BUSINESS MANAGEMENT - Nature of management

Question 1

Communication

Answer 1

The exchange of information between people; the sending and receiving of messages

Question 2

Organising

Answer 2

The structuring of the organisation to translate plans and goals into action

Question 3

Controlling

Answer 3

The process of evalutating and performance and taking corrective action to ensure that set objectives are being achieved

Question 4

Proactive

Answer 4

Refers to a management style that incorporates dynamic action and forward planning to achieve particular objectives

Question 5

Problem Solving

Answer 5

A broad set of activities involved in searching for, identifying and then implementing a course of action to correct an unworkable solution

Question 6

Decision Making

Answer 6

The process of idemntifying the options available and then choosing a specific course of action to solve a specific problem

Question 7

Skill

Answer 7

The ability that comes from the knowledge, practice and talent to do something well

Question 8

Effectiveness

Answer 8

mesasures the degree to which a goal has been acieved

Question 9

Stakeholder Engagement

Answer 9

Refers to businesses sharing information with and seeking input from stakeholders, and involving them in decision making

Question 10

Strategic Thinking

Answer 10

Allows a manager to see the business as a whole and to take the broad, long-term view

Question 11

Efficency

Answer 11

Compares the resources needed to achieve a foal (the costs) against what was actually achieved (the benefits)

Question 12

Traditional definition of management

Answer 12

The process of coordinating a business’s resources to achieve its goals

Question 13

Triple bottom line

Answer 13

The economic, social and environmental performance of a business

Question 14

Vision

Answer 14

The clear, shared sense of direction that allows people to attain a common goal

Question 15

Flexible

Answer 15

Being responsive to change and able to adjust to changing circumstances

Question 16

Interpersonal skills

Answer 16

Those skills needed to work and communicate with other people and to understand their needs

Question 17

Leadership

Answer 17

The ability to influecne people to set and achieve speicifc goals

Question 18

Leading

Answer 18

The process of influencing or motivating people to wiork towards the achievement of the organisaations’s objectives

Question 19

Management

Answer 19

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