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UNIT 1: REVIEW

UNIT 1: REVIEW. CHALLENGES: NEW ECONOMY. Globalization Intellectual Capital Technology Diversity Ethics Careers. Study Question 3: Who are managers and what do they do?. Levels of management:

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UNIT 1: REVIEW

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  1. UNIT 1: REVIEW

  2. CHALLENGES: NEW ECONOMY • Globalization • Intellectual Capital • Technology • Diversity • Ethics • Careers

  3. Study Question 3: Who are managers and what do they do? Levels of management: Top managers — responsible for performance of an organization as a whole or for one of its larger parts. Middle managers — in charge of relatively large departments or divisions. Project managers __ coordinate complex projects with task deadlines. Team leaders or supervisors — in charge of a small work group of non-managerial workers. Management Fundamentals - Chapter 1 3

  4. Study Question 3: Who are managers and what do they do? Types of managers Line managers are responsible for work activities that directly affect organization’s outputs. Staff managers use technical expertise to advise and support the efforts of line workers. Functional managers are responsible for a single area of activity. General managers are responsible for more complex units that include many functional areas. Administrators work in public and nonprofit organizations. Management Fundamentals - Chapter 1 4

  5. Figure 1.3 The organization viewed as an upside-down pyramid. Management Fundamentals - Chapter 1 5

  6. Figure 1.4 Four functions of management. Management Fundamentals - Chapter 1 6

  7. Figure 1.5 Mintzberg’s 10 managerial roles. Management Fundamentals - Chapter 1 7

  8. Study Question 5: How do you learn the essential managerial skills and competencies? Essential managerial skills Skill— the ability to translate knowledge into action that results in desired performance. Technical skill — the ability to apply a special proficiency or expertise to perform particular tasks. Human skill — the ability to work well in cooperation with others. Conceptual skill — the ability to think critically and analytically to solve complex problems. Management Fundamentals - Chapter 1 8

  9. Figure 1.6 Katz’s essential managerial skills. Management Fundamentals - Chapter 1 9

  10. Study Question 1: What are the challenges of working in the new economy? Intellectual capital People are the ultimate foundation of organizational performance. Intellectual capital is the collective brainpower or shared knowledge of a workforce that can be used to create value. A knowledge worker adds to the intellectual capital of an organization. Mayor Michael Bloomberg on Intellectual Capital http://youtu.be/tbhegd9OfXs 10

  11. Study Question 2: What are organizations like in the new workplace? Organizations are open systems Composed of interrelated parts that function together to achieve a common purpose. Interact with their environments. Transform resource inputs into product outputs (goods and services). Environmental feedback tells organization how well it is meeting the needs of customers and society. Management Fundamentals - Chapter 1 11

  12. Figure 1.1 Organizations as open systems. Management Fundamentals - Chapter 1 12

  13. Study Question 2: What are organizations like in the new workplace? Organizational performance Value is created when an organization’s operations adds value to the original cost of resource inputs. i.e. ice cream and cookies are worth $2.00 together but as a sandwich are worth $4.00 When value creation occurs: Businesses earn a profit. Nonprofit organizations add wealth to society. 13

  14. Study Question 2: What are organizations like in the new workplace? Organizational performance Productivity An overall measure of the quantity and quality of work performance with resource utilization taken into account. Performance effectiveness An output measure of task or goal accomplishment. Performance efficiency An input measure of the resource costs associated with goal accomplishment. Management Fundamentals - Chapter 1 14

  15. IN SUMMARY: Management Fundamentals - Chapter 1 15 Efficiency = Doing this right Effectiveness = Doing the right things HIGH PRODUCTIVITY = EFFICIENT + EFFECTIVE

  16. Changing nature of organizations • Belief in human capital • Demise of demand and control • Emphasis on teamwork • Pre-eminence of technology • Embrace of networking • New workforce expectations • Concern for work-life balance • Focus on speed http://higheredbcs.wiley.com/legacy/college/schermerhorn/0471454761/assessments/main.html Management Fundamentals - Chapter 1

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