Chapter 1 Management in the 21st Century Learning Objectives Define management Describe a manager’s four major tasks Describe sustaining as a balanced approach to management Correlate managers’ tasks with the organizational roles that they play Compare and contrast different types of organizations, managers, and the decisions they make Explain the purpose of organizational values, mission, and vision Demonstrate how focusing on skills and strengths leads to success as a manager Management 1e 1-2 Introduction Critical thinking (p. 4) • Ability to diagnose situations and predict patterns of behavior • Results in better decision making mitigates biases enlarges perspectives on a situation • Seven steps involved in critical thinking Management 1e 1-3 Seven Steps to Changing Behavior with Critical Thinking (p. 5) Figure 1.1 Management 1e 1-4 What Is Management? Management (p. 6) • Process of working with people and distributing an organization’s resources to achieve goals efficiently and effectively • Managers must ensure that the organization meets four success factors Figure 1.2 Management 1e 1-5 What Do Managers Do? (p. 7) Every company needs managers • Managers are always busy • Managerial activities fall into two categories Focused on people Focused on technical matters Management 1e 1-6 How Is Management Both Art and Science? (p. 8) Peoplefocused activities Technicallyfocused activities Figure 1.3 Management 1e 1-7 How Do Managers Make a Difference? (p. 8) Managers’ bottom line defined by the “3 P’s” • People – invest in the well-being of employees and provide interesting and rewarding jobs that offer the opportunity to be productive • Profit – ensure that the company is financially healthy • Planet – protect and support the environment, causes, and communities Corporate social responsibility (p. 9) Management 1e 1-8 The Four Management Functions (p. 10) Planning - setting goals for the future, designing appropriate strategies, and deciding the actions and resources needed to achieve success Organizing - orchestrating people, actions, resources, and decisions to achieve goals Leading - motivating and communicating with people to achieve goals Controlling - monitoring activities, measuring results and comparing them with goals, and correcting performance when necessary Management 1e 1-9 Management Functions: Traditional View vs. Today’s Approach (p. 10) Figure 1.4 Management 1e 1 - 10 Sustaining: A Balanced Approach to Management Sustaining (p. 13) • Balanced approach that involves seeing, analyzing, and designing systems to achieve long-term organizational, community, and environmental health Figure 1.5 Management 1e 1 - 11 Management Roles (p. 14) Interpersonal roles – building relationships with coworkers and acting as a public symbol for the people they represent Informational roles – require managers to gather, assess, and communicate information in support of the organization’s values, mission, vision, and goals Decisional roles – making judgments and decisions based on available information and analysis of the situation Management 1e 1 - 12 Managers at Work Organization (p. 15) • An entity formed and structured to achieve goals • Organizations differ in size in the U.S. Figure 1.6 Figure 1.6 Management 1e 1 - 13 Managers at Work (cont.) Organization (cont.) • Differ in terms of the number of paid employees in U.S. Figure 1.7 Management 1e 1 - 14 Managers at Work (cont.) Start- up company – newly formed organization, with limited or no operational history (p. 15) Multinational corporation –operations in multiple countries that design, develop, and sell products and services all over the world (p. 16) Growth company – increases its annual revenue faster than its competitors Non-profit organization – required by IRS to reinvest all profits back into the organization Student organization – group formed to further engage students in the college experience Management 1e 1 - 15 Managers at Work (cont.) Types of managers (p. 17) • Top managers – set the organization’s direction and make decisions that impact everybody • Middle managers – report to top management and direct the work of first-line managers Responsible for divisions or departments • First-line managers – direct daily activities for producing goods and services Management 1e 1 - 16 Values, Mission, and Vision (p. 17) Philosophical statements and beliefs managers use to allocate resources, provide consistent feedback to employees, make decisions, and foster organizational culture Values - beliefs that shape employee and organizational behaviors (p. 18) Mission - organization’s central purpose intended to generate value in the marketplace (for-profit) or community (non-profit) Management 1e 1 - 17 Values, Mission, and Vision (cont.) Vision - description of an optimal future one to ten years from now (p. 19) Figure 1.8 Management 1e Management: A Balanced Approach to the 21st Century 1e 1 - 18 Successful Management (p. 20) To be successful, managers must demonstrate both: • Effectiveness – level to which people or organizations achieve agreed-upon goals • Efficiency – using the smallest amount of resources to achieve the greatest output Management 1e 1 - 19 Successful Management (cont.) Skills - degree to which a person can effectively and efficiently complete a task, interaction, or process (p. 20) • Conceptual skills – ability to think through complex systems and problems (p. 21) • Technical skills – ability to perform job-specific tasks • Relational skills – ability to collaborate and communicate Strengths - skills in which a manager demonstrates greatest aptitude Positive psychology (p. 22) Management 1e 1 - 20 Successful Management (cont.) Skills required by types of managers Figure 1.12 Management 1e 1 - 21 Copyright Copyright © 2014 John Wiley & Sons, Inc. All rights reserved. Reproduction or translation of this work beyond that permitted in Section 117 of the 1976 United States Copyright Act without express permission of the copyright owner is unlawful. Request for further information should be addressed to the Permissions Department, John Wiley & Sons, Inc. The purchaser may make back-up copies for his/her own use only and not for distribution or resale. The Publisher assumes no responsibility for errors, omissions, or damages, caused by the use of these programs or from the use of the information herein. Management 1e 1 - 22