20 Whether or not companies have managers for specific areas every company must

20 whether or not companies have managers for

This preview shows page 22 - 32 out of 40 pages.

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Whether or not companies have managers for specific areas, every company must have someone responsible for obtaining financial resources, transforming resources into finished products for the marketplace, hiring and/or dealing with staff, marketing goods and services, handling the firm’s information technology resources, and managing a business segment or the overall business. 21
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As digital technology and automation came to the forefront in business operations, many thought the managerial function would no longer be necessary. However, the opposite has proven to be true. Managers are still necessary, but their activities have changed. Technical and leadership skills are valued more highly among today’s managers as their former roles of overseeing employees on a production line have declined. These duties are now delegated to the employees who oversee the operations of the machines on the production lines. 22
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Decisional: Entrepreneur Disturbance handler Resource allocator Negotiator Informational : Monitor Disseminator Spokesperson Interpersonal Figure Leader Liaison 23
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Technical expertise is the specialized knowledge and training needed to perform jobs that are related to particular areas of management. This knowledge is needed most by first-line managers and least critical to top-level managers. 24
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Conceptual skills are the ability to think in abstract terms and to see how parts fit together to form the whole. These skills are need most by top level managers. Top management must be able to evaluate continually where the company will be in the future. 25
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Financial managers are those who focus on obtaining needed funds for the successful operation of an organization and using those funds to further organizational goals. This financial manager of a city hedge fund analyzes data from financial charts. Financial managers are responsible for obtaining the necessary funding for organizations to succeed, both in the short term and in the long term. 26
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Analytical skills are the ability to identify relevant issues, recognize their importance, understand the relationships between them and perceive the underlying causes of a situation. Analytical skills are most important to the success of top level managers. Resolving ethical issues often requires analytical skills. 27
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Human relation skills are the ability to deal with people, both inside and outside the organization. These skills are especially important in organizations that provide services, such as hospitals, airlines and banks. Those who can relate to others, communicate well with others, understand the needs of others, and show a true appreciation for others are generally more successful than managers who lack such skills. 28
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Leadership is the ability to influence employees to work toward organizational goals.
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  • Spring '14
  • BernardE.Imhoff
  • Management

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