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MGM101 DETAILED AND COMPREHENSIVE TEXTBOOK NOTE

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Department
Management
Course
MGM101H5
Professor
Dave Swanston
Semester
Fall

Description
1212013 642 PM CHAPTER 1 What is management What do managers doManagement is the art of getting things done through people Managers are responsible for making decision under conditions of uncertainty about the allocation of scares resources in order to achieve the organizations strategic objectiveWhat are the 4 functions of management 1 Planning and Strategizing a Planning 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 b Strategizing The process of continuously thinking of what strategies an organization should pursue to attain its goals c Strategy action that managers take to attain the goals of an organization 2 Organizing 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 goal3 Controlling The process of monitoring performance against goals intervening when goals are not met and taking corrective action d Incentive A factor monetary or nonmonetary that motivates individuals to pursue a particular course of action 4 Leading and Developing Employees e Leading The process of motivating influencing and directing others in the organization to work productively in pursuit of organization goals f Developing Employees task of hiring training mentoring and rewarding employees in an g Human capital The knowledge skills and capabilities embedded in individuals It can be a source of competitive advantageWhat are the 3 types of managers 1 General Managers responsible for the overall performance of an organization or one of its major selfcontained subunits or divisions h Corporatelevel General managers CEOs lead the entire enterprise formulates strategies and manage shareholders Top level management may include CFO COO and CTO i Businesslevel General managers head of each divisions 2 Functional Managers Responsible for leading a particular function or a subunit within a function 3 Frontline Managers Managers who manage employees who are themselves not managersWhat is it like to become a managerFrom specialist to manager When people are good at their specialist technical tasks they were hired to do they can get promoted to managers but they need to be able to get things done through peopleMastering the Jobworkload is tremendous but the biggest challenge are the people challenges a 2 set of responsibilitieso agenda setting for their teams o network building within organization 1212013 642 PMWhat are managerial rolesSpecific behaviours associated with the task of managementWhat are the 3 managerial roles by Henry Mintzberg 1 Interpersonal Roles interacting w people inside and outside the organization a Figure head role represents the company during events b Leader role give organization sense of direction and purpose by strategizing and motivating others to work toward this goal c Liaison role build network of relationships by connecting w people outside their units or the organization such as suppliers buyers etc 2 Informational Roles collect process and spread info both formal and informal channels a Monitorpart of controlling function scans environment both inside and outside org i Formal channels include organizations own internal acct system ii Informal includes managers own personal network gives qualitative info and gossip b Disseminatorregularly inform staff about companys direction and specific tech issues c Spokesperson communicate valuable info to important constituencies supporterscustomers so that they can help shape the perception of the organization and the way they interact w it 3 Decisional Roles a Entrepreneur innovate b Disturbance handleraddressing unanticipated problems and resolving them quickly and effectively c Resource allocator d Negotiator managers who are good negotiators can lower input costs strike better deal w customers better organize their subordinates etcWhat are some other qualificationsDevils advocatequestioning the logic underlying proposed decisions to expose flawed thinkingMentoring offer important insights and coaches subordinatesWhy are managerial roles evolving new approachesGlobal competitionBusiness scandalsConstant changeBetter educated workersDownsizingrightsizingWhat are competenciesA managers skills values and motivational preferences that allow them to perform their job effectivelyWhat are management competencies3 Managerial skills 1 Conceptual more for general managers ability to see the big picture have sound judgment rational logical thinking 2 Technical more for frontline managers mastery of specific equipment correctly following 1212013 642 PM procedures 3 Human abilities to communicate persuade manage conflict motivate coach negotiate and lead includes self awareness and self managementManagerial Values a Managers dont require strong values just the right ones consistent w the situation theyre in b Ethical values Values that society expects people to follow because they distinguish right from wrong in that society c 3 types of values enacted values that actually guide behaviour espoused what people say is important to them shared values help in common by several people4 Managerial Motivation 1 Desire to competethrive for management jobs 2 Desire to exercise power socialized power orientation accumulating power to achieve social or organizational objectives NOT personalized power orientation for personal gain 3 Desire to be distinctdifferentstand out be a role model 4 Desire to take actiondetermine to succeed drive for resultsWhat is a stakeholderAn individual institution or community that has a stake in the operations of an organization and in how it does businessWho are the stakeholdersInner circle transact w the firm on a regular basis and have an important stake in how it operates a Customersprovide revenues wants reliable products that is worth their money b Employeesprovide labour wants job security and satisfaction c Distributors help sell output want favourable payment terms products that will sell well d Suppliers provide inputs want dependable buyers and high payment e Shareholderslegal owners and provide corporation w risk capital expect management to maximize the return on their investment f Creditors provide capital in form of debt expect to be repaid on time w interestOuter circle do not transact w the firm on a regular basis but still have a stake in how it operates a general public provides national infrastructure seeks improvement of quality of life due to business b governmentprovide rules and regulations that govern business practice and fair competition want businesses to pay taxes c local communitiesprovide local infrastructure want business that are responsible for citizensHow do you evaluate stakeholder claims 1 Identify Stakeholders 2 Identify their interests and concerns 3 Identify claims stakeholders place on the org 4 Weight importance of stakeholders 5 Identify actions to satisfy claims of various stakeholders 6 Take actions starting from most important ones Customers employees and shareholders
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