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Management
Unit 3
| Term | Definition |
|---|---|
| Management | process of setting objectives & ability to achieve results through people |
| Objectives | Goal to be achieved |
| Managers | responsible for achieving goals, responsible for day-to-day running |
| Management Skills | Leading, Motivating and Communicating |
| Leading | providing direction through example, delegation and driving people to achieve goals, must have clear vision |
| Motivating | Ability to motivate and encourage employees to achieve objectives |
| Communicating | Ability to send and receive messages which lead to action |
| Management activities | Planning, Organising & Controlling |
| Planning | Predetermined course of action, process of setting goals & actions to achieve them: involves SWOT, SMART plans |
| Organising | arranging resources(people, equipment & finances) to achieve objectives |
| Autocratic Leader | power lies in leaders hands, makes all decisions, sets objectives, insists on obedience/total compliance, little delegation |
| Democratic Leader | consults, delegates, good communication & motivation. more effective for tapping in to ideas |
| Laissez Faire Leader | sets objectives but leaves it up to subordinates how to achieve them, suitable for self-motivated workforce such as researchers ) |
| Maslow's hierarchy of needs | 5 levels, as one level is filled then motivator is the next level |
| Physiological Needs | Basic needs such as food & shelter: can be met by wages, adequate holidays, good working conditions |
| Safety Needs | Security & protection: can be met by safe working environment, clear procedures |
| Acceptance Needs | Sense of belonging: met through social club, |
| Esteem Needs | positive self-image/confidence, can be met by title, responsibility, perks |
| Self Actualisation Needs | fulfilling potential: met by challenging job, responsibility |
| McGregor's Theory X & Theory Y | 2 types of managers, Theory X (believe employees are lazy, lack ambition, coercion, can't be trusted) and Theory Y (motivated employees, ambitious, creative) |
| Communication | sending and receiving information which elicits the appropriate response |
| AGM | Annual General Meeting, required by law for LTD companies |
| EGM | Extraordinary General Meeting, discuss important matter/emergency |
| Board Meeting | Meeting of Directors to discuss progress and to plan |
| Ad Hoc Meeting | One-off meeting to solve immediate problem |
| Agenda | List of items to be discussed at meeting |
| Quorum | Minimum number of people which must be present for meeting to go ahead |
| Standing orders | Rules for running of meetings |
| Minutes | record of main business/decisions taken at meeting |
| Chairperson | runs meeting, must be impartial, authoritative, communicator, has casting vote |
| Secretary | responsible for administrative work. organises venue etc, prepares agenda and keeps minutes |
| AOB | Any Other Business, last item on agenda |
| Memo | written internal communication, |
| Report | formal presentation of written information |
| Visual Communication | Visually displaying information, suitable for complex/comparisons |
| EDI | Electronic Data Interchange, inter-company transactions, e.g. stock ordering: less paperwork, quicker, cheaper, improves cashflow as invoices sent out on time |
| ISDN | Integrated Services Network, phone lines which work at higher speed, allows file transfer, teleworking, video conferencing |
| Teleworking | Working from home or on the move, less stress and cost and higher productivity |
| Internet | International network linking millions of computers, needs modem |
| Broadband | Fastest wireless internet access |
| E-commerce/E-Business | buying goods/services on the internet 2 types B2B and B2C |
| B2B | Business to Business - selling goods/services to other businesses over the internet |
| B2C | Business to Consumer, selling directly to consumers over the internet |
| Modem | (Modulation/Demodulation) device that connects computer to internet |
Created by:
MsBradyBusiness
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