100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Summary Contemporary Management 11e, ISBN: 9781260565737 Principles of management R187,83   Add to cart

Summary

Summary Contemporary Management 11e, ISBN: 9781260565737 Principles of management

 68 views  1 purchase
  • Course
  • Institution
  • Book

This is a full summary of the Contemporary Management book, all chapters from 1 to 18. Everything I found important is highlighted in colors and sorted in lists.

Preview 4 out of 84  pages

  • Yes
  • February 3, 2021
  • 84
  • 2020/2021
  • Summary
avatar-seller

Available practice questions

Flashcards 60 Flashcards
R69,07 0 sales

Some examples from this set of practice questions

1.

Organizations are:

Answer: Collections, groups of people working together and coordinating their actions to achieve common goals or desired future outcomes.

2.

Effectiveness is?

Answer: It is a measure of how appropriate are the goals managers have selected for the company

3.

Controlling is?

Answer: Evaluating how well an organization is achieving its goals and taking action to maintain or improve performance.

4.

Spokesperson managerial role

Answer: Spokesperson launches national marketing campaigns to promote new goods and services, informs local communities about future intentions of the organization.

5.

Competitive advantage

Answer: A factor that allows companies to outperform their competition.

6.

Empowerment

Answer: Management technique that involves giving employees more authority and responsibility over how they perform their job.

7.

Hawthorne effect

Answer: Manager’s behavior and leadership approach can affect the level of performance.

8.

Open system

Answer: A system that takes in resources from it’s external environment and converts or transforms them into goods and services that are sent back to that environment, where they are bought by customers.

9.

Locus of control

Answer: Belief about how much control people have over what happens to or around them.

10.

Ethical dilemma

Answer: Quandary people find themselves in when they have to decide if they should act in a way that might help another person or group, even if that might go against their own self-interest.

Contemporary Management, Gareth R.
Jones, Jennifer M. George summary

Chapter 1: Managers and managing

This chapter explains who managers are, what they do and what skills they have to
posses. You will also learn about levels of managers and changes in management
practices today, and the challenges managers face in the global environment.
Organizations - collections, groups of people working together and coordinating their
actions to achieve common goals or desired future outcomes.
Management - planning, organizing, leading and controlling resources to achieve
organizational goals efficiently and effectively. Resources include: money, raw
materials, experience, people, knowhow, computers, patents...

Achieving high performance: A manager’s goal

Organizational performance -a measure how efficiently and effectively resources are
being used to satisfy customers and achieve organizational goals.
Effectiveness means doing right things. It is a measure of how appropriate are the
goals managers have selected for the company. Efficiency means doing things right. It
is a measure of how productively resources are used to achieve a goal.
Companies with low effectiveness and low efficiency are choosing wrong goals and
are are using their resources poorly. The result is a low quality product that no one
wants.
Companies with high efficiency, but low effectiveness are producing high quality
products that no one wants because they chose a wrong goal, but they have managed
their resources well.
Companies with low efficiency, but high effectiveness creates a high quality product
that no one can afford.
Companies that achieve both, high efficiency and high effectiveness are producing
high quality products that customers want and can afford.


1

,4 Essential managerial tasks

1. Planning - selecting appropriate goals and future outcomes. It includes: deciding
what goals we want to achieve; deciding what strategy to use to get there;
allocating resources to pursue strategies needed to reach those goals.
2. Organizing - organizing relationships between employees (or any other
organization members) so they can cooperate and achieve common goals. The
outcome of organizing is the creation of the organizational structure - a formal
system of task and reporting relationships that coordinates and motivates
employees (or any other organization members) to work together on achieving
common goals.
3. Leading - articulating a clear organizational vision for the organization’s
members to accomplish, and energizing and enabling employees to understand
the part he/she plays in achieving organization’s goals.
Organization’s vision - a short, succinct, and inspiring statement of
company’s desired future state, what the organization intends to become and
the goals it is seeking to achieve.
4. Controlling - evaluating how well an organization is achieving its goals and
taking action to maintain or improve performance.

Managerial roles identified by Mintzberg

Interpersonal:
 Figurehead - Acts in charge, even if the power lies with someone else. Has social
roles such as opening new headquarters
 Leader - Motivates and mobilizes employees for specific goals, gives direct
commands and orders, provides an example for employees to follow
 Liaison - Coordinates the work of managers of different departments to share
resources to produce new goods and services.


Informational:




2

, Monitor - Watches for changes in internal and external environments that could
affect the organization, evaluates the work of employees and managers in
different departments and takes corrective action if necessary.
 Disseminator - Communicates the vision and purpose to employees, and informs
them about changes in the internal and external environments that could affect
them.
 Spokesperson - Launches national marketing campaigns to promote new goods
and services, informs local communities about future intentions of the
organization.
Decisional:
 Entrepreneur - Commits resources for developing new products and services,
makes decisions about international expansion.
 Disturbance handler - Takes quick corrective actions to protect the organization
from the unexpected problems from the external environment (eg. Oil spills), or
from internal problems (producing faulty goods or services)
 Resource allocator - Sets budgets and salaries for middle and first-level
managers, allocates resources to different departments
 Negotiator - Works with suppliers, distributors, labor unions and other
organizations to reach agreements about the quality and the price of resources,
common projects etc.

Levels and skills of managers

Department - A group of people that use similar skills, knowledge and tools to
perform their jobs.

Levels of management

First-line managers (supervisors) - Forming a base of the managerial hierarchy, they
are responsible for daily supervision of nonmenagerial employees (leading is the
predominant managerial task)
Middle managers - Responsible for allocating resources to achieve organization’s
goals, and supervising first-line managers (leading and planning predominant tasks)


3

, Top managers - Monitor the performance of middle managers and decides how all
departments should interact to achieve goals (Planning is the predominant task)
Chief executive officer (CEO) - Company’s most senior and important manager, the
one that all managers report to. Responsible for the creation of the top management
team.
Top management team - Group consisting of the CEO, Chief Operating Officer
(COO) and the vice presidents, responsible for achieving organization’s goals.

Managerial skills

Conceptual skills - Ability to analyze the situation and to distinguish the cause and
effect, and right and wrong.
Human skills - Ability to lead, and to understand, alter and control the behavior of
others.
Technical skills - Job-specific skills required to perform a particular type of work at a
high level.


Core competency - Specific set of skills, experiences and knowledge that allows one
company to outperform others.
Competitive advantage - a factor that allows companies to outperform their
competition.

Recent changes in management practices

Two major factors that led to changes in management practices are global competition
and advances in IT.

Restructuring and outsourcing

To utilize IT and increase efficiency and effectiveness, managers made certain
changes:
Restructuring - Simplifying, downsizing and/or shrinking an organization’s operations
to lower costs. It can be accomplished by eliminating product teams, shrinking
departments and reducing levels in the hierarchy. Negative sides of restructuring are:

4

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying this summary from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller LukaDopa. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy this summary for R187,83. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

84251 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy summaries for 14 years now

Start selling
R187,83  1x  sold
  • (0)
  Buy now