1. THE NATURE OF MANAGEMENT Process of coordinating a business’s resources to achieve the organizations goal. Process of working with & through people to achieve the business goals in rapidly changing environment. Human Resources: the employees of the business are its most important assets. Information Resources: knowledge & data required by the business, eg.
-market research -sales reports -economic 4 casts -technical material -legal advice Physical Resources: -equipment -machinery -buildings -raw materials Financial Resources: funds used by business 2 meet its obligations 2 various creditors. a) The importance of effective management. EFFECTIVENESS: measures degree 2 which a goal has been achieved. EFFICIENCY: compares resources needed to achieve goal (costs) against what was actually achieved (benefits).
Most efficient coordination of resources occurs when, Benefits > costs.
Effective management makes sure the joint efforts of employees are directed towards achieving the business goals. PROACTIVE: management style that incorporates dynamic action & forward planning to achieve objectives. b) Management Roles. Mintz berg identified 10 roles managers must adopt to be efficient. Grouped into 3 categories: o interpersonal o informational o decision-making i. Interpersonal Roles: Manager deals with place.
The Business plan on Business Knowledge Management
... informed, directed achievement of business goals. Moreover, knowledge management software fits in with ... (the companies most valuable resource) with the companies experts rather ... product. Knowledge management software allowed them to achieve their organizational goals and ... role in the development of global organizations. I'll identify the specific benefit, in my opinion, that knowledge management ...
They need to adopt 3 distinct interpersonal roles: o Figure head: manager may perform ceremonial duties eg. Signing a contract, opening a project, making awards, attending public presentation. o Leader: works to create appropriate workplace culture, improving employee performance, developing skills & abilities of subordinates & recruiting & motivating staff. o Liaison: individual managers interact with other managers in & outside the business. Serve as a link between different people / groups .
c) Skills of management. People Skills; interpersonal skills needed to interact with other people. Key personal skills: – active listening – feedback skills – delegation & discipline skills. Four major people skills include: Active listening skills: active search 4 meaning in what a person is telling you. Feedback skills: ability to make sure the person fully understands the feedback. Delegation skills: giving the authority & responsibility to complete a task / activity to another person.
Discipline skills: ability to be fair & consistent. Strategic Thinking; thinking about future of business. Involves finding, choosing & implementing business activities, 2 make business stronger in future. Vision: what business wants to achieve.
Sets out the business direction. Self-management: A ‘self-managed work group’ is formal work group consisting of people who are jointly responsible for making sure the group achieves its goals. Teamwork: intensive cooperation between individuals / groups within a business to jointly achieve common goals. Complex problem solving: best approach is a systematic approach.
o Define the problem o Generate alternative solutions o Evaluate & select an alternative o Implement & follow up on the solution Decision making: choice made from 2 or more alternatives. Ethical & personal standards: ethics are the principles that define what is wrong and right behavior. d) i) Responsibilities to stakeholders. Management has responsibilities to 2 groups of stakeholders: internal & external. d) ii) Reconciling conflicts of interest. Stakeholders place different emphasis on a business’s goals.
The Business plan on Starting A Business People Plan Money
Introduction More and more people are beginning to open their minds to new business ventures. It seems like it is becoming the popular move. By opening a business there could be huge profit to be made, depending on the market. On the other hand, there are risks and losses that may occur as well. It is said that there are two reasons why people start a business. The first reason is because they ...
Profitability-key goal. Management and employees believe that what one group gains, is at the expense of the other group.
