Management: A Global and Entrepreneurial Perspective by Weihrich, Cannice, and Koontz

MANAGEMENT:
A GLOBAL AND ENTREPRENEURIAL PERSPECTIVE

by Weihrich, Cannice, and Koontz
Chapter
Management: Science, Theory, and Practice
© 2008 Weihrich & Cannice Chapter 1. Management: Science, Theory, and Practice 1
Definition of Management:
Its Nature and Purpose
• Management is the process of

designing and maintaining an
environment in which individuals,
working together in groups, efficiently
accomplish selected aims.
© 2008 Weihrich and Cannice Chapter 1. Management: Science, Theory, and Practice 2
The Functions of Management
• The five managerial functions around

which managerial knowledge are
organized: planning, organizing,
staffing, leading, controlling.
The External Environment
• The external elements that affect operations

can be grouped into:
– Economic factors
– Technological factors
– Social factors
– Ecological factors
– Political/legal factors
– Ethical factors
Enterprise
• A business, government agency,

hospital, university, or any other type of
organization.
Managerial Functions at Different
Organizational Levels
• All managers carry out managerial

functions, but the time spent for each
function may differ.
Fig. 1-1 Time Spent in Carrying Out
Managerial Functions
Managerial Skills and the Organizational
Hierarchy
The four skills required of

administrators:
• Technical skills
• Human skills
• Conceptual skills
• Design skills
Fig. 1-2 Skills and Management Levels
The Goals of All Managers and Organizations
• The aim of all managers should be to

create a surplus. Thus, managers must
establish an environment in which
people can accomplish group goals with
the least amount of time, money,
materials, and personal dissatisfaction.
Characteristics of Excellent
Companies (Peters & Waterman)
• Oriented toward action
• Learned about the needs of their customers
• Promoted managerial autonomy and entrepreneurship
• Achieved productivity by paying close attention to the
needs of their people
• Driven by a company philosophy often based on the
values of their leaders
• Focused on the business they knew best
• Had a simple organization structure with a lean staff
• Were centralized as well as decentralized, depending on
appropriateness
Adapting to Changes in
the 21st Century
• To be successful in the 21st Century,

companies must take advantage of the
new information technology—especially
the Internet—and globalization.
• M-commerce is mobile or wireless
commerce.
Entrepreneurship
• Entrepreneurship is a creative process

that is centered in the notion of
identifying market opportunities and
unmet needs. It is building solutions that
meet these needs and bring value to
customers
Productivity
• The output-input ratio within a time

period with due consideration for quality.
Definitions of Effectiveness
and Efficiency
• Productivity implies effectiveness and

efficiency in individual and
organizational performance.
• Effectiveness is the achievement of
objectives.
• Efficiency is the achievement of the
ends with the least amount of resources
(time, money, etc.).
Managing: Science or Art?
• Managing as practice is an art; the

organized knowledge underlying the
practice may be referred to as a
science.
The Management Process, or
Operational, Approach
• This approach draws together the

pertinent knowledge of management by
relating it to the managerial job—what
managers do.
• It tries to integrate the concepts,
principles, and techniques that underlie
the task of managing.
Fig. 1-5 A Basic Input-Output Model
The Five Managerial Functions
• Planning
• Organizing
• Staffing
• Leading
• Controlling
Definition of Planning
• Selecting missions and objectives and

the actions to achieve them, which
requires decision making.
Definition of Organizing
• Organizing involves establishing an

intentional structure of roles for people
to fill in an organization.
Definition of Staffing
• Staffing involves filling, and keeping

filled, the positions in the organization
structure.
Definition of Leading
• Leading is influencing people so that

they will contribute to organization and
group goals.
Definition of Controlling
• Controlling is measuring and correcting

individual and organizational
performance to ensure that events
conform to plans

Management: A Global and Entrepreneurial Perspective by Weihrich, Cannice, and Koontz

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MANAGEMENT:

A GLOBAL AND ENTREPRENEURIAL PERSPECTIVE

Management: Science, Theory, and Practice

• Management is the process of

• The five managerial functions around

• The external elements that affect operations

• A business, government agency,

• All managers carry out managerial

The four skills required of

• The aim of all managers should be to

• To be successful in the 21st Century,

• Entrepreneurship is a creative process

• The output-input ratio within a time

• Productivity implies effectiveness and

• Managing as practice is an art; the

• This approach draws together the

• Selecting missions and objectives and

• Organizing involves establishing an

• Staffing involves filling, and keeping

• Leading is influencing people so that

• Controlling is measuring and correcting

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