Managers

Question 1

Management (definition)

Answer 1

The process through which a company’s resources are used and decisions are made in order to meet the objectives of the business

Question 2

Roles of managers?

Answer 2

1. Planning
2. Organising
3. Monitoring and Evaluating
4. Reporting

Question 3

Planning (definition)

Answer 3

The process of outlining and scheduling the tasks needed to achieve a desired outcome

Question 4

Planning involves… (5 points)

Answer 4

• Assessing current performance
• Collecting data to inform future decisions
• Setting business and functional objectives
• Producing functional plans
• Identifying resource equipment
• to be effective it must be ongoing

Question 5

How does a business get from where it is now to where it wants to be ?

Answer 5

An audit is a review of where the business is now and a manager must plan the journey from here to the businesses objective of where it wants to be in the future

Question 6

Organising (definition)

Answer 6

The process of coordinating all the resources needed to achieve and outcome

Question 7

Organising involves… (2 points)

Answer 7

• Organisation of resources so the correct quantity and quality are available at the correct times
• Efficient allocation of resources e.g. financial (budget) and human (workforce plans)

Question 8

Inefficient organisation means… (4 points)

Answer 8

• The business can’t match supply with demand so aren’t meeting customers needs
• Excess resources so there’s higher average costs meaning a loss of competitiveness
• Poor reputations meaning a loss of brand value
• Over utilisation of resources leading to inefficiencies that will negatively effect profit margins

Question 9

Monitoring and evaluating (definition)

Answer 9

The process of reviewing and assessing actual performance in comparison to targets

Question 10

Tools for monitoring and evaluating include … (4 points)

Answer 10

• Staff appraisal to assess current performance against targets
• Management by objectives
• Variance analysis on budgets to assess the use of financial resources
• Ratio analysis

Question 11

Reporting (definition)

Answer 11

The process of providing a detailed description of an event of outcome

Question 12

Reporting can be…

Answer 12

• Written or verbal
• Formal or informal
• Group or individual

Question 13

Ongoing cycle of roles of managers

Answer 13

Planning > organising > monitoring and evaluating > reporting >

Question 14

Managers are involved in… (2 points)

Answer 14

• Decision making

* Problem solving

Question 15

Decision making… (6 points)

Answer 15

• how to allocation resources
• setting budgets
• who to hire
• what products to sell
• which suppliers to use
• how to motivate staff

Question 16

Problem solving… (6 points)

Answer 16

• resolving employee disputes
• solving cash flow issues
• reducing expenditure
• dealing with customer complaints
• stakeholder relationships
• responding to competitors actions

Question 17

Problem solving methods… (2 points)

Answer 17

• FOCUS

* business canvas model

Question 18

FOCUS (definition)

Answer 18

F ind a problem
O rganise resources 
C larify what the problem is
U nderatand the problem
S elect and test a solution

Question 19

Business canvas model (definition)
Explain…
(4 points)

Answer 19

• a strategic management tool to help managers develope management model

Has 9 individual components that when looked at together provide and oversight of the business

Shows:
• infrastructure - how to improve efficiency to ensure the best value proposition
• offering - the product itself
• customers - effectively dealing with them
• finances - organising the cash flow