Concept of Management Explain management and the management

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Concept of Management Explain management and the management functions. Strategic Management LAP 3 Explain

Concept of Management Explain management and the management functions. Strategic Management LAP 3 Explain management levels and responsibilities.

Explain management and the management functions.

Explain management and the management functions.

There are many opportunities to be a manager. • More than seven million people

There are many opportunities to be a manager. • More than seven million people employed in management • In every industry • Many started careers in entry-level positions. You are involved in management every day. • Follow your supervisor’s instructions. • Organize your own workload.

Management The logical process of coordinating resources, such as money and employees, in order

Management The logical process of coordinating resources, such as money and employees, in order to accomplish an organization’s goals

What Managers Do • • • Decide how to use the business’s resources Make

What Managers Do • • • Decide how to use the business’s resources Make sure the work gets done Don’t usually do the work themselves Oversee the operation Need to understand their employee’s jobs

Management Functions ü Planning ü Organizing ü Staffing ü Directing ü Controlling

Management Functions ü Planning ü Organizing ü Staffing ü Directing ü Controlling

Planning • Managers Involves deciding must what work will be done and how it

Planning • Managers Involves deciding must what work will be done and how it will be accomplished • Identify goals • Determine methods of achieving those goals and resources needed • Set dates for task/project completion • Lays the groundwork for the other management functions • Helps to prevent mistakes and prepare for potential disasters

Organizing • Involves setting up the way the business’s work will be done •

Organizing • Involves setting up the way the business’s work will be done • Managers must: • Review their plans • Determine jobs that need to be performed • Group those jobs into departments • Establish lines of authority

Staffing • Helps Managers businesses must: to find employees who know how to do

Staffing • Helps Managers businesses must: to find employees who know how to do the necessary • Identify the types of skills that employees need work to have • Develop ways to recruit and hire the most qualified people • Assign new employees to specific work areas • Determine compensation for workers • Decide what skills will be needed in the future

Directing • Involves Managersproviding must: guidance to workers and work projects • Set the

Directing • Involves Managersproviding must: guidance to workers and work projects • Set the direction for the business • Influence employees to follow in that direction • Motivate and lead workers to accomplish the business’s goals • Develop a team spirit among employees • Reward employees for hard work

Controlling • Involves Managersmonitoring must: the work effort • • Coordinate the business’s activities

Controlling • Involves Managersmonitoring must: the work effort • • Coordinate the business’s activities to make Strong link are between planning sure goals being met and controlling • Monitor and measure employees’ performance • Identify problem areas • Make corrections when necessary • Anticipate problems before they occur • Take preventive action to avoid difficulties

Managerial Skills ü Technical skills ü Interpersonal skills ü Conceptual skills

Managerial Skills ü Technical skills ü Interpersonal skills ü Conceptual skills

Technical Skills Managers need technical skills to: ü Understand the technical aspects of the

Technical Skills Managers need technical skills to: ü Understand the technical aspects of the business ! ü Answer questions ü Give directions ü Solve problems ü Have an overall knowledge of the business’s work ?

Interpersonal Skills Managers need interpersonal skills to: ü Work with others ü Communicate ü

Interpersonal Skills Managers need interpersonal skills to: ü Work with others ü Communicate ü Interact ü Build relationships

Conceptual Skills Managers need conceptual skills to: ü See the “big picture” ü Look

Conceptual Skills Managers need conceptual skills to: ü See the “big picture” ü Look at the organization as a whole ü Understand how parts of the organization are interrelated ü Understand how the organization fits into its environment ü Think creatively ü Make wise decisions

Explain management levels and responsibilities.

Explain management levels and responsibilities.

Top-level, or executive, management Mid-level, or middle, management First-line, or supervisory, management

Top-level, or executive, management Mid-level, or middle, management First-line, or supervisory, management

Executive Management Top-Level Managers ü Responsible for operation of the entire organization ü At

Executive Management Top-Level Managers ü Responsible for operation of the entire organization ü At highest level of the business Interpersonal Conceptual ü Highest paid ü Have the most authority and responsibility ü Must have strong Technical Skills needed by Executive Management conceptual skills ü Conduct strategic planning ü Monitor the business’s performance

Mid-Level Managers Middle Management ü Report to top managers ü Have lower level supervisors

Mid-Level Managers Middle Management ü Report to top managers ü Have lower level supervisors who report to them ü Should have well-rounded managerial skills Interpersonal ü Especially active in planning, organizing, and controlling Conceptual Technical ü Conduct tactical planning ü Develop short-term plans in Skills needed by Mid-Level Management response to top management’s decisions

First-Line Managers ü Assign work employees Carry out theto actions and plans Supervisory Management

First-Line Managers ü Assign work employees Carry out theto actions and plans Supervisory Management ü ü ü of middle management Evaluate employees Spend most of their time Maintain respect and staffing, directing, anddiscipline among employees controlling ü Work side-by-side workers Responsible for thewith day-to day Conceptual ü Technical Interpersonal Skills needed by Supervisory Management activities of the employees Are promoted from of within whooften do the routine work the business ü Train employees

Financial Resources Human Resources Material Resources Information

Financial Resources Human Resources Material Resources Information

Human Resources • Consist of all of a business’s employees • Often considered the

Human Resources • Consist of all of a business’s employees • Often considered the most important resource

Financial Resources • Needed businesses to: of money Consist by of all of the

Financial Resources • Needed businesses to: of money Consist by of all of the sources available to the business Ø Buy supplies and materials Ø Pay • Can be employees Ø Cover other operating expenses Ø Cash on hand Ø Income from sales or investments Ø A line of credit Ø Money owed by customers

Material Resources • Consist of the equipment and supplies that businesses need to produce

Material Resources • Consist of the equipment and supplies that businesses need to produce and/or sell their products • Involve purchasing and maintaining the right equipment and supplies for workers

Information • Includes facts, statistics, and opinions • Two types of information: Ø Internal:

Information • Includes facts, statistics, and opinions • Two types of information: Ø Internal: comes from within the business Ø External: comes from outside the business • Comes from outside sources and other employees

§ Are to be a manager? You you can ready become a better manager

§ Are to be a manager? You you can ready become a better manager of yourself. § Do have stronggoal managerial skills? Set you a work-related for yourself. How coulda your skills? § Establish planstrengthen for reaching that goal.

 • A large corporation went out of business after years of success. •

• A large corporation went out of business after years of success. • People questioned top management’s involvement in the company’s decline. • Top executives received huge salaries while the business failed. • Should the CEO be held responsible for the company’s collapse? • Were the top executives fairly compensated or grossly overpaid?

Acknowledgments Original Developers: April J. Miller and Lelia Ventling, MBAResearch Version 1. 0 Copyright

Acknowledgments Original Developers: April J. Miller and Lelia Ventling, MBAResearch Version 1. 0 Copyright © 2009 MBA Research and Curriculum Center

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