MANAGEMENT PHILOSOPHY - Coincidence of responsibility and...

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MANAGEMENT PHILOSOPHY, TERMS and DEFINITIONS What is Management? an inexact science a system of thought which attempts to understand business challenges and their solutions In this course, we will attempt to relate the function of management with job performance What is the function of business? to make a profit or to provide goods or services the public desires – thus providing the platform to make a profit Profit is the reward for managing well and taking risk How many of you are management majors? What careers are you and the others going to pursue? big, median or small companies what industry training program or particular position function – finance, engineering, manufacturing, marketing(sales), human resources, IT What does a manager do? Plans – develops a basis for action Organizes – creates a condition for executing the plan Controls – the function of regulating action
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Unformatted text preview: Coincidence of responsibility and authority can not have responsibility without authority responsibility is individual can not delegate your responsibility General Electric Company Line and Staff organizations line organization creates end customer values staff organization advises, consults and supports the line organization line -- marketing(sales), engineering, manufacturing, finance staff IT, payroll, human resources, legal Army, Navy, Air Force Infantry, Armor, Artillery, Ships at sea, SAC, TAC, line organizations that directly engage Business Policy operating principles -- manage a business within the framework of society Enron, Tyco, Arthur Andersen, others society punishes JOBS = CUSTOMER NEEDS + CAPITAL + LABOR + MANAGEMENT...
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MANAGEMENT PHILOSOPHY - Coincidence of responsibility and...

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