Management Roles, Functions, and Skills (ch7) PDF

LE: Management Roles, Functions, and Skills (ch7) Week # of sessions year 1.1.1 Lecture course MTP Management Process of planning, organizaing, leading, and controlling to meet organizational goals Roles of Management 💡 Managers don’t usually do the hands on job, they create the environment...

LE: Management Roles, Functions, and Skills (ch7) Week # of sessions year 1.1.1 Lecture course MTP Management Process of planning, organizaing, leading, and controlling to meet organizational goals Roles of Management 💡 Managers don’t usually do the hands on job, they create the environment and provide the resources that give employees opportunities to excel in their work Interpersonal Roles Informational Roles Decisional Roles Providing leadership to employees Gathering information from sources Setting prices to new products Building relationships Communicate Responding to a information to employees product tampering crisis Acting as liaison between groups and individuals LE: Management Roles, Functions, and Skills (ch7) 1 Planning Function Planning Establishing objectives and goals for an organization and determining the best ways to accomplish the, 💡 Translate those strategies and goals into action plans Strategic Plans Outlines the firm’s long range organizational goals and set a course of action to pursue its goals Usually defined for periods of 2-5 years Consists of 6 steps: 1. Defining the organization’s mission, vision & values Why do we exist and where are we going? Who are we and what do we stand for? Mission statement Vision statement Values statement Brief statement of why an organization exists Brief statement of what the company aspires to Brief statement of the principles that guide the be company’s behavior 2. Performing a SWOT analysis What are our strong and weak points? What opportunities do we have and what dangers must we avoid? Strengths Weaknesses Opportunities Threats Internal Factors that contribute to a Internal Factors that inhibit the External situations that External forces that could inhibit a LE: Management Roles, Functions, and Skills (ch7) 2 company’s success company’s success represent the possibility of generating new revenue firm’s ability to achieve its objectives 3. Developing forecasts What can we reasonably expect to happen in the future? How will this affect our business? Need to predict not only what will occur, but when it will occur and how will it affect their business Quantitative forecasts Qualitative Forecasts Based on historical data or tests Based on intuitive judgements Often involve complex statistical computations 💡 Crafting plans that solid enough to move the company forward in a strategically coherent direction while staying alert to changing conditions and being flexible enough to adapt quickly 4. Analyzing the competition Who are our competitors? What are their strengths and weakness and how do these create opportunities and threats for us? Performing a SWOT analysis on each of your major competitors 5. Establishing goals & objectives What do we want to accomplish long term, and what milestones do we need to reach aalong the way? LE: Management Roles, Functions, and Skills (ch7) 3 Goal Objective Broad, long range target or aim Specific, short range target or aim SMART Goals & Objectives Specific Measurable Attainable Relevant Time limited 6. Developing action plans What actions should we take and should we allocate our resources in order to achieve our goals & objectives? Organizing Function Organizing Process of arranging resources to carry out the organization’s plans 💡 Managers must think through all the activities that employees perform, as well as all the facilities and equipment they need to complete these activities Management Pyramid Organizational structure divided into top, middle, and first line management Top Managers Highest level LE: Management Roles, Functions, and Skills (ch7) Middle Managers Middle First Line Managers Lowest level 4 Responsible for setting strategic goals and have Develop plans to implement the goals of Supervise the operating employees & implement most power & responsibility in the top managers & coordinate the work of th eplans set aat the higher management levels organization first line managers CEO, CTO, CFO… Controller, Director… Supervisor, Department head… Leading Function Leading Process of guiding & motivating people to work towads organizational goals 💡 Leadership style can be viewed as finding the right balance between what the leader focuses on and how they make things happen in the organization Autocratic leaders Democratic leaders Laissez-faire leaders Leaders who do not Leaders who delegate Leaders who leave most involve others in decision making authority and involve employees in decision decisions up to employees making Employee empowerment Subordinates Granting decision making authorities to employees have little or no freedom to make Invite & seek out input from anyone decisions in the Employees can organization act without getting Participative management approval from management Philosophy of allowing employees to take part in LE: Management Roles, Functions, and Skills (ch7) 5 planning&decision making Coaching & Mentoring Coaching Mentoring Helping employees reach their highest Experienced managers guide less potential by: experienced colleagues in nuances of Meeting with them Discussing problems that hinder their ability to work effectively Offering suggestions & encouragement to overcome these problems office politics Mentors have a deep knowledge, serving as role models for appropiate business behavior and provide valuable advice Managing Change To improve the chances of success when the organization needs change, managers should follow these steps: 1. Identify everything that needs to change 2. Identify the forces acting for and against a change 3. Choose the approach best suited to the situation 4. Reinforce changed behavior and monitor continued progress Building a Positive Organizational Culture Organizational Culture Set of values, norms, and practices shared by members of an organization Controlling Function LE: Management Roles, Functions, and Skills (ch7) 6 Controlling Process of measuring progress against goals & objectives and correcting deviations if results are not as expected Control Cycle 1. Establishing performance standards based on the strategic plan Set standards ; criteria against which performance is measured Benchmarking is an approach to setting standards; collecting and comparing process and performance data from other companies Quality Measure of how closely a product conforms to predetermined standards and customer expectations 2. Measuring performance Assess performance, using quantitative & qualitative performance measures Balance scorecard Monitors performance from multiple perspectives, including finances, operations, customer relationships, and the growth & development of employees and intellectual property 3. Comparing performance to standards 4. Responding as needed Crisis Management Procedures & systems for minimizing the harm that might result from some unusually threatening situations LE: Management Roles, Functions, and Skills (ch7) 7 💡 Needs to contain contingency plans and communication plans Essential Management Skills Interpersonal skills Skills required to understand other people and to interact effectively Encouraging employees to work together toward common goals Interacting with employees and other managers Negotiating with partners & suppliers Communication is the most important interpersonal skill managers use Tecnical skills Ability & knowledge to perform the mechanics of a paticular job Operate a machine Prepare a financial statement Use web content management system Administrative skills: Tecnical skills necessary to direct an organization (scheduling, researching, analyzing data, managing projects) Conceptual skills Ability to understand the relationship of parts to the whole Visualizing organizations, systems, markets and solutions, both as complete entities on their own and as interrelated pieces of a whole Acquire & analyze information Identify problems & opportunities LE: Management Roles, Functions, and Skills (ch7) 8 Understand the competitive environment Develop strategies & plans Decision Making skills Ability to define problems and opportunitirs and select the best coure of action 1. Recognize & define the problem or opportunity 2. Identify & develop options 3. Analyze options 4. Select the best option 5. Implement the decision 6. Monitor the results LE: Management Roles, Functions, and Skills (ch7) 9