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

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MANAGEMENT SECOND EDITION Chapter 1 Management in the 21st Century 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 Copyright ©2017 John Wiley & Sons, Inc. 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 Copyright ©2017 John Wiley & Sons, Inc. Seven Steps to Changing Behavior with Critical Thinking (p. 5) Figure 1.1 Copyright ©2017 John Wiley & Sons, Inc. What Is Management?  Management (p. 6) • Process of working with people and distributing an organization’s resources to achieve goals efficiently and effectively • Managers must ensure that the organization meets four success factors Figure 1.2 Copyright ©2017 John Wiley & Sons, Inc. What Do Managers Do? (p. 7)  Every company needs managers • Managers are always busy • Managerial activities fall into two categories  Focused on people  Focused on technical matters Copyright ©2017 John Wiley & Sons, Inc. How Is Management Both Art and Science? (p. 8) Peoplefocused activities Technicallyfocused activities Figure 1.3 Copyright ©2017 John Wiley & Sons, Inc. 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) Copyright ©2017 John Wiley & Sons, Inc. 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 Copyright ©2017 John Wiley & Sons, Inc. Management Functions: Traditional View vs. Today’s Approach (p. 10) Figure 1.4 Copyright ©2017 John Wiley & Sons, Inc. Sustaining: A Balanced Approach to Management  Sustaining (p. 13) • Balanced approach that involves seeing, analyzing, and designing systems to achieve long-term organizational, community, and environmental health Figure 1.5 Copyright ©2017 John Wiley & Sons, Inc. 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 Copyright ©2017 John Wiley & Sons, Inc. Managers at Work  Organization (p. 15) • An entity formed and structured to achieve goals • Organizations differ in size in the U.S. Figure 1.6 Copyright ©2017 John Wiley & Sons, Inc. Managers 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 Copyright ©2017 John Wiley & Sons, Inc. Managers 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 Copyright ©2017 John Wiley & Sons, Inc. 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) Copyright ©2017 John Wiley & Sons, Inc. Values, Mission, and Vision (cont.)  Vision - description of an optimal future one to ten years from now (p. 19) Figure 1.8 Copyright ©2017 John Wiley & Sons, Inc. 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 Copyright ©2017 John Wiley & Sons, Inc. 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 • Relational skills – ability to collaborate and communicate  Strengths - skills in which a manager demonstrates greatest aptitude  Positive psychology (p. 22) Copyright ©2017 John Wiley & Sons, Inc. Successful Management (cont.)  Skills required by types of managers Figure 1.12 Copyright ©2017 John Wiley & Sons, Inc.
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