Introduction to Management Unit 3

Question 1

Define Management

Answer 1

The process of setting and achieving objectives through the use and co-ordination of human technical and financial resources in an organisation

Question 2

Name 4 characteristics of a good manager

Answer 2

Decisive: possess intelligence to make effective decisions and take responsibility for them

Hard Working: Sticking to task until job is done not giving up when stress increases

Self-Belief: Must have belief in own ability which gives them confidence to make difficult decisions

Integrity: Attributes like honesty, loyalty and trustworthy

Question 3

Why is stress management important and how can it be achieved

Answer 3

As stress lowers motivation and productivity

Can be achieved by leisure pursuits, delegation and time management

Question 4

Define Time Management

Answer 4

Prioritising and proper scheduling of work so that the best use is made of time in the workplace

Question 5

Outline the Differences between Managers and Entrepreneurs

Answer 5

1. Idea Generation
   Entrepreneurs come up with new ideas and attempt to develop new businesses
   Managers implement these ideas through proper management of resources
2. Risk Taking
   Entrepreneurs take personal and financial risk, personal assets may be lost as collateral (unlimited liability)
   Managers poor risk taking may lead to lost job
3. Communication
   Entrepreneurs are self driven and often carry out business ideas alone communication isn’t that important
   Managers must be able to coordinate actions of others, communication is an integral part of the management process