Chapter 7

Business Management

Purpose

The purpose of this chapter is to describe the overall purpose of management, discuss the four functions of management, identify the differences between management structures and to name the six skills necessary for effective management.

Management Functions

  • Planning - the act or process of creating goals and objectives as well as the 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 - the operation means keeping the company on track and making sure goals are met

Managerial Structures

  • Line Authority - organizational structure in which managers on one level are in charge of those beneath them
  • line and staff authority - organizational chart shows the direct line of authority as well as staff who advise the line personnel
  • centralized organization - puts authority in one place with top management
  • Decentralized organization - gives authority to a number of different managers

Necessary Skills

  • task oriented
  • time management
  • problem solving
  • communication
  • knowledge of their business

Being a Manager

Advantages

  • you are respected
  • they direct and control company resources
  • authority
Disadvantages

  • mistakes are costly
  • often blamed for things they didnt do

Job for me?

No, i have no creativity or potential to commit to anything whatsoever.