MGMT exam 1 study guide

MGMT exam 1 study guide - Chapter 1 Organizationgroup of...

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Chapter 1: Organization—group of people working together in structured and coordinated fashion to achieve a set of goals Goals: profit, discovery of knowledge, national defense, coordination of various local charities Management—set of activities directed at an organization's resources with the aim of achieving organizational goals in an efficient and effective manner Management process Planning / Organizing / Leading / Controlling Planning and Decision Making Helps maintain managerial effectiveness by serving as guides for future activities Helps managers know how to allocate their time and resources Planning—setting an organization's goals and deciding how best to achieve them Decision making—part of the planning process that involves selecting a course of action from a set of alternatives Organizing Determining how best to group activities and resources Leading The set of processes used to get members of the organization to work together to further the interests of the organization Considered the most important and most challenging Controlling Monitoring organizational progress toward goal attainment Efficiency—using resources wisely and in a cost effective way (costs < benefits) Effectiveness—making the right decisions and successfully implementing them Levels of Management Top—relatively small group of senior executives who manage the overall organization Conceptual and Diagnostic skills President, vice president, and chief executive officer (CEO) Create organization goals, overall strategy and operating policies Represent the organization to the external environment by meeting with government officials, executives of other organizations, and so forth Middle—relatively large set of managers responsible for implementing the policies and plans developed by top managers Mix of all conceptual, diagnostic, technical and interpersonal skills
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Supervising and coordinating the activities of lower level managers Front-line managers—managers who supervise and coordinate the activities of operating employees Technical and interpersonal skills Supervisor, coordinator, and office manager Spend large proportion of their time supervising the work of subordinates Areas of management Marketing—getting consumers to buy product Finance—financial resources, investments Operations—distribution; physical development; how do we do the things we do? Human resources—payroll, training, hiring Administrative—generalist (hospitals) New York Times test—would you be happy with the story written about your organization? Science/Art of management—organizations must blend intuition and personal insight with hard data and objective facts Science—rational, logical, objective, and systematic Quantitative models and decision making techniques to arrive at “correct” answer
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