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Management Activity

Planning, Controlling, Organising

QuestionAnswer
What is planning? Planning means clearly setting out the goals for the organisation and how these are to be achieved.
What are the stages in the planning process? Analyse the Situation. Identify the goal. Draft a plan. Implement and review.
What do the letters SWOT stand for? Strengths, Weaknesses, Opportunities and Threats
What are the strengths of the Business? These represent the Internal strengths of the firm, the things that give the firm an edge over its competitors, e.g. a highly dynamic workforce, a good reputation, loyal customers, a well known brand name
What are the qualities of a good plan? All plans should be SMART
What do the letters SMART stand for? Specific Measurable Agreed Realistic Timed
What is a Mission Statement? A Mission Statement is a short but precise one or two sentence statement used by companies to summarise 'who we are, what we do, and where we're headed'.
What types of plans exist? (1) Strategic Plans - Refers to the long term plan for the whole Business. Normally covers five or more years. Tactical Plans - Breaks the general Strategic Plan down into shorter, more specific and manageable steps, usually of one to two year periods.
What types of plans exist? (2) Operation Plans - Short-term plans that set targets for weeks or months ahead. Contingency Plans - Special plans prepared to cope with an emergencies or unexpected circumstances.
Why is planning important to Management? (1) Helps to identify the internal strengths of the firm. Helps to identify the internal weaknesses of the firm. Helps to identify new opportunities for the firm. Helps to identify and anticipate external threats to the firm in advance.
Why is planning important to Management? (2) Sets out Clear Targets and Milestones against which the success of the Business can be measured. Assists Leadership and Motivation as they give direction and purpose to staff. Provides necessary information to Investors when finance is required.
Specific The plan must be clear and precise about its objectives, e.g. Mercedes will regain its position as the best selling luxury car in Europe.
Measurable The success of the plan should be easily measured, e.g. Mercedes will sell more cars per year than Audi, Lexus, BMW or Jaguar.
Agreed The plan should have the agreement and support of all the staff in the Business, e.g. all Mercedes managers and staff know about the plan and agree with the goal.
Realistic It must be possible to achieve the objectives set, taking into account the people, finances, time and other resources available.
Timed Sufficient time must be allowed to properly implement the plan, including provision for unexpected events and obstacles, e.g. Mercedes wish to achieve their goal within five years.
What are the three main Management Activities? Planning, Organising and Controlling.
What are the different types of Organisational Structure? Functional Organisational Structure Product Organisational Structure Geographical Organisational Structure Matrix (Team-Based) Organisational Structure
What is Organising? Organising means bringing people and resources together effectively to implement plans.
Why is Organising Important? It allows managers to: Identify the work to be done. Create a suitable Organisational Structure. Identify who will do what tasks. Maintain a clear chain of command.
What do Organisational (Management) Structures do? They identify the different departments and management functions in an organisation. They set out who answers to whom in an Organisation, which helps to reduce confusion.
What is a Functional Organisational Structure? It divides a Business into different departments according to the management functions of Production, Marketing, Human Resources and Finance.
What is a Product Organisational Structure? It divides a Business into different departments on the basis of the products it makes.
What is a Geographical Organisational Structure? It divides a Business according to the geographical markets it serves. Each section of the Business may be physically located in a different geographic region.
What is a Matrix/Team-Based Organisational Structure? This is a type of Organisation where staff are brought together into teams to achieve a clearly stated team goal, such as launching a new product. Teams are made up of staff with skills in different specific areas. e.g. Marketing, Production.
What is the Chain of Command? This refers to how decisions flow from the top of an Organisation to the bottom. The shorter the chain of command, the easier and more effective communcations are through the Organisation.
What is the Span of Control? This refers to the number of people reporting directly to a given Manager. It can be described as 'wide' if the manager has a lot of direct subordinates, or 'narrow' if the manager only has a few subordinates.
An Organisation Structure should be: As simple as possible. Allow for easy communication. Use narrow spans of control for important jobs that require tight control. Use wide spans of control to encourage employee empowerment, intrapreneurship and creativity. Be cost effective.
What is Delayering? This refers to reducing the number of layers in the Organisational Structure of a Business. This leads to quicker decision making and reduced costs. IT has also made it possible to reduce the amount of administrative jobs in an organisation.
What is Management Control? Management Control refers to the continuous monitoring and checking of results to see if they are in line with the goals and targets set out in the plan.
What are the main types of Management Control? Stock Control. Quality Control. Credit Control. Financial Control.
What is Stock Control? Ensures that firms have the right quantity and the right type of goods in stock at the right time, without incurring stockholding costs, such as insurance, security, rent or obsolescence.
Buffer Stock Refers to the minimum level of stock that should be held. Once stock levels fall below the buffer level, more should be ordered.
Proper Stock Control ... Ensures the business has enough stock to meet sales targets. Frees up storage space. Reduces waste and therefore improves profitability. Improves cash flow for the Business.
What is Quality Control? Means ensuring that the product and service standards expected by customers are properly met.
Proper Quality Control ... Reduces waste and costs. Increases customer satisfaction. Helps to promote a quality image. Helps to meet legal responsibilities.
How can we achieve Quality Control? Regular Inspection of the quality of goods. Recruiting and Training conscientious, quality-focused employees. Adopting a more facilitator style type of management. Facilitating teamwork among employees. Quality circles (discussion groups).
What is Credit Control? Means monitoring which customers are given credit (and for how long) and ensuring they pay on time. The Credit Controller is the person responsible for managing credit given to debtors and collecting payments.
Bad Debts Occur when customers who bought on credit are now unable to pay what they owe, possibly because they have gone into liquidation (gone out of business).
Credit Control can be improved by ... Refusing to give Credit. Researching the Credit backgrounds of customers. Offering discounts to encourage non-credit sales. Taking out insurance against Bad Debts.
What is Financial Control? This is used to monitor the financial affairs of the Business to ensure it is profitable and always has enough money to pay its bills.
How can we achieve Financial Control? Cash Flow Budgets, Ratio Analysis, Cost Control and Break-even Analysis.
Why is Control important to a Businesss? Identifies deviations from plans, Reduces waste, Ensures Business has the right quantity and type of stock at the right time, keeps Bad Debts to a minimum, Improves product quality, Helps to monitor the Financial health of the Business.
Created by: Kilkeeschool