Management Kreitner

7/28/2019 Management Kreitner

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Chapter 1(Lecture Outl ine andLine A rt Presentat ion)

Managers and

Entrepreneurs


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Copyright Houghton Mifflin Company. All rights reserved. Lecture Outline and Line Art Presentation, 12

Chapter Objectives

1. Define the term managementand explain themanagerial significance of the terms effectiveness and

efficiency.

2. Identify and summarize five major sources of change

for todays managers.3. Contrast the functions and role approaches to

explaining what managers do.

4. Summarize the ten facts of managerial life.

5. Explain how managers learn to manage.

6. Challenge two myths about small business and

describe entrepreneurs.


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Four Realities of

Managing Today

1. The only certainty today is change.

2. Speed, teamwork, and flexibility are the orders

of the day.

3. Managers at all levels need to stay close tothe customer.

4. Without continuous improvement and lifelong

learning, there can be no true economic

progress.


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Management Defined

Management The process of working with and through others to

achieve organizational objectives in a changing

environment.

Management entails the effective and efficient use of

limited resources.


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Figure 1.1Key Aspects of the Management Process


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Working with and

Through Others

Management is a social process in whichmanagers get things done by working with and

through others.

Shortcomings of derailed managers Problems with interpersonal relationships

Failure to meet business objectives

Failure to build and lead a team

Inability to change and adapt during a transition


7/37Copyright Houghton Mifflin Company. All rights reserved. Lecture Outline and Line Art Presentation, 17

Achieving Organizational

Objectives

An objective is a target to be strived for andattained.

Challenging yet achievable objectives provide

guidance for effective and efficient actions by

individuals and organizations.



Balancing Effectiveness

and Efficiency

Effectiveness Entails promptly

achieving a stated

organizational

objective.

Managers are held

responsible for

attaining objectives.

Efficiency Entails balancing the

amount of resources

used to achieve an

objective against whatwas actually

accomplished.

Managers must not

waste scarce andcostly resources.



Figure 1.2Balancing Effectiveness and Efficiency



Figure 1.2Balancing Effectiveness and Efficiency (contd)



Making the Most of

Limited Resources

We live in a world of scarcity.

There is a lopsided use of resources.

Our planet is becoming increasingly crowded.

Over 80% of the worlds population lives in poorand less-developed countries.

Managers are responsible for the efficient and

effective use of the basic factors of productionland, labor, and capital.



Coping with a

Changing Environment

Five Major Sources of Change for TodaysManagers

Globalization

Environmentalism

An ethical reawakening

The Internet and the e-business revolution

The evolution of product quality



Ethical Problems

in the Workplace

Lying to supervisors

Lying on reports or falsifying records

Stealing and theft

Sexual harassment

Abusing drugs or alcohol

Conflict of interest



The Evolution Of

Product Quality

The fix-it-in approach Checking for defects in finishedproducts

The inspect-it-in approach Checking for defects by

randomly choosing a product during production

The build-it-in approach Make every person

responsible for his actions in the production line

The design-it-in approachAsk for consumers opinion

(Part of Total Quality Management)



What Do Managers Do?

Managerial Functions General administrative duties that need to be carried

out in virtually all productive organizations to achieve

desired outcomes.

Managerial Roles

Specific categories of managerial behavior that

managers use to achieve desired outcomes.


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Figure 1.3Identifiable

Functions in theManagement

Process



Managerial Functions

Planning Formulating future courses of action.

Decision making

Choosing among the alternatives for action.

Organizing

Deciding on the HR structure of the organization.

Staffing

Recruiting, training, and developing people.

Communicating

Providing information, direction, and feedback.



Managerial Functions (contd)

Motivating Providing meaningful work and valued rewards to

individuals pursuing collective objectives.

Leading

Serving as role models and adapting management

styles as the situation demands.

Controlling

Comparing desired results with actual results andtaking corrective action as needed.



Figure 1.4Mintzbergs Managerial Roles



Figure 1.4Mintzbergs Managerial Roles (contd)

Fi 1 4


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Figure 1.4Mintzbergs Managerial Roles (contd)


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Managerial Roles (Mintzberg)

Interpersonal Roles Figurehead

Leader

Liaison Informational Roles

Nerve center

Disseminator

Spokesperson

Decisional Roles Entrepreneur

Disturbance handler

Resource allocator Negotiator


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Merging Functions and Roles

What Managers Lose the Right to Do Lose their temper.

Be one of the gang.

Bring personal problems to work. Vent frustrations and express opinions at work.

Resist change.

Pass the buck on tough assignments.

Get even with adversaries.

Play favorites.


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Merging Functions and Roles (contd)

What Managers Lose the Right to Do (contd) Put self-interests first.

Ask others to do what they wouldnt do.

Expect to be immediately recognized and rewardedfor doing a good job.


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Learning to Manage

How Do Managers Learn to Manage? By attending the school of hard knocks

Making a big mistake.

Being overstretched by a difficult assignment. Feeling threatened.

Being stuck in an impasse or dilemma.

Suffering an injustice at work.

Losing out to someone else.

Being personally attacked.


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Figure 1.6The Honeymoon

Study: How

Managers Learn to

Manage

How Can Future


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How Can Future

Managers Learn to Manage?

Future managers can learn by integrating management theory (i.e., formal training

and education) and managerial practice (e.g., work-

study and internships).

observing role models.

learning from experiences in the school of hard

knocks.

Figure 1 7


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Figure 1.7Acquiring the Ability to Manage by Merging Theory and Practice


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Small-Business Management

What is a Small Business? An independently owned and managed profit-seeking

enterprise with fewer than 100 employees.

Exploding Myths About Small Businesses

The 80-percent-failure-rate myth

Research shows a failure rate of only 18 percentfor small businesses over an 8-year period.

Low-wage-jobs myth

Rapidly growing small businesses (gazelles)accounted for 56% of new job growth and added tothe majority of high paying jobs from 1980 to 1990.


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Entrepreneurship

Entrepreneurship The process by which individualseither on their own

or inside organizationspursue opportunities without

regard to the resources they currently control.

Entrepreneurs Dilemma

Either grow with the company or have the courage to

step aside and turn control over to professional

managers with the requisite administrative skills.


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Entrepreneurship

Traits of Entrepreneurs Focus is on envisioned futures.

Emphasize external/market dimensions.

Display a medium-to-high tolerance for ambiguity.

Exhibit moderate-to-high risk-taking behavior.

Obtain motivation from a need to achieve.

Possess technical knowledge and experience in the

innovative area.

Management Kreitner

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