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Management

Chapter 1

QuestionAnswer
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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