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Summary Management and entrepreneurship - Business studies GR 11 IEB summaries/notes CA$6.47   Add to cart
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Summary Management and entrepreneurship - Business studies GR 11 IEB summaries/notes

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  • Course
  • Business Studies
  • Institution
  • 11th Grade

This document contains summaries made from " Consumo business studies textbook" which summarizes levels of management; management task such as organizing, planning, communication etc.

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Document information

  • February 10, 2023
  • 5
  • 2020/2021
  • Summary

Subjects

  • management
  • entrepreneurship
  • levels of management
  • management tasks
  • motivational theories

Written for

  • 11th Grade
  • Business Studies
  • 200
All documents for this subject (164)

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By: drantoinettemiricmiric • 1 year ago

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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.

, ➢ Management tasks:

1. Vision/mission.
2. Plan.
3. Organize.
4. Lead.
5. Control.

• Planning is about deciding up front:

➢ 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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