Introduction To Management Flashcards
Define management
The process of organising resources in order to achieve objectives effectively and efficiently
What are differences between a manger and an entrepreneur
- Level of risk
- Future Focus
- Level of reward
- Idea creation
How is the level of risk different between a manager and entrepreneur ?
Managers mights lose their job if they underperform or if the business closes. Meanwhile a entrepreneur bears financial and personal risk of the business failing
How is the future focus different between a manager and entrepreneur?
A manager focuses on day to day operations of the business, directing and delegating staff. While an entrepreneur focuses on starting and expanding a business
How is the level of reward different between a manager and an entrepreneur?
A manger is paid a set salary with bonuses of profit sharing options for good performance. While an entrepreneur is rewarded by keeping all the profits of the business which can vary
How does the idea of creation differentiate between a manger and an entrepreneur
A manger implements the entrepreneurs ideas or manages people to develop more ideas but does not have to create them. While a entrepreneur is the creator and innovator of the business who sees a gap in the market to exploit and might continue to create new ideas as they plan to expand
What are the characteristics of a manager?
- Uses initiative
- Decisive
- Charismatic
- Flexible
- Problem solver
How is a manger decisive ?
Decisive- good managers can analyse a situation quickly and come up with an effective solution.
E.g. management of Aer Lingus transferred their London routes from Shannon to Belfast, despite public protests.
How are managers charismatic?
Charismatic- good managers are persuasive and inspirational. They are able to sway people around to their way of thinking.
E.g. Steve Jobs was a charismatic manager that encouraged employees to work harder.
How do managers use initiative?
Initiative- good managers do not need to be told what to do. They are inventive and can think up new ideas.
E.g. Michael O’Leary came up with the idea of getting rid of airport check in this saves Ryanair €50 million every year.
How are managers flexible?
Flexible- good managers are able to adapt to change. They change methods and approaches to suit each scenario.
E.g. Michael O’Leary changed his policy on trade union recognition after numerous industrial action
How are managers problem solvers ?
They have the ability to analyse problems and reduce them to manageable parts.
Give an example of management in the home
In the home- parents must manage the family budget to make sure there is enough money to pay for back to school expenses in September.
Give an example of management in the community
In the community- A tidy towns committee must manage the effort to make sure that everything is done to make the town as clean as possible.
Give an example of management in school
In school- the school principal is a manager. She must run the school. This involves employing teachers, organsing the timetable, communicating with teachers, students and parents, the Dept and so on.
Give an example of management In the government
In Government- the minster for finance manages the economy. He must make the best use of the money the country has to benefit all the people of Ireland.
Give an example of management in a business
In Business- managers must make sure that employees are doing their job, customers are happy and the business is making a profit
What are the management skills?
Leading
Motivating
Communicating
Why is leading an important management skill?
Leading is the ability to guide people and influence them to take a certain direction with leading their actions
Why is motivating an important management skill ?
Motivating is important as a manager must be able to get workers to complete tasks. This could be done at the extreme ends either by threats or offering rewards
Why is communicating an important skill in management?
Communication is business is the transfer of information from manager to subordinate and vice versa. Good communication with employees will lead to good morale and good industrial relations.
What directions do communication go in a business?
- Upward - from staff to managers
- Downward- from managers to staff
- Horizontal- between people of the same level
What are the management skills outside of a business?
- Leading -> in a school sixth years who are more mature may be able to lead by example for the younger students
- Motivating -> star charts are used in schools to motivate young children by giving them a reward for being good.
- Communicating -> the government will have to communicate with the general public using leaflets and posters if there is going to be disruption to footpaths and traffic while cycle lanes are built.
What are the BENEFITS OF PLANNING AS A MANAGEMENT ACTIVITY?
Create Awareness & Gives Direction- All staff are aware of the targets/what the firm wants to achieve. This gives direction to staff.
E.g. Management communicate to staff that they want to improve the reputation and public image of the business.
Helps Decision Making-Having long term objectives helps management and staff make effective decisions.
E.G. Ryanair might decide to take over another airline and/or enter transatlantic flights in order to be the number one airline in the world.
Manpower(HR) planning-ensures the firm has enough staff to avoid shortages and identifies when staff need to be recruited
E.g. Effective Manpower Planning would ensure the management of a school have the correct number of teachers for the academic year.