Chapter 1: The Excpetional Manager Flashcards
Organization
A group of people who work together to achieve some specific purpose
Management
The pursuit of an organizational goals efficiently and effectively by integrating the work of people through planning, organizing, leading, and controlling (POLC)
Efficiency
To use resources wisely and cost effectively
Effective
To achieve results, to make the right decisions, and to successfully carry them out so that they achieve the organizations goals
4 functions of management
Planning
Organizing
Leading
Controlling
Planning
Setting goals and deciding how to achieve them
Organizing
Arranging tasks, people, and other resources to achomolish the work
Leading
Motivating, directing, and otherwise influencing people to work hard to achieve the organizations goals
Controlling
Monitoring performance, comparing it with goals, and taking corrective action when needed
Three principal skills to management
Technical, conceptual, and human
Technical skills
Skills that consist of the job specific knowledge needed to perform well in a specialized field
Conceptual skills
Skills that consist of the ability to think analytically, to visualize an organization as a whole and understand how the parts work together
Human skills
The skills that consist of the ability to work well in cooperation with other people to get things done
Competitive advantage
The ability of an organization to produce goods more effectively than competitors do, outperforming them
7 challenges of being awesome managers
Managing for competitive advantage
Managing for information technology
Managing the diversity
Managing for globalization
Managing for ethical standards
Managing for sustainability
Managing for happiness and meaningfulness
