business: management

PRINCIPLES OF BUSINESS: MANAGEMENT 


Management: the process of controlling and making decisions about a business

  • Managers are leaders

  • Leadership=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

  • What skills should a manager have?

    • Understanding, open-minded, friendly, leadership, problem solving, organized, time commitment. 

Line up

  • She managed the group by using her hands to make letters

  • The management skills she used were patience, quick thinking, and organization. communication skills

  • She could've better managed the group by doing nothing she ate! 


Theories

  • 3 main theories: 

  • x, y, z 

  • Type x

    • Employees dislike work

    • Need supervision to get it done

    • Leadership is autocratic

    • Workers prefer direction and seek security 

  • Type y

    • Employees like work

    • Do not need close supervision

    • leadership=democratic 

    • The leader maintains control but seeks input

  • Type z:

    • manager=coach; provides some direction, employees naturally motivated and can make sound decisions, leadership=laissez faire

Functions and theories 

Functions

  • 5 main functions

  • Plan:

    • Strategic (long term), tactical (short term), operational (day to day), contingency (back up)

  • Organize

    • Coordinate activities to reach goals

    • Helps to make an organizational chart 

  •  Staff 

    • Recruit, hire, train 

    • Usually done by the human resources department 

  • Lead

    • Positively influence others in the workplace

  • , control  

    • Continuous, evaluations, and, corrections 


Bad Management 


  • Bad management has consequences for employees

  • People don't leave bad jobs they leave bad managers

  • 70% of employee motivation comes from managers 

  • Do not overwork employees 

  • They don't recognize effort, and contributions, and reward good work

  • They fail to develop skills=laziness 

  • They don't care about employees or honor promises/commitments 

  • They hire and promote the wrong people 

  • They dont let employees pursue passions; keep ideas confined 

  • They fail to engage creativity 

  • They dont set challenges 

  • Bad manager does not always = bad person

Teamwork

  • Definition: 2 or more people working together to achieve a common goal 

    • Cooperative efforts by individual team members to achieve a goal 

Connection 

  • Need to be able to work cooperatively with others in business 

  • Managers should use team-building activities to ensure smooth collaboration.

Teamwork terms

Group dynamics: interacting 

Conflict management: recognizing and reviewing team disputes 

Conflict resotlion 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, and dept heads 

    • Carry out top management plans and policies

    • Evaluate performances 

  • First line management 

    • Team leader, dept head, supervisor 

    • Train and motivate employees

    • Supervise daily activities 

  • Organization charts

    • Show chain of command

    • Authority structure from highest to lowest

    • When it starts from stop and breaks down this is 

      • Centralized: all authority rests in top management

      • Example KPMG

    • Decentralized: authority given to various managers who control their departments 

    • Example = google