Management Final

process of working with people and resources to accomplish organizational goals effectively and efficiently

achieving organizational goals

achieving goals with minimal waste of money, time, materials and people

planning, organizing, leading, controlling

setting goals and deciding how to achieve them, delivering strategic value

allocating resources and building a dynamic organization (tying everything together)

inspiring, motivating and mobilizing peple

paying attention to what is going on- learning and changing

senior executive responsible for the overall management of the organization and linkage to external environment and what they need to do now so that organization will be well off in the future

located in the middle of the organizational hierarchy reporting to top-level managers (resources, programs)

supervise the operational activities of the organization- be more creative

ability to identify and resolve problems for the benefit of the organization and its members- make best decisions even with constraints- huge for top management

people skills, ability to lead, motivate, communicate effectively with others - emotional connection; done at every level

ability to performa a specialized task involving a particular method or process (time, training, skills) - top and frontline

leader, liaison (connection between you and your organization), figurehead (representation)

monitor (what's going on), disseminator (known to you making sure info flows to people it is useful to), spokesperson (internally/externally)

entrepreneur, disturbance handler, resource allocator, negotiator

self-awareness and self-observation; understanding yourself, managing yourself and dealing effectively with others, knowing your strengths and weaknesses

process of influencing oneself- control of own destiny

look around and see what successful people and see what we have to be like them

internal spark/drive we have to be successful

• self-observation (self-aware)
• cueing (focus on neg or pos)
• self-goal setting (long or short)
• Self-reward
• self-punishment (guilt, criticism)
• Practice

• part of external environment, everything outside the firm that influences it- THE GENERAL ENVIRO
• (government, economic conditions, technology, demographics, social values)

new entrants, competitors, customers, suppliers, compliments and substitutes

managers must understand their environment to identify opportunities and threats

when the environment is relatively unpredictable; arises from complexity (issues/interconnectedness) and dynamism (discontinuous change in an industry)

searching and sorting through information about the environment

information that helps managers determine how to compete better

used to predict exactly how some organization's practices and technologies with those of other companies compared with your organization

"what if" scenarios

requires empowerment; sharing powers with employees

change from bureaucratic (less flexible) to organic (more flexible) structure

adapt, influence, new environment

Core (changes in the way you do things) or at boundaries (buffering or smoothing)

competitive aggression, competitive pacification, public relations, voluntary action, legal action, political action

• strategic maneuvering (change boundaries of its task)
• domain selection (entrance into a new market or industry- totally new, unrelated)
• Diversification (invests in a different product, business, geographic area)

opposite of independent action; used by two or more organizations working together to manage the external environment

creating contractual marking systems associating yourself with something positive (Olympics)

putting consumer, labor or lender representatives on boards of directors

industry and trade associations

one or more companies combine together

one firm buys another

a firm sells one or more businesses

continuously change the boundaries or their task environment by seeking new products and marketings

stay within a stable product domain as a strategic maneuver

• certain (information is sufficient to predict results)
• Risky (lack complete certainty regarding the outcomes of various courses of actions but aware of probabilities)
• Uncertain (can't even assign probabilities to various alternative and their possible outcomes)

opposing pressures from different sources occurring on the level of psychological conflict or conflict between individuals or groups

• programmed decisions (involve routine problems, low risk/uncertainty)
• nonprogrammed (no pre-specified course of action, requires extra info, high uncertainty/risk)

problem identification and diagnosis (look at past, present and future performance)

generate alternatives (brainstorming, ready-made solutions, custom-made solutions

evaluate alternatives (best decision, may differ from person to person)

• make a choice
• -maximize (make the best possible decision)
• -Satisfice (choose an option that is acceptable but not necessarily the best/perfect; search for alternatives and pick the first good one)
• -Optimize (achieve the best possible balance among several goals; balance)

Implementation- have a plan

evaluate (vigilance- execute all 6 steps successfully)

• psychological biases (interfere with objective rationality including the illusion of control, framing effects, discounting the future)
• Time pressures (pressure to act quickly)
• Social realities (interpersonal factors that decrease decision-making effectiveness

one can influence events even when they have no control over what happens-gambling

how decisions/alternatives are presented

weighing short-term costs and benefits more heavily than long term costs and benefits