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Chapter 12

Commerce 1E03 Chapter 12 .docx

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Department
Commerce
Course
COMMERCE 1E03
Professor
Rita Cossa
Semester
Winter

Description
Class Notes Management: the process used to accomplish organizational goals through planning, organizing, leading and controlling people and other organizational resources Background: Evolving Manager’s Roles and New Approaches  Global competition  Business scandals  Constant Change  Better Educated Workers  Downsizing/Rightsizing  Managers must practice the art of getting things done through organizational resources  Resources is a general term that incorporates  Human resources (e.g. employees)  Natural resources (e.g. raw materials)  Financial resources (e.g. money)  Managers are educated to guide, train, support, motivate and coach employees rather than tell them what to do Step 1: Planning: Creating a Vision  Vision – sense of why firm exists, where it’s heading  Mission Statement: outline of firm’s purposes  Goals: broad, long-term accomplishments that a firm wishes to achieve o Consistent with vision and mission statement o Usually expressed in terms of measurable objectives  Objectives – specific, short-term statements detailing how to achieve the organization’s goals  Plans – the ordered sequences of strategies a firm uses to achieve each objective o Plans always have a time element  A large part of creating measurable objective is to understand what you are good at and what you are not good at SWOT Analysis An analysis of the organizations Strengths, Weaknesses, Opportunities and Threats  How can strengths be used and capitalized on  How can weaknesses be improved  How can opportunities be exploited  How can threats be mitigated  Strengths and Weaknesses are things that can be controlled in the organization (internal) while Opportunities and Threats are things that cannot be controlled (external)  Planning is a continuous process  Strategic planning outlines how the company will meet its objectives and goals and it provides the foundation for the policies, procedures and strategies for obtaining and using resources to achieve those goals 1. What is the situation now? 2. Where do we want to go? 3. How do we get there? Forms of planning include a. Strategic (long term) planning – focus on firm’s goals b. Tactical (short term) planning – lower levels of firms c. Operational planning – set work standards & schedules d. Contingency Planning – alternative courses (crisis planning) The Seven D’s of Decision Making Decision: Choosing among two or more alternatives  Problem- solving is less formal than decision making process and calls for quicker action 1. Define the situation 2. Describe and collect needed information 3. Develop alternatives 4. Decide which alternative is best 5. Do what is indicated (begin implementation) 6. Determine whether the decision was a good one or a bad one Step 2: Organizing  Allocate resources, assign task, and establish procedures  Prepare an organization structure o Organization chart: a visual device indicated accountability and reporting relationships o Management Levels: Top, Middle, Supervisory (first-line) Step 3: Leading  In business literature there is a trend toward separating the notion of management from that of leadership  One person may be a good manager but not a good leader or vice versa  Good leaders motivate workers and create the environment for workers to motivate themselves  Management is the carrying out of the leadership’s vision Required Management Skills  Leadership skills vary with the level of with the level o management  The further up the managerial ladder a person moves, the less important his/her original job skills become o A. technical skills – ability to perform specific tasks o B. human relation skills – ability to relate to people o C. conceptual skills – ability to see the ‘big picture’ (not too important for employees, but more for managers)  Leading (creating a vision for others to follow)  Top – concerned with firm’s overview  Middle – meet firm objectives  Supervisory – specific, detailed instructions Why Empower Non-Supervisory Employees?  Leads to better decisions made by those closest to customer  There are fewer but busier managers  Predominance of knowledge workers  It leads to better decisions and more valuable employees Management Information Sources Outside Sources Inside Sources Customers and Suppliers Subordinates and Teams Financial Institutions
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