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ADMreview-formatted[1] - ADM Exam Review Managers and...

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ADM Exam Review Managers and Managing Management takes place in organizations, which are collections of people who work together and coordinate their actions to achieve a wide variety of goals. Management is the planning, organizing, leading, and controlling of resources to achieve goals effectively and efficiently. - 80%-85% of time spent working with others - Managers must learn how to delegate. Delegation of authority and responsibility. - Whole is greater than the sum of its parts. - Goals: long-term desired result. To be achieved 10-15 years from now - Objective: steps to reach the goal Mission Statement (Philosophy) : What its purpose is. What it is there to do. It is long-term. It can change over the long-term, but not every days. Way to achieve the mission may change annually, but the philosophy never changes. Ex. Police force – “To Serve and Protect” – carried out differently worldwide. Mission Statement depends on…. - Competition - Market demand - Economy (interest rates, inflation) - Culture (way society thinks, morals, issues, social acceptability) - Political - Legal (laws, rules of conduct) - Technology - Resources Goal (long-tern desired result): - reasonably attainable but also challenging/motivating/exciting - measurable to check progress - specific - timeframe - Objective: short-term steps to reach long-term goal. E.g. Goal to lose 100 lbs. Objective is to lose 2 lbs a week. - Set by people who are responsible of achieving - Performance appraisal system Efficiency, Effectiveness, and Performance in an Organization 3 WAYS TO MEASURE MANAGERIAL PERFORMANCE BY DRUCKER ECONOMY The terms and conditions under which human an material resources are acquired EFFICIENCY The amount of resources incurred to produce goods and services EFFECTIVENESS How well is the organization is doing in meeting its goals 1
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EFFICIENCY VS EFFECTIVENESS LOW EFFICIENCY + LOW EFFECTIVENESS Managers choose wrong goals to pursue and make poor use of resources (Crappy product that no one wants) LOW EFFICIENCY + HIGH EFFECTIVENESS Managers choose the right goals to pursue but does a poor job of using resources to achieve these goals (Awesome product that no one can afford) HIGH EFFICIENCY + LOW EFFECTIVENESS Manager chooses inappropriate goals but makes good use of resources to pursue these goals (High quality product that no one wants) HIGH EFFICIENCY + HIGH EFFECTIVENESS Manager chooses the right goals to pursue and makes good use of resources to achieve these goals (Awesome product at awesome price) Four Functions of Management: The job of management requires helping an organization by allocating the resources of the org. effectively and efficiently in order to achieve the goals. Now, how do managers accomplish this objective? They do so by performing four essential functions: planning, organizing, leading, and controlling. French manager Henri Fayol first outlined these managerial activities.
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