Chapter 1 - Lecture/Textbook Notes

1.​ Identify and understand the purpose of Management (LG 1-1)

a.​ Definition of Management:
i.​ No single definition exists—various perspectives define management
differently.
b.​ Common approaches to defining management:
i.​ Tasks managers perform: Planning, organizing, leading, and controlling.
ii.​ Skills needed to be an effective manager:
1.​ Technical skills
2.​ Interpersonal skills
3.​ Decision-making skills
c.​ Management levels:
i.​ Top-level management (strategic decisions)
ii.​ Mid-level management (bridging strategy and operations)
iii.​ Junior-level management (day-to-day execution)
d.​ Industry-specific management roles (e.g., marketing, finance, healthcare, sports,
military).
e.​ The Purpose of Management:
i.​ Core idea: "Right Work, Done Well!"
1.​ This principle applies across all industries and levels of
management.
ii.​ “Right Work, Done Well” Answers the questions:
1.​ What is the “purpose” of management? ( Why do we have
managers)
a.​ The primary purpose of managers is to get the right work
done well.
2.​ “What” do managers do and “how” do they do it
a.​ They do the “Right Work,” and they “Do it Well!”
3.​ How do YOU become a successful manager?
a.​ You do the “Right work,” and you do it “well.”
iii.​ The goal of management is to identify the right work and ensure it is
executed effectively.
1.​ Managers are evaluated on their ability to achieve this goal.
f.​ Management in Practice:
i.​ Involves observing and analyzing both:
1.​ The "What" – Identifying the right work for the organization.
2.​ The "How" – Ensuring work is done well through personal actions
and leadership.
 g.​ Management is action-based and occurs in multiple settings:
i.​ Business organizations
ii.​ Hospitals (administrative managers)
iii.​ Non-profits
iv.​ Professional sports teams
v.​ Military leadership
h.​ Why study management?
i.​ In the future - you will most likely work under a manager, and it's essential
to understand their role or to become a better manager in the future
2.​ Identify the core elements of “Right Work.” (LG 1-2)
a.​ Vision, Mission, Goals, Strategy & Plans
i.​ Developing vision and mission statements
ii.​ Setting goals
iii.​ Selecting strategies
iv.​ Putting plans in place to execute strategies
b.​ Doing What’s Right:
i.​ Legal Compliance
ii.​ Ethical Decision Making
iii.​ Core Values
iv.​ CSR (Corporate Social Responsibility)
1.​ The textbook expands on the “Right Work” notion to incorporate a
values-based management approach grounded in sound, legal, and
ethical practices.
2.​ Managers need to consider the needs of many different people and
make fair and responsible decisions for society.
c.​ Managing Growth, Innovation & Entrepreneurship
i.​ The textbook also describes the two drivers of the financial value of a
business
1.​ Profitability
2.​ Growth
ii.​ The “Right Work” focuses on understanding what a manager must
accomplish.
1.​ It examines why these are essential core elements of the "Right
Work."
d.​ Managing a Global Business
i.​ Many businesses operate globally with suppliers, employees, customers,
and other constituents outside the business’s home country.
1.​ Doing the “Right Work” requires managers to understand the
unique aspects of developing and managing a global business.
3.​ Identify the core elements of “Done Well.” (LG 1-3)
a.​ Organization Design
i.​ Assigning responsibility for tasks to others in the organization.
ii.​ Designing jobs to ensure work is structured effectively.
iii.​ Creating an organizational structure to support efficient workflow.
iv.​ Integrating and coordinating workflows to enhance productivity.
v.​ Establishing a culture that supports task completion and organizational
goals.
b.​ Human Resources Management
i.​ Hiring, compensating, and motivating employees to ensure a productive
workforce.
ii.​ Establishing HR practices that align with business goals.
iii.​ Advanced human relations concepts, including employee engagement.
c.​ Employee Engagement
i.​ Goes beyond motivation to create a mutually beneficial partnership
between employees and the company.
ii.​ Encourages shared goals between employees and the organization.
iii.​ Leads to positive outcomes for both employees and the company.
d.​ Performance Management
i.​ Using tools and practices to manage organizational activities effectively
and efficiently.
ii.​ Recognizing that all work is a process or a series of steps.
iii.​ Core components of Performance Management (Chapter 10):
1.​ Visualizing the steps in a process.
2.​ Measuring effectiveness and efficiency of processes.
3.​ Using proven tools and techniques to improve performance.
e.​ Leadership, Decision-Making, and Communication
i.​ Managers must be leaders, decision-makers, and effective communicators.
ii.​ Work effectively with individuals and groups inside and outside the
organization.
iii.​ Resolve conflicts within the organization.
iv.​ Negotiate with individuals or entities both internally and externally.
4.​ Understand the importance of applying management theory to understand it better (LG
1-4)
a.​ Management is a “Practice”
i.​ To learn Management, you must apply the concepts, processes, and tools
included in this book.
ii.​ Management cannot be fully learned just by reading a textbook; it requires
real-world application.
 iii.​ While it is important to understand management vocabulary, tools, and
methods, authentic learning happens when applied in real situations.
iv.​ Engaging in management activities is the best way to grasp management
concepts fully.
b.​ Applying Management Theory to Real Situations
i.​ Simply reading about management is not enough to become an effective
manager.
ii.​ Applying management concepts to actual business scenarios helps
reinforce understanding.
iii.​ Since real-world opportunities to practice management are limited, this
textbook includes exercises that allow students to "practice" various
management activities
5.​ Understand the limitations of management theories and practices (LG 1-5)
a.​ Most management theories and purported “best practices” are not based on
sound scientific research
i.​ The textbook focuses on understanding the purpose of management and
how various activities contribute to getting the "Right Work, Done Well!"
b.​ It is challenging to conduct scientific studies
i.​ It is impossible to create controlled environments for management
research.
ii.​ Difficult to recruit participants for long-term management studies.
iii.​ Management research is often based on observations and past experiences
rather than strict experimental data.
c.​ Major consulting firms (McKinsey, BCG) interact frequently with
organizations.
i.​ Many consultants and business leaders with extensive management
experience provide valuable insights.
ii.​ While not consistently scientifically rigorous, these insights are not casual
observations—they are based on years of practice and observation.
iii.​ Management theories often rely on expert opinions rather than controlled
experiments.
d.​ Academic and consulting firm research still provides valuable perspectives,
even if not based on scientifically controlled studies
i.​ The practice of management is shaped by both academic research and
real-world experience.
ii.​ The evolution of management theories shows that no single approach is
universally accepted—experts often disagree on best practices.
iii.​ What worked in the past does not guarantee future success, as business
environments are constantly changing.