MGT 3120

• Management is the art of getting things done through people.
• Good managers are concerned with trying to achieve both efficiency and effectiveness.
• Multiplier Effect: Your influence on the organization is multiplied beyond the results that can be achieved by just one person acting alone.
• Efficiency is the means of attaining the organization's goals which is to use resources wisely
• Effectiveness is about the organization's goals which means to achieve results.
• The four management functions are planning, organizing, controlling and leading.
• Planning is defined as setting goals and deciding how to achieve them.
• Organizing is defined as arranging tasks, people and other resources
• Leading is defined as motivating, directing and influencing people to work hard to achieve the organization's goals.
• Controlling is defined as monitoring performance, comparing it with goals, and taking corrective action as needed.
• Peter Drucker compared the workplace to a symphony orchestra.
• There are four levels of management: Top managers, middle managers, first-line managers, and team leaders.
• Top managers make long-term decisions about the organization's overall direction and establish its objectives, policies, and strategies.
• Middle managers implement the policies and plans of the top managers above them and supervise and coordinate the activities of the first lime managers below them.
• First line managers make short term operating decisions, directing the daily tasks of non managerial personnel.
• Nonmanagerial employees either work alone on tasks or with others on a variety of teams
• A functional manager is responsible for just one organizational activity.
• A general manager is responsible for several organizational activities
• Three types of organizations are for profit, nonprofit, and mutual benefit organizations.
• Porter and Nohria's key findings about managers: 1. Managers are always working and they are in constant demand. 2. Managers spend virtually all of their work time communicating with others. 3. Managers have to be purposeful and proactive about managing their time.
• There are three types of managerial roles: interpersonal, informational, and decisional
• Interpersonal roles: Mangers interact with people inside and outside their work units. Roles include: figurehead, leader, and liaison
• Informational roles: Managers receive and communicate information with other people inside and outside the organization. Examples include monitor, disseminator, and spokesperson.
• Decisional roles: Managers use information to make decisions to solve problems or take advantage of opportunities. Examples include entrepreneur, disturbance handler, resource allocator, and negotiator.
• Managers acquire three skills: technical, conceptual, and human
• Technical skills consist of the job specific knowledge needed to perform well in a specialized field.
• Conceptual skills consist of the ability to think analytically, to visualize an organization as a whole and understand how the parts work together.
• Human skills/soft skills: the ability to work well in cooperation with other people to get things done
• Challenge 1: Competitive Advantage: the ability of an organization to produce goods or services more effectively than competitors.
• To have competitive advantage: companies must stay ahead in being responsive to customers, innovation, quality, and efficiency
• Challenge 2: Managing for Technological Advances: Implications includes e-commerce, e business, and data.
• Cloud computing: the storing of software and data on gigantic collections of computers
• Challenge 3: Managing for Inclusion and Diversity
• Challenge #4: Managing for Globalization
• Challenge #5: Managing for Ethical Standards
• Challenge #6: Managing for Sustainable Development
• Sustainable development focuses on meeting present needs while simultaneously ensuring that future generations will be able to meet their needs.
• Challenge #7: Managing for Happiness and Meaningfulness
• Career readiness represents the extent to which you possess the knowledge, skills, and attributes desired by employers.
• Core competencies: A set of competencies that are vital across jobs, occupations, and industries.