AFM 131 Chapter 8 Notes - AFM 131 Chapter 8 Managers roles...

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AFM 131 Chapter 8 Manager’s roles are evolving Resources is a term that incorporates human resources, natural resources and financial resources - LLCE – land labour capital entrepreneurship - All businesses have scarce resources and it is up to the manager to manage these resources Before, managers knew more than their employees and they just told them what to do (theory X) and didn’t care much about their employees. Today guide, train, and support employees rather than just tell them what to do. - Especially in the tech industry, employees will probably know more in terms of technology than their managers do. Managers are mainly there to promote teamwork and set goals etc - In the past people use to stick to one company, but now it is very likely to change jobs if you are dissatisfied Functions of management Management is the process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other resources Planning - Setting organizational goals - Developing strategies to reach those goals - Determining resources needed - Setting precise standards Organizing - Allocating resources, assigning tasks and establishing procedures for accomplishing goals - Preparing a structure (organizational chart) showing lines of authority and responsibility - Recruiting selecting, training, and developing employees - Placing employees where they will be the most effective Leading - Guiding and motivating employees to work effectively to accomplish organizational goals and objectives - Giving assignments - Explaining routines - Clarifying policies - Providing feedback on performance Controlling - Measuring results against corporate objectives - Monitoring performance relative to standards - Rewarding outstanding performance - Taking corrective action when necessary The following is the 4 functions in more detail Planning: creating a vision based on values This is to set the organization setting, values, goals and objectives. Executives believe that this is the most important function
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A vision is more than a goal. It is an encompassing explanation of why the organization exists, and where it is trying to head. It gives the organization purpose Values are a set of fundamental beliefs that guide a business in the decisions they make - They work together to unite workers together in a common purpose - No vision is like getting people hyped up about rowing in a row boat, but you don’t know where - Values are important because it is the basis for determining how employees interact with stakeholders A Mission statement is an outline of the organization’s fundamental purposes - Developed by top managers with input from employees - One sentence - Should include o Organization’s self concept o Company philosophy and goals o Long term survival o Customer needs o Social responsibility o Nature of company’s product or service - Examples on page 107 (bottom) By using the mission statement, the company will set goals and objectives Goals
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