BUSINESS MANAGEMENT - Nature of management Flashcards
Communication
The exchange of information between people; the sending and receiving of messages
Organising
The structuring of the organisation to translate plans and goals into action
Controlling
The process of evalutating and performance and taking corrective action to ensure that set objectives are being achieved
Proactive
Refers to a management style that incorporates dynamic action and forward planning to achieve particular objectives
Problem Solving
A broad set of activities involved in searching for, identifying and then implementing a course of action to correct an unworkable solution
Decision Making
The process of idemntifying the options available and then choosing a specific course of action to solve a specific problem
Skill
The ability that comes from the knowledge, practice and talent to do something well
Effectiveness
mesasures the degree to which a goal has been acieved
Stakeholder Engagement
Refers to businesses sharing information with and seeking input from stakeholders, and involving them in decision making
Strategic Thinking
Allows a manager to see the business as a whole and to take the broad, long-term view
Efficency
Compares the resources needed to achieve a foal (the costs) against what was actually achieved (the benefits)
Traditional definition of management
The process of coordinating a business’s resources to achieve its goals
Triple bottom line
The economic, social and environmental performance of a business
Vision
The clear, shared sense of direction that allows people to attain a common goal
Flexible
Being responsive to change and able to adjust to changing circumstances
Interpersonal skills
Those skills needed to work and communicate with other people and to understand their needs
Leadership
The ability to influecne people to set and achieve speicifc goals
Leading
The process of influencing or motivating people to wiork towards the achievement of the organisaations’s objectives
Management
The process of working with and through other people to achieve business goals in a changing environment. Crucial to this process is the effective and efficient use of limited resources
