Foundations for Business Successes PDF

Chapter 1: Introduction to Principles of Management Management - The art of getting things done through the efforts of other people Managers Top Managers (responsible for developing the organisation strategy and being steward for its vision and mission) Functional Managers (responsible f...

Chapter 1: Introduction to Principles of Management Management - The art of getting things done through the efforts of other people Managers Top Managers (responsible for developing the organisation strategy and being steward for its vision and mission) Functional Managers (responsible for efficiency and effectiveness of an area) Line Managers (leads a function that directly contributes to the product or service) Team Managers (responsible for coordinating a subgroup of a particular function) Staff Managers (leads a function that creates indirect inputs) Project Manager (responsibility for planning, execution and closing any project) General Manager (responsible for managing a clearly identifiable revenue producing unit) Basic management functions - Planing - Organizing - Leading - Controlling Minzbergs’s 10 managerial roles Interpersonal roles (Managers are required to interact with a substantial number of people in the course of a workweek) - Figurehead role (represents the organisation in all matters of formality) - Leader role (defines the relationship between manager and employee) - Liaison role (interacts with peers and people outside the organisation) Informational roles (Managers are required to gather, collate, analyse, store, and disseminate many kinds of information) - Monitor role (manager receives and collects information) - Disseminator role (manager transmits special information to the organisation) - Spokesperson role (manager disseminates the organisation’s information to its environment) Decisional roles (Managers are charged with the responsibility of making decisions on behalf of both the organisation and the stakeholders with an interest in it) - Entrepreneur role (manager indicates change) - Disturbance role (manager deals with threats to organisation) - Resource allocator role (manager chooses if the organisation will expand) - Negotiator role (manager negotiates on behalf of the organisation) Leadership - the social and informal sources of influence that you use to inspire action taken by others Entrepreneurship - the recognition of opportunities and the use or creation of resources to implement innovative ideas Entrepreneur - a person who engages in the process of entrepreneurship Strategy - the central, degraded, externally oriented concept of how organisation will achieve objectives Strategic management - the body of knowledge that answers questions about the development and implementation of good strategies P-O-L-C framework Planning - Vision and mission - Strategizing - Goals and objectives Organizing - Organisation design - Culture - Social networks Leading - Leadership - Decision making - Communications - Teams - Motivation Controlling - Systems - Strategic human resources Planing - the function of management that involves setting objectives and determining a course of action for achieving objectives Planning process Environmental scanning Forecast future conditions Establish objectives Identify alternative courses of action for aching objectives Make decision for best course of action Formulate necessary steps  Constantly evaluate success of their plan and take corrective measures Types of planing Strategic planning - (long term) analysing (SWOT) and then determining how to position the organisation to compete efficiently Tactical planning - (medium term) planing thats is design to develop relatively concrete and specific means to implement strategic plan Operational planning - (short term) planning that is descent to deveko[p specific action steps to support strategic and tactical planning Organising - the function of management that involves developing an organisational structure and allocating resources to ensure the accomplishment of objectives Organisational design - decisions made about the structure of an organisation Job design - duties and responsibilities of individual jobs Job enrichment - the need for workers to have jobs that entail variety and autonomy Leading - social and informal sources of influence that you use up inspire action taken by others Controlling - ensuring that the performance does not deviate from standards Steps of controlling Establishing performance standards Comparing actual performance with standard Taking corrective action when necessary Triple bottom line - the measurement of business performance along social, environmental, and economic dimensions Economic performance - function of its success in producing benefits for its owners Social and environmental performance - while businesses have traditionally focused on economic performance, social and environmental performance are becoming increasingly important Corporate Social Responsibility (CSR) - the notion that corporations have an obligation to constituent groups in society other than stockholders and beyond that prescribed by law or union contract Virtuous cycle - organisations can create a virtuous cycle by investing in social and environmental initiatives that boost the company's reputation, attract and retain quality employees, strengthen the company culture, and ultimately enhance economic performance Individual level performance - those things that you have to do in your job (in role performance and extra role performance) In-role performance - the tasks and responsibilities outlined in an individual's formal job description. The sources explain that in-role performance is primarily assessed on the dimensions of productivity and quality, based on predetermined standards. For instance, a salesperson might be evaluated based on the number of sales calls made (productivity) and the percentage of calls that result in closed deals (quality). Organisational citizenship behaviours (OCBs) - actions and behaviours that go beyond the formal requirements of the job but contribute to the overall effectiveness of the organisation. Organisational citizenship behaviour (OCBs) - extra role performance Helping Behaviour: This includes altruism, interpersonal helping, courtesy, peacemaking, and cheerleading. Examples: Assisting a colleague with a challenging task, offering to stay late to help with a project, or mediating a conflict between coworkers. Sportsmanship: This involves exhibiting a positive attitude, tolerating inconveniences without complaint, and avoiding negative behaviours like gossiping or complaining. Examples: Maintaining composure during stressful situations, accepting changes in plans without resistance, or refraining from blaming others for mistakes. Organisational Loyalty: This encompasses behaviours that demonstrate dedication and commitment to the organisation, such as speaking positively about the company to others, defending it against criticism, and being willing to go the extra mile. Examples: Recommending the company's products or services to friends and family, participating in company events and initiatives, or staying with the company during difficult times. Organisational Compliance: This involves adhering to company rules and regulations, following proper procedures, and respecting authority. Examples: Arriving to work on time, submitting reports by deadlines, or following safety protocols. Individual Initiative: This includes behaviours that demonstrate proactiveness, initiative, and a willingness to go beyond the minimum requirements of the job. Examples: Volunteering for new assignments, suggesting process improvements, or taking on leadership roles in projects. Civic Virtue: This refers to responsible participation in the organisation's affairs, such as staying informed about company policies and events, attending meetings, and voting in elections. Examples: Participating in company-wide surveys, attending town hall meetings, or serving on committees. Self-Development: This involves engaging in activities that enhance one's knowledge, skills, and abilities, ultimately benefiting the organisation. Examples: Taking professional development courses, attending industry conferences, or pursuing certifications. Group level performance - focuses on both the outcomes and process of collections of individuals or groups Key elements of group-level performance include: Inputs: The individual contributions of each group member, such as their skills, knowledge, and effort. Process Losses: Any aspect of group interaction that hinders effective problem solving or collaboration, leading to a reduction in the quality or efficiency of the group's output. For example, poor communication, interpersonal conflict, or lack of coordination can contribute to process losses. Outputs: The final product or outcome of the group's work, which can be measured in various ways depending on the nature of the task. For instance, a product development team might be assessed based on the quality of the new product, the time taken to bring it to market, and the associated costs. Compatibility of Individual and Group Performance Goal Compatibility: Individual goals should support and contribute to the achievement of group goals. If individual goals are contradictory or misaligned with group goals, it can lead to conflict and reduced performance. Incentive Alignment: Rewards and recognition systems should encourage both individual and group effort. If individuals are primarily rewarded for individual achievements while group performance is neglected, it can undermine teamwork and collaboration. Matching Goals and Reward Structures: The organisation's reward systems should reinforce desired behaviours and outcomes. For instance, if the goal is to enhance team performance, but the reward structure solely focuses on individual productivity, it is unlikely to cultivate a strong team culture. Learning styles Active and reflective learners Active learners thrive by actively engaging with information. They prefer to learn through doing, such as discussing, applying, or explaining concepts to others. They might find traditional lectures, which primarily involve note-taking, challenging. Group work is often more appealing to active learners than to reflective learners. Reflective learners prefer to contemplate information quietly before taking action. They might say, "Let's think it through first." They may prefer working alone to group activities Sensing and intuitive learners Sensing learners favour concrete information, established methods, and practical applications. They enjoy learning facts and may find it frustrating to be tested on material not explicitly covered in class. They often excel in hands-on work, like laboratory experiments, and value a clear connection between their studies and the real world. Courses with a lot of memorisation and routine calculations might not appeal to them.  Intuitive learners are drawn to abstract concepts, discovering possibilities, and exploring relationships between ideas. They may be adept at grasping new concepts, working with mathematical formulations, and thinking innovatively. Repetition can be demotivating for intuitive learners, who often prefer courses that encourage innovation and avoid rote memorisation. Visual and verbal learners Visual learners retain more information when it is presented visually, such as through pictures, diagrams, flowcharts, timelines, films, and demonstrations. Verbal learners are more receptive to information presented in written or spoken form. Sequential and global learners Sequential learners can often solve problems or complete tasks even before fully understanding the material because they can follow the logical steps involved. They may be very knowledgeable about specific aspects of a subject but struggle to connect these to different aspects of the same subject or to different subjects altogether. Global learners may excel at solving complex problems quickly or finding innovative solutions once they have grasped the overall concept. However, they may have difficulty explaining how they arrived at their solution and may struggle with the details even after understanding the big picture.