Introduction to Management Principles

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Study Notes

The management process involves planning, organizing, leading, and controlling human and other organizational resources effectively and efficiently to achieve goals.
Organizations are collections of people working together towards shared goals.
Managers are responsible for overseeing the use of organizational resources to achieve their goals.

Organizational performance measures how effective and efficient managers are at utilizing resources to achieve organizational goals and satisfy customers.
Efficiency relates to the productive use of resources, while effectiveness measures how well goals are achieved.

Understanding management helps individuals make effective and ethical organizational decisions.
Strong management benefits both managers and the organization.
Management principles can be applied to decision-making outside of work.

Planning involves setting goals and developing strategies to achieve them.
Organizing structures relationships and tasks to achieve goals effectively.
Leading involves motivating and empowering individuals to work towards common goals.
Controlling evaluates performance, ensures that goals are met, and corrects any deviations.

First-line managers are responsible for the daily supervision of non-managerial employees.
Middle managers oversee first-line managers and focus on utilizing resources effectively to meet organizational goals.
Top managers set organizational goals, oversee department interactions, and monitor middle manager performance.
The top management team includes the CEO, COO, and departmental vice presidents.

Conceptual skills allow managers to analyze situations, identify cause and effect, and make informed decisions.
Human skills involve understanding, influencing, and leading individuals and groups.
Technical skills are job-specific knowledge and abilities needed to perform tasks.

Restructuring often involves reducing the number of managers and employees, often as a cost-saving measure.
Outsourcing involves contracting with external companies, often overseas, to perform tasks previously done internally.
Empowerment allows employees greater responsibility and access to information.
Self-managed teams allow groups of employees to take ownership of their tasks, work, and performance.

Utilizing IT and E-commerce is a challenge in today's increasingly digital environment.
The Rise of Global Organizations requires managers to adapt to diverse cultural and business practices.
Building a Competitive Advantage is paramount given the competitive global marketplace.
Maintaining Ethical and Socially Responsible Standards is crucial given the impact of organizations on society.
Managing a Diverse Workforce requires sensitivity, inclusivity, and effective communication.

Competitive advantage allows one organization to outperform others by producing desired goods or services more efficiently and effectively.
Innovation involves developing new, improved goods or services or finding creative solutions to production and delivery.
Turnaround Management occurs when a struggling company adopts a new vision and strategy to improve resource utilization, ultimately ensuring its survival and growth.