Review Sheet Prelim 1 - What is Management? (Chapter 7):...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
What is Management? (Chapter 7): Types of Authority o Traditional Defined by custom and tradition i.e. emperors and kings Weakness: Dependence on tradition Inflexible o Charismatic Attract followers by exceptional personal or moral qualities I.e. Martin Luther King Suffer succession upheavals when leader dies or ages Unstable: Disappearing or reverting back to traditional or rational- legal authority o Rational-Legal Based on reasoning and accepted structures of rules and procedures Power of authority depends on their acceptance of due legal process and qualification Bureaucratic Organization: o Equal Treatment of all employees o Reliance on expertise, skills relevant to position o Organization owns product and means of production o Specific standards of work and output o Extensive record keeping o Establishment and reinforcement of rules o Rules bind all members to organization Managers Manage: o Information o People o Actions Functions of management o Planning Setting goals and strategies to attain goals Determine resources needed to attain goals Setting standards Forms of Planning: Strategic o Broad o Long-range o By top-managers Tactical o Specific o Short-rang
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
o By lower managers Operational o Setting work standards and schedules Contingency o Backup plans o Organizing Allocations of resources and tasks to achieve goals Define authority and leadership Hiring and training employees Levels of Management: o Top Management o Middle Management o Supervisory (first-line) management o Nonsupervisory o Leading Motivating employees to achieve goals Giving and explaining assignments Clarifying policies and giving feedback o Controlling Measuring performance against corporate objectives Rewarding outstanding performance Taking corrective action Management Skills: o Technical skills Perform tasks in specific department o Human relations skills o Conceptual Skills Picture organization as a whole and the relationship among its various parts What is Business? (chapter 1): What is business? o Actively seeking a profit o Provides goods and services o Satisfy standard of living-quality of life Objectives of Business: o Survival o Growth o Social Responsibility Five Factors of Production: o Land o Labor o Capital
Background image of page 2
o Entrepreneurship o Knowledge Forms of Participating in Business Enterprise: o Entrepreneurship o Ownership Personal Institutional o Employment o Others Customer Supplier Gov’t o Sectors of Economy Agriculture and primary resources Manufacturing Services o Gov’t effect on Business; A customer An overseer and regulator A Tax collector o Gov’t Maintains: Freedom of ownership Contract laws Elimination of corruption Tradable currency Reasonable taxes and regulations The Organization of Business (chapter 5): Forms of Business Ownership:
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/28/2008 for the course AEM 2200 taught by Professor Perez,p.d. during the Spring '07 term at Cornell University (Engineering School).

Page1 / 13

Review Sheet Prelim 1 - What is Management? (Chapter 7):...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online