Management Chapter 1 Flashcards

Key Concepts in Management

• Organizations: Groups of individuals collaborating to reach various objectives and desired outcomes.
• Management: Involves planning, organizing, leading, and controlling resources to achieve organizational goals effectively.
• Organizational Performance: Evaluates a manager's efficiency in using resources to meet customer needs and reach set goals.

Efficiency and Effectiveness

• Efficiency: Assesses the productive use of resources to reach a specific goal.
• Effectiveness: Measures the suitability of the goals pursued and the extent to which they are achieved.

Core Functions of Management

• Planning: The process of identifying and selecting suitable goals; one of four core management tasks.
• Organizing: Structuring work relationships to enable collaboration among members for goal achievement.
• Leading: Communicating a clear vision and motivating team members to fulfill their roles in reaching goals.
• Controlling: Monitoring organizational goal achievement and taking corrective actions to enhance performance.

Organizational Structure and Managerial Roles

• Organizational Structure: Formal system that dictates tasks and reporting relationships to coordinate member efforts.
• Departments: Groups of individuals with similar skills or knowledge working together.
• First-Line Manager: Directly supervises nonmanagerial employees on a daily basis.
• Middle Manager: Oversees first-line managers and optimizes resource utilization to attain goals.
• Top Manager: Sets organizational goals and supervises middle managers.

Management Teams

• Top-Management Team: Includes the CEO, COO, president, and heads of major departments, guiding the organization’s direction.

Skills Required in Management

• Conceptual Skills: Ability to analyze situations and understand causation.
• Human Skills: Competence in leading and managing interpersonal dynamics.
• Technical Skills: Job-specific expertise necessary for performing organizational roles.

Organizational Dynamics

• Core Competency: Unique set of skills enabling one organization to excel over others.
• Restructuring: Reduction of workforce by eliminating numerous managerial and non-managerial positions.
• Outsourcing: Contracting external companies to perform tasks previously managed in-house.
• Self-Managed Team: Employees taking ownership of their activities and quality control.
• Empowerment: Increasing employee responsibilities in decision-making and knowledge.

Broader Context

• Global Organizations: Entities operating in multiple countries, facing unique competition and challenges.
• Competitive Advantage: Occurs when an organization excels in efficiency and effectiveness over its rivals.
• Innovation: The process of developing new or enhanced products and services, improving methods of delivery.
• Turnaround Management: Creating new vision and strategy for struggling companies to optimize resource usage and ensure survival.

These key points encapsulate essential definitions and concepts in management, providing a comprehensive overview for further study.

Explore key concepts in management with these flashcards from Chapter 1. Learn about organizations, management practices, and the metrics of organizational performance. This interactive quiz will help reinforce your understanding of foundational management terminology.