Introduction to Management 1 PDF

Introduction to management 1. Economics and/or management Management course András István KUN Economics Studies choice under scarcity Adam Smith (1776): moral philosopher Natural science principles in a social context: Natural instincts: self-interest, heterogeneous...

Introduction to management 1. Economics and/or management Management course András István KUN Economics Studies choice under scarcity Adam Smith (1776): moral philosopher Natural science principles in a social context: Natural instincts: self-interest, heterogeneous needs, diminishing returns Balance: supply and demand like opposing market forces Natural laws: the invisible hand Today (neoclassical paradigm) it is highly abstract „Dismal science” (Thomas Carlyle) ? Levels of analysis Micro-economics: individual agents Macro-economics: aggregated levels of individual agents Some typical tools of an economist Mathematics, statistics (quantitative) Marshallian-cross of demand and supply Mostly deductive model building (simplifying the complexity of social issues) and testing (its just changing with experimental economics) „Imperialistic”: Takes over areas from other social sciences Its methodology also influences other sciences (especially sociology and biology) Can be… Descriptive Normative „The art of Economics” Management It is practically economics on a very low level of abstraction, mixed with supplements from other disciplines It is more user friendly (easy to understand, focuses on actual problems) It is also a „social activity” Strongly influenced by non-scientific „gurus” (because fast and convincing solutions are more important for practicing managers than scientific underpinnings) More inductive than economics Management Fifteenth Edition, Global Edition Chapter 1 Managers and You in the Workplace Copyright © 2021 Pearson Education Ltd. Who Is a Manager? Manager: someone who coordinates and oversees the work of other people so that organizational goals can be accomplished Exhibit 1.1 Levels of Management Exhibit 1.1 shows that in traditionally structured organizations, managers can be classified as first-line, middle, or top. Copyright © 2021, 2018, 2016 Pearson Education, Inc. All Rights Reserved Classifying Managers First-Line Managers: manage the work of non-managerial employees Middle Managers: manage the work of first-line managers Top Managers: responsible for making organization-wide decisions and establishing plans and goals that affect the entire organization Where Do Managers Work? Organization: a deliberate arrangement of people to accomplish some specific purpose Exhibit 1.2 Characteristics of Organizations Exhibit 1.2 shows the three common characteristics of organizations: distinct purpose, deliberate structure, and people. Copyright © 2021, 2018, 2016 Pearson Education, Inc. All Rights Reserved Why Are Managers Important? Organizations need their managerial skills and abilities now more than ever Managers are critical to getting things done Managers do matter to organizations Exhibit 1.3 Managers Make a Difference Exhibit 1.3 shows data on why managers are important. Managers that are not engaged cost organizations billions of dollars through employee turnover. Copyright © 2021, 2018, 2016 Pearson Education, Inc. All Rights Reserved What Do Managers Do? Management involves coordinating and overseeing the work activities of others so that their activities are completed efficiently and effectively. Efficiency and Effectiveness Efficiency: doing things right getting the most output from the least amount of input Effectiveness: doing the right things attaining organizational goals Exhibit 1.4 Efficiency and Effectiveness in Management Exhibit 1.4 shows that whereas efficiency is concerned with the means of getting things done, effectiveness is concerned with the ends, or attainment of organizational goals. Copyright © 2021, 2018, 2016 Pearson Education, Inc. All Rights Reserved Thanks for the attention