Mgt 521 Week 1 Notes Essay

Submitted By happysunkisss23
Words: 1372
Pages: 6

Management - the practice of coordinating and overseeing the work of others so organizational goals can be accomplished.
Law-study of legal aspects of business to make sure that the business is legally sound and is in compliance. Make sure intellectual property is safeguard.
Human Resource Management- addresses the personnel concepts in a business including hiring, compensating, taking proper action when needed.
Leadership-covers different ways managers can inspire and motivate employees or handle conflicts (organizational change or power struggle).
Accounting - the field of maintaining and auditing aspect of business. Break out into financial accounting and managerial accounting. Financial accounting studies financial statements such as income statement and balance sheets. Managerial accounting looks at these statements to help managers make decision for the firm based on the information.
Finance-addresses the process of setting up & maintaining the fiscal success of the firm.
Economics-the study of production, distribution, and consumption of goods & services. Helps manager to maximize profits and handle market conditions such as recession or depression. Also helps to determine what factors need to be investigated when entering a new market (i.e. international location).
Research & Statistics- research collects data and statistic interprets the data. Managers use this to learn more about their business and helps them to make decision on what business practice to continue and what needs to be modify in the future.
Operation Management - the field of study to increasing the firm supply chain. Ensures the process of goods to market is error free. (i.e. where to place the firm facility or where to ship/distribute goods).
Marketing -study the interest of consumers and how to appeal to customers such as creating a good image for the firm and studying what makes a customer happy.
Strategic Planning - creates plans that apply to the organization's goals and make sure that those goals are completed. (i.e. Business plan). Managers use strategic planning to bring all aspects of the firm together, accounting, economics, marketing etc. to ensure the firm success.
Management, Ch. 1
1. Explain why managers are important to organizations. page 4
• The first reason managers are important is that organizations need their managerial skills and abilities more than ever in these uncertain, complex, and chaotic times o Managers play an important role in identifying critical issues and crafting responses
• Another reason managers are important to organizations is that they’re critical to getting things done
• Finally, managers do matter to organizations o it’s the quality of the relationship between employees and their direct supervisors o managerial ability was important in creating organizational value
2. Tell who managers are and where they work. page 5
• A manager is someone who coordinates and oversees the work of other people so that organizational goals can be accomplished. (Includes first line managers – aka supervisors, dept managers, office managers. Middle managers – manage the first line manager aka regional manager, store manager, division manager. Top managers – who are responsible for making organization-wide, decision aka VP, Presidents, and CEO etc.)
• Managers do their work in organizations. o Organization- a deliberate arrangement of people to accomplish some specific purpose. Organizations have a distinct purpose, composed of people, and a deliberated structure
3. Describe the functions, roles, and skills of managers. page 8
• Management involves coordinating and overseeing the work activities of others so that their activities are completed efficiently and effectively
• Efficiency refers to getting the most output from the least amount of inputs
• Effectiveness is often described as “doing the right things”—that is, doing those work activities that will help the organization reach its goals. Means.