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Chapter 7: Management and Leadership (Accomplishment of company goals:…
Chapter 7: Management and Leadership
Changed in management function:
Managers
used to be called bosses, because they acted as one. Today, managers tend to be more progressive, they guide,train, support, motivate, and coach employees instead of telling them what to do.
Managers tend to be leaders and female. Not many were educated in elite universities.
Since managers tend to know employees know about technology, they focus more on motivation, teamwork, and cooperation.
Four functions of management:
The four primary functions of management consists of:
planning, organizaing, leading, and controlling.
In order to execute the functions they need to be aware of the trends, determining best strategies and tactics to achieve organizational goals and objectives.
Accomplishment of company goals:
Difference between goals and objectives:
Goals are broad, long-term achievements that organizations aim to accomplish, while objectives are specific short-term plans that helps reach the goal.
SWOT analysis:
Managers take a look at strengths and weaknesses of the firm as well as the opportunities and threats facing it.
Four types of planning:
Strategic planning, tactical planning, operational planning, and contigency planning.
Six Ds of decision making:
Define the situation, describe and collect needed information, develop alternatives, decide which alternative is best, do what is indicated, and determine whether the deicsion was a good one, then follow up.
Organizing function of management:
Three levels of management in corporate hierarchy:
top management, middle management, and supervisory management.
Skills managers need:
technical skills, human relations skills, conceptual skills.
Differences between leaders and managers:
Difference:
a manager plans, organizes, and controls functions within an orgization. A leader envisions and inspires others to grasp that vision. They establish corporate values, emphasize corporate ethics and don't fear change.
There are different leadership types and they are used depending on the situation.
Empowerment:
this means that it gives employees the authority and responsibility to respond quickly to customer requests.
Knowledge management:
it is finding the right information, keeping the information in a readily accesible place, and making the information public to everyone in the firm.
Five steps of control function management:
Setting clear standards, monitoring and recording performance, comparing performance with plans and standards, communicating results and deviations to employees, and providing positive feedback for a job well done.