The ability of an organization to produce goods or services more efficiently than competitors do.

What are the four principal functions of management?

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

What is the definition of management? 

The pursuit of organizational goals efficiently and effectively by integrating the work of people through planning, organizing, leading, and controlling the organization's resources. 

A group of people who work together to achieve some specific purpose. 

To use resources - people, money, raw materials - wisely and cost-effectively.

To achieve results, to make the right decisions, and to successfully carry them out so that they achieve the organization's goals. 

What are the seven challenges of a manager?

1. Competitive advantage 2. Diversity 3. Globalization 4. Information technology 5. Ethical standards 6. Sustainability 7. Happiness and life goals

The ability of an organization to produce goods or services more effectively than competitors do, thereby outperforming them. 

The buying and selling of goods or services over computer networks. 

Using the Internet to facilitate every aspect of running a business. 

Economic development that meets the needs of the present without compromising the ability of future generations to meet their own needs. 

Setting goals and deciding how to achieve them. 

Arranging tasks, people, and other resources to accomplish the work. 

Motivating, directing, and otherwise influencing people to work hard to achieve the organization's goals. 

Monitoring performance, comparing it with goals, and taking corrective action as needed. 

What are the three levels of management?

Determining overall direction and establish the objectives, policies, and strategies (i.e. CEO, COO, president, etc.)

Implement the policies and plans of the top managers above them and supervise and coordinate the activities of the first-line managers below them (i.e. plant manager, regional manager, etc.). 

Make short-term operating decisions, directing the daily tasks of nonmanagerial personnel (often called supervisors). 

Responsible for just one organizational activity

Responsible for several organizational activities

What are the three types of organizations?

1. For profit 2. Nonprofit 3. Mutual benefit (for aiding members)

offer services to all clients within their jurisdictions (i.e. military, USPS, fire/police)

Do managers manager differently for different types of organizations?

According to Mintzberg, what are the three roles managers play?

1. Interpersonal 2. Informational 3. Decisional

Do managers rely more on verbal than written communication?

The ability to focus your thoughts, control your impulses, and avoid distractions. 

Managers interact with people inside and outside their work units. 

Managers receive and communicate information

According to Mintzberg, what is the most important part of a manger's job?

Information handling because accurate info is vital for making intelligent decisions. 

Managers use information to make decisions to solve problems or take advantage of opportunities. 

What are the four decision-making roles?

1. Entrepreneur 2. Disturbance handler 3. Resource allocator 4. Negotiator

The process of taking risks to try to create a new enterprise

What are the two types of entrepreneurship?

1. Entrepreneur 2. Intrapreneur

What is the difference between an entrepreneur and a manager?

Being an entrepreneur is what it takes to start a business; being a manager is what it takes to grow or maintain a business. 

Internal locus of control

The belief that you control your own destiny. 

What is the difference between necessity entrepreneurs and opportunity entrepreneurs?

Necessity - people such as laid-off corporate workers Opportunity - those who start their own business out of a burning desire

What are the three skills managers need to develop according to Katz? Which is the most difficult to master?

1. Technical - the ability to perform a specific job 2. Conceptual - the ability to think analytically 3. Human - the ability to interact well with people; the most difficult to master

What are the three historical and contemporary viewpoints on management?

Historical: 1) classical, 2) behavioral, 3) quantitative Contemporary: 1) systems, 2) contingency, 3) quality-management

The creator and inventor of modern management. 

Evidence-based management

Translating principles based on best evidence into organizational practice, bringing rationality to the decision-making process. 

The scientific study of work methods to improve the productivity of individual workers (Frank and Lillian Gilbreth)

Administrative management

Concerned with managing the total organization (Fyal and Weber)

Emphasized ways to manage work more efficiently (two branches: scientific and administrative) 

Deliberately working at less than full capacity (Taylor)

Father of scientific management

Emphasized the importance of understanding human behavior and of motivating employees toward achievement. Developed over three phrases: early behaviorism, human relations, and behavioral science. 

Employees worked harder if they received added attention (were faulted for being poorly designed and not having enough empirical data) 

Physiological, safety, love, esteem, and self-actualization (Maslow 1943)

A pessimistic, negative view of workers; workers are considered to be irresponsible and resistant to change

An optimistic, positive view of workers

Relies on scientific research for developing theories about human behavior that can be used to provide practical tools for managers

The application to management of quantitative techniques

A set of interrelated parts that operate together to achieve a common purpose

What are the four parts of a system?

1. Inputs 2. Transformation process 3. Outputs 4. Feedback

Is the ability of an organization to produce goods or services more effectively than competitors do thereby outperforming them?

Was defined in class as the ability of an organization to perform more effectively than competitors thereby outperforming them?

What is defined as the ability of one organization to outperform other organizations because it produces desired goods or services more efficiently than its competitors?

When an organization able to produce goods or services that have some uniqueness in their characteristics This strategy is known as?