Introduction - Business Management Flashcards
1
Q
Characteristics of management
A
- Analysis and communication
- Skills
- Vision
- Leadership
- Clarity
2
Q
What is management?
A
Traditional: the process of coordinating a business’s resources to achieve it’s goals
Contemporary: working with and through other people to achieve the goals of the business in a rapidly changing environment
3
Q
What does management require?
A
- Working with and through others
- Achieving the goals of the business
- Getting the most from limited resources
- Balancing efficiency and effectiveness
- Coping with a rapidly changing environment
4
Q
What is effectiveness?
A
The degree to which a goal has been achieved + the greatest amounts of goods and services can be produced for the least cost
5
Q
Management skills
A
- Planning
- Organising
- Leading
- Controlling
