My Understanding of Management

Topics: Management, International trade, Caribbean Community Pages: 5 (896 words) Published: November 15, 2010

Firstly, what is Management?

Management is… in all business areas and organizational activities are the acts of getting people together to accomplish desired goals and objectives in an effective and efficient manner through Planning, Leading, Organizing, Controlling and Staffing organizational resources.

Management can also be defined as human action, including design, to facilitate the production of useful outcomes from a system. This view opens the opportunity to 'manage' oneself, a pre-requisite to attempting to manage others. It operates through various functions, often classified as planning, leading, organizing, controlling, and Staffing. (PLOCS)

Planning - defines where an organization wants to be in the future (today, next week, next month, next year, over the next 5 years, etc.) and how to get there. Planning means the management function concerned with defining goals for future organizational performance and deciding on the task and resources use and needed to attain them. Poor planning can lead to bankruptcy, lack of vision in perceiving market direction and demographic trends.

Leading - defines the use of influence to motivate employees to achieve organizational goals. Leading means creating a shared culture and values, communicating goals to employees throughout the organization and infusing employees with the desire to perform at a higher level.

Organization – this typically follows planning and reflects how the organization tries to accomplish the plan. The management functions concerned with assigning tasks, group task into departments and allocating resources to departments.

Controlling – checking progress against plans. It means monitoring employee’s activities, determining whether the organization is on target/track toward its goals and making corrections as necessary. Staffing - Job Analyzing, recruitment, and hiring individuals for appropriate jobs. Motivation is also a kind of basic function of management, because without motivation, employees cannot work effectively. If motivation doesn't takes place in an organization, then employees may not contribute to the other functions (which are usually set by top level management.

Examples of General Environment and how it would affect the company.

The Economic dimension encompasses the following forces:
* Inflation
* Interest Rates
* Unemployment
* Tax Rates
* Recession
* Strength of the Dollar

The Technological dimension encompasses the following forces * The Internet
* Facsimile Technology
* Online Bill-Pay
* Instant Message, Robotics
* Bar Code Technology
* E-mail

The Sociocultural dimension encompasses the following forces: * Low-carb Foods
* Core Values (Freedom, Independence, etc)
* Aging Baby Boomers
* Population Migration towards the South and Southwest
* Back-to-School Retail Extravaganza
* Pro-union Sentiment

The Political-Legal dimension encompasses the following forces: * The USDA
* Americans with Disabilities Act
* Gay Marriage Statutes
* Tort Reform
* Welfare Reform
* FDA rulings

The International encompasses the following forces:
* Chinese State-owned Utilities
* Exchange Rates
* Language Differences
* International Outsourcing
* Varying Environmental and Labor Policies


Climate - The Climate Challenge accord demonstrates the benefits of a voluntary approach to climate change initiatives that are based on flexible programs and the use of emerging technology and good practices.

CARICOM - The CARICOM Single Market and Economy is intended to benefit the people of the Region by providing more and better opportunities to produce and sell our goods and services.

The main objectives of the CSME are: full use of labour (full employment) and full exploitation...
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