business: management

Management

The process of controlling and making decisions about a business.

Leadership

The ability to influence others to reach a goal.

Types of Management

Operations, marketing, financial, project, purchasing, human resource, office/store, quality control management.

Management Qualities

Understanding, open-mindedness, friendliness, leadership, problem-solving, organization, time commitment.

Theories

X, Y, Z theories of management.

Type X Theory

Employees dislike work, need supervision, autocratic leadership.

Type Y Theory

Employees like work, do not need close supervision, democratic leadership.

Type Z Theory

Manager as a coach, employees naturally motivated, laissez-faire leadership.

Functions of Management

Planning, organizing, staffing, leading, controlling.

Planning

Strategic, tactical, operational, contingency planning.

Organizing

Coordinating activities, creating organizational charts.

Staffing

Recruiting, hiring, training.

Leading

Positively influencing others, control.

Controlling

Continuous evaluations and corrections.

Bad Management

Consequences for employees, lack of recognition, failure to develop skills, lack of care for employees, wrong hiring and promotion decisions, failure to engage creativity and set challenges.

Teamwork

2 or more people working together to achieve a common goal.

Group Dynamics

Interacting within a group.

Conflict Management

Recognizing and reviewing team disputes.

Conflict Resolution Skills

Skills required to resolve a situation leading to hostile behavior.

Negotiation

Individuals involved in a conflict come together to compromise.

Mediation

Neutral person meets with each side to help find a solution.

Organization

Levels of management - top management, middle management, first-line management.

Top Management

Ex. board of directors, CEO, CFO, president. Develop goals and practices, responsible for business performance.

Middle Management

Division managers, department heads. Carry out top management plans and policies, evaluate performances.

First-line Management

Team leader, department head, supervisor. Train and motivate employees, supervise daily activities.

Organization Charts

Show chain of command and authority structure from highest to lowest.

Centralized Authority

All authority rests in top management.

Decentralized Authority

Authority given to various managers who control their departments.