Managing a business Flashcards
what is meant by the term ‘power’
the ability to get things done
what is meant by the term ‘authority’
the right to do something or the right to request and expect another person to do something
what is meant by the term ‘ responsibility’
the obligation a person has to fulfil a task which they have been given
what is meant by the term ‘accountability’
a persons liability to be called account for the fulfilment of tasks they have been given by persons with a legitimate interest in the matter
what is meant by the term ‘delegation’
involved giving a subordinate responsibility and authority to carry out a given task, while the manager retains overall responsibility
state and explain the 4 activities that are included in the process and management
- Planning- looking forward to set the direction of the business- setting strategies
- Organising- allocating resources and processes to meet plans
- Controlling- corrective action if direction of business differs from expectations
- Leading- how managers exercise their authority: influencing people so that they will contribute to the organisational objectives
Describe the 4 types of culture identifies by Robert E Quinn
- Internal process culture- business looks inwards, aiming to make its environment stable and controlled
- Rational Goal culture- satisfy external requirements. Business structured and controlled to deal with outside world
- Open systems culture- flexible and outward looking, adapts to constantly changing environment
- Humans Relation culture- flexible and inward looking, highly focused on being flexible to internal needs ie well-being of staff
what are the 6 key functions in any business?
- Human Resource Management
- Marketing
- Finance
- IT
- Operations
- Research and Development/ Procurement
what is meant by the term procurement
acquisition of goods/services at the best total cost of ownership, in the right quantity and quality
