Introduction to Management BU6004 PDF

Week 1 BU6004 - Introduction to Management 1  Because learning changes everything. ® Chapter 1 Managers and Managing © McGraw Hill LLC. All rights reserved....

Week 1 BU6004 - Introduction to Management 1  Because learning changes everything. ® Chapter 1 Managers and Managing © McGraw Hill LLC. All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill LLC. Learning outcomes Chapter Learning Objectives Topics Describe what management is, why management Definition of Management is important, what managers do, and how A Manager’s Goal managers use organizational resources efficiently Efficiency vs. Effectiveness and effectively to achieve organizational goals. Distinguish among planning, organizing, leading, Functions of Management and controlling (the four principal managerial functions), and explain how managers’ ability to handle each one affects organizational performance. Differentiate among three levels of management Mintzberg’s managerial roles and understand the tasks and responsibilities of Levels of Managers managers at different levels in the organizational Types of Managerial skills hierarchy. Topics for Course expertise (Students’ Self-study) Core competency Recent changes in Management Practices Challenges for Management in a Global Environment Building blocks of Competitive Advantage 3  Definitions of Management ‘The art of getting things done through people’ (Hill & Mc Shane, 2008) ‘The attainment of organizational goals in an effective and efficient manner through planning, organizing, leading and controlling organizational resources’ (Daft, 2008) Evolution of Management Theory © McGraw Hill 4 Functions of Management Planning & Strategizing Controlling Organizing Leading & Developing 5  Figure 1.2: Four Functions of Management Planning: Choose appropriate organizational goals and courses of action to best achieve those goals. Organizing: Establish task and authority relationships that allow people to work together to achieve organizational goals. Leading: Motivate, coordinate, and energize individuals and groups to work together to achieve organizational goals. Controlling: Establish accurate measuring and monitoring systems to evaluate how well the organization has achieved its goals. © McGraw Hill 6  Four Principal Functions of Management 1 Planning Steps: 1. Decide which goals the organization will pursue. 2. Decide what strategies to adopt to attain those goals. 3. Decide how to allocate organizational resources. Managers identify and select appropriate organizational goals and develop strategies for how to achieve high performance. © McGraw Hill 7  Four Principal Functions of Management 2 Organizing: Structuring working relationships in a way that allows organizational members to work together to achieve organizational goals; of the four principal functions of management. Managers deciding how best to organize resources, particularly human resources. © McGraw Hill 8  Four Principal Functions of Management 3 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. Airbnb’s COVID-19 challenge. © McGraw Hill 9  Four Principal Functions of Management 4 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, succinct, and inspiring statement of what the organization intends to become and the goals it is seeking to achieve its desired future state. Involves managers using their power, personality, influence, persuasion, and communication skills to coordinate people and groups. © McGraw Hill 10  Four Principal Functions of Management 5 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 Frederic J. Brown/Getty Images 11  Four Principal Functions of Management 6 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 12  Case Study: George David CEO See handouts What makes George David such highly recommended manager? How does he get things done through people? What evidence can you see of his planning and strategizing, organizing, controlling leading and developing? © McGraw Hill 13  Example: Match Group Bernard Kim is the CEO of Match Group Prior, he was president of Zynga for 6 years. He also has experience at Electronic Arts and Walt Disney Company. Kim acquired Take-Two Interactive. His efforts at global expansion: Hinge in Germany, Hyperconnect in South Korea. Kim’s focus on cost controls while innovation in new products and services. Subscriber base of more than 16 million worldwide. © McGraw Hill 14 Suggested reading on topics covered Please refer to the Suggested Reading folder within Week 1 on the Moodle Course page & Connect Platform Contemporary Management, 2024 Release by Jennifer George. Chapter 1:Managers & Managing 15  End of Main Content Because learning changes everything. ® www.mheducation.com © McGraw Hill LLC. All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill LLC.