Chapter 5-Management

Question 1

Management

Answer 1

Management is the process of working with people and using resources to achieve the objectives of the business
Resources include, money, staff, assets etc

Question 2

CEO or MD

Answer 2

Overall manager in control is called CEO or MD (Chief Executive Officer or Managing Director)

Question 3

Examples of Management

Answer 3

Home: Family Budget
Community: Tidy Towns committee
In School: Principal
Government: Minister of Finance

Question 4

Characteristics of Managers

Answer 4

Decisive
.Initiative
.Good with People:
.Hard Worker
.Flexible
.Charismatic

Question 5

Decisive

Answer 5

.: Come up with an effective solution to deal with problems quickly. Do not hesitate.
Managers at Disney decide to buy Pixar

Question 6

.Initiative

Answer 6

Initiative: Do not need to be told what to do. Inventive and come up with ideas themselves.
Michael O Leary charging for bags / check in etc

Question 7

.Good with People

Answer 7

.Get along with people and get the best out of them.

Jose Mourinho.

Question 8

Hard Worker

Answer 8

.Stay Late, get the work done. Lead by example.

Principal stays after school and works during their summer holidays.

Question 9

Flexible:.

Answer 9

.Change their methods to meet the business situation. Adaptable.
Managers change from ‘old’ style to ‘new’ stlye, facilitator to deal with new generation of workers

Question 10

.Charismatic:.

Answer 10

Personal Charm, persuasive and inspirational. They inspire loyalty and devotion.
Steve Jobs.

Question 11

Contrast between Enterprise and Management>:Entrepreneurs

Answer 11

Coming up with an idea
Takes personal and financial risk
Long term future
Tony Ryan set up Ryanair
.

Question 12

Contrast between Enterprise and Management>:Management

Answer 12

Running the business
Does not take risk
Day to day
Michael O Leary is CEO