(Book replacing) Elaborate summary of the chapters 5-10 of the book Business Essentials, contains all the study material needed for the course & exam of Management of Organizations in Europe.
Summary Management of Organizations in Europe
ES4E, Year 1, Semester 2, Term 3
Business Essentials, Ebert Ronald J., Chapter 5 – 10
Chapter 5:
- Managers perform many of the same functions and have
many of the same responsibilities.
- These include analyzing their competitive environments and
planning, organizing, directing, and controlling day-to-day
operations of their business.
- Ultimately, they are also responsible for the performance and
effectiveness of the teams, division, or companies that they
head.
- The principles of management apply to all kinds of
organizations.
- Management itself is the process of planning, organizing,
leading, and controlling an organization’s financial, physical,
human, and information resources to achieve its goals.
- Planning:
- Determining what an organizations needs to do and how best
to get it done requires planning.
- Planning has three main components. It begins with
determining goals. Next a strategy is developed for achieving
those goals. After a strategy is developed, tactical and
operational plans are designed for implementing the strategy.
- The creation of individual partnership agreements with
partners represents a form of operational planning.
- Organizing:
- Managers must also organize people and resources.
- Organizations charts help everyone understand roles and
reporting relationships, key part of the organizing function.
- Determining the best way to arrange a business’s resources
and activities into a coherent structure is called organizing.
- Leading:
- Mangers have to power to give orders and demand results.
- When leading, a manager works to guide and motivate
employees to meet the firm’s objectives.
- Controlling:
- Controlling is the process of monitoring a firm’s performance
to make sure that it is meeting its goals.
- All CEOs must pay close attention to costs and performance.
- Control can also show where performance is running better
than expected and can serve as a basis for providing rewards
or reducing costs.
- Types of managers:
- Although all managers plan, organize, lead and control, not all
managers have the same degree of responsibility for these
activities.
- Levels of management:
, - The tree basic levels of management are top, middle, and
first-line management.
- Most firms have more middle managers than top managers
and more first-line managers than middle managers.
- Both the power of managers and the complexity of their duties
increase as they move up the ladder.
- Top Managers:
- Common titles for top managers include president, vice
president, treasurer, chief executive officer (CEO), and chief
financial officer (CFO).
- Top managers are responsible for the overall performance
and effectiveness of the firm. They set general policies,
formulate strategies, approve all significant decisions, and
represent the company in dealings with other firms and with
government bodies.
- Middle Managers:
- Titles such as plant manager, operations manager, and
division manager designate middle-management slots.
- In general, middle managers are responsible for
implementing the strategies and working toward the goals set
by top managers.
- First-Line Managers:
- Those who hold such titles as supervisor, office manager,
project manager, and group leader are first-line managers.
- Although they spend most of their time working with and
supervising employees who report to them, first-line
managers’ activities are not limited to that arena.
- At a building site, for example, the project manager not only
ensures that workers are carrying out construction as
specified by the architect, but also interacts extensively with
materials suppliers, community officials, and middle- and
upper-level managers at the home office.
- Areas of Management:
- In any large company, top, middle, and first-line managers
work in a variety of areas, including human resources,
operations, marketing, information, and finance.
- Human Resource Managers:
- Most companies have human resource managers who hire and
train employees, evaluate performance, and determine
compensation.
- Operations Managers:
- The term operations refers to the systems by which a firm
produces goods and services.
- Among other duties, operations managers are responsible for
production, inventory, and quality control.
- Marketing Managers:
- Marketing managers are responsible for getting products form
producers to consumers.
- Information Managers:
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