Management

Question 1

Explain Management

Answer 1

The day to day running of a business. It is a process involving working with people and using resources, such as money and equipment, to ensure that the business achieves it’s goals and objectives.The overall manager is the Managing director or Chief executive officer. Ex: Michael O’Leary CEO of Ryanair.

Question 2

Give six characteristics of managers

Answer 2

Decisive, Initiative, Good with People, Hard workers, Flexible, Charismatics

Question 3

Explain decisive as a characteristic of a manager

Answer 3

Good managers analyse a situation and quickly come up with an effective solution to deal with it. They are resolute and do not hesitate. ex: Aer Lingus decisively moved their London routes from Shannon to Belfast despite protest

Question 4

Explain initiative as a characteristic of a manager

Answer 4

Good managers do not need to be told what to do. They have the ability to identify areas that need managing and find solutions to these problems ex: Introduced schemes to add to revenue - charges for priority or reducing costs with no airport check in.

Question 5

Explain good with people as a characteristic of a manager

Answer 5

Good managers are able to get along with people and get the best out of them.They convince them to do what the business needs.

Question 6

Explain Hard workers as a characteristic of a manager

Answer 6

Good managers put effort and time into their job. Sometimes they may need to work past normal working hours to deal with a solution.ex: Aer Lingus managers stayed up all night in negotiations to settle a trade dispute.

Question 7

Explain flexible as a characteristic of a manager

Answer 7

Good managers are able to change their methods and approaches as the business and situations change. Adaptable ex: following pilots threatening strike announced Ryanair would negotiate with unions for the first time in the airline’s history

Question 8

Explain charismatic as a characteristic of a manager

Answer 8

Good managers are persuasive and inspirational. Arouse enthusiasm with their charm. Inspire loyalty and devotion. Find it easier to get employees to follow them and do what they need them to do. Ex: Steve jobs was extremely passionate and had infectious enthusiasm.

Question 9

Give an example that compares managers to entrepreneurs

Answer 9

Tony Ryan set up Ryanair and then hired Michael O’Leary (CEO) to run Ryanair for him.

Question 10

Describe four difference between entrepreneurs and managers

Answer 10

Entrepreneurs creates idea and uses their own resources to make it a reality, manager runs a business using entrepreneurs resources
Entrepreneur takes a personal and financial risk, Manager does not have same degree of risk
Entrepreneur develops business idea, Manager ensures entrepreneurs ideas are carried out.
Entrepreneurs concentrates on business long term future. Managers concentrates on day to day running of the business