Read the summary and the most important questions on MGMT | 1-337-40747-X | Chuck Williams

• 1 Management

• 1.2 Management functions

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• What are the four functions of management?

  1. Planning
  2. Organizing
  3. Leading
  4. Controlling

• 1.3 Kinds of managers

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• What are the function of each tier in management?

  1. Top managers: Responsible for the overall direction of the organization.
  - Change
  - Commitment (buy-in)
  - Environment
  - Culture
  2. Middle managers: Figuring ''how'' to do the ''what'' and allocating resources to objectives.
  - Resources
  - Objectives
  - Subunit performance
  - Coordination
  - Strategy implementation
  3. First-line manager: Responsible for managing the entry-level employees
  - non-managerial supervision
  - Teaching and training
  - Scheduling
  - Facilitation
  4. Team leaders: Responsible for facilitating team activities towards goal accomplishment.
  -Help team members to:
   - Plan and schedule work
   - Learn problem-solving methods
   - Work effectively with each other

• 1.4 Managerial roles

• What are the 3 managerial roles?

  1. Interpersonal: Speaking to people/ maintaining or building relationships.
  2. Informational: Gathering and sharing information
  3. Decisional: Making good decisions

• What are the roles within interpersonal manegement?

  - Figurehead role: Representative/ceremonial duties
  - Leader role: Motivatie and encourage workers
  - Liaison role: Speak with people outside of the company

• What are the roles within informational managing?

  - Monitor role: Scanning the environment for information, asking others for information, and receiving information
  - Disseminator role: Share collected information with subordinates and others in the company
  - Spokesperson role: Share information with people outside their departments or companies

• What are the roles within decisional management?

  Entrepreneurial role: Adapt themselves, their workers, and their units to change
  Disturbance handler role: Respond to problems and pressure that need immediate attention and action  
  Resource allocator role: Decide who gets what resources, and in what amounts
  Negotiator role: Negotiate schedules, projects, resources, goals, outcomes, and employee raises.

• 1.5 What companies look for in managers

• What are the managerial skills a good manager should have?

  Technical: Specialized procedures, techniques, and knowledge required to get the job done. 
  Human: The ability to work well with others.
  Conceptual: The ability to see the organization as a whole, how different parts affect each other, and to recognize how the company fits into or is affected by its external environment. 
  Motivational

• 1.8 Competitive advantage through people

• What are the benefits of creating a competitive advantage through people?

  - Helps develop a workforce that is smarter, better trained, more motivated, and more committed than those of competitors.
  - Produces substantial advantages in:
  1. Sales and revenues
  2. Profits
  3. Stock market returns
  4. Customer satisfaction

• 3 Organizational environments and cultures

• 3.1 Changing environments

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• What kinds of environments are there?

  1. Stable environment: The rate of change is slow
  2. Dynamic environment: The rate of change is fast

• What is the punctuated equilibrium theory?

  Companies go through long periods of stability (an equilibrium) during which incremental changes occur; followed by short, complex periods of a dynamic fundamental change (revolutionary)  and finish with a return to stability. (new equilibrium)