The Nature Of Management

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1. THE NATURE OF MANAGEMENT

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Process of coordinating a business’s resources to achieve the organizations goal.

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Process of working with & through people to achieve the business goals in rapidly changing environment.

Human Resources the employees of the business are its most important assets.

Information Resources knowledge & data required by the business, eg.

-market research

-sales reports

-economic 4casts

-technical material

-legal advice

Physical Resources -equipment

-machinery

-buildings

-raw materials

Financial Resources funds used by business meet its obligations various creditors.

a) The importance of effective management.

EFFECTIVENESS measures degree which a goal has been achieved.

EFFICIENCY compares resources needed to achieve goal (costs) against what was actually achieved (benefits).

Most efficient coordination of resources occurs when,



Benefits costs.

Effective management makes sure the joint efforts of employees are directed towards achieving the business goals.

PROACTIVE management style that incorporates dynamic action & forward planning to achieve objectives.

b) Management Roles.

Mintzberg identified 10 roles managers must adopt to be efficient.

Grouped into categories

• interpersonal

• informational

• decision-making

i. Interpersonal Roles

Manager deals with place. They need to adopt distinct interpersonal roles

o Figure head manager may perform ceremonial duties eg. Signing a contract, opening a project, making awards, attending public presentation.

o Leader works to create appropriate workplace culture, improving employee performance, developing skills & abilities of subordinates & recruiting & motivating staff.

o Liaison individual managers interact with other managers in & outside the business.

Serve as a link between different people/groups.

c) Skills of management.

People Skills; interpersonal skills needed to interact with other people.

Key personal skills - active listening

- feedback skills

- delegation & discipline skills.

Four major people skills include



Active listening skills active search 4 meaning in what a person is telling you.



Feedback skills ability to make sure the person fully understands the feedback.

Delegation skills giving the authority & responsibility to complete a task/activity to another person.

Discipline skills ability to be fair & consistent.

Strategic Thinking; thinking about future of business. Involves finding, choosing & implementing business activities, make business stronger in future.

Vision what business wants to achieve. Sets out the business direction.

Self-management A ‘self-managed work group’ is formal work group consisting of people who are jointly responsible for making sure the group achieves its goals.

Teamwork intensive cooperation between individuals/groups within a business to jointly achieve common goals.

Complex problem solving best approach is a systematic approach.

• Define the problem

• Generate alternative solutions

• Evaluate & select an alternative

• Implement & follow up on the solution

Decision making choice made from or more alternatives.

Ethical & personal standards ethics are the principles that define what is wrong and right behavior.

d) i) Responsibilities to stakeholders.

Management has responsibilities to groups of stakeholders internal & external.

d) ii) Reconciling conflicts of interest.

Stakeholders place different emphasis on a business’s goals.

Profitability-key goal.

Management and employees believe that what one group gains, is at the expense of the other group.



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