Mgt 300 Exam 1 Study Guide

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CHAPTER 1
pgs., 5, 6, 7, 8, 9,10, 12, 16, 21-29
Managers and resource allocation decisions – Effective managers are those who choose the right organizational goals to pursue and have the skills to utilize resources efficiently. Organization's strategy – cluster of decisions concerning what organizational goals to pursue, what actions to take, and how to use resources to achieve these goals Levels of management (e.g., top, middle, first-line) and management functions - First-line manager – often called supervisors; responsible for daily supervision of the non-managerial employees who perform many of the specific activities necessary to produce goods and services; these managers work in all departments or functions of an organization; do most of the leading, while doing very little planning or controlling; organize the same amount as the other levels Middle manager – responsible for finding the best way to organize human and other resources to achieve organizational goals. To increase efficiency, middle managers find ways to help first-line managers and nonmanagerial employees better utilize resources to reduce manufacturing costs or improve customer service. To increase effectiveness, middle managers evaluate whether the goals that the organization is pursuing are appropriate and suggest to top managers ways in which goals should be changed. A major part of the middle manager’s job is developing and fine-tuning skills and know-how, such as manufacturing or marketing expertise, that allow the organization to be efficient and effective. Middle managers do less planning and controlling than top managers, but more than first-line managers. They spend roughly the same amount of time organizing as the other levels, but spend more time leading than top managers do. Top managers – responsible for the performance of all departments. These managers have cross-departmental responsibility. Top mangers establish organizational goals, decide how departments should interact, and monitor how well middle managers in each department utilize resources to achieve goals. Top managers are ultimately responsible for the success or failure of the organization. Top managers devote most of their time to planning and organizing, the tasks so crucial to determining an organization’s long-term performance. The lower the managers’ position, the more time the managers spend leading and controlling first-line managers and nonmanagerial employees. Organizational resources – assets such as people and their skills, know-how, and experience; machinery, raw materials; computers and information technology; and patents, financial capital, and loyal customers and employees Measure of productivity

Organizational performance and efficiency/effectiveness – Organizational performance – a measure of how efficiently and effectively managers use available resources to satisfy customers and achieve organizational goals. Organizational performance increase in direct proportion to increases in efficiency and effectiveness. Efficiency – a measure of how well or how productively resources are used to achieve a goal; organizations are efficient when managers minimize the amount of input resources (labor, raw materials, component parts, etc.) or the amount of time needed to produce a given output of goods or services. Effectiveness – a measure of the appropriateness of the goals that managers have selected for the organization to pursue and of the degree to which the organization achieves these goals; organizations are effective when managers choose appropriate goals and then achieve them.

Managerial functions –
Planning – managers identify and select appropriate organizational goals and courses of action; they develop strategies about how to achieve high performance.
Three steps involved are:
1) Deciding which goals the organization will pursue
2) Deciding what strategies to adopt to attain those goals
3) Deciding how to allocate organizational...
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