Purpose of management
Management helps business focus on setting and meeting goals efficiently and effectively so that a profit can be made.
The word management refers to the people who are in charge of running a business.
Functions of management
- Planning: the act or process of creating goals and objectives as well as strategies to meet them.
- Organizing: getting the resources arranged in an orderly and functional way to accomplish goals and objectives.
- Leading: providing direction and vision.
- Controlling: keeping the company on track and making sure goals are met.
- Line authority: managers on one level are in charge of those beneath them.
- Centralized organization: puts authority with top management.
- Decentralized organization: gives authority to a number of different managers.
- Departmentalization: divides responsibility among specific units or departments.
Six necessary skills for effective management
- Can handle many tasks at the same time
- Keep accurate business records
- Work under pressure
- Good problem-solving and time management skills
- Good communicator
- Human relation skills.
Advantages and disadvantages of a business manager
- managers usually earn more money than employees in non-management jobs
- Usually good leaders
- managers have more influence and authority than other employees
- Greater control over time.
- Often blamed when things go wrong
- Mistakes can be very costly to the company
- Under a lot of pressure to make the right decision
Is a manager's job for you? Why?I
I don't think I could be a good manager because I lack many of the skills needed. For example, I am really bad at communicating. Also, I don't work good under pressure and I don't think I could keep up accurate business records. I also don't like having to put all the weight of the business on my shoulders because I know I'm gonna mess up.