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PRIDE HUGHES KAPOOR INTRODUCTION TO BUSINESS ELEVENTH EDITION. Chapter Eight. Understanding the Management Process . 8 | 1. Learning Objectives. Define what management is. Describe the four basic management functions: planning, organizing, leading and motivating, and controlling.

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chapter eight

PRIDE HUGHES KAPOOR

INTRODUCTION TO

BUSINESS

ELEVENTH EDITION

Chapter Eight

Understanding the Management Process

8 | 1

learning objectives
Learning Objectives
  • Define what management is.
  • Describe the four basic management functions: planning, organizing, leading and motivating, and controlling.
  • Distinguish among the various kinds of managers in terms of both level and area of management.
  • Identify the key management skills of successful managers.
  • Explain the different types of leadership.

8 | 2

learning objectives cont d
Learning Objectives (cont’d)
  • Discuss the steps in the managerial decision-making process.
  • Describe how organizations benefit from total quality management.

8 | 3

the four main resources of management
The Four Main Resources of Management

Figure 8.1

Managers coordinate an organization’s resources to achieve the goals of the organization.

8 | 4

what is management
What Is Management?
  • The process of coordinating people and other resources to achieve the goals of an organization
    • Material resources
      • The tangible physical resources an organization uses
    • Human resources
      • The people who staff an organization and use the other resources to achieve the goals of the organization
    • Financial resources
      • The funds an organization uses to meet its obligations to investors and creditors
    • Information resources
      • The information about external business environmental conditions that a firm uses to its competitive advantage

8 | 5

basic management functions
Basic Management Functions
  • The Management Process

Figure 8.2

8 | 6

planning
Planning
  • Planning
    • Establishing organizational goals and deciding how to accomplish them
  • Mission
    • A statement of the basic purpose that makes an organization different from others
  • Strategic planning
    • The process of establishing an organization’s major goals and objectives and allocating the resources to achieve them

8 | 7

planning cont d
Planning (cont’d)
  • Establishing goals and objectives
    • Goal
      • An end result that an organization is expected to achieve over a one- to ten-year period
    • Objective
      • A specific statement detailing what an organization intends to accomplish over a shorter period of time
    • Properly set goals are
      • Set at every level in the organization
      • Consistent (supportive) with each other
      • Optimized (balanced) to reduce conflicts between goals

8 | 8

planning cont d1
Planning (cont’d)
  • SWOT analysis
    • The identification and evaluation of a firm’s
      • Strengths
      • Weaknesses
      • Opportunities
      • Threats
  • Core competencies
    • Approaches and processes that a company performs well and may give it an advantage over its competitors

8 | 9

planning cont d2
Planning (cont’d)
  • Types of plans
    • Plan
      • An outline of the actions by which an organization intends to accomplish its goals and objectives
    • Strategic plan
      • An organization’s broadest plan, a guide for major policy setting and decision making
    • Tactical plan
      • A smaller-scale plan to implement a strategy
    • Operational plan
      • A plan to implement a tactical plan
    • Contingency plan
      • A plan of alternative courses of action if the organization’s other plans are disrupted or become ineffective

8 | 11

types of plans
Types of Plans

Figure 8.4

8 | 12

organizing the enterprise
Organizing the Enterprise
  • Organizing
    • The grouping of resources and activities to accomplish some end result in an efficient and effective manner
  • Leading and motivating
    • Leading
      • Influencing people to work toward a common goal
    • Motivating
      • Providing reasons for people to work in the best interests of an organization
    • Directing
      • The combined processes of leading and motivating

8 | 13

controlling ongoing activities
Controlling Ongoing Activities
  • Controlling
    • Evaluating and regulating ongoing activities to ensure that goals are achieved
  • Control function

Figure 8.5

8 | 14

kinds of managers
Kinds of Managers
  • Levels of management
    • Top manager—guides and controls the overall fortunes of an organization
    • Middle manager—implements the strategy and major policies developed by top management
    • First-line manager—coordinates and supervises the activities of operating employees
  • The coordinated effort of all three levels of managers is required to implement the goals of any company

8 | 15

areas of management specialization
Areas of Management Specialization
  • Other areas may have to be added, depending on the nature of the firm and the industry

Figure 8.7

8 | 16

areas of management specialization1
Areas of Management Specialization
  • Financial managers
    • Responsible for an organization’s financial resources
  • Operations managers
    • Manage the systems that convert resources into goods and services
  • Marketing managers
    • Responsible for facilitating the exchange of products between an organization and its customers or clients
  • Human resources managers
    • Manage an organization’s human resources programs
  • Administrative managers (general managers)
    • Not associated with any specific functional area; provide overall administrative guidance and leadership

8 | 17

key skills of successful managers cont d
Key Skills of Successful Managers (cont’d)
  • Key management skills
    • Conceptual skills
      • Ability to think in abstract terms
    • Analytic skills
      • Ability to identify problems, generate alternative solutions, and select the best solution
    • Interpersonal skills
      • Ability to deal effectively with other people
    • Technical skills
      • Needed to accomplish a specialized activity

8 | 19

key skills of successful managers cont d1
Key Skills of Successful Managers (cont’d)
  • Key management skills (cont’d)
    • Technical skills
      • Needed to accomplish a specialized activity
    • Communication skills
    • Ability to speak, listen, and write effectively

8 | 20

leadership
Leadership
  • The ability to influence others
  • Leadership versus management
  • Formal leadership
    • Legitimate power of position is the basis for authority
  • Informal leadership
    • Not recognized formally by the organization authority

8 | 21

styles of leadership
Styles of Leadership
  • Autocratic
    • Task-oriented style; workers are told what to do and how to do it, they have no say in the decision making process
  • Participative
    • All members of a team are involved in identifying essential goals and developing strategies to reach those goals
  • Entrepreneurial
    • Personality-based, the manager seeks to inspire workers with a vision of what can be accomplished to benefit all stakeholders

8 | 22

which leadership style is best
Which Leadership Style Is Best?
  • Matching style to the situation
  • Effective leadership depends on
    • Interaction among the employees
    • Characteristics of the work situation
    • The manager’s personality

8 | 23

top ranked traits of successful female leaders
Top-Ranked Traits of Successful Female Leaders

Source: Accenture survey of 1,000 full-time female workers 22-35 years old. Margin of error +3 percentage points. Multiple responses allowed. USA Today, March 2, 2010, 7B.

8 | 24

managerial decision making
Managerial Decision Making
  • The act of choosing one alternative from among a set of alternatives
  • Major steps in the managerial decision-making process

Figure 8.9

8 | 26

managerial decision making cont d
Managerial Decision Making (cont’d)
  • Identifying the problem or opportunity
    • Problem
      • The discrepancy between an actual condition and a desired condition
    • Opportunity
      • A “positive” problem
    • Problem-solving impediments
      • Preconceptions about the problem
      • Focusing on unimportant matters while overlooking significant issues
      • Analyzing symptoms rather than causes
      • Failing to look ahead

8 | 27

managerial decision making cont d1
Managerial Decision Making (cont’d)
  • Generating alternatives
    • Brainstorming
      • Encouraging participants to come up with new ideas
    • “Blast! then refine”
      • Reevaluating objectives, modifying them if necessary, and devising a new solution to a recurring problem
    • Trial and error
  • Selecting an alternative
    • Satisficing
      • Choosing an alternative that is not the best possible solution, but one that adequately solves the problem

8 | 28

managerial decision making cont d2
Managerial Decision Making (cont’d)
  • Implementing and evaluating the solution
    • Requires time, planning, preparation of personnel, and evaluation of the results
    • An effective decision removes the difference between the actual condition and the desired condition
    • If a problem still exists, managers may
      • Decide to give the chosen alternative more time
      • Adopt a different alternative
      • Start the process all over again

8 | 29

managing total quality
Managing Total Quality
  • Total Quality Management (TQM)
    • The coordination of efforts directed at
      • Improving customer satisfaction
      • Increasing employee participation
      • Strengthening supplier partnerships
      • Facilitating an organizational atmosphere of continuous quality improvement
  • Benchmarking – evaluating another organization that is superior in order to improve quality
  • Issues crucial to TQM
    • Top management commitment
    • Coordination of efforts

8 | 30