What is management?
Management is coordinating and overseeing work activities so organizational goals are achieved efficiently and effectively through people and resources.
What are the four functions of management (POLC)?
Planning, organizing, leading, and controlling.
What is planning in management?
Planning is setting goals and deciding what actions and resources are needed to reach them.
What is organizing in management?
Organizing is arranging tasks, people, and resources to implement plans.
What is leading in management?
Leading is motivating, influencing, and directing people to accomplish goals.
What is controlling in management?
Controlling is monitoring performance, comparing results to standards, and making corrections.
What is efficiency?
Efficiency means doing things right by using resources wisely and minimizing waste.
What is effectiveness?
Effectiveness means doing the right things to achieve desired goals and outcomes.
What are the four levels of managers?
Top managers, middle managers, first-line (supervisory) managers, and team leaders.
What are three common types of organizations?
For-profit organizations, nonprofit organizations, and mutual-benefit/member-serving organizations.
What did Porter and Nohria emphasize about manager work?
Managers spend most of their time in fragmented, communication-heavy activity with constant meetings, interruptions, and little uninterrupted focus time.
What are Mintzberg’s three categories of managerial roles?
Interpersonal roles, informational roles, and decisional roles.
What are Mintzberg’s interpersonal roles?
Figurehead, leader, and liaison.
What are Mintzberg’s informational roles?
Monitor, disseminator, and spokesperson.
What are Mintzberg’s decisional roles?
Entrepreneur, disturbance handler, resource allocator, and negotiator.
What are Katz’s three managerial skills?
Technical skills, human skills, and conceptual skills.
What are technical skills?
Job-specific knowledge and methods needed to perform specialized work.
What are human skills?
The ability to work effectively with, motivate, and communicate with people.
What are conceptual skills?
The ability to think analytically, see the organization as a whole, and understand how parts fit together.
What are the seven challenges of being an exceptional manager?
Managing for competitive advantage, technological change, inclusion/diversity/equity, globalization, ethical standards, sustainable development, and happiness/meaningfulness.
What is competitive advantage?
The ability to produce goods/services more effectively than competitors and outperform them.
What are key elements of managing for competitive advantage?
Responsiveness to employees, responsiveness to customers, innovation, quality, and efficiency.
What is the psychological contract?
Unspoken expectations and perceived obligations in the employee–employer relationship.
What is innovation?
The introduction of something new or better in products, services, or processes.