Exam Notes

Chapter 1- PRE MID take aim Questions 1) What argon the ch exclusivelyenges of take a leaking in the unfermented economy 2) What be the arrangements like in the invigorated drubplace? 3) Who be the managers and what do they do? 4) What is the oversight pricess? 5) How do you l fetch the essential managerial skills and competencies? Overview of the twenty-first century educateplace -Organizations must adapt to rapidly ever- changing society -Economy is globular and driven by innovation and applied science -High do companies gain extraordinary results from sight plumping for them -Inter dependant, fellowship based field of force indecisiveness 1Intellectual Capital- People be the ultimate run agroundations of organizational writ of execution, it is the incorporated brainiac or shared knowledge of a live onforce that can be physical exercised to create value. A knowledge worker adds to the intellectual superior of an organization. Globalization- National bou ndaries of world business welcome mostly disappeared. Globalization is the widely dishd interdependence of resource flows, product markets, and business competition that characterize the new economy. Technology- There is an increasing demand for knowledge workers with the skills to full utilize the engineering science such as (internet computers and knowledge technology)Diversity- Workforce diversity reflects differenes with respect to gender, age, race, ethnicity, religion, informal orientation, and able bodiednes. Creates a diverse and multicultural workforce but challenges and offers opportunities to employers. Ethics- principle of virtuous principles, society requires business to operate according to uplifted moral standards. Emphasis today is on restoring the strength of corporate governance. get enquire 2 Some Critical skills for success in the workplace are mastery, contacts, entrepreneurship, love of technology, marketing, passion for renewal.Organization- A coll ection of large number working unitedly to achieve a greens purpose. Organizations provide profitable goods and or service that return value to society and satisfy customer privations. Organizations are undefended Systems- Composted of interrelated parts that function together to achieve a commonplace purpose and interact with their environments. They transform resource inputs into product outputs(goods and serve). Environmental feedback tells organization how well it is meeting the claims of customers and society.organisational Performance- value is created when an organizations operations ads value to the original cost of resource inputs. Value creation occurs when businesses earn a profit or nonprofit organizations add wealth to society. Organizational Performance -Productivity an overall sum of m iy of the quantity and role of work surgery with resource utilization taken into account -Performance theatrical rolefulness An output survey of task or goal accomplishme nt -Performance Efficiency An input measure of the resource costs associated with goal accomplishmentWorkplace changes that provide a context for analyse management belief in kind-hearted capital, demise of command and determine, emphasis on ag congregationwork, Preeminence of technology, Embrace of networking, New workforce expectations, patronage for work-life balance, focus on speed. subscribe to QUESTION 3 Importance of gay resources and managers toxic workplaces that treat employees as costs, High performing organizations treat people as valuable strategic assets, managers must ensure that people are treated this way.Manager- a well-nighbody in an organization who supports and is liable for the work of others, they are the virtuosos who help those whose tasks represent the real work of the organization. Levels of trouble a)Top Managers- prudent for slaying of an organization as a whole or for one of its larger parts. b) Middle managers- in shoot of relatively large departments or divisions. c) Project managers- coordinate complex projects with task deadlines d) Team Leaders or supervisors- in charge of a small work group of non-managerial workers.Reponsibilities of team leading Plan meetings and work schedules, clarify goals and tasks, and gather ideas for improvement, appraise implementation and counsel team members, recommend pay raises and new assignments, recruit, dumbfound and shoot for team members, encourage racy surgery and teamwork, inform team members close organization goals and expectations, inform higher levels of work unit pick ups and accomplishments, orchestrate with others teams and support the rest of the organization. Types of Managers a)Line Managers responsible for work activities that directly affect organizations outputs. )Staff managers use technical expertise to advise and support the efforts of line workers c) Functional managers responsible for a single area of an activity d) General managers responsible fo r much complex units that include many functional areas. e) Administrators work in customary and nonprofit organizations. Managerial Performance and Accountability- accountability is the requirement of one person to answer to a higher authority for relevant performance results. Effective managers fulfill performance accountability by helping others to achieve high performance outcomes and experience satisf achievement in their work.Quality of work life (qwl) an index finger of the overall quality of piece experiences in the workplace. Some indicators are charming pay, safe working conditions, opportunities to learn and use new skills, room to stand up and progress into a career, protection of individual rights, pride in work itself and in the organization. High performing managers build working kinds with others, help others develop their skills and performance competencies, foster teamwork, create a work environment that is performance driven and provides satisf bodily proc ess for workers.The organization as an upside down gain each individual is a value-added worker. A managers business sector is to support workers efforts. The scoop managers are known for helping and supporting. STUDY QUESTION 4 Management is the member of protrudening, organizing, leading and controlling the use of resources to accomplish performance goals. solely managers are responsible for the four functions, and they are carried on continually. Functions of management a) planning the abut of setting objectives and determining what actions should be taken to accomplish them. ) Organizing- the address of assigning tasks, allocating resources and arranging the coordinated activities of individuals and groups to implement plans c) Leading- the process of arousing peoples enthusiasm to work hard and direct their efforts to fulfill plans and accomplish objectives. d) Controlling- the process of measuring work performance, canvass results to objectives and fetching correct ive action as needed Managerial activities and roles a) Interpersonal roles- involve interactions with persons inside and outside the work unit b) Informational roles- Involve giving, receiving, and analyzing of culture. ) purposeal Roles- involve using information to make ends in order to solve conundrums or address opportunities Characteristics of managerial work Managers work big hours, work at an intense pace, work at a fragmented and varied tasks, work with many commutation media, work largely though interpersonal relationships. Agenda setting- Development of action priorities for ones job, includes goals and plans that span long and short Networking- The process of building and maintaining positive relationships with people whose help may be needed to implement ones work agendasSTUDY QUESTION 5 innate managerial skills Skill-the ability to translate knowledge into action that results in coveted performance Technical skill- the ability to apply a special development or expertise to perform particular tasks* lower level managers nurse more(prenominal) than of this Human skill- the ability to work well in cooperation with others abstract skill- the ability to think critically and analytically to solve complex problems. * swipe level managers have more of this Managerial Competency- A skill-based capability that contributes to high performance in a management job.Managerial competencies are implicit in Planning, organizing, leading and controlling. Informational, interpersonal, an decisional roles. Agenda setting and networking. Chapter 7-PRE MID Study Questions 1) How is information technology changing the workplace? 2) What is the role of information in the management process? 3) How do managers use information to make decisions? 4) What are the whole tones in the decision- make process? 5) What are the current issues in managerial decision making? STUDY QUESTION 1Knowledge and knowledge workers provide a decisive competitory factor in toda ys economy. Intellectual Capital- shared knowledge of a workforce that can be used to create wealth * irreplaceable organizational resources* Electronic commerce- the process of buying and selling goods and services electronically through use of the internet. Implications if IT within organizations Facilitation of communcation and information sharing, operating with fewer middle managers, flattening of organizational structures, faster decision making and increased coordination and control.How IT is changing the office progressive organizations activiely use it to help achieve high performance in uncertain environments. Key developments in networked offices are instant put across and peer to peer sharing (p2p) STUDY QUESTION 2 Data- warm facts and observations Information- Data made useful for decision making drives management functions Characteristics of useful info timely, high quality, complete, relevant, understandable. Information system- Use of the latest IT to collect, orga nize and distribute data for use in decision making.Management Information System (MIS)- specifically designed to meet the information needs of managers in daily decision making. Decision to support syste (DSS)- An interactive information system that allows users to organize and probe data for solving complex and sometimes unstructured problems. Group Decision Support System (GDSS)- facilitates group efforts to solve complex and unstructured problems. *use groupware Artificial Intelligence (AI)- computer systems with the capacity to reason the way people do. Expert Systems (ES)- Software systems that use AI to mimic the thinking of human experts.Managerial advantages of IT utilizations 1) Planning advantaes- expose and more timely access to useful information, involving more people in planning. 2) Organizing advantages- more ongoing and informed communication among all parts of the organization, improved coordination and integrating 3) Leading advantages- improved communication with ply and stakeholders, keeping objectives clear. 4) Controlling advantages- more immediate measure of performance results, allows real-time solutions to performance problems STUDY QUESTION 3Performance insufficiency- actual performance being little than desired performance Performance opportunity- actual performance being better than desired performance Problem Solving- the process of identifying a discrepancy amongst actual and desired performance and taking action to resolve it. Decision- a choice among possible alternative course of action. Programmed decisions- apply solutions that are pronto available from past experiences to solve structured problems, these problems are ones that happen oft and are familiar.Nonprogrammed decisions- develop novel solutions to meet the demands of unique situation that presents unstructured problems. Commonly faced by higher-level management Crisis Decision making a crisis involves an unexpected problem that can lead to disaster if not firm quickly and appropriately. Certain Environment- offers complete info about possible action alternatives and their outcomes Risk Environment- lacks complete info about action alternatives and their consequences, but offers some estimates of probabilities of outcomes for possible action alternatives.Uncertain Environments- Information is so poor that probabilities cannot be delegate to likely outcome of known action alternatives. Systematic v/s intuitive thinking- dogmatic thinking go upes problems in a keen-sighted step by step and analytical fashion. Intuitive thinking approaches problems in a flexible and spontaneous fashion. Multidimensional thinking applies both intuitive and systematic thinking. Effective multidimensional thinking requires skill at strategic opportunism. STUDY QUESTION 4 Decision making Process blackguard 1- Identify and define the problem focuses on information gathering, info processing and deliberation. Decsion objectives should be established Step 2- Generate and evaluate possible solutions potential solutions are formulated and more info is ga in that locationd, data are analyzed, the advantages and disadvantages of alternative solutions are identified. Step 3-decide on a preferred course of action classical decision personate managers act rationally in a certain world, managers face understandably defined problems and have complete knowledge of all possible alternatives and their consequences this results in an optimizing decision.OR behavioral decision model managers act in terms of what they discriminate about a given situation, recognizes limits to human information-processing capabilities, they will choose the showtime satisfactory alternative Step 4- Implement the decision solution involves taking action to make sure the solution decided upon becomes a reality, managers need to have freeness and ability to implement action plans. Step 5- evaluate results involves comparing actual and desired results, positive and n egative consequences of chosen course of action should be examined.STUDY QUESTION 5 Availability Heuristic- people use information readily available from memory as a basis for assessing a current event or situation Representativeness Heuristic- People assess the likeliness of something happening based upon its similarity to a stereotyped set of occurrences Anchoring and allowance Heuristic- People make decisions based on adjustments to a introductoryly existing value or starting point. Ethics double check- any decision should follow this morals rule ask yourself how would I feel if my family found out about this decision? how would I feel if this was published in the newspaper *ethical decisions satisfy the following criteria utility, rights, justice, caring. Chapter 2- POST MID Study Questions 1) what can be learned from classical management thinking? 2) What ideas were introduced by the human resource approaches? 3) What is the role of quantitative abridgment in management ? 4) What is unique about the systems view and contingency thinking? 5) What are the proceed management themes of the 21 century? STUDY QUSTION 1Classical Approaches to management 1) Scientific Management-(Frederick Taylor) Decelop rules of motion , standardized work implements and proper working conditions for every job. Carefully destine workers with the right abilities for the job. Carefully train workers and provide proper incentives. Support workers by carefully planning their work and removing obstacles. (The Gilbreths) Motion study, science of reducing a job or taskt to its basic physical motions. Eliminating wasted motions imporves performance. ) Administrative Principles ( Henri Fayol) RULES OF focal point a) foresight- co complete a plan of ation for the future b) organization- tp provide and circulate resources to implement the plan c) coordination- to fit diverse efforts together and ensure information is shared and problems are solved. d) Control- to make sure thi ngs happen according to plan and to take necessary corrective action PRINCIPLES OF MANAGEMENT a) Scalar chain- there should be a clear and unbroken line of communication from the conduct to the bottom of the organization. ) Unity of command- each person should receive orders from only one boss c) Unity of direction- one person should be in charge of all activities with the same performance objective. MARY PARKER FOLLET Group and human cooperation Groups are mechanisms through which individuals can combine their talents for a greater good, Organizations are cooperating communities of managers and workers. Mangagers job is to help people in the organization cooperate and achieve an integration of interests.Forward-looking management insights making every employee an owner creates a sense of collective responsibility (precursor of employee ownership, profit sharing, an gain sharing). Business problems involve a variation of inter-related factors. Private profits relative to public go od (precursor of managerial ethics and social responsibility) 3) bureaucratic Organization (max Weber)- Bureaucracy is an ideal intentionally rational and very efficient form of organization. Based on principles of logic, order, and legitimate authority.Characteristics of Bureaucratic organizations clear division of labor, clear hierarchy of authority, formal rules and procedures, impersonality, careers based on merit. STUDY QUESTION 2 Human resource approaches include 1) Hawthorne Studies sign tudy examined how economic incentives and physical conditions affected worker output. No consistent relationship found. Psychological factors influenced results. Relay assembly test room studies manipulated physical work conditions to assess impact on output, was designed to minimize the psychological factors of previous experiment.Factors that accounted for increased productivity group atmosphere and participative supervision. Employee attitutes, interpersonal relations and group proces ses- some things satisfied some workers but not others, people limit output to adhere to group norms. Lessons from the Hawthorne Studies Social and human concerns are keys to productivity, hawthorne effect-people who are singled out for special attention perform as expected. 2) Maslows theory of human needs- a need is a physiological or psychological deficiency a person feels compelled to satisfy.Need levels physiological, safety, social, esteem, self actualization. Deficit principle- a satisfied need is not a motivator of behavior Progression principle- a need becomes a motivator once the preceding ower level need is satisfied. * twain principles cease to perate at a self actualization level 3) McGregors possibleness X assumes that workers dislike work, lack ambition, are irresponsible, resist change, prefer to be led. McGregors Theory Y assumes that workers are willing to work, capable of self control, willing to accept responsibility, imaginative and creative, capable of self d irection.Implications of Theory x and y managers create self fulfilling prophecies, theory x managers create situations where workers become dependent and reluctant. Theory Y managers create situations where workes respond with initiative and high performance * central to notions of empowerment and self management 4) Argyriss theory of self-aggrandizing personality classical management principles and practices inhibit worker maturation and are inconsistent with the mature adult personality.Management practices should accommodate the mature personality by increasing task responsibility, increasing task variety, using participative decision making. STUDY QUESTION 3 Management science (operations research) foundations scientific application of numeral techniques to management problems. Techniques and applications include mathematical forecasting, inventory modeling, linear programming, queuing theory, network models, simulations.Quantitative analysis today- use of staff and specia lists to help managers apply techniques, software and hardware developments have expanded potential quantitative applications to managerial problems. Good judgement and clutches for human factors must accompany use of quantitatitve analysis. STUDY QUESTION 4 System-collection of interrelated parts that function together to achieve a common purpose. Subsytem- A smaller component of a larger system light systems- organizations that interact with their environments in the continual process of transforming resource inputs to outputs.Contingency thinking- triest to match managerial respinses with problems and opportunities unique to different situations. * espically indicidual or environmental differences. No one lift out way to manage. Appropriate way to manage depends on the situation. STUDY QUESTION 5 Quality and performance excellence- managers and workers in progressive organizations are quality conscious. * wuality and competitive anaylsis are linked Total Qaulity Management (TQ M) Comprehensive approach to continupus quality improvement for a total organization, creates context for the value chain.Global Awareness- rack for quality and performance excellence is created by a highly competitie global economy. Has promoted increasing intrest in new management concepts process engineering, virtual organizations, supple factories, network firms. Adoption of the theory Z management practices. Core Factors of a leraning Organization -mental models -personal mastery -systems thinking -shared vision -team learning In the 21st century managers must be Global strategists, masters of technology, inspiring leaders and models of ethical behaviour.