Principles of Management

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Principles of Management by Mind Map: Principles of Management

1. About This Book

1.1. Title

1.2. Subtitle

1.3. Author

1.3.1. Name

1.3.2. Bio

1.3.3. Handle

1.3.4. Website

1.4. Available on Amazon

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2. Atlas Black 1

2.1. The concept of management is about applying classic truths and concepts to current problems and challenges.

2.2. Employee soldiering is a term used for when workers systematically collaborate to reduce output by agreeing to work at a certain rate that's less than optimal. Also called rate-busting

2.3. Taylor developed a new method to management where management scientifically selects and whereas in the past the worker chose his won work and trained himself as best he could.

2.4. Company should actually do stuff to match its mission. Think of your business as always at the risk of dying, or going into the red, so you're more careful with it.

3. Chapter 1- Section 4

3.1. Definitions

3.1.1. Stakeholders: Individuals and organizations who are actively involved in the organization or whose interests may be positively or negatively affected as a result of what the organization does.

3.1.2. Corporate social responsibility (CSR): Organizations consider the interests of society by taking responsibility for the impact of their activities on customers, suppliers, employees, share-holders, etc.

3.2. Key Takeaway: Organizational performance can be viewed along three dimensions- financial, social, and environmental- collectively referred to as the triple bottom line, where the latter two dimensions are included in the definition of CSR

4. Chapter 1- Section 3

4.1. P-O-L-C

4.1.1. Planning: involves setting objectives and determining a course of action for achieving those objectives.

4.1.2. Organizing: management function that involves developing an organizational structure and allocating human resources to ensure the completion of objectives.

4.1.2.1. Leading: Social and informal sources of influence used to inspire others to take action utilizing knowledge of personalities, values, attitudes, and emotions.

4.1.3. Controlling: Involves ensuring that managerial actions do not deviate from standards by creating processes and procedures that ensure consistent behavior.

4.2. Definitions

4.2.1. Environmental Scanning: The act of analyzing the critical external contingencies facing an organization in terms of economic conditions, competitors, and customers.

4.2.1.1. Strategic Planning: The process of analyzing competitive opportunities and threats, as well as the strengths and weaknesses of the organization, and then determining how to position the organization to compete effectively in its environment.

4.2.2. Tactical Planning: Intermediate-range planning that is designed to develop relatively concrete and specific means to implement the strategic plan.

4.2.3. Operational Planning: Assumes the existence of goals and objectives and specifies ways to achieve them.

4.2.4. Job Design: The process of putting together various elements to form a job, bearing in mind organizational and individual worker requirements.

4.2.5. Job Enrichment: A job redesign technique that allows workers more control over ow they perform their own tasks.

4.2.5.1. Teamwork: Cooperative effort by the members of a group or team to achieve a common goal.

4.3. Key Takeaway: Controlling consists of three steps, 1-establishing performance standards, 2-comparing actual performance against standards, and 3- taking corrective action when necessary.

5. Chapter 1- Section 2

5.1. Leadership

5.1.1. Leadership: The act of influencing others toward a goal.

5.2. Entrepreneurship

5.2.1. Entrepreneurship: The recognition of opportunities (needs, wants, problems, and challenges) and the use or creation of resources to implement innovative ideas for new thoughtfully planned ventures.

5.2.2. Entrepreneur: A person who engages in the process of entrepreneurship.

5.3. Strategy

5.3.1. Strategy: The creation of an organization's long-term purpose, articulated in clear goals and objective that can be incorporated into a coherent plan of action. Good strategy's take advantage of unique resources and capabilities to exploit a big and growing external opportunity. (Definition: A central, integrated, externally-oriented concept of how an organization will achieve its objectives.)

5.3.1.1. Strategic Management: The body of knowledge that answers questions about the development and implementation of good strategies.

5.4. Key Takeaway: The principle of management are drawn form three specific areas- leadership, entrepreneurship, and strategic management.

6. Chapter 1- Section 1

6.1. Definitions

6.1.1. Management: The art and science of accomplishing individual and organizational goals through the efforts of individuals and groups using planning, organizing, leading, and controlling.

6.1.2. Principles of management: The concepts managers use in effort to accomplish management goals.

6.1.3. POLC: Planning, Organizing, Leading, and Controlling

6.1.4. Empowerment: The process of enabling or authorizing an individual to think, behave, take action, and control work and decision making in autonomous ways.

6.2. Types of Managers

6.2.1. Top Managers: Responsible for developing the organization's strategy and acting as a steward for its vision and mission.

6.2.2. Functional Managers: Responsible for the efficiency and effectiveness of a specific area such as accounting or marketing. (Marketing-intensive companies like Kellogg's)

6.2.3. Supervisory Managers/Team Managers: Responsible for coordinating a subgroup with a particular function or a team composed of members from different parts of the organization. (Like hotel managers being in charge of staffing, customer service, flowers, etc.)

6.2.4. Line Managers: Also called product/service managers, lead a team the contributes directly to the products of services the organization creates. (Keep assembly line manufacturing on track to meet the organization's production goals)

6.2.5. Staff Managers: Leads a group that creates indirect inputs.

6.2.6. Project Managers: Responsible for the planning, execution, and completion of projects. Found in industries such as construction, architecture, consulting, computer networking, telecommunications, or software development.

6.2.7. General Managers: Responsible for managing a clearly identifiable, revenue-producing unit, such as a store, business unit, or product line.

6.2.8. Functional Manager: Responsible for the efficiency and the effectiveness of an area, such as accounting or marketing.

6.2.8.1. Top Managers: Responsible for developing the organization's strategy and being a steward for its vision and mission.

6.2.9. Supervisory Managers: Responsible for coordinating a subgroup of a particular division or a team composed of members from different parts of the organization.

6.2.10. The changing roles of management and managers: The Traditional pyramid is top managers on top, ensuring the organization's competitiveness and lower level managers' and employees' job security. While the lower level managers implement the strategy of the higher managers. The contemporary model is to have the lower level managers be empowered and responsible for the competitiveness and development of the organization, while top management supports personnel development and ensures employ ability.

6.3. Managerial Roles

6.3.1. Interpersonal: Figure head, leader, liaison. Provide info to Decisional, and process info for informational.

6.3.2. Informational: Monitor, Disseminator, Spokesperson. Relay info to interpersonal.

6.3.3. Decisional: Entrepreneur, Disturbance Handler, Resource Allocator, Negotiator. Feedback to informational and interpersonal.

7. Chapter 1- Section 5

7.1. Definitions

7.1.1. In-role performance: The things that you have to do as part of your job and its job description.

7.1.2. Organizational Citizenship Behaviors (OCBs): Voluntary behaviors employees perform to help others and benefit the organization.

7.1.2.1. Group: Collection of individuals who interact with each other such that one person's actions have an impact on the other informal groups.

7.1.3. Team: A cohesive coalition of people working together to achieve mutual goals.

7.2. Key Takeaways: Individual and group performance are important components of organizational performance. Group performance is a function of how well individuals achieve a combination of individual and group goals. A team is a type of group that is relatively small with members who are willing and able to subordinate individual goals and objectives to those of the larger group.