Management Notes

Management Notes - BMGT364 Management and Organization...

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BMGT364 – Management and Organization Theory Jennifer Armstrong Office: VMH 4505 jarmstro@rhsmith.umd.edu (301) 405-2562 Management Skills – Tuesday, January 04, 2011 Management Challenge o Too much information 30,000 books in library of congress about the topic o “Not enough time” to reflect – and learn from mistakes o Reluctance to “face the facts” and the evidence o Inconsistent guidance and recommendations Believing that management is common sense Produces Some Dangerous half Truths o The company with the “best people wins; hiring talent is the path to success, and the best organizations have the smartest people. o Get the rewards right and everything else will follow; incentives are very important for driving company performance. o Strategy is destiny – getting strategy right is important for success Strategy is important, but the execution is too o People will change when you show them the data Rarely true o Great leaders are in control of their companies, and ought to be. CEO might be in charge, but he has to report to the board, or stockholders Four Functions of Management o Planning Organizing Leading Controlling Skills YOU need to have to be a successful management o Technical skills o Interpersonal and communication skills
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o Conceptual and decision skills Takes the longest to learn, and chiefly relies on experience Four key Skills to Master Now o Public Speaking o Negotiation o Speed Reading o Memory What Makes Tiger Woods Great? o “Tiger Woods Interviewed by the late Ed Bradley – part 1” video Wants to “kick some butt” Never ending quest for perfection Always need to the test boundaries o “Tiger Woods Interviewed by the late Ed Bradley – part 2” video Once he got to the top, he gave it back “Golf is what I do, not who I am” Spends only what he earns on the golf course, not on the contracts o Father introduced him to golf early and encouraged him to practice o Had 15 years of experience by time he won U.S. Amateur Championship at age 18 Practicing o People do not possess a natural gift for a certain job, because targeted natural gifts don’t exist o Greatness isn’t handed to anyone; it requires a lot of hard work o The best people in any field are those who devote the most hours to what the researchers call “ deliberate practice” o Geoff Colvin Video on “Deliberate Practice” Tiger is the textbook example Tiger has never stopped trying to improve, devoting many hours a day to condition and practice, even remaking his swing twice because that’s what it took to get even better.
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He overcame a devastating stutter How do you practice business? o
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Management Notes - BMGT364 Management and Organization...

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