Master this deck with 21 terms through effective study methods.
Generated from uploaded pdf
Management is a set of activities or the process of achieving organizational goals and objectives by using organizational resources in an efficient and effective way.
The key elements of management include planning, organizing, leading, and controlling, all directed by organizational goals such as profit and growth.
Organizational resources include material, financial, human, capital, and information resources.
Efficiency refers to 'doing things right' and getting the most output for the least inputs, while effectiveness refers to 'doing the right things' and attaining organizational goals.
Henry Mintzberg is a management theorist known for his work on managerial roles, which include informational roles such as monitor, disseminator, and spokesperson.
The three informational roles are: Monitor (gathering information), Disseminator (transmitting information within the organization), and Spokesperson (communicating information to external parties).
The mid-term exam accounts for 40 points and the final exam for 60 points, together totaling 100 points, and are essential for demonstrating competency in course material.
The course content is divided into two main parts: Part One focuses on Managerial Activities (planning, organizing, leading, controlling) and Part Two covers Business Activities (forms of organizations, marketing, operations, purchasing, finance, and accounting).
Planning involves setting objectives and determining a course of action for achieving those objectives, serving as a foundation for all other management activities.
Organizing involves arranging resources and tasks to achieve the objectives set during the planning phase, including the establishment of a structure for the organization.
Leading involves motivating and directing employees to work towards organizational goals, while controlling involves monitoring performance and making adjustments to ensure goals are met.
The course discusses various forms of organizations, including functional, divisional, matrix, and flat organizations, each with its own structure and management style.
Marketing is crucial for identifying customer needs, creating value, and building relationships to drive sales and growth for the organization.
Finance and accounting are essential for managing the organization's financial resources, ensuring accurate reporting, and supporting decision-making processes.
Management is both a science, involving systematic knowledge and principles, and an art, requiring skills, expertise, and experience to achieve desired results.
Demonstrating competency ensures that students have a thorough understanding of key management concepts and practices, which is essential for their future careers in business.
Efficiency in management refers to the ability to achieve maximum output with minimum input, minimizing waste and optimizing resource use.
Effectiveness in management refers to the degree to which an organization achieves its goals and objectives, focusing on the right actions and outcomes.
Organizational goals provide direction for management processes, guiding planning, organizing, leading, and controlling activities to ensure alignment with desired outcomes.
Managers face challenges such as rapid technological changes, globalization, workforce diversity, and the need for innovation, requiring adaptability and strategic thinking.
As a spokesperson, a manager communicates information about the organization to external stakeholders, such as the media, government, and the public, representing the organization's interests.