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The Role of Business in Society (Chapter 2: The Evolution of Management…
The Role of Business in Society
Chapter 7: Chartering Projects
A project charter serves as an informal contract between the project team and the sponsor (who represents both senior management of the organization and the outside customer, if there is one).
A risk is an uncertain situation that could negatively or positively affect the project if it occurs.
Resources include the workers, tools, equipment, and anything else needed in order to execute your project.
Charters typically include sections such as a scope overview, business case, milestone schedule, acceptance criteria, risks, and signatures. Many charters include additional sections.
Chapter 2: The Evolution of Management Thinking
Management and organizations are shaped by forces in the larger society
bureaucratic organizations approach,
emphasizes management on an impersonal, rational basis through elements such as clearly defined authority and responsibility, formal recordkeeping, and separation of management and ownership.
Max Weber introduced most of the concepts about bureaucratic organizations.
The study of modern management began in the late nineteenth century with the classical perspective.
Scientific management is a subfield of the classical perspective that emphasizes scientifically determined changes in management practices as the solution to improving labor productivity.
Frederick Winslow Taylor is known as “the father of scientific management.”
Scientific management is considered one of the most significant innovations influencing modern management.
Henri Fayol and Charles Clinton Spaulding were major contributors to the administrative principles approach. Fayol outlined 14 general principles of management.
Management science, also called the quantitative perspective, uses mathematics, statistical techniques, and computer technology
Three subsets of management science are operations research, operations management, and information technology
The humanistic perspective emphasizes understanding human behavior, needs, and attitudes in the workplace.
Mary Parker Follett and Chester I. Barnard
The human relations movement stresses the satisfaction of employees’ basic needs as the key to increased productivity.
The Hawthorne studies were important in shaping ideas concerning how managers should treat workers.
The human resources perspective suggests that jobs should be designed to meet people’s higher-level needs by allowing employees to use their full potential.
A system is a set of interrelated parts that function as a whole to achieve a common purpose.
Supply chain management refers to managing the sequence of suppliers and purchasers and covers all stages of processing, from obtaining raw materials to distributing finished goods to consumers.
Chapter 1: The world of Innovative Management
Management is defined as the attainment of organizational goals in an effective and efficient manner through planning, organizing, leading, and controlling organizational resources.
Coordinating and motivation people
Traditional management competencies could include a command-and-control leadership style, a focus on individual tasks, and a standardization of procedures to maintain stability.
New management competencies include being an enabler rather than a controller, using an empowering leadership style, encouraging collaboration, leading teams, and mobilizing for change and innovation.
Technical skills include the understanding of and proficiency in the performance of specific tasks.
Human skills refer to a manager’s ability to work with and through other people and to work effectively as part of a group.
Conceptual skills are the cognitive abilities to see the organization as a whole and the relationship among its parts.
Efficiency pertains to the amount of resources—raw materials, money, and people—used to produce a desired volume of output.
Effectiveness refers to the degree to which the organization achieves a stated goal.
Performance is defined as the organization’s ability to attain its goals by using resources in an efficient and effective manner.
Chapter 4: Strategy Formulation and Execution
To think strategically means to take the long-term view and see the big picture.
Strategic management refers to the set of decisions and actions used to formulate and implement strategies that will provide a competitively superior fit between the organization and its environment so as to achieve organizational goals.
A strategy is the plan of action that describes resource allocation and activities for dealing with the environment, achieving a competitive advantage, and attaining goals.
Competitive advantage refers to what sets the organization apart from others and provides it with a distinctive edge in the marketplace.
Synergy exists when the organization’s parts interact to produce a joint effect that is greater than the sum of the parts acting alone.
Strategy formulation is the stage of strategic management that includes the planning and decision making that lead to the establishment of the organization’s goals and a specific strategic plan
The strategy of moving into new lines of business is called diversification.
Related diversification means moving into a new business that is related to the corporation’s existing business activities.
Unrelated diversification refers to expanding into totally new lines of business.
A differentiation strategy is a strategy with which managers seek to distinguish the organization’s products and services from those of others in the industry.
Managers analyze the competitive environment and adopt one of three types of strategy: differentiation, cost leadership, or focus.
Chapter 3: Planning and Setting a Goal
Planning starts with the organization’s purpose or reason for existence, which is called its mission.
Tactical plans are designed to help execute major strategic plans and to accomplish a specific part of the company’s strategy.
A plan is a blueprint specifying the resource allocations, schedules, and other actions necessary for attaining goals.
A goal is a desired future circumstance or condition that the organization wants to realize.
Key performance indicators (KPIs) are measures that reflect how well lower-level goals are helping the organization progress toward attaining its strategic goal.
Management by objectives (MBO) is a method whereby managers and employees define goals for every department, project, and person and use them to monitor subsequent performance.
Managers use innovative planning approaches to cope with today’s turbulent environment.
Contingency planning identifies important factors in the environment and defines a range of alternative responses to be taken in the case of emergencies, setbacks, or unexpected conditions.
Stretch goals are reasonable yet highly ambitious and compelling goals that energize people and inspire excellence.
Chapter 8: Scope Planning
plan scope management, is the process of developing a plan
that includes the total scope of what needs to be done and what is excluded from the project, implementation and validation of the scope, and control deviations from the scope statement.
Once all the stakeholders for a project have been identified, the project team members develop a scope management plan, assess project requirements, develop the project’s scope, and create a work breakdown structure (WBS)
A requirement is a condition or capability needed by a user to solve a problem or achieve an objective that satisfies a standard, a specification, or any other formally docu-mented need
Collect requirements is a systematic effort to understand and analyze stakeholder
needs to define and document these needs and requirements with a focus on meeting project objectives.
Define scope is the process of translating stakeholder needs and requirements into detailed specifications of the project outcomes and products
The WBS is a tool that project teams use to progressively divide the deliverables of a project into smaller and smaller pieces
Just as important as determining what will be produced during the project is determining what will not be pro-duced. These boundaries of what will and will not be included constitute the project’s scope
