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3458 Words Dec 12th, 2013 14 Pages
Business Yearly Notes
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

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