Introduction to Management Lecture 1 - CHAPTER 1 PDF

Introduction to Management L...

Introduction to Management Lecture 1 - CHAPTER 1 Managers and Managing Dr. Yomna Sameer Dr. Ola Wazir ©G.LIUDMILA/Shutterstock ©McGraw-Hill Education. All rights reserved. Authorized only for instructor use in the classroom. No reproduction or further distribution permitted without the prior written consent of McGraw-Hill Education.  Assessment Weight Case Presentation (In Class) 5% In Class Assignment 5% Project Phase 1 5% Project Phase 2 5% Project Presentation 5% Quizzes (2 Quizzes) 10% Midterm Exam 25% Final Exam 40% ©McGraw-Hill Education. ©McGraw-Hill Education.  Learning Objectives (1 of 2) 1. Describe what management is, why management is important, what managers do, and how managers use organizational resources efficiently and effectively to achieve organizational goals. 2. Distinguish among planning, organizing, leading, and controlling (the four principal managerial tasks), and explain how managers’ ability to handle each one affects organizational performance. 3. Differentiate among three levels of management, and understand the tasks and responsibilities of managers at different levels in the organizational hierarchy. ©McGraw-Hill Education.  Learning Objectives (2 of 2) 4. Distinguish among three levels of managerial skill, and explain why managers are divided into different departments to perform their tasks more efficiently and effectively. 5. Discuss some major changes in management practices today that have occurred as a result of globalization and the use of advanced information technology (IT). 6. Discuss the principal challenges managers face in today’s increasingly competitive global environment. ©McGraw-Hill Education.  What Is Management? (1 of 3) Organizations Organizations are collections of people who work together and coordinate their actions to achieve a wide variety of goals or desired future outcomes. All managers work in organizations. Managers Managers are the people responsible for supervising the use of an organization’s resources to meet its goals. ©McGraw-Hill Education.  What Is Management? (2 of 3) Management Management includes the planning, organizing, leading, and controlling of human and other resources to achieve organizational goals effectively and efficiently. What difference can a manager make? Satya Nadella, Microsoft CEO ©McGraw-Hill Education.  What Is Management? (3 of 3) Resources Include assets such as: 1. People and their skills, know-how, and experience. 2. Machinery. 3. Raw materials. 4. Computers and information technology. 5. Patents, financial capital, and loyal customers and employees. ©McGraw-Hill Education.  Achieving High Performance: A Manager’s Goal (1 of 2) Organizational performance A measure of how efficiently and effectively managers use available resources to satisfy customers and achieve organizational goals Microsoft’s corporate mission revised by CEO Satya Nadella to reflect current technological trends, resulting in increased employee moral, product quality, and stock market values ©McGraw-Hill Education.  Achieving High Performance: A Manager’s Goal (2 of 2) Efficiency A measure of how well or how productively resources are used to achieve a goal UPS instructing drivers to leave truck doors open when going short distances to reduce delivery times Effectiveness A measure of the appropriateness of the goals an organization is pursuing and the degree to which the organization achieves those goals Microsoft’s restructure eliminating internal competition, resulting in increased employee morale and performance. ©McGraw-Hill Education.  Figure 1.1 Efficiency, Effectiveness, and Performance in an Organization High-performing organizations are efficient and effective. Jump to Appendix 1 for description ©McGraw-Hill Education. Copyright © McGraw-Hill Education. Permission required for reproduction or display.  Why Study Management? (1 of 2) 1. Individuals generally learn through personal experience or the experiences of others. By studying management in school, you are exposing yourself to the lessons others have learned. ©McGraw-Hill Education.  Why Study Management? (2 of 2) 2. The economic benefits of becoming a good manager are also impressive. In the United States, general managers earn a median wage of $99,310 with a projected growth rate in job openings of 5 % to 9% between now and 2026. 3. Learning management principles can help you make good decisions in nonwork contexts. ©McGraw-Hill Education.  Figure 1.2 Four Tasks of Management Jump to Appendix 2 for description ©McGraw-Hill Education. Copyright © McGraw-Hill Education. Permission required for reproduction or display.  Steps in the Planning Process 1. Deciding which goals the organization will pursue 2. Deciding what strategies to adopt to attain those goals 3. Deciding how to allocate organizational resources. Managers identify and select appropriate organizational goals and develop strategies for how to achieve high performance. ©McGraw-Hill Education.  Organizing (1 of 2) Organizing Structuring working relationships so organizational members interact and cooperate to achieve organizational goals Managers deciding how best to organize resources, particularly human resources ©McGraw-Hill Education.  Organizing (2 of 2) Organizational structure A formal system of task and reporting relationships that coordinates and motivates organizational members so that they work together to achieve organizational goals ER director Daley works closely with team, increasing efficiency and improving customer satisfaction ©McGraw-Hill Education.  Leading Leading Articulating a clear vision and energizing and enabling organizational members so they understand the part they play in achieving organizational goals An organization’s vision is a short, brief, and inspiring statement of the organization’s future state. Involves managers using their power, personality, influence, persuasion, and communication skills to coordinate people and groups ©McGraw-Hill Education.  Controlling (1 of 2) Controlling Evaluating how well an organization is achieving its goals and taking action to maintain or improve performance Managers monitor performance of individuals, departments, and the organization as a whole to determine if they are meeting performance standards ©McGraw-Hill Education.  Controlling (2 of 2) The outcome of the control process is the ability to measure performance accurately and regulate organizational efficiency and effectiveness. Managers must decide which goals to measure. ©McGraw-Hill Education.  Example: Mercy Medical Center Erin Daley is the ER director for Mercy Medical Center in Massachusetts. Improving ER department efficiency and quality of care while keeping costs within budget can be daunting. Managers like Erin Daley must develop strategies and processes where hospitals can move patients through the system faster while improving patient satisfaction. ©McGraw-Hill Education.