W. Taylor) - The systematic study of relationships between people and tasks for the purpose of redesigning the work process to increase efficiency • Principle 1. Study the way workers perform their tasks, gather all the informal job knowledge that workers possess, and experiment with ways of improving the way tasks are performed. • Principle 2. Codify the new methods of performing tasks into written rules and standard operating procedures. • Principle 3. Carefully select workers so that they possess skills and abilities that match the needs of the task, and train them to perform the task according to the established rules and procedures. • Principle 4. Establish a fair or acceptable level of performance for a task, and then develop a pay system that provides a reward for performance above the acceptable level Cons of this theory: Repetitive tasks, Unbalanced distribution of income, increased performance created lay offs Job Specialization - The process by which a division of labour occurs as different employees specialize in different tasks over time. The Gilbreths – Motion Study (1) Break up a particular task into individual actions, and analyze each step needed to perform the task (2) Find better ways to perform each step (3) Reorganize each of the st
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