Business Yearly Notes
BUSINESS MANAGEMENT
POLC – Planning, Organising, Leading, Controlling.
Features Of Effective Management – Effective management achieves business goals by making the right decisions at the rick time. It can consist of:
- Good at planning, considering long-term goals and short-term objectives
- Makes decisions to organize resources in the most efficient and productive combination
- Has a range of skills that can be used at the right time
- Controls the business and takes corrective action and is pro-active.
Skills Of Management – Managers need to use particular skills to increase the effectiveness with which they carry out their role.
- Interpersonal Skills – The ability to communicate and deal with different
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Management Processes:
- Coordinating Key Business Functions And Resources: A key function of senior management is to organize resources by coordinating the key business functions to make the most efficient use of resources.
• Finance: Provides financial resources that the business requires to fund its short and long-term operations.
• Marketing: Connects the business to its customers and sells the outputs produced by the operations function.
• Operations: Combines material and labour inputs with technology and facilities of the business to produce outputs.
• Human Resources: People in the business who combine their skills, experience and knowledge to perform the tasks in each the key business functions.
- Operations:
• Role Of Operations: Businesses exist in order to produce the goods and services that consumers need or want.
• Goods and/or services: A business can produce a good or a service, however, most business incorporate both into their ‘product’. Manufactured goods are outputs which are tangible. Goods can be simply transformed manufactured goods (STMs) or elaborately transformed manufactured goods (ETMs). Services are intangible, the quality of the service is determined by the skill of the employees.
• The Production Process: The set of steps and processes used to transform inputs into outputs. Managers must select the most appropriate production process for their business, some include: o Amount of technology used in business o Amount of labour
Introduction: In this assignment I will be providing apprentices and readers with an understanding of the role and importance of operations management in the efficient and effective production of goods and services.
Management is the process of directing resources, organizing in order to effectively maintain and achieve business, organizational goals and creative problem solving. Directing resources means people, materials, finances and information. “Those who become managers and successful leader are the people who can best transmit their views, ideas, and enthusiasm to others” (Baldwin & Bommer, 2008, pg. 47). The goal of management is to accomplish the business mission and objective. To be a successful manager, you need skills in decision making, financial analysis, interpersonal relationships, and communication as well as the ability to apply those skills in a context of restraints, opportunities, and options. The following management analysis paper
Goods and services are both areas of operations, this means that they will change the state of any input into output. In order to achieve this they will need to have a transformation process according to the type of service or goods they have to offer this is all part of satisfying customer needs.
PRIMARY FUNCTIONS IN MANAGEMENT 4 and most efficient outcome for the company. Decisions can seem as
It is suggested by various text books and management tutors alike, that the mastering of the four functions of management; Planning, controlling, organising and leading along with developing technical, human and conceptual skills, should go some way to allowing a manager some degree of success in the field of management. Of course, having skills is just part of being an effective manager, these skills and functions must be communicated in a way that fellow managers and workers can understand and act upon.
One of the most important functional areas of a business is marketing. Marketing provides the organization with information,
Operations management is an area of business that is concerned with the production of goods and services, and involves the responsibility of ensuring that business operations are efficient and effective. It is the management of resources, the distribution of goods and services to customers, and the analysis of queue systems.
Operations Management focuses on the design and management of products, processes, services and supply chains (Diemond, 2014). It considers the acquisition, development, and utilization of resources that firms need to deliver the goods and services their clients want (Diemond 2014). Operations Management consists of many topics which are applied on a daily basis at the company I work for. Some of the topics include process control, lean manufacturing, six sigma, and supply chain management. It is the process that controls how inputs (raw materials, labor, and energy) get converted into outputs (finished goods or services).
b. Process. Any system, standard, protocol, convention, or rule that when applied to an input or inputs, creates or has the ability to create outputs. Examples include strategic management processes, operational processes, and resource management processes. These processes typically are documented, but an organized workforce having the necessary skills and experience following rules and conventions may provide the necessary processes that are capable of being applied to inputs to create outputs. Accounting, billing, payroll, and
Another function managers must be able to do is organize. Managers must create an organizational structure (Robbins & Judge, 2012). This allows the organization to know who, what, when, where, and how tasks
Operations Management in an organisation is repsonsible for managing and in making decisions concerning the activities that convert inputs into outputs , that is goods and services. This covers both short term actvities as well as longer term activities to meet strategic goals. Inputs can be the raw materaials need to manufacture goods such as furniture or the computers needed to create a service like online shopping site. Operation management’s role is to make decisions to improve how operation activities function, for example, to improve the final quality of the output or to change production methods to be more efficient in terms of cost and in time.
Marketing function – which is responsible for communicating the organization’s products and services to its markets in order to generate customer requests for service
Managers play an important role in many organizations, they must be able to handle many different situations, and adapt their management style to different situations. The way a manager goes about getting things done and achieving the goals of an organization is known as the management process, also called the four management functions: planning, organizing, leading, and controlling (Kinicki, A., & Williams, B. K. 2013, P.9). Many managers possess three main skills; Technical, the ability to get things done; Conceptual, the ability to think analytically; and Human skills, the ability to work well in cooperation with others ((Kinicki, A., & Williams, B. K. 2013, P.22). Using the management process and possessing the technical, conceptual, and
Marketing - The marketing function is responsible for identifying, anticipating and satisfying customer requirements. The marketing function have to carry out market
Operations management focuses on managing the processes of producing and distributing products and services. Operations activities often include product creation, development, production and distribution. It deals with all operations within the organization. Related activities include managing purchases, inventory control, quality control, storage, logistics and evaluations. The nature of how operations management is carried out in an organization depends very much on the nature of products or services in the organization, for example, retail, manufacturing, wholesale, etc.