Key Concepts in Management – MGT200-91 Chapter 1 Notes

Summary:

Key Concepts in Management Note offers comprehensive management summaries and key terms to help individuals navigate the management world. These in-depth study notes provide essential knowledge and skills for effective leadership, covering topics such as gratitude in business, the importance of positive relationships at work, and the key traits of successful managers. With a focus on efficiency and effectiveness, the notes explore managers’ responsibilities in utilizing various resources, including human, financial, physical, and informational. Additionally, they delve into the four management functions of planning, organizing, leading, and controlling, as well as the different levels of management and their respective roles. The notes also introduce classical, behavioural, and contingency theorists, highlighting their perspectives on management approaches. Moreover, they touch on knowledge management and the ethical considerations of corporate social responsibility.

Excerpt:

Key Concepts in Management 

Management Notes

1.1

• Having gratitude is good for business.
• Happiness arises from choosing it and not dwelling on the negatives.
• The two isms that lead to personal unhappiness are individualism and hedonism.
• Individualism- be selfish, look out for yourself, take advantage of others for your own gain, and only do things that have something in them for you.
• Hedonism- don’t do it if you don’t feel like it; just do whatever makes you feel good.
• Making sacrifices for others brings happiness.
• Reid Hoffman- LinkedIn co-founder- job satisfaction and success come from positive relationships at work.
• Positive manager-subordinate relationships are invaluable to organizational success.

1.2

• Manager- responsible for achieving organizational objectives through efficient and effective utilization of resources.
• Efficient- doing things right to maximize the utilization of resources.
• Effective- doing the right thing to attain an objective.
• Manager’s resources- human, financial, physical, and informational.
• Human resources-people who are often referred to as human capital.
• It takes money to make money, and without proper finances, you don’t have a business.
• The level of organizational performance is based on how effectively and efficiently managers utilize resources to achieve objectives.
• The level of an organization’s performance is based on how effectively and efficiently managers use a company’s resources to achieve its objectives.