MGMT 301 Midterm: MGMT 301 Exam 1 Review

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Pennsylvania State University
MGMT 301
Ronald Johnson

MGMT 301 Exam 1 Review Course Intro: • Football exercise  the process of management in order to get the footballs from one side of the room to the other, having every student touch the ball at least once, as fast as possible • The Four Elements of Management • Managerial work is often intense and demanding • Managers plan, organize, lead, and control o GOAL: Planning- the process of setting performance objectives and determining what actions should be taken to accomplish them ➢ When managers plan, they set goals and objectives and select ways to achieve them o STRUCTURE: Organizing- the process of assigning tasks, allocating resources, and coordinating work activities ➢ When managers organize, they bring people and resources together to put plans into action o ENGAGEMENT: Leading- the process of arousing enthusiasm and inspiring efforts to achieve goals ➢ When managers lead, they build commitments to plans and influence others to do their best work in implementing them ➢ One of the most talked about managerial responsibilities o METRICS: Controlling- the process of measuring performance and taking action to ensure desired results ➢ When managers control, they stay in contact with people as they work, gather and interpret information on performance results, and use this information to make adjustments • SMEAL Honor Code  The 3 major components o 1. We aspire to high ethical standards o 2. We will hold each other accountable o 3. We will not engage in any improper academic or professional actions today & tomorrow • EAP o Excellent Performance o Academic Integrity o Professional Behavior • The language of business and why we take management o Languages ➢ Accounting: Technical ➢ A Business Major: Functional ➢ Management: People and Organizations ➢ Business Information/Literacy: Conversational • Fortune 500/Global 500 o Fortune 500: the largest company by total revenue and sales ➢ Ex: Walmart vs. Exon Mobil o Global 500: the largest company across the entire globe with total revenue o The difference between revenue/total sales and net proft • So you think you can dance & manage? o Skills: Technical, Leadership, Business ➢ Technical: proficient ➢ Leadership: people skills ➢ Business: on the market • Business Models o Create, deliver, and capture value o Business to Business (B2B) – GM o Business to Consumer (B2C) – Amazon o Hybrid B2B/B2C - Apple Chapter 1 Managers and Management Process: • Leadership/Management o Manager: administers, systems/structures, maintains, relies on control, short-range view, ask how/when, maintains status quo, does things rights, execution ➢ A person who supports and is responsible for the work of others; directly supervises, supports, and helps activate work efforts to achieve the performance goals of individuals, teams, or even an organization as a whole o Leader: innovates, focus on people, develops, inspires trust, long- range view, asks what/why, challenges status quo, does the right thing, strategies/visions o Best to be both • Followership o Shirtless dancer video clip  leadership is over-glorified, the first follower is a leader when they courageously act o Leader: a person that is easy to follow o Follower: about them, first follower transforms person into a leader o 2 ndFollower: movement begins, followers follow ➢ Followers=not leaders • Levels of Management (Traditional Pyramid) [Triangle from top to bottom: CEO/Top Managers, Senior Managers, Middle Managers, Line Managers, Non-managerial Managers] • Board of directors- members are elected by stockholders to represent their ownership interests ➢ Top managers report to Board of Directors ➢ In nonprofit organization (hospital or university), top managers report to Board of Trustees-may be elected by local citizens, appointed by government bodies, or invited to serve by existing members ➢ Must make sure that the organization is always being run right (governance) ➢ For profit=Board of directors • Top managers/CEO- guide the performance of the organization as a whole or of one of its major parts (reports to Board of directors) ➢ Must be alert to trends and developments in the external environment, recognize potential problems and opportunities, set strategy, craft the internal culture, build a talent pool, and overall lead the organization to success ➢ Ex: CEO, COO, CFO, CIO, president, vice president • Middle managers- people in charge of relatively large departments or divisions consisting of several smaller work units or teams ➢ Usually supervise several fline managers ➢ Ex: clinic directors in hospitals, deans in universities, division managers, regional sales managers ➢ Must be able to work well with people from all parts of the organization-higher, lower, and side-to-side • First-line managers- team leaders and supervisors in charge of people who perform non-managerial duties ➢ First job in mgmt. typically involves serving as a team leader or supervisor ➢ Job titles include department head, team leader, and unit manager • Upside Down Triangle [Upside down triangle from top to bottom: customers, operating workers, team leaders/middle managers, senior managers, CEO] • Upside-down pyramid- a view of organizations that puts customers at the top and being served by non-managerial workers, who are supported by team leaders and higher-level managers ➢ Concept fits well with Cindy Zollinger’s description of her job as a manager ➢ In the upside-down pyramid view, the organization exists to serve its customers; managers are there to help and support the people whose work makes that possible ➢ Sitting at top of pyramid are non-managerial workers-people who interact directly with customers and clients to produce products and services for them ➢ Managers are shown a level below- their attention is concentrated on supporting these workers so they can best serve the organization’s customers • Board of Directors (Profit) vs. Board of Trustees (Non-Profit) • Example company: W.L. Gore CEO Terri Kelly ▪ Testing fabric, you decide where to contribute/lead, networking, follower • Mintzberg’s Roles  interpersonal, informational, decisional • “The nature of managerial work” • Interpersonal– interacting with others ▪ 1. Figurehead: person to represent company in any formal way ▪ 2. Leader: task others and make sure you’re accountable ▪ 3. Liaison: person called on to connect externally • Ex: CEO of McDonald’s Don Thompson is a good leader (tasked people) and had good interpersonal skills; example of figurehead/liaison • Informational– exchanging and processing information ▪ 4. Monitor: externally/internally, broaden economics, worldwide, looks at what others are doing ▪ 5. Disseminate: gather information, then spread it ▪ 6. Spokesperson: managers that directly relay information • Ex: CEO Steve JobsTim Cook of Apple was a good spokesperson the way he introduced his products; example of spokesperson • Decisional– application of information in decision-making ▪ 7. Negotiation: negotiate for company ▪ 8. Disturbance Handler: fix problems/issues ▪ 9. Resource Allocator: decide where to spend the money ▪ 10. Entrepreneur: how to make the company better • Ex: CEO Elon Musk of Tesla Motors and Space X and his creation of the 20-minute hyper loop from Philly to Pit.; example of entrepreneur • The Management Process  consists of 4 functions: planning, organizing, leading, and controlling resources to reach goals • Planning: setting performance objectives and deciding how to achieve them • Controlling: measuring performance and taking action to ensure desired results • Organizing: arranging tasks, people, and other resources to accomplish the work • Leading: inspiring people to work hard to achieve high performance ▪ Ex: creation of the iPad • Skills of Managers  according to Robert Katz (Harvard) • Technical skill: ability to use expertise to perform tasks proficiently • Human skill: ability to work well with other people (dead equal in diagram) • Conceptual skill: ability to think analytically to solve complex problems ▪ Ex: Pepsi-co question • Big 6 Issues • 1. Globalization: worldwide interdependence of resources; involves markets and business competition; the work world is being changed by recession, job migration, and globalization • 2. Corporate Governance: board of directors oversees company’s management • 3. Knowledge workers: workers who use their minds/intellects as assets for their employer • 4. Self management: understanding oneself; taking initiative; accepting responsibility; learning from experiences • 5. Ethics: standards for “good” and “right” behavior at work and in life • 6. Workforce diversity: differences among workers (race, gender, religion, ethnicity, sexual orientation, able-bodiedness) Chapter 2 Management Theory and Practice (BIGGEST): • Historical Management o Different structures • Three Approaches  classical, behavioral, & modern • Classical  Taylor, Weber, Fayol (assume people are rational) o Frederick Taylor (US): scientific management “father”, science based ▪ Scientific principles: develop a science for every job, hire workers with the right abilities, trade and motivate workers, support workers based on science ▪ Goal: secure maximum prosperity for employer and employee ▪ Ex: Ford model T mass production science management, BMW robotics video shown in class; productivity/shovel o Max Weber (Germany): bureaucratic organizations, traditional pyramids ▪ Bureaucratic organizations: clear division of labor, hierarchy of authority, formal rules and procedures, impersonal, careers based on merit, “father” of bureaucracy nepotism ▪ Goal: power= ability to coerce actions; authority= actions taken voluntarily ▪ Ex: NASA Space Shuttle giant bureaucracy, breakout with competitions, Lunar X Google prize “anti-bureaucracy” o Henri Fayol (France): administrative principles, books on management skills ▪ Administrative principles: foresight/forecasting/planning, organization, command, coordination, control=measurement ▪ Goal:
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