Management Chapter 1 Outline - Management Chapter 1 Outline...

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Management Chapter 1 Outline 1. Managers are task-oriented, achievement oriented, and people oriented a. They operate within an organization – a group of people who work together to achieve some specific purpose b. Management is 1) the pursuit of organizational goals efficiently and effectively by 2) integrating the work of people through 3) planning, organizing, leading, and controlling the organization’s resources 2. To be successful they must be efficient and effective a. Efficiency is the means of attaining the organization’s goals i. To be efficient means to use resources (people, money, raw materials) wisely and cost-effectively b. Effectiveness is the organizations ends/goals i. To be effective means to achieve results, make the right decisions, and to successfully carry them out so that they achieve the organization’s goals 3. Managers possess the multiplier effect , where their influence on an organization is multiplied beyond the results that can be achieved by one person acting alone 4. Business managers earn a lots of money and benefits/bonuses a. The top earner of CEOs was John Hammergren of McKesson, who earned $145 million in 2010 b. A small business CEO earns around $233,500 and runs a company of up to 500 full-time employees c. A medium-size business CEO earns around $500,000 and runs a company of 500-5,000 full time employees d. A large-size business CEO earns around $849,375 and runs a company of greater than 5,000 full-time employees e. Lower rung managers may make between $35,000 and $60,000 a year or, at the middle levels, between $45,000 and $120,000 f. Some bonuses and benefits that come with being a manager include health insurance, large offices, a personal parking space, better furniture, lunch, a company car and driver, a corporate jet, sabbaticals, etc. 5. There are many rewards for studying management, such as understanding how to deal with organizations from the outside, understanding how to relate to your supervisors, and understanding how to interact with coworkers 6. There are also many rewards for practicing management, such as you and
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