MGNT 102: Management Today

• MGNT 102 is welcoming the class of 2024

Management Process Today

• Management is essential for achieving organizational goals effectively and efficiently
• Planning, organizing, leading, and controlling are the four principal managerial tasks
• Successfully handling managerial tasks affects organizational performance
• There are three levels of management, each with unique tasks and responsibilities
• Three kinds of managerial skills exist, and departments divide managers so tasks are performed efficiently
• Globalization and advanced information technology (IT) have caused changes in management practices
• Today's managers face challenges in a competitive global environment

What is Management?

• Management involves planning, organizing, leading, and controlling resources
• These resources can be human or other types needed to achieve organizational goals effectively and efficiently
• Organizations are collections of people who work together to achieve goals
• Managers supervise an organization's resources to meet its goals
• Resources include people, skills, know-how, experience, machinery, raw materials, computers and IT, financial capital, patents, loyal customers, and employees

Achieving High Performance

• Organizational performance measures how efficiently and effectively managers use resources
• The goal is to satisfy customers and achieve organizational goals
• Efficiency measures how productively resources are used to achieve a goal
• High-performing organizations are both efficient and effective

Why Study Management?

• Studying management helps individuals understand the nature of work and make ethical and effective decisions
• Understanding management helps a manager's employer to succeed
• Good managers have impressive economic benefits
• Management principles can help make good decisions in non-work situations

Four Tasks of Management

• Planning involves choosing appropriate organizational goals and courses of action
• Organizing entails establishing task and authority relationships for people to work together
• Leading involves motivating, coordinating, and energizing individuals and groups towards organizational goals
• Controlling involves establishing accurate measuring and monitoring systems

Planning Further Explained

• Planning identifies and selects appropriate goals and courses of action.
• The steps in planning are deciding which goals to pursue, what strategies to adopt, and how to allocate organizational resources
• Strategy involves decisions about goals, actions, and resource use

Organizing Further Explained

• Organizing structures working relationships so organizational members can work together
• An organizational structure is a formal system coordinating and motivating members

Leading and Controlling Further Explained

• Leading involves articulating a clear vision and energizing organizational members
• This ensures they understand their role in achieving organizational goals
• Controlling involves evaluating how well an organization is achieving its goals
• It takes action to maintain or improve performance via the control process
• The control process allows the ability to accurately measure performance and regulate efficiency and effectiveness

Management Skills and Levels

• Departments: groups of people with similar skills or knowledge, tools, or techniques
• First-Line Managers are responsible for the daily supervision of nonmanagerial employees
• Middle Managers supervise first-line managers
• Middle Managers are responsible for finding the best way to use resources to achieve organizational goals
• Top Managers establish organizational goals
• Top Managers decide how departments should interact
• Top Managers monitor the performance of middle managers
• A Top Management Team includes the CEO, COO, and vice presidents of important departments
• Conceptual skills mean analyzing and diagnosing situations
• Human skills mean understanding, altering, leading, and controlling behavior
• Technical skills mean job-specific knowledge and techniques for organizational roles
• Core competency entails specific departmental skills, abilities, and experiences
• It allows outperforming competitors

Recent Changes in Management Practices

• Restructuring downsizes organizations by eliminating jobs
• Outsourcing involves contracting with another company, often abroad, to perform an activity
• Outsourcing increases efficiency since it lowers operating costs
• Empowerment expands employees’ knowledge, tasks, and decision-making responsibilities
• Self-Managed Teams are groups of employees assuming responsibility for work activities

Challenges for Management in a Global Environment

• Rising global organizations
• How to build a Competitive Advantage
• Maintaining Ethical and Socially Responsible Standards
• Challenges of Managing a Diverse Workforce
• Utilizing IT and E-Commerce

Building Competitive Advantage Further Explained

• Competitive advantage is the ability to outperform other organizations
• This is achieved because of its effecient and effective production of desired products/services
• Key building blocks of a competitive advantage are: efficiency, innovation, quality, and responsiveness to customers
• Innovation is creating new or improved goods and services or developing better production methods
• Turnaround Management means creating a new vision for struggling companies
• It is based on better planning and organization to use resources effectively

Maintaining Ethical and Socially Responsible Standards Further Explained

• Managers are pressured to increase organizational performance at all levels
• Social responsibility involves obligations toward people and groups affected by a company's actions

Managing a Diverse Workforce Further Explained

• Managers must recognize ethical needs and legal requirements
• They must treat human resources in a fair and equitable manner
• Human resources (HRM) procedures and practices that are legal and fair must be put into place

Utilizing IT and E-Commerce Further Explained

• Utilizing new information technology (IT) efficiently and effectively is crucial
• IT empowers employees and teams via greater information access and virtual interactions