Bài giảng Economics - Chapter 7 Managerial Decision-Making

Chapter SevenManagerialDecision-MakingManagementA process designed to achieve anorganizations objectives by using itsresources effectively and efficientlyin a changing environment.7-1The Functions ofManagement7-2ManagersPlanningactivities toachieve theorganization'sobjectivesOrganizingresources andactivities toachieve theorganization’sobjectivesStaffingtheorganizationwith qualifiedpeopleDirectingemployees’activitiestowardachievementof objectivesControllingtheorganization’sactivitiesto keep iton courseTypes of Plans7-3OperationalPlansTacticalPlansStrategicPlansSpecify actions toachieve tactical plans(very short-term)Designed to implementstrategic objectives(usually one year or less)Establish long-rangeobjectivesLevels of ManagementFirst-Line ManagementForepersons, Supervisors, Office ManagersMiddle ManagementPlant Managers, Division Managers,Department ManagersTopManagementPresident, CEO,ExecutiveVice Presidents7-4Importance of Management Functionsto Managers in Each Level7-6PlanningPlanningPlanningOrganizingOrganizingOrganizingStaffingStaffingStaffingDirectingControllingDirectingDirectingControllingControllingTopManagersMiddleManagersFirst-LineManagersLeastImportantMostImportantFactors in Organizations That Cause Differences in Management Activities7-71.Level ofManagementManagement Activities6.Profit versusNonprofitOrganizations5.Industry3.OrganizationalSize2.Area ofManagement4.OrganizationalCultureAreas of ManagementFinancialProduction and OperationsHuman ResourcesMarketingAdministrative7-8Favorite Executive RecreationWhat chief financial officers at large corporations say is theirfavourite activity.GolfTeamsportsReading21%10%14%Source: Accountemps7-9Skills Needed by ManagersLeadershipTechnical ExpertiseConceptualAnalyticalHuman Relations7-10Personality Traits of Successful Leaders of the Future7-11maturitycharismateam orientationhigh energy empathyintuitivenessThree Basic Stylesof LeadershipDemocraticAutocraticFree-rein7-12Leading vs. ManagingPersonality Style ManagersPersistentTough-mindedHard-workingIntelligentAnalyticalTolerant LeadersImaginativePassionateNon-conformingRisk-taking7-13aSource: “Leading vs. Managing - They’re Two Different Animals,”Online Women’s Business Center, October 19, 1998.Leading vs. ManagingAttitudes Toward Goals ManagersImpersonalAlmost passiveReactive LeadersPersonalPromote and shape ideasActive7-13bSource: “Leading vs. Managing - They’re Two Different Animals,”Online Women’s Business Center, October 19, 1998.Leading vs. ManagingRelations With Others ManagersCollaborativeLow level of emotional involvement LeadersRelate to peoplein intuitive, empathetic ways7-13cSource: “Leading vs. Managing - They’re Two Different Animals,”Online Women’s Business Center, October 19, 1998.Steps in the DecisionMaking Process7-14Recognize anddefine thedecision situationDevelopoptionsAnalyzeoptionsImplementthe decisionMonitor theconsequencesSelect thebest optionJ.P. Kotter’s Two Basic Management FunctionsFiguring out what to do despite uncertainty, great diversity, and an enormous amount of potentially relevant informationGetting things done through a large and diverse set of people despite having little direct control over most of themSolve the DilemmaEvaluate Infinity’s current situation and analyze its strengths and weaknesses. Evaluate the opportunities for Infinity, including using its current strategy and propose alternative strategies. Suggest a plan for Infinity to compete successfully over the next ten years.7-15Explore Your Career OptionsIn which types of industries or sectors are managers the most likely to be hired?7-16An Example of Managerial Decision Making: Influencing Employees’ PerformanceHuman Behavior Principles Effects of goal setting, rewarding behaviour, and learningEmployee Characteristics Job skills and attitudesWork Characteristics Available technology and materials Time constraints Demand for outputDetermine Alternatives Retraining of employees Initiating work teams Developing individual per- formance reward systemEvaluate Alternatives Cost Feasibility of implementing Expected outcomeChoose Alternative Developing individual per- formance reward systemIdentify Rewards to be UsedSet Standards for PerformanceCommunicate Standards to EmployeesEnsure Employees are Adequately TrainedDetermine Method of Measuring PerformanceCollect Performance DataAdminister Rewards to Employees Reaching StandardsInformation GatheredUsing Informationto Make DecisionImplementingDecision7-17What is your management action style?7-18aSource: “What Is Your Management Action Style?” from the OnlineWomen’s Business Center, manage/style.html, October 19,1998.What is your management action style?7-18bSource: “What Is Your Management Action Style?” from the OnlineWomen’s Business Center, manage/style.html, October 19,1998.Additional Discussion Questions and Exercises1. What is the difference between strategic plans and tactical plans?2. Which of the five functions of management is most closely concerned with evaluation?3. Which level of management is most likely to need technical skills?4. Describe the individuals with whom managers are involved in networking. What is the value of networking for managers?7-19Chapter 7 Quiz7-20a1. Which of the following skills involves the ability to think creatively, to think in abstract parts, and to see how terms fit together to form a whole? a. analytical skills b. conceptual skills c. human relation skills d. technical skills2. Which describes free-rein leaders? a. Leaders make all decisions and tell employees what to do and how to do it. b. Leaders allow employees to get involved in decisions. c. Leaders allow top management to make all decisions and tell employees what to do and how to do it. d. Leaders let employees work without much interference.Chapter 7 Quiz7-20b3. An agenda is most closely associated with a. networking b. technical expertise c. a calendar d. financial resources4. The ability to deal with people is know as a. analytical skills b. conceptual skills c. human relation skills d. technical skillsPrinciples of Fair InformationAccountability of organizationsIdentifying the purpose of information collectedConsent of the information providerLimiting collection of informationLimiting the use, retention and disclosure of information collectedPrinciples of Fair InformationAccuracySafeguardsOpennessIndividual accessChallenging compliance