This is the document includes the basis of Business studies and Management. Everything need for smooth learning is in this document. Ranging from texts, case studies, chapter reviews and tests
UNIT 1
Foundations of
Management
Chapter 1: Management Fundamentals
Chapter 2: Management LearningPast to Present
Chapter 3: Information and Decision-Making
Quality in a product or serviceis not whatthe
supplier putsin. It is whatthe customer getsout and
is willingto payfor.
Peter F. Drucker,
American Management Guru
,1 MANAGEMENT FUNDAMENTALS
1.Understand the current workplace 4.Describe the management process and
environment in Canada. how managerial skills and competencies are
learned.
2.Identify the characteristics of an organization.
3. Understandwhomanagersareandwhattheydo.
LEARNING FROM OTHERS
SMART PEOPLE CREATE THEIR OWN FUTURES
Like many great business deals, the concept for Workopolis was
sketched out on a napkin over lunch. Two competitors, the head of
the Toronto Stars electronic division and the head of The Globe and
Mails electronic division, looked at the evolving online job market
in the United States and determined that if newspapers were to
survive in the employment category, they needed to embrace new
technologies and become partners, not competitors. Workopolis was
launched in 2000 with 15,000 job listings and was almost immedi-
ately a phenomenal success, becoming Canadas leading provider of
Internet recruitment and job search solutions.
Workopolis is still a top destination for job seekers and job provid-
ers. The site represents itself as a network that serves everyone from
recent college and university graduates all the way up to seasoned
executives. But in the new age of multimedia resumes and high-tech
employment searches, networking and career sites such as Monster,
CareerBuilder, LinkedIn, and ZoomInfo offer additional alternatives.
, To respond, Workopolis has learned to keep adapting and updating. The same challenge holds true of youyou need to keep changing
It has done such things as adding the Learn More feature that to stay ahead of the times. This book and your management course
allows job seekers to see what it would be like to work for a particu- offer many ways to explore career skills and capabilities and to iden-
lar employer, launching a smarter job search engine, simplifying site tify and develop new ones. Take good advantage of the opportunity
navigation, and making search tools easier to use. Like the rest of us, and always remember: What happens is up to you! There is no better
Workopolis needs to keep changing with the times. time than the present to commit to learning and personal growth.
You dont need to create your own company like Workopolis did to achieve career success. What you must do, however, is commit to
academic success and career development. Remembersmart people create their own futures!
LEARNING ABOUT YOURSELF
SELF-AWARENESS
When it comes to doing well as a student and in a career, a lot Known
Blind Open
to
rests on how well you know yourself and what you do with this
Spot Area
others
knowledge. Self-awareness is an important career skill, but it is also
one of those concepts that is easy to talk about and hard to master.
What do you really know about yourself? How often do you take a
critical look at your attitudes, behaviours, skills, personal character- Unknown
to The Hidden
istics, and accomplishments? Do you ever realistically assess your
others Unknown Self
strengths and weaknesses from a career perspectiveboth as you
see them and as others do?
A high degree of self-awareness is essential for personal adapt-
Unknown to you Known to you
ability, to be able to learn, grow, and develop in changing times. It
sets a strong foundation for stepping forward and making adjust- The blind spot, the unknown, and the hidden areas can be
ments so that you can always move confidently toward the future. quite large. They challenge our willingness and capacities for
But true self-awareness means not just knowing your idealized self, self-discovery.
the person you want or hope to be. It also means getting to know
how others see you.1 Think about the personal implications of the Johari Window. Are
you willing to probe the unknown, uncover your blind spots, and
This figure, called the Johari Window, offers a way of comparing discover talents and weaknesses that may be hidden? As your self-
what we know about ourselves with what others know about us.2 awareness expands, you will find many insights for personal growth
Our open areas known to ourselves and others are often small. and development.
GET TO KNOW YOURSELF BETTER
Put the Johari Window to work. Think about your career skills and personal characteristics. Jot down aspects of your
Open Area and Hidden Self. Confront The Unknown by speculating on what might be listed there. Ask friends,
family members, and co-workers to comment on your Blind Spot. Analyze the results in a short self-reflection paper.
End it with a set of goals for your continued personal and professional development.
, 4 CHAPTER 1MANAGEMENT FUNDAMENTALS
Welcome to Business Leadership and its career development theme
Get to know yourself better. We live and work in very complex times. Financial turmoil,
great resource and environmental challenges, uncertain international relations, the econom-
ics of globalization, and complexities of balancing work and personal lives are just some of
the forces and trends that are having an undeniable impact on our society. The dynamics of
ever-present change extend into the workplace and raise for all of us a host of new career chal-
lenges. There is no better time than now to commit your energies and intellect to continuous
learning and personal development. Indeed, your future depends on it.
We are dealing with a new workplace, one in which everyone must adapt to a rapidly
changing society with constantly shifting demands and opportunities. Learning and speed
are in; habit and complacency are out. Organizations are fast changing, as is the nature of
work itself. The economy is global, driven by innovation and technology. Even the concept
of success, personal and organizational, is evolving as careers are transformed. Can there be
any doubt that this is a time when smart people and smart organizations create their own
futures?3
In the quest for the future, the best employers share an important commitmentthey
value people! They are extremely good at attracting and retaining talented employees, and
they excel at creating high-performance settings in which talented people achieve great results
individually and collectively. In their book Everything I Needed to Know About Business . . .
I Learned from a Canadian, Leonard Brody and David Raffa note that leading rather than just
managing is needed to create challenging and enriched jobs for employees. They write, Lead-
ers inspire, motivate, and influence an organization, coaxing the best performance from their
staff, often by personal example.4
What often sets great organizations apart today is that they offer creative and inspir-
ing leadership and supportive work environments that reward and respect people, allowing
their talents to be fully utilized.5 The themes of the day are respect, participation, empow-
erment, involvement, teamwork, and self-management. All of this, and more, is what
Management and your management course are about. They are designed to introduce you
to the concepts, themes, and directions that are consistent with career success and organiza-
tional leadership in the high-performance settings of todays new workplace.
Working Today
Expectations for organizations and their members are very high. Organizations are expected to
continuously excel on performance criteria that include concerns for ethics and social respon-
sibilities, innovativeness, and employee development, as well as more traditional measures of
profitability and investment value. When they fail, customers, investors, and employees are
quick to let them know. For individuals, there are no guarantees of long-term employment.
Jobs are increasingly earned and re-earned every day through ones performance accomplish-
ments. Careers are being redefined in terms of flexibility, free agency, skill portfolios, and
entrepreneurship. Career success takes lots of initiative and discipline, as well as continuous
learning.
TALENT
If you follow the news, youll find many examples of great organizations, and there should be
many right in your local community. One that often makes the management news is Herman
Miller, an innovative manufacturer of designer furniture. Respect for employees is a rule of
thumb at the firm, whose core values include this statement: Our greatest assets as a corpora-
tion are the gifts, talents, and abilities of our employee-owners. . . . When we as a corporation
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