Business Management

Introductions to management

Management

Management includes the process or functions of planning, organizing, leading, and controlling. Management helps focus on setting and meeting goals efficiently and effectively so that a profit can be made. The word Management can also refer to someone who is in charge of running a business.

Four Functions of Management

► Planning- the act or process of creating goals and objectives as well as the strategies to meet them
  • Planning also involves figuring out the resources that are needed and the standards that must be met.
Organizing- getting the resources arranged in an orderly and functional way to accomplish goals and objectives.
  • Managers must organize people, work process, and equipment so that work is well coordinated.
Leading- This means providing direction and vision.


  • Leading means you have to set standards such as deadlines and sales quotas and resolve conflicts between workers. Leaders are the overseers of the business.
Controlling- Keeping the company on track and making sure goals are met.


  • Controlling also means monitoring customer satisfaction and take corrective action when goals are not met .

Top Managers in the World

Managerial Structures

≈ Line Authority- Organizational structure in which managers on one level are in charge of those beneath them.

≈ Line and Staff- Organizational chart that shows direct line of authority as well as staff who advise line personnel

≈ Centralized Organization- puts authority in one place.

≈ Decentralized Organization- Gives authority to a number of different managers

≈ Departmentalization- Divides responsibility among specific units or departments.

Is a Managers Job for You?

I personally could not handle a managers job because I lack the certain skills, but look below and see if you posses the qualities it takes to be a manager

Necessary Skills for Effective Managers

Task-oriented

∞ Good at working under pressure

∞ Problem Solver

∞ Good Communicator

∞ People Skills

∞ Listening Skills

Advantages and Disadvantages of Being a Manager

Advantages

Earn more Money

☻Respected

Disadvantages

Get the blame

☺ Under a lot of Pressure