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Business > Unit 3 - Intro to management > Flashcards

Unit 3 - Intro to management Flashcards

1
Q

Management skills

A

Leading
Motivating
Communicating

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2
Q

Management Activities

A

Planning
Organising
Controlling

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3
Q

Management Skill - Leading

A

Managers have a goal for the future. They can share this with employees, and are able to encourage employees to work together. They have to chose to use the most appropriate leadership

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4
Q

Management Skill - Motivating

A

Managers are able to find out what motivates and drives employees. These can be financial or non-financial rewards. Motivational theories like Maslow’s Hierarchy of Needs, or McGregor’s Theory X and Y are useful

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5
Q

Management Skill - Communicating

A

The manager needs to be able to effectively relay information to stakeholders. They can use methods including oral, written, and visual.

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6
Q

Management Activity - Planning

A

Managers must identify business goals and are able to break them down into achievable tasks. These can be short, medium, or long term.

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7
Q

Management Activity - Organising

A

Managers have to be able to put an organisational structure in place to be able to enable tasks to be completed

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8
Q

Management Activity - Controlling

A

Management are able to use control structures, and identify when they need to be used.

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9
Q

Characteristics of a manager

A

Problem solving
Flexibility
Charisma
Hard-working
Initiative

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10
Q

Characteristics of a manager - Problem solving

A

A manager has to be able to identify problems, and think of effective solutions

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11
Q

Characteristics of a manager - Flexibility

A

Managers should be able to be flexible, and adapt to unexpected situations

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12
Q

Characteristics of a manager - Charisma

A

Managers need to be able to inspire others

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13
Q

Characteristics of a manager - Hard-working

A

Managers need to set a good example for employees, and don’t quit until tasks are finished

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14
Q

Leadership Styles

A
  1. Autocratic
  2. Democratic
  3. Laissez-faire
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15
Q

Autocratic Leadership Style

A

This is a management style where the manager makes all business decisions, with no input from staff. They don’t trust staff, and believe they’re only motivated by money

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16
Q

Democratic Leadership Style

A

Employees participate in the decision making process, and are encouraged to do so by management. The manager has ultimate responsibility, but values employee views and opinions

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17
Q

Laissez-faire Leadership Style

A

The manager outlines goals, and trusts employees to accomplish them. They delegate work, take a hands-off approach, and the employees make decisions.

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18
Q

Delegation

A

This is assigning tasks to another person, usually subordinates. The requirements for effective delegation are :
1. Open communication
2. Employee skills and experience
3. Managerial controls

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19
Q

Benefits of leadership

A
  1. Achieving organisational goals
  2. Management time
  3. Increases employee motivation
  4. Supporting change
  5. Staff retention and recruiting
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20
Q

Maslow’s Hierarchy of Needs

A
  1. Physiological - The need for food shelter and warmth
  2. Safety - The need to feel safe and secure
  3. Social - The need for friendship and love
  4. Esteem - The need for status and respect
  5. Self-actualisation - The need to achieve one’s full potential
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21
Q

Advantages and limitations of Maslow’s Hierarchy of Needs

A

Advantages
Rewards, Changing Employee Needs, Management Positions

Limitations
Individual Needs, Self-actualisation, Value of needs

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22
Q

Theory X

A

Theory X managers believe employees are lazy and dislike work. Autocratic leadership, and threats and punishment motivate staff.

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23
Q

Theory Y

A

Theory Y managers believe employees are willing to work, and are motivated by financial and non-financial means.

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24
Q

Advantages and Disadvantages of McGregor’s Theory X and Y

A

Advantages
Motivations, Recruitment and Selection, Industrial Relations

Disadvantages
Unrealistic, Staff Turnover, Less Intrapreneurship

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25
Q

Communication Definition

A

The exchange of information between two parties.
Two types : Internal, External

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26
Q

Methods of Communication

A

Verbal, Written, Visual

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27
Q

Verbal Communication

A

The exchange of information and ideas through speech

Advantages : Fast communication, Repeating the message, Personal connection, Powerful impact

Disadvantages : No record, Not listening, Lack of preparation, Message length

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28
Q

Written Communication

A

Using the written word to transfer information. (Email, memos, letters, leaflets)

Advantages : Record, Reference, Speed, Accurate

Disadvantages : Slow feedback, Security, Cost, Delayed Decision-making

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29
Q

Visual Communication

A

Using images, graphics, and symbols to communicate messages.

Advantages : Easy to understand, Easy to recall, Presentation

Disadvantages : Cost, Cannot be used alone, Over-use

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30
Q

Meetings

A

A gathering of at least two people to discuss topics in relations to making a decision. Formal and informal

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31
Q

Notice

A

An invitation for people to attend a meeting

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32
Q

Agenda

A

A list of items to be discussed at a meeting

33
Q

AOB

A

Any other business. This gives people an opportunity to bring up a topic to discuss

34
Q

People involved in a meeting

A

Chairperson : The person responsible for running and organising the meeting. Elected by attendees
Secretary : Responsible for organising the meeting (administrative aspects)

35
Q

Role of the chairperson

A

Notice and agenda, opens the meeting, runs the meeting, calls for votes, closes the meeting

36
Q

Roles of the secretary

A

Arrange the venue, Notice and agenda, Minutes, Correspondence (paperwork), Assists the chairperson

37
Q

Types of meetings

A

AGM
EGM
Board Meeting
Statutory Meeting
Ad Hoc Meeting
General Meeting

38
Q

AGM

A

Annual General Meeting
Held once a year and attended by directors and shareholders.

39
Q

EGM

A

Extraordinary General Meeting
A meeting of board of directors and shareholders to discuss an urgent issue that can’t wait until the next AGM.

40
Q

Board Meeting

A

Held at regular intervals, attended by the board of directors, usually once a month. Outlines performance and future plans

41
Q

Statutory Meeting

A

Held once in the lifetime in a company. It is the first meeting of a company, Shareholders are informed about the business goals and affairs.

42
Q

Ad Hoc Meeting

A

Takes place at short notice, to discuss a subject that has arisen unexpectedly, and needs to be resolved quickly

43
Q

General Meeting

A

Meetings held on a regular basis between employees and management. Can discuss planning, sales forecasts, or how the business is being run

44
Q

Advantages of effective communication

A

Productivity, Industrial Relations, Customers, Improved Decision-Making, Employee Morale

45
Q

Barriers to effective communication

A

Timing, Language, Information Overload, Not Listening, Lack of Trust

46
Q

ICT

A

Information and Communications Technology
The use of computers to Store, Transfer, Access, and Manipulate (STAM) information

47
Q

Forms of ICT in business

A

Internet, Email, EDI (Electronic Data Interchange), Cloud Computing, Video Conferencing, Social Media, Computer Software Applications

48
Q

GDPR

A

General Data Protection Regulation 2018

49
Q

Terms in the GDPR

A

Data Subject, Personal Data, Data Controller, Data Processor, Data Protection Commission (DPC)

50
Q

Rights of Data Subjects

A

Right of Access, Copy of Data, Correction of Data, Erasure of Data, Complain to DPC

51
Q

Responsibilities of Data Controllers

A

Data Collection, Provide Copies, Keep Data Secure, Report Data Breaches, Appoint DPCs

52
Q

Functions of the DPC

A

Monitors and enforces GDPR, Promotes awareness of GDPR, Prohibits Data Transfer, Imposes Fines, Data Audits

53
Q

SMART Plans

A

Specific, Measurable, Achievable, Relevant, Timed

54
Q

Planning Process

A

Assess situation, Set a goal, create a plan, Implement the plan, Review the plan

55
Q

SWOT Analysis

A

Strengths, Weaknesses, Opportunities, Threats

56
Q

Benefits of Planning

A

Anticipates Problems, Identifies SWOT, Benchmarking, Improves Motivation, Finance

57
Q

Types of Organisation Structures

A

Functional, Geographic, Product, Matrix

58
Q

Types of Organisation Structures

A

Functional, Geographic, Product, Matrix

59
Q

Delayering

A

This involves removing one or more management layers in an organisation structure

60
Q

Benefits of Organising

A

Clear Chain of Command, Improved Communication, Management Workload, Employee Motivation

61
Q

Types of Management Control

A

Stock control, Quality control, Credit control, Financial control

62
Q

Steps in Controlling

A
  1. Set the standard
  2. Measure performance
  3. Compare performance with standard
  4. Take corrective actions (if necessary)
63
Q

Stock Control

A

Management activity that aims to keep optimal stock levels, so the company doesn’t have too much or little

64
Q

Types of Stock

A

Raw materials, Work in progress, Finished goods, Merchandise

65
Q

Methods of maintaining stock levels

A

Manual stock take, EDI, JIT (Just In Time)

66
Q

Quality Control

A

A set of procedures to check work completed to make sure it is of acceptable standard

67
Q

Methods of Quality Control

A

Inspections, Quality circles, Quality awards, TQM (Total Quality Mangement)

68
Q

Credit Control

A

Ensuring debtors who use credit facilities pay in full on time, and avoids bad debt

69
Q

Credit Control System

A

Set credit limits, Check customer’s creditworthiness, Efficient administration, Debt collection procedure

70
Q

Benefits of Credit Control

A

Lower risk of bankruptcy, Reduces bad debts, Increased sales and profits

71
Q

Financial Control

A

Ensures the business is profitable and liquid

72
Q

Methods of Financial Control

A

Cash Flow Forecast, Ratio Analysis, Budget Allocation

73
Q

Different types of plans

A

Strategic
Tactical
Operational
Contingency
Human Resource
Financial

74
Q

Strategic Plan

A

Breaks mission statement into long-term plans

75
Q

Tactical Plan

A

Breaks Strategic Plans into short-term plans

76
Q

Operational Plan

A

Plans for the day-to-day running of a business

77
Q

Contingency Plan

A

Back-up plans to deal with unforeseen events or emergencies

78
Q

Human Resource (Manpower) Plan

A

Ensures the business has enough employees with correct skills and qualifications

79
Q

Financial Plan

A

Preparing Cash Flow Forecasts to predict income and expenditures

Business (12 decks)

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