exam 1 study guide.docx - MAN-210 PRINCIPLES OF MANAGEMENT...

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MAN-210: PRINCIPLES OF MANAGEMENT Exam 1 Study Guide KEY CONCEPTS Managerial functions and the order in which they are performed Planning – identify and selecting appropriate goals. Decide which goals the organization will pursue, decide what strategies to adopt to attain those goals and decide how to allocate organizational resources to pursue the strategies that attain those goals. Organizing – structuring working relationships so organizational members interact and cooperate to achieve organizational goals. Outcome of organizing is an organizational structure. Organizational structure – formal system of task and reporting relationships that coordinates and motivates organizational members, so they work together to achieve organizational goals. Leading – Articulating a clear vision and energizing and enabling organizational members so they understand the part they play. An organizations vision is a short, succinct, and inspiring statement of what the organizations desired future state. Controlling – Evaluating how well an organization is achieving its goals and act to maintain or improve performance. Monitor performance of individuals, departments and organization. Strategies for delivering new products to customers Low-cost – way of obtaining customers by making decisions that allow an organization to produce goods or services more cheaply that its competitors at a lower cost. Differentiation – a way of distinguishing itself from another company. Characteristics of effective leadership When managers choose appropriate goals and then achieve them. Characteristics of self-managed teams Group of employees who assume responsibility for organizing, controlling, and supervising their own activities and monitoring the quality of the goods and services they provide. Characteristics of efficiency goals Organizations are efficient when managers minimize the amount of input resources, or the amount of time needed to produce a given output of goods or services. Characteristics of middle managers Responsible for finding the best way to organize human and other resources to achieve goals. Find ways to help first-line managers and nonmanagerial employees better use resources. Efficiency vs. effectiveness in the pursuit of goals Efficiency – A measure of how well or how productively resources are used to achieve a goal Effectiveness – A measure of the appropriateness of the goals of an organization and the degree which an organization achieves those goals. Copyright © 2018 by Thomas Edison State University. All rights reserved.
Responsibilities of top management Responsible for all departments; have cross-departmental responsibility. Establish organizational goals, decide how the different departments interact and monitor how well middle managers use resources to achieve goals.

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