MGMT1001 Chapter Notes - Chapter 1: Knowledge Management, Social Entrepreneurship, Firstline
Chapter 1 Textbook Notes MGMT1001
Kinicki, et al. 2017, Management, A Practical Introduction, 2nd edn, McGraw-Hill Australia,
Sydney.
The Exceptional Manager
1.1 Management: what it is, what its benefits are
• Defined as pursuit of organisational goals efficiently and effectively
• Must have ability to take risks and embrace change despite fears and internal criticism - key to
manager's survival regardless of gender
• Strong management skills derives from studies of what has been learnt, but to also adapt of
past experiences from yourself and others
• Good managers are concerned with trying to achieve both efficiency and effectiveness,
however, organisations will erroneously strive for efficiency without being effective
• Good managers create value - must have a multiplier effect - your influence is multiplied far
beyond the results that can be achieved by just one person acting alone
• Fringe benefits and status rewards for being a manager - health insurance, larger officers,
personal parking space, etc.
• By studying management you understand how to deal with organisations from the outside,
relating to supervisors, interacting with co-workers and managing yourself in the workplace
• Rewards of practising management is that you and your employees can experience a sense of
accomplishment, stretching your abilities and magnify your range, and building a catalogue of
successful products or services
1.2 Seven challenges to being an exceptional manager
• Ideal state of a manager is seeking the balanced emotional zone between boredom and
anxiety
• Challenge 1: Managing for competitive advantage and staying ahead of rivals
o Organisations have to stay ahead in the four areas of (1) being responsive to customers,
(2) innovation, (3) quality) and (4) efficiency
• Challenge 2: managing for diversity - the future won't resemble the past
o Incorporating women, immigrants and older people in the general population into the
workforce as an act of fair workplaces
o Millennials have created a new environment in which their generation being born during
the 90s has seen new ways of thought and action
• Challenge 3: managing for globalisation - expanding management universe
o It is giving foreign-owned companies more freedom to determine whether they
manufacture in Australia or New Zealand etc. putting pressure on local companies to
expand overseas
• Challenge 4: Managing for information technology
o E-business includes the far-ranging e-management and e-communication, changes in
organisational structure, jobs, goal setting and knowledge management, accelerated
decision making, conflict and stress
• Challenge 5: Managing for ethical standards
o Made clear in the global financial market crisis of 2008-1 and in the Great Depression
(1930s)
o It is important to: (1) treat employees well, (2) provide high quality goods and services,
(3) listen to customers, (4) pay their fair share of taxes, (5) adopt ethical business
practices
• Challenge 6: Managing for sustainability - the business of green
• Challenge 7: managing for your own happiness and life goals
o People complain management positions are not fulfilling, yet they are not finding the
work life balance that is key to success within yourself and also in your workplace
1.3 What managers do: the four principal functions
find more resources at oneclass.com
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Document Summary
2017, management, a practical introduction, 2nd edn, mcgraw-hill australia, Steps of critical thinking: get an understanding of the problem, gather information and interpret it, develop a solution plan and carry it out, evaluate the plan"s effectiveness. 1. 2 seven challenges to being an exceptional manager. 1. 3 what managers do: the four principal functions: planning: you set goals and decide how to achieve them, organising: you arrange tasks, people and other resources to accomplish the work. Leading: you motivate, direct and otherwise influence people to work hard to achieve the organisation"s goals: controlling: you monitor performance, compare it with goals, and take corrective action as needed. Functional managers are responsible for the one activity benefit organisations. 1. 7 the skills exceptional managers need: technical skills and the ability to perform a specific jon, conceptual skills to think analytically, human skills to interact well with people.
