1. Management is as a factor of production along with machines, materials, and money. Management in all business and organizational activities is the act of getting people together to accomplish desired goals and objectives using available resources efficiently and effectively.
2. Four main factors of management are:
* Planning, Planning requires that managers be aware of environmental conditions facing their organization and forecast future conditions. It also requires that managers be good decision-makers. * Organizing, Organizing is the function of management that involves developing an organizational structure and allocating human resources to ensure the accomplishment of objectives. * Controlling, Controlling consists of three steps, which include establishing performance standards, comparing actual performance against standards, and taking corrective action when necessary. * Leading, leading involves influencing others toward the attainment of organizational objectives. Effective leading requires the manager to motivate subordinates, communicate effectively, and effectively use power. These are efforts for the purpose of accomplishing a goal. Resourcing encompasses the deployment and manipulation of human resources, financial resources, technological resources, and natural resources.
3. Three types of management:
* Top management
* Middle management
* First line management
4. There are three fundamental skills of a manager:
* TECHNICAL skills
The manager should be proficient at specific tasks. This in turn helps to provide the credibility or knowledge to persuade people to do certain things. * Interpersonal skills
The manager has to know how to work with people.
* CONCEPTUAL skills
The manager can see the organization as a whole. In other words, there has to be some knowledge of the organization and what it does and how it interacts with other organizations.
5. Management is an art and a...
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