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Understanding the Functions of Management

Explore the key functions of management including planning, organizing, leading, and controlling to achieve business goals effectively. Learn about different leadership styles and their impact on organizational success.

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Understanding the Functions of Management

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  1. Understanding Management

  2. The Functions of Management • Management is the process of: • Planning • Organizing • Leadership • Control of people and resources in order to reach a series of goals.

  3. 1. Planning • Planning is what takes the business venture from where it is to where it wants to be. • Is the processes of setting short and long range goals. Managers need to be able to set a plan to reach goals, both short and long-term. • Managers must decide how best to achieve these set goals.

  4. 2. Organizing • Organize the operation of the venture, bringing together the human, material, financial and technological resources needed to meet goals. • As ventures grow the organization of tasks become more difficult and may require additional management.

  5. 3. Leading • Motivating followers to achieve a common goal is an essential task of leader. • Case Study - Portrait of Muhammad Yunus • Managers must direct, lead and motivate people to perform to the best of their ability: • Miracle - Coach Brooks Addresses Team Pre Game • Leaders have a vision • Martin Luther King, Jr.: I Have a Dream • Obama Speech on Victory (Part 4) • Good leaders depend on others to help them achieve their goals.

  6. 4. Controlling • Controlling is the process of monitoring all functions of an organization to ensure that plans are being implemented effectively. • This includes addressing and readdressing all plans, goals and strategies at regular intervals

  7. 4. Controlling • Inventory control • Monitoring that inventory is at required levels • Tracking raw materials, inventory and products • Computerized Inventory Control Systems are often implemented in many organizations. • Production Controls • Assuring production quantity and quality are consistent and up to standards • Quality control programs ensure industry standards are met • Financial controls • Monitor business financial success and failure • Cash flow

  8. Types of Leaders Autocratic Leaders: • Entirely goal oriented • Make all decisions for the company and expect employees to “do as they are told.” • Clash with “free thinkers” • May alienate staff • May be valuable in companies where decisions need to be made very quickly Democratic Leaders: • Encourage employees to have some say • Workers feel ownership of the organization • Delegate the authority to make decisions to subordinates and foster an atmosphere of trust • People in higher positions have more say in terms of final decisions

  9. Collegial Leaders: • Democratic leaders who tend to regard everyone as equal, rather than part of a hierarchy • Encourage all people to have say in decisions Laissez-faire leaders • Very “hands off” style of leadership • Leadership responsibilities are shared by all • Employees given the freedom to determine what they should so and how they should do it. • Great in organizations where creative ideas are valued • Can be highly motivational • Can make decision making time-consuming • Organization may lack direction

  10. Effective LeadershipPg 214 • Motivating Others • Facilitating Communication • Resolving Conflict • Managing Personal Stress • Assignment: • Read the Venture Case page 213 • Answer the 4 Questions • What type of leadership will you operate your Venture under and why? • How will you Motivate, Encourage, Communicate, deal with Conflict and manage personal stress?

  11. Steve Jobs on Managing People https://www.youtube.com/watch?feature=endscreen&NR=1&v=f60dheI4ARg What type of leader was Steve Jobs?

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