MGT 162: Chapter 1 - Introduction to Management Fundamentals

Management Functions

• Planning involves defining goals, establishing strategy, and developing plans to coordinate activities.
• Organizing determines what tasks are to be done, who is to do them, how tasks are to be grouped, who reports to whom, and where decisions are to be made.
• Leading includes motivating subordinates, directing others, selecting the most effective communication channels, and resolving conflicts.
• Controlling involves monitoring activities to ensure they are being accomplished as planned and correcting any significant deviations.

Managerial Roles

• Interpersonal Roles:
  • Figurehead: represents the organization in a managerial capacity as head of unit.
  • Leader: responsible for hiring, training, and motivating subordinates.
  • Liason: interacts with people outside the organization, such as suppliers, customers, and competitors.
• Informational Roles:
  • Monitor: seeks and receives information from internal and external environments.
  • Disseminator: transmits information received to employees after filtering.
  • Spokesperson: transmits information to outsiders.
• Decisional Roles:
  • Entrepreneur: thinks and acts as an entrepreneur.
  • Resource Allocator: responsible for allocating resources in the organization.
  • Disturbance Handler: responsible for corrective actions when facing unexpected disturbances.
  • Negotiator: represents the organization at major negotiations.

Managerial Levels and Skills

• Managerial Level: Technical skills (ability to use procedures, techniques, and knowledge of a specialized field).
• Human skills: ability to work effectively with others, including motivating, understanding, leading, and communicating.
• Conceptual skills: mental capabilities that help managers see the whole enterprise and relationships between various parts.

Concept of Management

• Definition: Management is the process of administering and coordinating resources effectively, efficiently, and to achieve organizational goals.
• Management structure: identifies roles and responsibilities of jobs to ensure every worker knows their job description and responsibility.
• Organizational goals: interacting with others to achieve a common goal or set of goals.

Measuring Managerial Performance

• Performance efficiency: the ability to do things right, achieving outputs/results as expected.
• Performance effectiveness: the ability to choose the right goals, such as utilizing and minimizing the cost of resources.