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Management Is ...

Management Is. [. ]. A process designed to achieve an organization’s objectives by using its resources effectively & efficiently in a changing environment. FHF. 6- 1. What Managers Do. Make decisions (utilize resources) achieve objectives Planning Organizing Staffing Directing

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Management Is ...

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  1. Management Is... [ ] A process designed to achieve an organization’s objectives by using its resources effectively & efficiently in a changing environment FHF 6-1

  2. What Managers Do • Make decisions (utilize resources) achieve objectives • Planning • Organizing • Staffing • Directing • Controlling FHF 6-2

  3. The Importance of Management • Resource acquisition and coordination • Resources: • People • Raw materials • Equipment • Money • Information FHF 6-3

  4. Management Functions Planning Process of determining the organization’s missions, goals, and objectives and deciding how to accomplish them. • Mission • Organization’s statement of purpose and basic philosophy • Goals • The results that a firm wishes to achieve– almost always have multiple goals • Objectives • Results desired by organization FHF 6-4

  5. Goals • A firm almost always has multiple goals • Should be specific • Components of a goal: • An attribute sought • A target to be achieved • A time frame FHF 6-5

  6. Common Organizational Objectives The desired end results • Profit • Competitive advantage • Efficiency • Growth • Service • Ethics • Community responsibility FHF 6-6

  7. Planning as a Function of Management • Strategic • Tactical • Operational FHF 6-7

  8. Strategic Plans Duty of executive-level managers Establish the long-range objectives & overall strategy to fulfill firm’s mission • 2-10 years forward-looking • Diversification, issuing stock, mergers & acquisitions, going international • Must account for organization’s capabilities and resources, business environment and objectives FHF 6-8

  9. Tactical Plans Short-range • Strategy implementation • Time frame of 1 year or less • Environmental changes • Periodically reviewed & updated FHF 6-9

  10. Operational Plans Very short-term • Actionable, specific • Individuals, work groups, departments • 1 month, 1 week, 1 day • Help to achieve tactical plans FHF 6-10

  11. Management Functions Organizing Structuring of resources & activities to accomplish objectives efficiently & effectively • Importance: • Creates synergy • Establishes lines of authority • Improves communication • Improves competitiveness FHF …continued on next page 6-15

  12. Management Functions Staffing Hiring people to carry out the work of the organization • Importance: • Recruiting • Determine skills • Motivate & train • Compensation levels FHF …continued on next page 6-12

  13. Management Functions Directing Motivating and leading employees to achieve organizational objectives • Motivation • Incentives (raise, promotion) • Employee involvement (cost reduction, customer service, new products) • Recognition and appreciation FHF …continued on next page 6-13

  14. Management Functions Controlling Process of evaluating and correcting activities to keep organization on course • Five activities of controlling: • Measuring performance • Comparing performance against standards • Identifying deviations from standards • Investigating causes of deviations • Taking corrective action FHF 6-19

  15. Top Managers • President • Chief Executive Officer (CEO) • Chief Financial Officer (CFO) • Chief Operations Officer (COO) FHF 6-20

  16. Middle Management • Responsible for tactical planning • Implement general guidelines established by top management • Responsibility is more narrowly focused than top managers FHF 6-21

  17. First Line Management • Supervise workers • Oversee daily operations • Directing and controlling are primary functions FHF 6-22

  18. Areas of Management • Finance • Production • Operations • Human Resources • Marketing • Administration FHF 6-23

  19. Financial Management [ ] Focus on obtaining money necessary for the successful operations and using these funds to further organizational goals FHF 6-24

  20. Production & Operations Management [ ] Develop & administer activities to transform resources into goods, services and ideas for the marketplace. FHF 6-25

  21. Human Resources Management [ ] Handle staffing function and deal with employees in a formalized manner FHF 6-26

  22. Marketing Management Responsible for planning, pricing and promoting products and making them available to customers [ ] FHF 6-27

  23. Information Technology (IT) Management Responsible for implementing, maintaining and controlling technology applications in business (such as computer networks) [ ] FHF 6-28

  24. Administrative Managers • Manage an entire business or major segment of the business • Coordinate activities of specialized managers FHF 6-29

  25. Skills Needed by Managers • Leadership • Technical expertise • Conceptual skills • Analytical skills • Human relations skills FHF 6-30

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