MGT503 Midterm Notes

MGT503 MID-TERM NOTES

What is an Organization?

It is an entity where two or more persons work together to achieve a goal or a common purpose. For Example: hospitals, colleges, factories, etc.

Who are Managers?

Managers work with and through others to coordinate activities for organizational goals.

Management Process:

Management process is the set of ongoing decisions and work activities in which managers engage as they plan, organize, lead, and control.

POLCA:

Planning: Defining organizational goals and planning strategies for achieving them.

Organizing: Allocating tasks, decision-making responsibilities, and establishing work relationships.

Leading: Inspiring and motivating employees to enhance productivity.

Controlling: Monitoring progress and adjusting strategies as necessary.

Assurance: A manager must perform all these management functions with Assurance.

What is Management?

Management is about getting work done efficiently and effectively through planning, organizing, leading, and controlling (POLCA). Management Roles:

A role is an organized set of behaviors that is associated with a particular office or position. Dr. Henry Mintzberg categorized managerial behavior into three types of roles.

Interpersonal Roles: Figurehead, Leader, Liaison

Informational Roles: Monitor, Disseminator, Spokesperson

Decisional Roles: Entrepreneur, Disturbance Handler, Resource Allocator, Negotiator

Not-for-Profit Organization:

It is an organization whose main purposes center on issues other than making profits.

Efficiency and Effectiveness:

Efficiency is about using less to get more, while effectiveness is about achieving goals. Management aims to use resources wisely and reach goals successfully by doing the right things.

Managerial Levels and Skills:

Levels of Managers: Top, Middle, First-Line Managers (or First-Line Supervisors), and Non-managerial Employees

First-line managers supervise non-managerial employees, with titles like "supervisor."

Middle-level managers oversee first-line managers, implement plans, and coordinate departments. Titles include: “director of”, “chief”, “department head”, etc.

Top managers, with titles such as “CEO” or “president”, hold ultimate authority, overseeing overall planning and reporting to the board of directors. Difference in Functions within Hierarchy:

Planning is more important for top-level managers.

Organizing is important for top and middle-level managers.

Leading is more important for first-line managers.

Controlling is important at all levels.

Managerial Skills:

Technical Skills:

It reflects understanding and proficiency in a specialized field.

Human Skills:

It is associated with a manager's ability to work well with others.

Conceptual Skills:

It is related to the ability to visualize the entire organization.

Four trends are likely to impact managerial work in the future: (Just Understand)

Managers in the future need to be savvy in dealing with changes like economic shifts and new technology by being innovative.

The workforce is getting more diverse, so managers should know how to make the most of different types of employees.

Global competition is heating up, so managers should know their way around international business.

Lastly, keeping quality top-notch is crucial in the face of global competition, so continuous improvement programs are a big deal.