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Management
Chapter 1
| Question | Answer |
|---|---|
| Organization | A group of people who work together to achieve some specific purpose |
| Management | 1. The pursuit of organizational goals efficiently and effectively 2. Integrating the work of people through Planning, organizing, leading, and controlling the organizations resources |
| To be Efficient | means to use resources - people, money, raw materials, and the like - wisely and cost effectively |
| To be Effective | means to achieve results, to make the right decisions and to successfully carry them out so that they achieve the organizations goals |
| Management Processs | 1. Planning 2. Organizing 3. Controlling 4. Leading |
| Planning | You set goals and decide how to achieve them |
| Organizing | 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 organizations goals |
| Controlling | You monitor performance, compare it with goals, and take corrective action as needed |
| Competitive Advantage | The ability of an organization to produce goods or services more effectively than competitors do, thereby outperforming them |
| Levels of Managers | Top Managers, Middle Managers, First-line managers, non-managerial personnel |
| Top managers | Make long-term decisions about the overall direction of the organization and establish the objectives, policies, and strategies for it |
| Middle Managers | Implement the policies and plans of the top managers above them and supervise and coordinate the activities of the first-line managers below them. Consider a high-touch job dealing with people rather than computer screens |
| First-line Managers | Make short-term operating decisions, directing the daily tasks of non-managerial personnel |
| Team Leader | Responsible for facilitating team activities toward achieving key results |
| Functional Manager | Responsible for just one organizational activity (director of finance, vp of production) |
| General Manager | Responsible for several organizational activities (evp, executive director for a non profit) |
| Types of Organizations | 1. For-profit organizations 2. Nonprofit organizations 3. Mutual-benefit organizations |
| Entrepreneurship | Process of taking risks to try to create a new enterprise |
| Intrapreneur | Someone who works inside an existing organization |
Created by:
wtterry41
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