Management Is An Important Component Of Every Business

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The topics discussed to date have centered around management in the workplace, including its importance and challenges. We will discuss the key points that captured our attention including what management is, how management differs from leadership and issues that managers encounter in the ever changing workforce. Management in the Business World In today’s business world, managers are dealing with changing work environments, a changing workforce, globalization, economic and political uncertainties, and changing technology. Due to the fact that we interact with organizations daily we have a vested interest in seeing that organizations are well managed. Additionally, throughout your career, regardless of the business, you will either…show more content…
Efficiency pertains to completing tasks in an optimal way, doing it the fastest or least expensive way, with the least amount of resources possible by utilizing certain time-saving strategies. Effectiveness is completing the right task, completing activities and achieving goals with optimal levels of input and output (Grimshaw, Thomas, MacLennan, Fraser, Ramsay, Vale & Wensing, 2004). We have debated which is superior, effectiveness or efficiency, and have concluded that it depends on the type of organization and established goals. What Managers Do All managers plan, organize, lead and control, however, how they do these activities and how often they do them may vary according to their level in the organization, whether the organization is profit or not-for-profit and the size of the organization. There is a variety of approaches to describing what managers do (Kotter, 2008). The textbook centers around three approaches: functions, roles and skills/competencies. The function approach centers around managers performing four functions: planning, organizing, leading and controlling (POLC). Managers make decisions on a daily basis, which rely on using the four functions (CITE TEXTBOOK). While all functions of POLC are important, planning is essential as illustrated by the statement “failing to plan is planning to fail”. Our cohort discussed this statement in a forum
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