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Managment Activities

Leaving Cert business

TermDefinition
Planning. Planning involves selecting organisational goals or objectives and setting out ways to achieve them. Plans reduce risk and uncertainty and give an organisation purpose and direction.
Advantages of planning. Employee involvement: all people in the enterprise have a say in the development of the plan. They will have looked at all the opportunities and threats, the plan is therefore clear and agreed.
Advantages of planning. Change: is viewed as normal. Emphasis is placed on seeking out new opportunities. Decision making: this becomes common. All options have to be considered
Advantages of planning. Plan for the future: business planning helps organisations to look ahead to the future and cope with change. Change occurs in the use of technology, new products, competitors, society etc.
Forecasting. This is the anticipation of a probable event, involving the use of foresight and judgement. It is a look into the future. Plans are developed from forecast, e.g. change in economic trends, new technology.
Objectives. The objectives of an organisation are what it is trying to achieve. It’s aims.
Objectives must be SMART. Specific: must be clear, know who is to carry them out, what it is trying to achieve. Measurable: must be possible to see if it is working or not. E.g. reduction in tonnes of waste. Achievable: it must be possible to achieve our objectives.
Planning procedure. Analyse the situation: before drawing up a plan a S.W.O.T. analysis of the company/situation should be carried out. Strengths: things the company is good at Weaknesses: things the company does badly. Opportunities: external possibilities for growth.
2010 LCQ What is meant by the term SWOT analysis? Conduct a SWOT analysis on a business of your choice.
SWOT analysis this is a strategic planning method. It is used to assess a business in terms of strengths, weaknesses, opportunities and threats. In a SWOT analysis, strengths and weaknesses are internal factors while opportunities and threats are external factors.
Ryanair Strengths Brand name: Ryanair through its 17 years in the market place has developed a very well recognised brand name. Internet site: 94% of its bookings are conducted on www.ryanair.com. This lowers the cost of bookings.
Ryanair Weaknesses Distance of some regional airports from advertised destination. Prone to bad press.
Opportunities A lot of new destinations opened up throughout the EU. Economic slowdown actually helps Ryanair, consumers seek lower fares in recessionary times.
Threats Dependence on oil markets, fuel costs huge threat to air travel. Increase of low fare competition.
Strength excellent staff, up-to-date machinery.
Weaknesses : not enough money, out-of-date machinery.
Opportunity new countries join E.U.
Threat competition from new E.U. countries.
Planning procedure. 2. Decide on objectives: the business should use the results of the SWOT analysis to help it set its objectives. These are the goals that the business wants to achieve.
Types of Plans Strategic Plan: these are developed over the long-term (1-5 years). Internal: The plan looks at existing practices deciding on the action to be taken and the setting of a time scale for completion.
Policies These are expressed means employed by an enterprise to achieve objectives. A “policy” guides the decisions and actions of people in the enterprise. They may list procedures to be followed and provide recommended methods to perform work.
Organisation Chart An “organisation chart” shows how an organisation expects to get things done.
Span of Control. The span of control is the number of employees that report directly to a manager. It is the number of employees that a manager can effectively supervise.
Factors which affect the width of the span of control The ability of the manager: if the manager is not very experienced as a manger, their span of control will be narrow. This is because they will not be experienced and confident enough to operate a wide span of control.
Chain of Command This is the line on which orders and decisions are passed down from top to bottom of the hierarchy and feedback is passed back up.
Advantages of organising Everyone in the business knows who to go to with a problem
2002 LCQ Organising is the most important management activity. Do you agree with this statement? Support your opinion with two reasons and examples.
Controlling. Controlling is comparing results with original plans and measuring performance. Set standards. Compare actual results with plans. Correct deviations (differences). Learn from mistakes.
 

 



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