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MGT 3200 Test 1 Notes (highest grade in class)

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Department
Management
Course
MGT 3200
Professor
All Professors
Semester
Spring

Description
Management 3200Test 1 NotesExtra Credit for Test 1 Legacy Costshealthcare and pension costs that you have to pay for retirees3 ways to provide superior customer serviceoMake it easy to complainoMake a timely personal response to the complaintby sundown ruleoMake sure your response to the complaint is effectiveInvitation to ManagementIWhat is ManagementaDefinition process of achieving desired results though the efficient utilization of human and material resourcesiAn ongoing process most productivity for the fewest dollarsbTwo Key Concerns of ManagementiEffectivenessachieving desired results refers to doing the right things at the right timeThis means giving the customer what they want when they want itiiEfficiencyrefers to minimizing waste or reducing resource costsAs competition increases efficiency becomes more importantEfficiency is the mean to the endsaIf you increase productivity and maintain your costs then you are being efficientbIf you increase productivity and lower costs then you are being really efficientiiiHow are these two things relatedaIs effectiveness easier or more difficult to achieve when you become more concerned with efficiency costsIt becomes more difficult to be effective when you want to use the least costs possiblebExample you want to throw a huge fun Sugarbowl party but you only have 5cIf you are efficient does that automatically make you effectiveNOEfficient organizations according to research tend to be effective onesThey TEND to be this is not automaticdThe best management is being effective and efficient at the same timeivIs it better to be ineffective but efficient or effective but inefficientBeing effective but inefficient is better than the first scenario but neither situation is optimalvInjellitance incompetencejealousyviGood managers need to leave their egos at the door and hire decent employeesWhen they do good give back and promote them give raises etc so they will stayYou scratch their back theyll scratch yours viiThe best players are not always the best coachesDo not let yourself get in your own wayviiiIs management art or scienceBOTHaAs a sciencerefine and reformulate based on data collected and theories being tested with the scientific methodIf management was a science a formula could be given to follow and you would always be successfulYou cannot use this alone because there is not just one type of management that is considered the bestbAs an artthrough practice people do things in their own way based on their personalitiesManagement that is practiced has the characteristic of equifinalitythere are many roads to success there is no set formula for success in management not just a sciencecAutocraticdDemocraticeLaissezfaire hands off the manager trusts themfGolden Ruletreat others how you want to be treatedgPlatinum Rulerefers to managementTreat other people how THEY want to be treated IIHow did management become important and why is it still importantaThe industrial revolution forever changes how work is performedMachinery is being added to the production process which means that the skills of the craftsmen are dedicated to the machinesFactories begin to popup causing the craftsmen job is being divided up the skill level of the worker went way downbThe economic effects of the industrial revolution leading to the need for professional managementWorkers needed a manager to coordinate the tasks that were broken down because skill level went downcProductivity goes way up along with consumption demand and prices go way downCapitalismdThis increase in productivity and demand and decrease in prices leads to a switch from owner management to professional managementBack then owners managed the whole company but as factories increased in size they couldnt do it themselves so the position of professional manager came into playpivotal event in business IIIThe Management PyramidaFirstline Managersforeman supervisoriFunction they are the only managers that do not manage other managersThey manage the workers and tasksThey typically come from laboroperative employeesThey enter from the bottomlabor pooliiConcern their concern is efficiencyThey cannot determine what the business will do and when they are just responsible for the transformation processproductionThis is done through laboroperative employees THEY MAXIMIZE EFFICIENCYbMiddle Managersdepartment head plant manager deaniFunction there are two is of middle management these are integrate and interpretThey take top management terms and communicate them in ways that firstline managers can understandinterpretThey also bring together the firstline managers and make sure that they work togetherintegrate iiFour things that happen in corporate downsizing apple cored many middle managers have been eliminated through delayering flattening right sizingCosts are trying to be cut so corporate downsizings concern is efficiencyaManagement levels are eliminated typically at middle managementbThe managers who remain are asked to do more workBurnout occurs because some people are doing up to four jobsThis is not longterm efficiencyPeople who remain go through the survivors syndromefeeling guilty because their friends have been eliminated but they still remainThey also know that it happened once so it can happen again next time it could happen to themThey are depressed and anxiousfearful at the same timeWhen this happens productivity dropsAccidents occur more frequently because workers are not paying attention to what they are doingall caused by depression and anxietycThe company implements new computerinformation technologyThis makes it easier for top managers to talk to firstline managersThere is no middleman needed anymore eliminates interpretationdStaff management jobs are farmed out consulting firmsoutsourcing cTop ManagersCEO Chief Executive Officer CFO Chief Financial Officer CIO Chief Information Officer CSO chief security officeriFunction they develop the strategy or grand plan for the organizationThere is not just one strategy for success equifinalityThey legitimize the organization for society they show society how this organization is a good corporate citizenThey are making contributions to societyiiTop managers are most concerned with effectiveness while firstline and middle managers are more efficiency orientedYou must have both at the same time to survive as a companyiiiTop managers focus on the long range of the businessIVOther Types of ManagersaLine vs Staff managersiLine managers are responsible for activities that directly affect the transformation processThey are over laborers who are making the productIf you make a decision that makes an impact on how when what product is produced then you are a line managerLine managers are located on all levels of managementtop middle etcThe line managers have all the power compared to the staff managersiiStaff managers support the line managers efforts through their special expertiseThey support and guide the line managersThey are typically experts in one areaThey present their ideas but it is up to the line managers to execute those plans only if they choose to do soStaff managers are usually cut during downsizingThey are outside the chain of commandbFunctional vs General managers
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