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Management

1 INTRODUCTION TO MANAGEMENT HANDOUT Management is the alignment and coordination of multiple activities in an organisation. It is the process of getting activities completed efficiently with and through other people. Four main Approaches to Management: 1. The Classical Approach is concerned with improving productivity, efficiency, and output. 2. The Quantitative Approach applies quantitative techniques (math, statistics etc.) to decision making. 3. The Behavioral Approach focuses on human behaviour. 4. The Contemporary Approach is divided into two: a. The Systems approach views the company as a whole system with inter-related and interdependent parts. b. The Contingency approach develops situational variables that moderate if X then Y. The Decision-Making Process involves: 1. Defining and Analysing the problem 2. Developing Alternative Solutions 3. Evaluating alternatives 4. Selecting the best alternative 5. Implementing the decision 6. Follow up 2 INTRODUCTION TO MANAGEMENT HANDOUT Four Main Functions of Managers: 1. Planning – involves defining goals, establishing strategy and developing ideas to coordinate activities. 2. Organising – is determining which tasks are to be done, who is to do them, how the tasks are to be grouped, who reports to whom and decision making. 3. Leading - includes motivating subordinates, directing others, selecting the most effective communication channels and resolving conflict. 4. Controlling - includes monitoring activities to ensure they are being accomplished as planned and correcting any significant deviations. The Planning Function: i. Defines a company’s goals ii. Establishes a strategy for achieving these goals iii. Develops a comprehensive hierarchy of plans to integrate and coordinate activities The Main Components of Planning: i. Strategic Planning – Vision, Mission and Values ii. Operational Planning - How to reach these goals, strategy iii. Short Term and Long Term Planning - The time factor and its influence on Goals and Objectives 3 INTRODUCTION TO MANAGEMENT HANDOUT The Organising Function involves: i. The Tasks to be done ii. Who is to do them iii. How they are to be grouped iv. Who is to report to whom v. Who makes decisions The Leading Function Leaders are those that are able to influence others and who possess managerial authority. The Control Function: Control is the ongoing process of monitoring activities to ensure they are being accomplished as planned and of correcting any significant deviations. The Control Process involves: i. Measuring actual performance ii. Comparing actual performance against a standard or set objective iii. Taking action to correct deviations or inadequate standards Tools to assist with Decision Making: i. Brainstorming ii. SWOT Analysis iii. PESTLE Analysis 4 INTRODUCTION TO MANAGEMENT HANDOUT REFERENCES: Management Concepts and Applications 2nd Edition by Stephen P. Robbins Ministry of Small Business, Entrepreneurship and Commerce website – www.commerce.gov.bb Internet Magazine www.smallbusiness.Chron.com Internet Encyclopedia – www.Investopedia.com