MGMT 309 Final TAMU (Wesner)

MGMT 309 Final TAMU (Wesner) Functions of Management ️ - Planning and Decision Making: Setting goals and deciding how to achieve them. Decision making involves selecting a course of action from alternatives. This helps managers allocate time and resources efficiently. - Organizing: Coordinating people and resources to implement plans, determining how activities and resources are grouped. - Leading: Processes used to motivate and direct members of the organization toward achieving organizational interests. - Controlling: Monitoring organizational progress toward goals, ensuring actions are aligned to meet objectives efficiently and effectively. What is Operations Management? ️ - Operations management focuses on making the organization’s production of goods and services more efficient. Operations managers handle production control, inventory control, quality control, plant layout, and site selection. Techniques include queuing theory, break-even analysis, and simulation. What is Administrative Management? ️ - Administrative management emphasizes managing the total organization. Administrative managers, such as hospital administrators, are generalists familiar with all functional areas of management. What is Theory X? ️ - Theory X presents a pessimistic view of workers, assuming: - People dislike work and avoid it. - Managers must control and coerce employees to reach organizational goals. - Employees prefer to be directed and seek security with little ambition. What is Quantitative Management? ️ - This perspective focuses on decision-making, economic effectiveness, mathematical models, and the use of computers. It employs quantitative techniques like statistics and computer simulations for management. What is a Gantt Chart? ️ - A Gantt chart schedules work by visually representing expected and completed production timelines related to subprojects. What is a Board of Directors? ️ - A board of directors is a governing body elected by shareholders to oversee the management of the company and ensure operations serve stockholders' interests. Various Organizational Environments ️ - External Environment: Everything outside an organization that might affect it, consisting of: - General Environment: Dimensions include economic, technological, sociocultural, political-legal, and international factors. - Task Environment: Specific external groups influencing the organization, such as customers, competitors, suppliers, strategic partners, and regulators. - Internal Environment: Conditions within the organization, including owners, board of directors, employees, physical environment, and culture. What are Ethics? ️ - Ethics are personal beliefs about right and wrong. Managerial ethics guide behavior related to treatment of the organization, employees, and other stakeholders. A code of ethics is a written statement of values guiding a firm’s actions. What is Informational Justice? ️ - Informational justice refers to the perceived fairness of information used in decision-making. It includes the perceived fairness of communication provided to employees by authorities. What is Social Responsibility? ️ - Social responsibility encompasses an organization’s obligations to protect and enhance its societal context. It involves responsibilities toward stakeholders, the natural environment, and general social welfare. What is Whistle-Blowing? ️ - Whistle-blowing is when an employee reports illegal or unethical conduct within the organization. Organizational responses often reflect their stance on social responsibility. What is Infrastructure? ️ - Infrastructure includes schools, hospitals, power plants, highways, and communication systems, as well as organizational infrastructure like administrative facilities and warehouses. What is Organizational Stability? ️ - Stability can be viewed in two ways (Details still pending). Types of Organizational Planning ️ 1. Strategic Plans: Outlines resource allocation and action steps for achieving strategic goals set by top management. 2. Tactical Plans: Developed for implementing parts of a strategic plan. Involves upper and middle management. 3. Operational Plans: Focuses on day-to-day operations to achieve tactical goals, typically set by middle and lower-level managers. 4. Contingency Planning: Identifies alternative actions if original plans are disrupted. Types of Organizational Strategies ️ 1. Differentiation Strategy: Distinguishes itself through quality, allowing for premium pricing. 2. Overall Cost Leadership Strategy: Gains competitive advantage by reducing costs below competitors. 3. Focus Strategy: Concentrates on specific markets or products with either differentiation or cost leadership focus. 4. Prospector Strategy: Seeks new markets and opportunities, focused on growth and risk-taking. 5. Defender Strategy: Protects existing markets and improves current products. 6. Analyzer Strategy: Maintains current businesses while being innovative with new ones. 7. Reactor Strategy: Lacks a consistent approach, reacts to environmental changes. What are Organizational Goals? ️ - Goals are set at different levels (mission, strategic, tactical, operational) and vary by area and time frame. - Strategic Goals: Set by top management, focusing on broad issues. - Tactical Goals: Set by middle managers, focusing on operationalization of strategies. - Operational Goals: Set by lower-level managers, focusing on short-term objectives. What is a Mission Statement? ️ - A mission statement defines an organization’s fundamental purpose and scope of operations. What is Diversification Strategy? ️ - Diversification refers to the range of businesses an organization engages in and their relatedness: - Single-Product Strategy: Focuses on one product in a single market. - Related Diversification: Links different businesses or markets. - Unrelated Diversification: Involves businesses that are not logically associated. What is scope? ️-Management processes are applicable in a wide variety of settings, including profit seeking organizations (large, small, and start-up businesses and international businesses) and not-for profit organizations (government organizations, educational organizations, health care facilities, and nontraditional organizations). What are the various types of decision making? ️-programmed decision is one that is relatively structured or recurs with some frequency (or both). Each Starbucks coffee shop uses programmed decisions to order new supplies of coffee beans, cups, and napkins, and Starbucks employees are trained in exact procedures for brewing coffee. -Nonprogrammed decisions , on the other hand, are relatively unstructured and occur much less often. Disney's decision to buy Fox was a nonprogrammed decision. What are organizational values? ️ What is cross training ️Cross-training is often discussed as an alternative to job rotation. In both cases, workers learn the responsibilities and tasks of multiple job positions. However, in cross-training the workers are just prepared to perform the other job positions; they are not rotated through them on a regular basis. Cross-training enables existing personnel to fill the work gap when the proper employee is unavailable as a type of emergency response procedure. What is quality and productivity? ️-quality: as the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs. -8 Dimensions of Quality: -Performance. A product's primary operating characteristic; examples are automobile acceleration and a television's picture clarity -Features. Supplements to a product's basic functioning characteristics, such as power windows on a car -Reliability. A probability of not malfunctioning during a specified period -Conformance. The degree to which a product's design and operating characteristics meet established standards -Durability. A measure of product life -Serviceability. The speed and ease of repair -Aesthetics. How a product looks, feels, tastes, and smells -Perceived quality. As seen by a customer -Productivity: an economic measure of efficiency that summarizes the value of outputs relative to the value of the inputs used to create them. -Aggregate productivity: aggregate productivity is the total level of productivity achieved by a country. -Industry productivity: is the total productivity achieved by all the firms in a particular industry. -Company productivity: just as the term suggests, is the level of productivity achieved by an individual company. -Unit and individual productivity: refer to the productivity achieved by a unit or department within an organization and the level of productivity attained by a single person. What are the various types of operations decisions? ️