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Management

Unit 3

TermDefinition
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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