2023-2024 Management PDF

lOMoARcPSD|40186229 2023-2024 Management Contents CH1: What is management....................................................................................1 CH2: Looking backward, thinking forward.............................................................5 CH3: Mapping external inuences..........

lOMoARcPSD|40186229 2023-2024 Management Contents CH1: What is management....................................................................................1 CH2: Looking backward, thinking forward.............................................................5 CH3: Mapping external inuences.........................................................................8 CH4: Eectuating strategies................................................................................ 10 CH5: Structuring organizations............................................................................14 CH6: Managing sustainably.................................................................................19 CH7: Managing internationally.............................................................................22 CH8: The ethical manager...................................................................................26 CH9: Managing a organisation’s culture..............................................................32 CH10: Decision-making........................................................................................ 41 CH11: Leadership................................................................................................ 49 CH1: What is management Case Study Summary: Sellaeld Nuclear Scandal  Blame and Responsibility: o HR Director: Blames process workers for the scandal, resulting in canceled orders and CEO resignation. o BNII: Attributes the issue to a lack of management skills, such as leadership, communication, motivation, and supervision.  Report Findings: o Lack of high-quality safety systems and improper management were core issues. o Inadequate supervision and poor training contributed to procedural failings. o The nature of the job and lack of meaningful incentives led to data falsication. What is management? -Who are the managers? (PLOC)  Planning – select goals and ways to obtain them  Organizing – assign responsibilities for task accomplishment  Leading – use inuence to motivate employees  Controlling – monitor activities and make corrections “Management is the art of getting things done through people” Mary Parker Follet 1 Downloaded by Hong Van Do ([email protected])  lOMoARcPSD|40186229 People are not dicult tools but added values (motivation, purpose) -Denitions: Management involves coordinating and overseeing the work activities of others so that their activities are completed eciently and eectively (Robbins & Coulter, 2014) Vs. The attainment of organizational goals in an eective and ecient manner through planning, organizing, leading, and controlling organizational resources. (Daft, 2013) -Key Objectives:  Get things done: Focus on attaining organizational goals.  Success: Ensure activities are completed eciently (doing things right) and eectively (doing the right things). -Managerial concerns:  Eciency -> doing things right – most output for the least inputs  Eectiveness -> doing the things right – attaining organizational goals What managers do? -Functions they perform: These functions are not sequential, Continuously taken, depending on their level -Management Levels: Top: CEO, group head or VPA Middle: BU head (products), dept. managers (functional) First-line: Functional head (start managers) Sta vs. Line Functions: Sta functions Managers help out Line functions managers -Management Roles: 2 Downloaded by Hong Van Do ([email protected])  lOMoARcPSD|40186229  Informational roles 75% of work time a manager is communicating Monitor, disseminator, spokesperson  Interpersonal roles Dealing with people, relations Figurehead, leader, liaison  Decisional roles Entrepreneur, disturbance handler, resource allocator, negotiator -Skills they need: The higher your managing position, the more human and conceptual skills (les technical)  Conceptual Skills: Understanding complex situations and developing strategic plans  Human Skills: Working eectively with others, including communication and relationship-building  Technical Skills: Specic knowledge and expertise required for tasks or industry-related activities -Emotional Intelligence (EQ):  Self-awareness: Recognizing and understanding one's own emotions, using intuition to make decisions.  Self-management: Controlling impulses and adapting to changing situations.  Social awareness and Empathy: Sensing and understanding others' emotions, and navigating social dynamics.  Relationship management: Inspiring, inuencing, and developing others, while eectively managing conicts. Always fun to be a manager? (Stressors) 1. Increased workload 2. Challenge of supervising former peers 3. The headache of responsibility for other people 4. Caught in the middle 5. Bad work-life balance What is an organization? Denition: A deliberate arrangement of people assembled to accomplish some specic purpose (that individuals independently could not accomplish alone) Common characteristics: Have a distinct purpose, Composed of people, Have a deliberate structure Management of Small businesses and Non–prot organizations 3 Downloaded by Hong Van Do ([email protected])  lOMoARcPSD|40186229 Small Business:  Less hierarchy  Less specialization  Less resources for things outside the core  “Entrepreneurship” Non-prot:  Less tangible added value  Accountability  Dierent culture and values Why to study Management? The universality of management means that management principles and skills apply universally across dierent organizations and contexts. Does Management matter? (McKinsey & LSE study) -Study Scope: Analyzed 700 companies across sectors to assess management practices' impact. -Key Findings:  Higher management scores correlate with: o Improved Return on Capital Employed (ROCE). o Increased Total Factor Productivity (TFP) by 6% per point. o Higher sales per employee and market valuations. -Determinants of Scores:  Industry competitiveness (42%) and company age inuence management eectiveness. -Implications:  Eective management signicantly boosts nancial and operational performance.  Emphasizes the importance of adopting superior management practices for sustained competitiveness and protability. 4 Downloaded by Hong Van Do ([email protected])