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Management Exam Notes

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University of Toronto Mississauga
Dave Swanston

Management Exam NotesChapter 1Management Management can be dened as the art of getting things done through people in organizationsManagers give organizations a sense of purpose and direction The Functions of Management Henri Fayol stated that management had ve main functions planning organizing commanding coordinating and controlling 1Planning and StrategizingPlanning is a formal process whereby managers choose goals identify actions to attain those goals allocate responsibility for implementing actions to specic individuals or units measure the success of actions by comparing actual results against the goals and revise plans accordingly Planning is used by senior managers to develop overall strategies for an organization A strategy is an action that managers take to attain the goals of an organization Strategizing is the process of thinking through on a continual basis what strategies an organization should pursue to attain its goalsStrategizing involves being aware of and analyzing what competitors are doing 2OrganizingOrganizing refers to 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 Organizing typically involves dividing the enterprise into subunits based on functional tasks 3ControllingControlling is the process of monitoring performance against goals intervening when goals are not met and taking corrective action Drafting plans is the rst step in controlling an organizationControlling requires managers to compare performance against the plans to monitor how successful and organization is at implementing a strategy 4Leading and Developing EmployeesLeading is the process of motivating inuencing and directing others in the organization to work productively in pursuit of organization goals Human capital is the knowledge skills and capabilities embedded in individuals Leading and developing employees are in many ways the core connection among planning and strategizing organizing controlling and creating new incentivesSkilled leaders Drive strategic thinking 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 Page 1Put the right kind of incentives in place Get the best of out people by persuading them that a task is worthy of their effort Build a highquality team of other managers and employees through which they can work to get things done Types of Managers General managers are responsible for the overall performance of an organization or one of its major selfcontained subunits or divisions Functional managers lead a particular function or a subunit within a functionThey are responsible for a task activity or operation such as accounting marketing sales etc Frontline managers manage employees who are themselves not managersThey are found at the lowest level of management hierarchyCorporateLevel General ManagersThe principal general manager at the corporate level is the chief executive ofcer CEO who leads the entire enterprise The CEO decides how the enterprise should be organized into different divisions and signs off on major strategic initiatives proposed by the heads of the divisionsThe CEO also helps develop the human capital of the enterprise The CEO reports to the board of directors whose primary function is to make sure the strategy of the company is consistent with the best interests of the shareholders the people who own the company The chief nancial ofcer CFO is responsible for the overall nancing of the corporation The chief operating ofcer COO makes sure operations are running efciently with the company The chief technology ofcer CTO is responsible for developing new technologies and products within the corporation BusinessLevel General ManagersBusinesslevel general managers head the different divisions They lead their divisionsmotivating inuencing and directing their subordinatesand are responsible for divisional performance Businesslevel general managers organize operations within their division deciding how best to divide tasks into functions and departments and how to coordinate those subunits so that strategy can be successfully implemented Functional ManagersA functional manager is responsible for specic business functions that constitute a company or one of its divisionsThus a functional managers sphere of responsibility is generally conned to one organizational activity marketing purchasing production whereas general managers oversee the operation of the entire company of a selfcontained division Functional managers motivate inuence and direct others within their areasAlthough they are not responsible for overall performance of the organization functional managers nevertheless have a major strategic role to develop functional strategies and draft plans in their area that help fulll the strategic objectives set by business and corporatelevel managers Page 2Frontline ManagersFrontline managers are critical to maintaining the performance of an organizationThey lead their teams and unitsThey strategize about the best way to do things in their units and about the best strategies for their functions and the companyThey plan how to best perform the tasks of their units Managerial Roles Managerial roles are specic behaviours associated with the task of managementManagers adopt these roles to accomplish the basic functions of managementplanning and strategizing organizing controlling and leading and developing employees Interpersonal RolesInterpersonal roles are roles that involve interacting with other people inside and outside of the organization Managers at all levels are gureheadsThey greet visitors represent the company at community events serve as spokespeople and function as emissaries for the organization Managers behave as leaders to inuence motivate and direct others within organizations and to strategize plan organize control and develop In their liaison role managers connect with people outside their immediate unitsThese may be the managers of other units within the organization of people outside the organization such as suppliers buyers and strategic partners An important purpose of such liaisons is to build a network of relationships Informational RolesInformational roles are concerned with collecting processing and disseminating information Managers rely on both formal and inform channels to collect the information required for effective monitoring Formal channels include the organizations own internal accounting systems and data provided by important external agencies Informal channels include the managers own personal network which can be a great source of qualitative information and useful gossipIn their dissemination role managers regularly inform staff about the companys direction and sometimes about specic technical issues In their spokesperson role managers deliver specic information to individuals and groups located outside their department or organizations Page 3
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