This document contains summaries made from " Consumo business studies textbook" which summarizes levels of management; management task such as organizing, planning, communication etc.
Chapter 3
- Management and Entrepreneurship.
• Definition of management:
Management is the process of accepting accountability for innovative application of resources in order to
achieve business goals.
- Levels of management:
➢ Top management.
➢ Middle management.
➢ Lower management.
➢ Top management responsibility:
- Responsible for strategic decision.
- Planning for future.
- Looks at integral demands.
➢ Middle management responsibility:
- Responsible for tactical decisions.
- Interpret top management decisions.
➢ Lower - level management responsibility:
- Responsible for day-to-day decisions.
- Managing operations of business.
➢ Management on all levels perform same task:
• Planning.
• Organizing.
• Leading.
• Controlling.
➢ What should be done?
➢ How it should be done?
➢ When it should be done?
➢ Who should be doing it?
• Principles of effective planning:
1. Rational process aimed at the future.
2. Funnel approach.
3. Flexible.
4. Planning takes place at all levels in the business.
• Importance of planning:
Planning > Effectiveness > Success >
- Flexibility:
Means that the business may in certain instances, adapt to internal & external
circumstances.
A business needs to asses the potential benefits vs. the cost of before significant
changes are made.
Steps in the planning process:
Step 1: Establishing objectives.
Step 2: Deciding the planning period.
Step 3: Considering alternatives.
Step 4: Implementing the plan.
Step 5: Control process.
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