Foundational Management Concepts Overview

Jan 27, 2025

MGT 220 Chapter 2: Key Concepts

Introduction

  • Focus on foundational management concepts.

Main Topics Covered

1. Functions of Management

  • Planning
    • Definition: Setting objectives and determining a course of action.
    • Importance: Provides direction and sets priorities.
  • Organizing
    • Definition: Arranging resources to carry out the plans.
    • Importance: Ensures efficient use of resources.
  • Leading
    • Definition: Motivating and directing the workforce.
    • Importance: Influences team morale and productivity.
  • Controlling
    • Definition: Monitoring and adjusting resources and processes.
    • Importance: Ensures goals are met and standards maintained.

2. Managerial Roles

  • Interpersonal Roles
    • Figurehead, Leader, Liaison.
  • Informational Roles
    • Monitor, Disseminator, Spokesperson.
  • Decisional Roles
    • Entrepreneur, Disturbance Handler, Resource Allocator, Negotiator.

3. Skills Required for Effective Management

  • Technical Skills
    • Importance in lower management levels.
  • Human Skills
    • Importance at all management levels.
  • Conceptual Skills
    • Importance in upper management levels.

4. Importance of Context in Management

  • Adaptability to changing environments.
  • Understanding organizational culture and structure.

Conclusion

  • Effective management requires a combination of planning, organizing, leading, and controlling.
  • Success is dependent on the ability to adapt to various roles and develop essential skills.