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Business Theory > Unit 3- Management Activities > Flashcards

Unit 3- Management Activities Flashcards

1
Q

Management Activities

A
  • planning
  • organising
  • controlling
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2
Q

Definition of planning (keywords)

A
  • management activity
  • setting goals and establishing objectives
  • thinking of strategies to achieve objectives
  • SWOT analysis
  • SMART principles
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3
Q

SMART principles

A

Specific, Measurable, Agreed, Realistic, Time

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4
Q

SWOT analysis

A

Strengths e.g. skilled employees (internal)
Weaknesses e.g. low sales volume
Opportunities e.g. exporting to new market (external)
Threats e.g. competitors

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5
Q

5 steps of planning

A
  1. SWOT
  2. Set objectives from SWOT
  3. Set policies
  4. Set strategies
  5. Implement plan
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6
Q

Policies

A
  • written statements that direct management in decision-making when trying to achieve objectives
  • describe procedures to be followed and recommended practices
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7
Q

Strategies

A

-methods to achieve objectives, e.g. niche strategy/low cost leadership strategy

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8
Q

Types of planning

A
  • mission statement
  • strategic planning
  • tactical planning
  • operational planning
  • contingency planning
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9
Q

Mission statement

A

overall purpose/goal, reasons for existence, what firm does now and future aims, e.g. McD’s “to be our customers favourite place and way to eat”

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10
Q

Strategic planning

A
  • long-term, any major plans, 5 years

- by senior managers, based on mission statement, e.g. Irish Mail “to become more profitable within a 5 year time frame”

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11
Q

Tactical planning

A
  • short-term, 1 department, by middle management

- break down of strategic plan, 1 year max., e.g. Irish Mail “ to sell newspaper at 30c a copy to gain market share”

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12
Q

Operational plan

A

short-term for specific event

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13
Q

Contingency plan

A

-back up plan for unforeseen events, to prevent closure, e.g. breakdown in production, shortages of raw materials

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14
Q

Cash flow forecast

A

money the business expects to spend and receive in future, to ensure the firm always has adequate money and to avoid pitfalls

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15
Q

Manpower planning

A

no. of employees and skills required

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16
Q

Benefits of planning

A
  • anticipate change
  • think of future
  • essential to raise capital
  • motivates employee and managers
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17
Q

Barriers to planning

A
  • lack of staff w/ necessary skills
  • resistance to plan by staff
  • business operating in unpredictable sector
  • managers more concerned w/ running business than future planning
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18
Q

Organising definition (keywords)

A
  • management activity
  • refers to structure and co-ordination of activities
  • organisational structure
  • lines of authority and communication
  • delegation of work
  • span of control
  • arranges resources (f.o.p.) of different departments
19
Q

Function of an organisational structure

A
  • identifies levels of authority

- sets chain of command

20
Q

Span of control

A

no. of employees that report directly to a manager

narrow/wide for different jobs/people

21
Q

Chain of command

A

who reports to who, layers

  • flow from top of organisation down
  • shorter claim= more effective communication
22
Q

Delegation

A

giving subordinates authority to carry out task, overall responsibility still lies with manager.
less stress= more efficiency= motivation

23
Q

Delayering

A

cutting out middle management

24
Q

Functional structure

A

splitting into different departments by functions/jobs

25
Q

Advantage and disadvantage of functional structure

A

Adv: specialisation: each department concentrates on and is good at their jobs
Disadv: isolation, lack of co-ordination

26
Q

Product structure

A

splitting into different departments by products made

27
Q

Advantage and disadvantage of product structure

A

Adv: allows adaptation for customer needs
Disadv: wasteful duplication and competition

28
Q

Geographical structure

A

splitting into different departments by geographical area

29
Q

Advantage and disadvantage of geographical structure

A

Adv: local customer needs can be met
Disadv: duplication

30
Q

Matrix/team structure

A

type of structure where staff are brought together into teams to achieve a stated goal, e.g. launching a new product

31
Q

Advantage and disadvantage of matrix structure

A

Adv: synergies: people achieve more together, better relationships and communications
Disad: 2 bosses, can lead to conflicts

32
Q

Advantages of organisation

A
  • quick, efficient decisions
  • work is completed faster
  • saves time
  • clear leadership and chain of command
  • employee specialisation: employee has 1 job, does it well and know what to do
33
Q

Control definition

A

management activity where manager ensures firm is on target to achieve its objectives set in plans. If off target, corrective action may be taken

34
Q

Control steps

A
  1. set target
  2. measure actual performance
  3. compare performance with target
35
Q

Types of control

A
  • stock
  • quality
  • credit
36
Q

Stock control

A

aim: correct amount of stock at all times
too much: too much cashflow tied up on stock which can become obsolete
too little: lose customers, production may be held up

37
Q

J.I.T.

A

just in time, system that keeps the min. amount of stock possible at all times

38
Q

Credit control

A

aim: to ensure customers pay on time and in full

39
Q

Steps taken to achieve credit control

A
  • setting a max. credit limit for customers
  • running credit checks
  • sending out invoices offering discounts for early pay
  • taking businesses to court if they do not pay
40
Q

Quality control

A

aim: to ensure quality of products meet customer expectations by using quality circles, physical inspections, ISO 9001

41
Q

Physical inspections

A
  • may appoint a trained inspector
  • products that do not meet standards are not sold
  • random sampling of batches, if the random sample does not meet the standard, the entire batch is thrown out
42
Q

Quality circles

A

employees spotting and solving problems by meeting regularly, w/ brainstorming, suggestions to manager and then being responsible for implementation if manager agrees

43
Q

ISO 9001

A
  • internationally recognised award of excellence

- team of experts check quality of products of firm regularly

44
Q

Importance of control in business

A
  • keeps bad debts to a min.
  • reduces waste
  • improves product quality
  • identifies deviations from plans
  • ensures right stock is available at right time

Business Theory (2 decks)

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