managing effectively
DESCRIPTION
Power point is on how to magage effectively and how the diffrent roles of different level mangers come to create and run a firm/business.TRANSCRIPT
MANAGING EFFECTIVELYCHAPTER 7
Levels of Management1. Top
Management- These are the presidents, chief executive officer, chief financial officer, & vice president. These managers makes decisions regarding the firm’s long-run objectives.
2. Middle Management- These are responsible for the firms short-term decisions. Ex. Regional manager
3. Supervisory Management- They are highly involved with the employees of the day to day production
Top Management
Middle & Top Managers
Supervisory Managers
1. Set new plans to expand production & increase sales.
1. Determine how many new employees to hire.
1. Provide job assignments to the new employees who are hired.
2. Communicate those plans to all managers
2. Determine how to charge lower prices to increase sales.
2. Set time schedules for new employees who are hired
3. Determine hoe to increase advertising to increase sales.
Functions of Managers
Managerial can be classified into one of the following four categories.
• Planning• Organizing• Leading• Controlling
PlanningI. Planning represents
the preparation of a firm for future business conditions.
II. The 1st step in the planning process is to establish a mission statement this describes its primary goal.
An example of a mission statement
Strategic PlanThe long-term Goals
The strategic Plan identifies the firms main business focus over a long-term period .
This plan typically includes goals and strategies that can be used to satisfy the firm’s mission.
Tactical PlanningShort-term Goals
These are smaller-scale plans over 1 or 2 years.
They are consistent with the firm’s long-term plan.
A company may asses the economic conditions, the general demand, & the level of competition.
Operational PlanningThe Breakdown These are the
methods to be used in the near future such as the next year to achieve the tactical plans.
The goals of operational planning are somewhat dependent on the firm’s long-term goals.
When firm’s engage in operational planning they must abide by their
Policies- these are the guidelines for how tasks should be completed.
Procedures- these are steps that are necessary to implement a policy.
Contingency PlanningThe Backup Plan
What they do is develop alternative plans for various possible business conditions
Some of these plans prepare for possible crises that may occur.
Overbooked reservations
To reduce the number of customers who need that flight, offer customers who are willing to be bumped a free round-trip.
Minor airplane repairs
Have airline mechanics available @ each major airport
Major airplane repairs
If airplane is not good to fly, reroute the passengers.
Long-term Planning
Mission statement (primary goal) & strategic plan
Tactical Planning
Goals for the next year that consist with the strategic plan
Operational Planning
Set a plan for conducting business in a manner that will achieve the tactical plan.
Contingency Planning
Determine alternative plans for conducting business in the event that various situations occur.
How Planning Functions are Related
Organizing The organizing function
involves the organization of employees & other resources in a manner that is consistent with the firm’s goals.
Once a firm’s goals are established (from the planning function), resources are obtained & organized to achieve those goals.
Leading The leading function is
the process of influencing the habits of others to achieve a common goal.
The leading function involves not only instructions on how to complete a task but also incentives to complete it correctly and quickly.
3 types of leadership styles
Autocratic~ In which the leader retain full authority for decisions making; employees have little or no input.
Free-rein~ management style in which the leader delegates much authority to employees.
Participative~ The leaders accept some employee input but then they make the final decision.
Controlling The controlling
function involves the monitoring and evaluation of task.
The controlling function assesses whether the plans set within the planning function are
achieved.
To evaluate tasks, managers Should measure performance in comparison with the standards & expectations they det.
Sales volume
Production Vol.
Labor Cost
Equipment repair
Actual level last week
300 units
350 units
$10,000
$3,000
Standards (expected level)
280 units
350 units
$9,000
$1,000
Assessment
Ok
Ok
Too high
Too high
Managers use 4 ways to use control: Control used to correct Deficiencies Control used to correct Standards Control of Management Process Control of Reporting
Top Managers:Change strategic plan to
Replace plastic toy production with computer
Game production.
Communicate the plan to middleManagement & ask middle
Management to implement the plan
Middle Management:Reorganize the plastic toy production
Plant so that it can now be used toProduce computer games. Retrain
The plants employees and hire 4 newEmployees to help.
Communicate the reorganization toSupervisors & ask them to implement
The new production process.
Supervisors:Explain each employees
Tasks required to Produce computer games& how to perform the task
Communicate the tasksTo employees
Planning OrganizingLeading
Assess the expenses & sales fromProducing computer games
Every month. Determine whetherThe new strategic plan is
successful.
Determine whether theProduction is efficient (based
On monitoring the plantOutput & expenses each
Month).
Monitor employees to ensureThat they are completingTheir new assignments
Properly.
Managerial Skills1. Conceptual Skills~ These skills
are the ability to understand the relationship among the various tasks of the firm. They see how all the pieces all fit together.
Managers with good conceptual skills have backup strategies when problems in the production process occur.
They tend to be creative and are willing to consider carious methods of achieving goals.
Manger Skills #21. Interpersonal Skills~ these are
the skills to be able to communicate with customers and employees.
One of the most important interpersonal skills is the ability to ask good questions.
Managers must be able to clearly communicate assignments to employees & must communicate with employees who have made mistakes on the job so that they can be corrected.
Managers must listen to complaints from employees and attempt to resolve their problems.
Manager Skill #31. TECHNICAL Skills~ These are the
skills used to perform specific day-to-day tasks.
Managers must have a understanding of all new and old technology that is being used my the firm.
Manger Skill #41. Decision-Making Skills~ these
skills are for using existing information to determine how the firm’s resources should be allocated.
Managers who make proper decisions can improve the firm’s earnings & thereby increase its value. And maybe even raise.
5 guidelines to exercise time management
Set Proper Priorities Schedule Long Time Intervals for
Large Task Minimize Interruptions Set Short-Term Goals Delegate Some Tasks to Employees