Chap 1 - Midterm Review: Key Elements of Modern Management môn Principles of Management | Trường Đại học Quốc tế, Đại học Quốc gia Thành phố Hồ Chí Minh

1. Working today:
There are 6 elements are critically considered across industries: talent,
technology, globalization, ethics, diversity and careers.
Talent: human resource is one of the advantages that every company
want to achieve. Talented people are able to deliver efficient outcomes in competing with rivals.
+ A knowledge worker is someone whose mind is a critical asset to employers.
Nowadays, hiring knowledge workers becomes a trend in business, so job
hunters or employers tend to focus on talents and knowledge more than in
the past. Therefore, we have thuật ngữ mới Intellectual capital (vốn trí
tuệ) - is the collective brainpower or shared knowledge (kiến thức chung,
bài bản) of a workforce, which play an important role in both enterprise
and individual. This is because:
+ With business, Intellectual capital not only create value, but also is a
strategic asset. Furthermore, it is a pathway to performance through
creativity, insight, and decision making (con đường dẫn đến hiệu suất cao hơn).
+ With individuals, it is a personal asset, which differentiate between this individual with others.
+ After all, we have Intellectual capital equation: Intellectual Capital = Competency x Commitment.
Competency is your advantage, your ability or talent that needed for your job
Commitment is your willingness to work hard, to apply them to your tasks.
èBoth are required to meet career needs and performance requirements. Technology:
+ Tech IQ is the ability to use technology and to stay informed on the
latest technological developments.
Tech IQ is required in basic operations of organizations.
+ For example, about Tech IQ: using machines to check inventory, using
machines to check sales, using machines to order supplies, using
technology to analyze the preferences of customers.
Maintaining and " updating" High tech IQ is important since using a
machine or other piece of technology requires people to be up to date on
the newest developments in technology. Thanks to various approaches
developed by Tech IQ, People no longer need to work as much or travel to
the office for meetings because we currently have telecommuting and virtual teams.
+ Tech IQ affects everyday life, even in careers. For example, job hunters
or employers may check your Facebook account to evaluate how you use it
or use special software to check your LinkedIn profile to ensure that your
skills and experiences fit with their needs. Globalization:
+ is the worldwide interdependence of resource flows, product markets, and
business competition… For example, Russia company sell oil for European company
+ Job migration: the move of jobs from one country to another because of the low-cost and big market. Ethics:
+ Code of moral principles that set standard of conduct of what is ‘ good’
and ‘ right’ in human behavior. To be specific, It is about making decisions
that are fair, honest, and respectful of others as well as treating others as you would like to be treated.
+ Moreover, public are focus more on ethics, social responsibility and sustainability
For example, The Body Shop - a cosmetics company is known for its
commitment to customers by not testing its products on animals and
sourcing its ingredients from sustainable suppliers. Diversity:
+ workforce diversity: reflect differences with gender, race, age, ethnicity,
religion, sexual orientation, and able-bodiedness and how they occur in the
workplace. There are some major problems:
Prejudice: is an unfair or bias opinion or attitudes about someone or
something formed without enough thought or knowledge. It can lead to discrimination
+ Discrimination: based on prejudice. Minority members received unfair
treatment, and denied the full benefits of organizational membership
Glass ceiling effect ( rào cản vô hình): an invisible barrier, includes various
activities that prevent women or minorities from higher position, limit development, and promotion
The difference between prejudice and glass ceiling effect: prejudice can
observe ( behavior), while glass ceiling effect is an invisible barrier so it can't observe
-> Diversity is not only a moral issue but an opportunity for real performance gains. Careers:
The core of the Shamrock organization consists of: + Permanent full-time workers + Temporary part-time workers
+ Freelance or contract workers: not sign direct contract with company that
they work, but sign contract with companies that provide service
Free-agent economy: change jobs more often, and can have many works on independent contracts
Self-management: realistically assess yourself, adjust as needed, and
supervise your own development. 2. What is an organization? Ans: Organization:
+ a collection of people working together to achieve a common purpose.
+ provide useful goods and/or services that return to society and satisfy customer needs.
Organization as an open system that engages with their environments:
the process of gathering resources input, including: people, information,
resources, and capital and turning them into output as finished goods and
services that are sold to clients. Organizational performance:
+ Organizations create value when they use resources well to produce
goods and take care of their customers.
+ When creating value is successful, organizations will add these value into
original cost of resource input. That is how a business organization can
earn a profit - selling a product for more than the cost of making it.
However, with non-profit organizations - add wealth to society, providing
a public service like fire protection that is worth more than its cost.
+ So, how can we assess productivity performance?
In order for an organization to evaluate both performance effectiveness
and performance efficiency, productivity is defined as the amount and
quality of work performance while taking resource utilization into account
(see how the quantity and quality compare to the cost).
performance effectiveness: prefer to output measure of task or goal
accomplishment (viết đủ chỉ tiêu)
performance efficiency: input measure of resource cost associated with
goal accomplishment (cost bỏ ra để hoàn thành có cao không)
Changing nature of organization: 3. What is a Manager? Ans: Manager:
+ is a person who directly support, activates and is responsible for the work
of staff, followers or team members.
+ There are 4 levels of managers:
Board of directors: whose members are elected by stockholders to
represent their ownership interests. They are responsible for ensuring that
the organization runs in the right way.
Top managers: are an executive team that reports to the board and is
responsible for making decisions that affect the entire organization
+ Example: CEO: chief executive officer; CFO: chief finance officer; CPO: chief people officer,…
Middle managers: supervise the operations of large departments or
divisions. They usually work with top managers, coordinate with peers,
and support lower levels to develop and pursue action plans that
implement organizational strategies to accomplish key objectives.
+ Example: clinic directors in hospitals; deans in universities; and division
managers, plant managers, and regional sales managers in businesses
First-line manager: team leader, who oversees -a small work group
composed of nonmanagerial staff.
+ There are many types of managers
Line managers: directly contribute to producing the organization's goods or services. + Example:
the president, retail manager, and department supervisors of a local
department store all have line responsibilities. Their jobs in one way or another are
directly related to the sales operations of the store
Staff managers: use special technical expertise to advise and support line workers.
+ Example: corporate director of human resources and chief financial officer would have staff responsibilities
Functional managers: are responsible for one area, such as finance, marketing,
production, personnel, accounting, or sales.
+ Example: Custom service manager, sales manager.
General managers: are responsible for complex, multifunctional units.
+ Example: a plant manager who oversees everything from purchasing to
manufacturing to human resources to finance and accounting functions (quản lý nhà máy)
An administrator: is a manager in a public or nonprofit organization.
+ Example: include hospital administrators, public administrators, and city administrators. MANAGERIAL PERFORMANCE
Accountability: is the requirement to show performance results to a supervisor.
+ Example: team leader is accountable to the middle manager, the middle manager is
accountable to a top manager, and even the top manager is accountable to a board of
directors or board of trustees.
Quality of work life (QWL) indicating the quality of staff experience with their job.
Changing Nature of Managerial Work
+ The concept of the upside-down pyramid fits with the changing mindset of managerial today. Management process: MANAGERIAL ROLES
Mintzberg identified a set of 10 roles commonly filled by managers:
+ Interpersonal roles involve interactions with people inside and outside of org.
+ A manager’s informational roles involve the giving, receiving, and analyzing of information.
+ The decisional roles involve using information to make decisions to solve problems or address opportunities.
There are Essential Skills for a manager
+ Human and interpersonal skills:
Conceptual skills: the ability to think analytically and achieve integrative problem solving.
Emotional intelligence: is the ability to manage ourselves and our relationships effectively.
Human skills: the ability to work well in cooperation with other persons.
+ Technical skills: the ability to apply expertise and perform a special task with proficiency.
+ Conceptual and Analytical Skills: the capacity to break problems into parts, see the
relations between the parts, and recognize the implications of each problem for
others. Conceptual skills are important in high levels of management. group team Individual goals Team goal
Do not share responsibility Share responsibility 2 or more people
Refer to a group in which all achieve the same goal Stage of team development:
Forming: initial orientation and interpersonal testing eg: intro
Storming: conflict over tasks and ways of working as a team
Norming: consolidation around task and operating agendas
+ Norm: no punishment, prefer to expectation -> eg: wait for canteen, queue in line + Rule: punishment
Performing: teamwork and focused task performance
Adjourning ( ~ delay): task accomplishment and eventual disengagement