Business Management Flashcards
features of effective management
Interpersonal: Interacting and working with people inside and outside of the business.
Informational: Gathering and disseminating information about what is happening inside and outside of the business.
Decisional: Solving problems and making choices as to the ‘best’ or the most appropriate course of action of the business.
Skills of management
Interpersonal skills Dispute Resolution Strategic thinking Vision Flexibility and Adaptability to change Complex problem solving and decision making Communication skills
smart goals
Specific Measurable Achievable Realistic Time bound
Business goals
Ms GEPSS Profit Maximisation Increasing Market Share Growth Share price Maximisation Social/Ethical Goals Environmental Goals
achieving the goals;
financial
non-financial
personal
- Financial goals i.e. increasing sales, increasing market share, maximising growth, improving share price
- Non-financial goals i.e. social and environmental goals. ‘Give back to the community’. Has the effect of not only fulfilling a business’s responsibility of social justice but also enhancing their reputation within the community.
- personal; May include self-satisfaction, reaching a particular level of business, following a career path etc.
staff involvemement in achieving goals
Innovation
- The innovative activities of staff are often referred to as the entrepreneurship within the business.
- However, if a business is to grow and to maintain its competitive advantage, then staff must be encouraged and given the opportunity to be innovative.
staff involvemement in achieving goals
mentoring
- Mentoring is normally done by tutoring, coaching and modelling of acceptable behaviour. Most importantly, though, a mentor acts as a role model.
staff involvement in achieving goals
motivation
- Refers to the individual, internal process that directs, energises and sustains a person’s behaviour.
- Motivation is what drives a person to behave a certain way or to achieve a certain goal
- Motivation examples could be business, rewards, deadlines, effective communication, employee
interest by managers or even punishments
staff involvement in achieving goals
training
- Employee training generally refers to the process of teaching staff how to perform their job more efficiently and effectively by boosting their knowledge and skills.
- teaching them specific skills, allows existing employees to continually upgrade their skills with the aim of developing multi-skilled employees.
- The goal is to improve employee productivity. Informal and formal job training exists.
Scientific Management Approach
Top down power and authority Long chain of command Narrow span of control autocratic planning, organising and controlling
Behavioural Theories
leading, motivating and communicating
democratic
teamwork/sharing of roles = centre
contingency approach
adapting to changing circumstances
combination of scientific and behavioural theory
Understanding that there is not one best way to manage a business
Designing jobs to fit the circumstances of the worker and business environment
Managers extract the most useful ideas and practices to suit their business’ present requirements
operations - Goods and services
- Operations management is about producing goods and/or services based on business goals
- Operations management function has considerable influence on the quality, cost and availability of ab business’s goods and/or services.
- Operations management is responsible for transforming inputs into outputs.
operations - production process
inputs, processes/transformation, outputs
operations - quality management
quality control - checking of at various points in production process
quality assurance - Use of a system where a business achieves set standards in production
TQM - Ongoing, business-wide commitment to excellence that is applied to every aspect of the business’ operation. Approaches may include: employee empowerment, continuous improvement and improved customer focus
