Understanding the Management Process

12 important questions on Understanding the Management Process

What are the 4 kinds of resources that management deals with?

1. Material
2. Human
3. Financial
4. Informational

What are the 4 management functions?

1. Planning
2. Organising
3. Motivating and leading
4. Controlling

What is a mission statement?

The basic purpose that makes an organisation different from others, acts as an internal motivator.
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What is the strategic planning process?

The establishment of the organisation's major goals and objectives, and how resources are allocated to achieve these goals.

What is the difference between a goal and a objective?

A goal must be achieved over a 1 to 10 year period, whereas an objective is set for a shorter period of time.

What are tactical plans?

Plans that implement the strategy and can be changed periodically

What are contingency plans?

Alternative methods, should other plans not go accordingly.

What 3 steps does controlling consist of?

1. Setting standards
2. Measuring actual performance
3. taking corrective action

What are the types of specialist managers and what are their responsibilities?

1. Financial - accounting, investing, budgets
2. Operations - in control of the systems that turn resources into products/services
3. Human resources - hiring, training, performance evaluation, following government laws about employment practises
4. Administrative - overall guidance and leadership, communication with other managers.

What are the 5 skills of a successful manager?

1. Conceptual (see the big picture)
2. Analytical (identifying problems and finding solutions, prioritising, etc.)
3. Interpersonal (effective dealing with others)
4. Technical (skills needed for a specific job, especially for line managers)
5. Communication (should be effective in order to understand how to maximise digital communication potential)

What is the difference between formal and informal leadership?

Formal leadership is when there is a position of power meaning there is authority, whereas informal leadership does not.

What are the 3 styles of leadership?

1. Autocratic (task-oriented, strict working procedures, leader makes the decisions)
2. Participative (employees involved in decision-making, can be consultative, consensus and democratic)
3. Entrepreneurial (personality-based, task-oriented, seeks to inspire with visions and future benefits)

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