MANAGEMENT reviewer.pdf

MANAGEMENT - Management is the process of utilizing the Middle managers - Individuals who are typically resources of an organization in an effective and efficient manner responsible for translating goals set by top to attain targeted objectives through planning,...

MANAGEMENT - Management is the process of utilizing the Middle managers - Individuals who are typically resources of an organization in an effective and efficient manner responsible for translating goals set by top to attain targeted objectives through planning, organizing, staffing, managers into specific details that lower-level leading and controlling. managers will see get done First-line managers - Supervisors responsible for directing the day-to-day activities of CHARACTERISTICS OF MANAGEMENT nonmanagerial employees Continuous and never-ending process - Management Nonmanagerial employees - People who work is considered as process, because a manager plans, directly on a job or task and have no responsibility organizes, directs, and controls all activities of the for overseeing the work of others organization continuously. Getting things done through people - The activities of Project - temporary effort made up of a related set of the firm are being done by the workers not just the activities undertaken to create a unique product or service manager himself. within specified requirements Result oriented - Management gives importance to the best “outcomes” of its activities. Project Management - knowledge, skills, tools, and Multidisciplinary in nature - Management deals with techniques to a broad range of activities in order to meet people with different emotions, feelings and aspirations. the requirements A group and not an individual activity - Management is not an individual activity but a group action. Managers - individuals who work in an organization Follows established principles of rules - Management directing and overseeing the activities of other people follows recognized principles, like division of work, discipline, unity of command and other relevant rules Organization - a deliberate arrangement of people and principles. brought together to accomplish some specific purpose Aided but not replaced by computers - all managers employ computers to make accurate decisions. This is Efficiency - concerned with the means of getting things because the management takes the final responsibility. done Situational in nature - Managers create plans, policies and decisions based on situations. Effectiveness - concerned with the ends Need not be an ownership - In small organizations, Productivity - is the quantity and quality of work management and ownership are one and performance, with resource use considered identical. However, in large organizations, management is different from ownership. Performance effectiveness - is an output measure of Both an art and science - The practice of management task or goal accomplishment is an art, because it requires creativity in the practical applications of skills and techniques to successfully Performance efficiency - is a measure of resource cost meet advantageous result. associated with goal accomplishment Management is all pervasive - Management is essential for running business, educational, Essential Managerial Skills charitable, and religious institutions. Conceptual Skills Management is intangible - Management cannot Human Skills be seen and touched. However, it can be sensed Technical Skills and understood by its result. Uses a professional approach in work - Managers Changing nature of organizations make use of a professional tactic for getting the work done from their Pre-eminence of technology subordinates. Focus on speed Dynamic in nature - In the world of business, Demise of command and control nothing is permanent. Almost everything changes. Embrace of networking Belief in empowerment Four Management Functions Emphasis on teamwork Planning - Defining goals, establishing strategy, New workforce expectations and developing subplans to coordinate activities Concern for work-life balance Organizing - Determining what needs to be done, how it will be done, and who is to do it Decision making - is the process of making choices by Leading - Directing and coordinating the work identifying a decision, gathering information, and assessing activities of an organization’s people alternative resolutions. Controlling - Monitoring activities to ensure that Characteristics of Managerial Decisions they are accomplished as planned Lack of Structure - usual state of affairs in managerial decision making ▪ Programmed Decisions - Are decisions Management Levels encountered and made before, having Top managers - Individuals who are responsible for objectively correct answers making decisions about the direction of the ▪ Non-Programmed Decisions - Are new, novel organization and establishing policies that affect complex decisions having no proven answers all organizational members Uncertainty and Risk  Certainty – it exists when decision-makers have Disadvantages: accurate and comprehensive information. Uncertainty – means the manager has insufficient 1. A group member governs information to know the consequences of 2. The result is more likely satisfying than different actions. optimizing Risk – it exists when the probability of an action 3. The decision is a groupthink in order to avoid being successful is less than 100% disagreement 4. Emergence of “goal displacement” instead of Conflict - This exists when the manager must consider discovering the best possible solution to the opposing pressures from different sources occur. problem Psychological conflict occurs when several options are attractive, or when none of the options TECHNIQUES OF DECISION MAKING IN GROUPS is attractive. Conflict arises between individuals or groups. 1. Nominal Group Technique - The objective of nominal group technique is to resolve the opinion Stages of Decision Making conflicts among the group members by enabling 1. Identifying and Diagnosing the Problem each individual to pen down his/her thoughts 2. Generating Alternative Solutions 2. Delphi Technique - refers to the systematic i. Ready-made solutions forecasting method used to gather opinions of the ii. Custom-made solutions panel of experts on the problem being encountered 3. Evaluating Alternatives 3. Brainstorming - a technique to stimulate creative 4. Making the Choice ideas and solutions through a group discussion 5. Implementing the Decision 4. Dialectical Inquiry - a technique used to 6. Evaluating the Decision overcome the problem in the group-decision making, wherein the group members quickly agree THE BEST DECISION - managers should at least be to one alternative proposal and might overlook confident that they followed proper procedures that more promising solutions than the chosen one will yield the best possible decision 4 M’s Vigilance – occurs when the decision makers - a method to identify the cause behind the specific effects. carefully and conscientiously execute all six stages of decision making - from Kaoro Ishikawa. MATERIAL Barriers to Effective Decision Making METHOD MACHINE Psychological Biases MAN Illusion of Control - is a belief that one can influence events 4 P’s Framing Effects - refer to how problems or decision alternative are phrased or presented, - a problem-solving model incorporates an effective set of and how these subjective influences can skills into a step-by-step process. override objective facts. PLAN Discounting the future - is a bias weighing PREPARE short-term costs and benefits more heavily PRODUCE than longer-term costs and benefits. PERFECT Time Pressures Social Realities 5Why’s GROUP DECISION MAKING - is the collective activity - one of the most effective tools for root cause analysis wherein several persons interact simultaneously to Steps find out the solution to a given statement of a problem 1. Assemble a Team Advantages 2. Define the Problem 3. Ask “Why?” 1. Bigger and Better source of information 4. Determine and Implement Corrective Actions 2. More viewpoints and methods of solving problem Process 3. Scholarly motivation and creativity in crafting 1. Define the problem solution to process 2. Why it is happening? 4. Participant know the pros and cons of both chosen and rejected alternatives 3-5. why is that? 5. Lead to a higher degree of commitment to the decision ensuring well implementation of it  Fishbone Diagram - Also known as Cause-and- Effect Diagram, Ishikawa Diagram, Herringbone Diagram, and Fishikawa Diagram Steps 1. Identify the Problem. 2. Work out the Major Factors Involved. 3. Identify Possible Causes. 4. Analyze the Diagram.