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Business Management Study Guide

  • Date Submitted: 05/15/2014 06:26 PM
  • Flesch-Kincaid Score: 33.1 
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Test Format
74 points
True/False, Multiple Choice, Matching, Fill in the Blank, Short Response

Management: the process of accomplishing the goals of an organization through the effective use of people and other resources.

Functions of Management

Planning: involves analyzing information, setting goals, and making decisions about what needs to be done.
Organizing: means identifying and arranging the work and resources needed to achieve the goals that have been set.
Staffing: includes all of the activities involved in obtaining, preparing, and compensating the employees of a business.
Implementing: is the effort to direct and lead people to accomplish the planned work of the organization.
Controlling: determines to what extent the business is accomplishing the goals it set out to reach in the planning stage.

Management Levels

Executives: top-level managers with responsibilities for the direction and success of the entire business.
Mid-Management: specialist with responsibilities for specific parts of a company’s operations.
Supervisors: the first level of management in a business, responsible for the work of a group of employees and some non-management duties.
Management by Others: Employees who are not managers complete work that seems to be a part of one of the management functions.

Management Styles: the way a manager treats and involves employees

Tactical Management: a style in which the manager is directive and controlling.
  * Working with part-time or temporary employees
  * Working with employees who are not motivated
  * Working under tight time pressures
  * Assigning a new task for which employees are not experienced
  * Employees prefer not to be involved in decision making

Strategic Management: a style in which managers are less directive and involve employees in decision-making
  * Employees are skilled and experienced
  * The work is routine with few new challenges
  * Employees are doing...

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