Lecture Management (2nd edition) – Chapter 1: Management in the 21st Century

This chapter’s objectives are to: Define management; describe a manager’s four major tasks; describe sustaining as a balanced approach to management; compare and contrast different types of organizations, managers, and the decisions they make.

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Learning Objectives

Define management

" Describe a manager’s four major tasks

' Describe sustaining as a balanced approach to

management

Compare and contrast different types of

organizations, managers, and the decisions they make

Explain the purpose of organizational values,

mission, and vision

‘ Demonstrate how focusing on skills and strengths leads to success as a manager

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Introduction

Critical thinking (p 4)

the ability to diagnose situations and predict patterns, which result in better decision

making

' mitigates biases

' enlarges perspectives on a situation

* Seven steps involved in critical thinking

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Seven Steps to Changing Behavior

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What Is Management?

Management (p 6)

* Process of working with people and distributing an organization’s resources to achieve goals

efficiently and effectively Y = M an ay Crs mu St Access to Resources Chsure that the Effective ai dership tie + organization meets ae

Interested ae umers and ữ Ỷ

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What Do Managers Do? (p 7)

Every company needs managers

° Managers are always busy

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How Is Management Both Art and Science? (p 8) ¥

People-_ f Art Ì / Science ˆ_ Technically-

focused *£@llaboratlna - Qbservina focused

activities * Communicating * Gathering data activities

- Presenting - Analyzing data Leading meetings * Tracking goals Building relationships * Modeling budgets Celebrating - Refining processes

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How Do Managers Make a Difference?

(p 8)

Managers’ bottom line defined by the “3 P’s”

* People — invest in the well-being of employees and provide interesting and rewarding jobs that offer the opportunity to be productive

* Profit — ensure that the company is financially healthy

* Planet — protect and support the environment,

causes, and communities

‘ Corporate social responsibility (p 9)

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The Four Management Functions

(p 10)

Planning - setting goals for the future, designing

appropriate strategies, and deciding the actions and resources needed to achieve success

Organizing - orchestrating people, actions, resources, and decisions to achieve goals

Leading - motivating and communicating with people to achieve goals

Controlling - monitoring activities, measuring results

and comparing them with goals, and correcting performance when necessary

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Sustaining: A Balanced Approach to Management Sustaining (p 13)

Balanced approach that involves seeing, analyzing,

and designing systems to achieve long-term

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Management Roles (p 14)

Interpersonal roles — building relationships with

coworkers and acting as a public symbol for the people they represent

Informational roles — require managers to gather, assess, and communicate information in support of

the organization’s values, mission, vision, and goals

‘ Decisional roles — making judgments and decisions

based on available information and analysis of the

situation

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Managers at Work

‘ Organization (p 15)

* An entity formed and structured to achieve goals

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Manasers at Work (cont.)

Start- up company — newly formed organization, with limited or no operational history (p 15)

Multinational corporation —operations in multiple countries that design, develop, and sell products and services all over the

world (p 16)

Growth company — increases its annual revenue faster than its

competitors

Non-profit organization — required by IRS to reinvest all profits back into the organization

Student organization — group formed to further engage students in the college experience

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Manasers at Work (cont.)

Types of managers (p 17)

° Top managers — set the organization’s direction and make decisions that impact everybody

° Middle managers — report to top management and direct the work of first-line managers

‘ Responsible for divisions or departments

° First-line managers — direct daily activities for producing goods and services

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Values, Mission, and Vision (p 17)

Philosophical statements and beliefs managers use to

allocate resources, provide consistent feedback to

employees, make decisions, and foster organizational culture

Values - beliefs that shape employee and

organizational behaviors (p 18)

Mission - organization’s central purpose intended to generate value in the marketplace (for-profit) or

community (non-profit)

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Values, Mission, and Vision

(cont )

Vision - description of an optimal future one to ten

years from now (p 19)

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Successful Management (p 20) To be successful, managers must demonstrate both:

° Effectiveness — level to which people or organizations achieve agreed-upon goals ° Efficiency — using the smallest amount of

resources to achieve the greatest output

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Successful Management (cont.)

Skills - degree to which a person can effectively and efficiently complete a task, interaction, or process (p 20)

* Conceptual skills — ability to think through complex systems

and problems (p 21)

* Technical skills — ability to perform job-specific tasks

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Successful Management (cont.)

Skills required by types of managers