BUSINESS STUDIES – 9.2

BUSINESS MANAGEMENT

nature of management

features of effective management

odefinition of management: process of coordinating a business’s resources to achieve

its goals

oeffective management is achieving goals and objectives of a business by making the

right business decisions at the right time

oan effective manager must be good at planning, motivating staff, controlling business

and have skills

ofeatures:

- planning: decide on organisational goals and use/allocate resources to

achieve goals. process of setting objectives and deciding on methods to

achieve them

- organising: establishes the rules and reporting relationship that allows to

reach organisational goals

- leading: encourage and coordinate individuals and groups so they work

together

- controlling: evaluate how well the organisation is achieving goals

Characteristics of management

1 having the ability to analyse information, attend meetings and communicate

with a wide range of people both inside and outside the business

2 possessing the skills to manage change effectively

3 having the vision to see how things could be, rather than just accepting things

the way they are

4 providing leadership through the desire to encourage, motivate and guide

employees

5 understanding your roles and responsibilities in order to achieve the goals of the

business.

skills of management

ointerpersonal/communication:

- referred to people skills

- needed in order to listen, communicate and understand others

- an effective manager adjusts their manner to suit different types of people

Business management Summary Cheat Sheet

Economics