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Flashcards in Chapter 1 Deck (13):
1

Who is a Manager?

  • Someone who has 1 or more subordinates reporting to him/her
  • Given authority by an organisation to take charge of an area of work

2

Define 'Efficiency'

  • Cost-effective usage of resources
  • Productivity through minimum input and maximum output

3

Define 'Effectiveness'

  • Make decisions and successfully executing them to achieve results
  • Enables customers, employees and general public to be satisfied

4

What are the 7 Challenges Faced by Managers?

  1. Managing for Competitive Advantage
  2. Managing for Diversity
  3. Managing for Globalisation
  4. Managing for IT
  5. Managing for Ethical Standards
  6. Managing for Sustainability
  7. Managing for Happiness and Personal Goals

5

Regarding the 7 Challenges Faced by Managers,

Define 'Managing for Competitive Advantage'

  • Ability to produce goods and services more effectively than competitors
  • Staying ahead of rivals

6

Regarding the 7 Challenges Faced by Managers,

What are the 4 Areas of Competitive Advantage?

  1. Responsiveness to Customers
  2. Innovation
  3. Quality
  4. Efficiency

7

Regarding the 7 Challenges Faced by Managers,

Define 'Managing for Diversity'

  • Ensuring that staff hired are varied in age, race etc.

8

Regarding the 7 Challenges Faced by Managers,

Define 'Managing for Globalisation'

  • Interacting with business associates and clients of different cultures and values

9

Regarding the 7 Challenges Faced by Managers,

Define 'Managing for IT'

  • Facilitates E-Business through the Internet

10

Regarding the 7 Challenges Faced by Managers,

What are the Implications of E-Business?

  • E-Management is required via Telecommunicating and Video Conferencing
  • Accelerated decision making, possibly leading to stress
  • Changes in:
    • Organisational Structure
    • Nature of Jobs
    • Goal Setting
    • Knowledge Management

11

Regarding the 7 Challenges Faced by Managers,

Define 'Managing for Ethical Standards'

  • Handling Ethical Dilemmas; increasing pressures to meet targets or participating in bribery

12

Regarding the 7 Challenges Faced by Managers,

Define 'Managing for Sustainability'

  • Meeting present needs without compromising the ability of future generations to meet their own needs; such as "green business"

13

Regarding the 7 Challenges Faced by Managers,

Define 'Managing for Happiness and Personal Growth'

  • Striking a work-life balance; such as setting aside time for family and friends