Management [introduction]

MANAGEMENT 1 Discuss the management functions Management is the process of planning, organizing, controlling and leading (directed) of an organization’s resources (human, materials, financial, technological, information) to achieve the goal * Planning is the establishment of objectives and determination of the best ways to achieve them *Organizing is the process of arranging resources to carry out the organization’s plan *Controlling is to monitor activities and make corrections *Leading is the process of getting people to work effectively and willingly. It involves the interactions between managers and subordinates to meet the organization‘s objectives. Manager give orders and demand results, guide and motive subordinates 2 Identify the three levels of management Managers are categorized according to their level of responsibility their area of responsibility Basically, there are 3 levels of management *Top managers (CEO) : those who are responsible for an organization’s overall performance and developing long term plans. They set up general policy, make important decisions, deal with other businesses and government *Middle managers: those who are often responsible for the organization’s short term decisions. They implement strategies, policies and decisions made by top managers. They direct first line managers and subordinates *First line managers : those who engage an day to day activities, supervise the work of employees, and work directly with them 3 Discuss the management skills To become an efficient manager, managers rely on 4 types of skills Conceptual skills: are the ability to understand the relationships between various tasks of an organization Interpersonal skills: are skills to understand people to communicate people to interact effectively with customers and employees Technical skills: used to perform a specific task. These skills are acquired through education and experience Decision-making skills: are skills for using existing information to determine how the organization’s resources should be allocated 5 Describe methods that manager can use to utilize their time effectively Managers have a limited amount of time to manage their responsibility. Therefore, they have to use time management the way managers allocate their time when managing their tasks: -Some guidelines -Set priorities -Schedule long-term intervals for large tasks -Minimize interruption -Delegate some tasks to subordinates 4 Describe the stages of decision making

Identify possibl e decisio

gather informatio n for all possible decisions

evaluate COSTS and benefits each possible decision

make a decision and impleme nt it

Periodicall y evaluate the previous decision to determine whether it should

6 define centralization and decentralization of management *Centralization - Organization which makes an effort to keep authority among high-level managers is referred as centralization -Middle managers and first-line managers are responsible for day to day tasks and report to top managers and are not allowed to make many decisions *Decentralization -Authority is spread among divisions or managers -Decisions are made more quickly, and not have to wait for approval from top managers 7 Explain advantages and disadvantages of decentralization Advantages Disadvantages -It accelerates the decision making -It forces low level mangers to make major process decisions though they lack of experience to do -Low- level managers are assigned more such a thing power -Low- level managers are assigned an -It motivates low-level managers with excessive amount of responsibility. They may more responsibility be unable to complete all their tasks. -It can improve an organization’s performance 8 Explain the hierarchy of human needs by MasLow *Physiological needs: require to sustain life like food, water, air, sleep, etc. These needs are satisfied other needs will not motivate people *Security needs: be free from danger, physical pain and loss of a job and clothing, shelter *Social needs: belong to a group, be liked and loved, to feel accepted by others and to develop affiliations *Esteem needs: want to have self- respect, be esteemed by others *Self- actualization needs: (the highest needs) desire to develop, to maximize potential and to one’s goals 9 Identify and explain methods that will enhance job satisfaction and motivate employees The company provide job enrichment program (program designed to increase job satisfaction of employees) -Adequate compensation program -job security

-Flexible work schedule -Employee involvement program 10What are the social responsibilities of a business * Toward customers: business ethics, provide quality products, offer fair prices, produce sale products, sell products without misleading customers, monitor customers complaints, ask customers for feedback on products *Toward employees: provide proper working conditions, have responsibility of safety, offer equal job opportunities to employees, prevent from sex harassment treat fairly minority groups *Toward community: provide donations and benefit to other social groups, support charity activities, contribute financial commitment *Toward environment: harmful environment, the company combines with government to protect clean environment, accept expenses to protect environment *Toward investors and creditors and shareholder: ensure that manager make decisions that are in the best interests of investors => Social responsibility of business is reflected or recognized and can affect the society when doing business.