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ลำดับตอนที่ #2 : [[R.S.]]Business Management::Chapter.1::29.8.11
Review Sheet of Business Management for
Chapter 1 Test* 29.Aug.2011
Chapter.1 :: Introduction to Management [[Page.4]]
1-1 The Importance of Business Management [[Page.6]]
- Management is the process of deciding how best to use a business’s resources to produce goods or provide services.
· A business’s resources include its employees, equipment, and money.
- All organizations, from one-person businesses to giant corporations, need managers.
- However, all but the very smallest organizations need more than one manager to coordinate their resources. Large companies have many managers at 3 different levels:
1. The highest level is known as senior management. Senior Management…
· establishes the goals, or objectives, of the business
· decides what actions are necessary to meet those goals
· decides how to use the company’s resources
They are not involved in day-to-day problems but concentrate on setting the direction the company will follow.
2. Middle management is responsible for meeting the goals that senior manager set.
· sets goals for specific areas of the business
· decides what the employees in each area must do to meet those goals
3. The lowest level of management is supervisory management.
· make sure that the day-to-day operations of the business run smoothly
· in charge of the people who physically produce the company’s products or provide its services
- Large companies usually have all three kinds of managers.
- The three levels of management form a hierarchy, or a group ranked in order of importance. The hierarchy shapes like a pyramid, with very few senior management on top and many supervisory managers at the bottom.
- Several ways to examine how management works are:
· To divide the tasks managers perform into categories (Management Tasks)
· To look at the roles different types of managers play in a company (Management Roles)
ð A role is a set of behaviors associated with a particular job.
· To look at the skills managers need to do their jobs (Management Skills)
- Managers in all organizations engage in some basic activities, which can be divided into 5 categories:
1. Planning = manager decides on company goals and the actions the company must take to meet them
2. Organizing = manager groups related activities together and assigns employees to perform them
3. Staffing = manager decides how many and what kind of people a business needs to meet its goals and then recruits, selects, and trains the right people
4. Leading = manager provides the guidance employees need to perform their tasks to ensure that company goals are met by keeping the lines of communication opens
5. Controlling = manager measures how the business performs to ensure that financial goals are being met
- Different levels of management focus on different activities. Senior managers divide their time about equally among the 5 activities; middle managers spend most time leading and controlling; supervisory managers spend little time planning and a lot of time controlling.
- Most management roles fall into one of 3 categories:
· Interpersonal roles include a manager’s relationships with people. Mostly providing leadership within the company or interacting with others outside the organization
· Information-related roles require a manager to provide knowledge, news, or advice to employees. Mostly holding meetings or finding other ways of letting employees know about important business activities.
· Decision-making roles are those a manager plays when making changes in policies, resolving conflicts, or deciding how best to use resources.
- Senior managers determine a company’s culture, or way of thinking and acting.
- Three types of manager skills have been identified:
1. The skills that help managers understand how different parts of a business relate to one another and to the business as a whole are conceptual skills.
2. The skills managers need to understand and work well with people are human relations skills.
3. Managers also need technical skills, the specific abilities that people use to perform their jobs.
Conceptual skills are most important at the senior management level. Technical skills are most important at lower levels of management, particularly at the supervisory level. Human relations skills are important at all levels of management.
- Managers often use principles of management when deciding how to run their business. A principle is a basic truth or law.
- Unlike scientists who prove the principles by using experiments to test a hypothesis, or an idea about the way something works, developing principles of management is more complicated.
- Most management principles are developed through observation and deduction.
· Deduction is the process of drawing a general conclusion from specific examples.
- Management principles are more likely to change than physical principles. So, they are best viewed as guides to action rather than rigid laws.
- An important part of being a manager is recognizing when a principle should be followed and when it should not.
- For many years the managers of most large and medium-sized U.S. businesses were almost exclusively white males. In the last 3 decades of 20th century, however, more n more women and minorities have joined the work force.
· The term glass ceiling was raised to describe the invisible barrier that prevents women and minorities from moving up in the world of business.
· As business and government agencies lay off workers, especially the white men, to cut costs and this give opportunity for women and minorities to move into higher ranks of management.
Summary Chart of Management Process
- Management Process
A. Management Tasks
1. Planning – set goals
2. Organizing – grouping
3. Staffing – right person for the right job
4. Leading – guide
5. Controlling – checks if following the rule
B. Management Roles
1. Interpersonal
a. Figure head
b. Relationship builder
c. Leader
2. International
a. Monitor
b. Communication
c. Spokesperson
3. Decision Making
a. Disturbance handler
b. Resource director
c. Negotiator
C. Management Skills
1-2 Entrepreneurship [[Page.22]]
- Senior, middle, and supervisory managers are all professional managers.
· They are paid to work for businesses, but they do not own them.
- Entrepreneurs are people who launch and run their own businesses.
- Being an entrepreneur is much riskier than being a professional manager.
- Entrepreneurs…
* More independent & may have less formal education than managers
* financial reward can be great * working long hours
* invest money in their businesses and risk losing all of the money
- Entrepreneurs can choose what types of ownership they want.
· Some entrepreneurs are sole proprietors, or people who run their businesses single handedly
· Other entrepreneurs may form partnerships where one or more partners own the business and may supply money when another runs the business
· Other may choose to incorporate, or become a corporation, in which two or more people run a business together to avoid being held personally liable or financial losses.
- Many large and medium-sized organizations have begun to encourage their managers to become more innovative and to take more risks like an entrepreneur.
· Entrepreneurship within a large or medium-sized company is sometimes called intrapreneurship. Intrapreneurs take risks, but not with their own investments.
- A small business is a company that is independently owned and operated.
· Owners of small businesses often perform all management tasks.
· The Small Business Administration (SBA), the government agency that lends money to small businesses, considers a business small if it has fewer than 100 employees.
· More than 98% of businesses in U.S. are small businesses.
· Small businesses tend to produce more innovations than larger businesses. Many of the most important high-technology companies began as small businesses and eventually become corporate giants later on.
Ps. Sorry for making this review so long! Everything seems to be important :c
Good luck on your first Bus Man Test na ka ^^
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