MANAGEMENT: nature Flashcards
What are the features of effective management?
Planning - reparation of a course of action, setting goals/objectives and methods for achieving them
Organising - structure for success, translate plans to action
Leading - influencing, motivating people to work towards goals
Controlling - monitoring what was planned, what actually happened to then begin the cycle again
what are skills of management
Interpersonal
Communication
Strategic thinking
Vision
Problem-solving
Decision-making
Flexibility & Adaptability
Reconciling conflicting interests of stakeholders
What is a manager
an individual who coordinates the business’s limited resources in order to achieve specific goals and affectively coordinate key business functions
define interpersonal
work, understand and communicate with others and their needs
- communicate info and goals/ideas, motivate, lead and inspire
define communication
exchange of info between people (verbal or non-verbal)
- ability to guide, discuss and convey ideas/plans clearly
- develops relationship between employees and managers
- motivates workers through maximum labour input
define strategic thinking
mental or thinking process applied by an individual in the context of achieving succes
- help lan activities + ensure progression, organisation, tracking and improvement of long term goals
define vision
clear sense of direction that allows the business to attain a common goal
- motivates, inspires and encourages workers to accept changes + realise goals
what are the financial goals of a business
maximise profits: efficient allocation of resources in order to limit production costs/expenditure
increase market : take consumers from other competitors within market share
maximise growth: greater potential profit, increase market share and size of firm (greater production capacity), profit can be reinvested to continue growth
share price: prices of shares sold on ASX - part ownership of company
what are the social goals of the business
community service: voluntary and unpaid work done by a person/group intended to help others. Often to ensure the community is benefitted by the work.
provision of employment: provide jobs to society
social justice: diverse working environment, promote different groups that effectively work together, positive business culture, sense of belonging
what are the environmental goals
- aim for lowest possible impact on environment through processes
- aware of emmission, energy, effuent + waste
benefits of staff involvement
Involving staff in the decision-making process. Work environments where staff are given necessary skills and rewards = higher satisfaction levels, and better labour productivity.
- seen in innovation, motivation, mentoring, training
