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Reference Guide

Management - Reference Guides

4 pages473 viewsFall 2015

Department
BA - Business Administration
Course Code
BA 2283
Professor
All
Chapter
Permachart

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WHAT IS MANAGEMENT?
l e a r n r e f e r e n c e r e v i e w
Management is a means of achieving an
organization’s objectives through organizing,
business planning, staffing, controlling, and
leadership
• Managers coordinate activities to bring the greatest
profit yield
STAFFING
• Managers must hire staff that are capable of handling the responsibilities of
the job
• For large companies, the Human Resources department oversees the initial
screening process
• New employees require proper training and orientation
• Positive integration into a new company will ensure maximum productivity
by new employee
• Employees are usually grouped under various departments in the company
(that is, by job, geographical location, client classification)
• Employee performance should be evaluated and reviewed on a regular
basis
MANAGEMENT SCIENCE
• Includes quantitative and qualitative management
tools that assist managers in making decisions
• Prediction of buyers’ future responses under certain
conditions
FORECASTING
• To implement strategies in a business plan, managers must influence and
direct staff
• Supportive leadership should train, guide, and motivate staff so that goals
and objectives are reached
• Often, companies offer profit sharing and other incentives in order to
motivate staff to perform well
• Good communication is an important part of managing people
• Employees often offer strong advice to improve business performance
• A good leader should be a good listener, as well as give advice and solve
problems
DIRECTING STAFF
Quantitative Forecasting
• Quantitative tools (mathematically based) used by
managers to make decisions (that is, models that
represent real-life situations)
• Project future values by processing past quantitative
data through mathematical rules
• Good degree of accuracy
• Computers make processing relatively easy
• Used when precise (hard) data is available
Breakeven analysis shows managers where total
sales revenues break even with total costs
Qualitative Forecasting
• Forecasts derived from information by experts in a
given field
• Used when precise (hard) data is not available
Sales Forecasts
• Project future company sales (for example, quarterly,
annually)
• Determine customer demands and supply to be
delivered
• Help managers to determine need for staff, supplies,
raw materials, and marketing activities
Human Resources Forecasts
• Project the number of employees, with particular
skills, that need to be hired
Technological Forecasts
Project what technology will be available in future
and what products may be available due to
changes
Changes may alter how business produces
products
Delphi Experts use surveys to reach consensus
technique
Jury of Opinions of managers from various
opinion departments are combined and averaged
Sales force Average opinions of sales personnel
composite
ETHICS
Common morality is a set of societal
rules that most people abide by most of
the time
• People assume it is better to do right
than wrong
Principle of Promise
Principle of Non-malevolence
Principle of Mutual Aid
Principle of Respect for Persons
Principle of Respect for Property
FUNDAMENTAL RULES OF COMMON MORALITY
• Beyond acting within the
law, businesses have a
social responsibility to
stakeholders
• Decisions should be made
that consider economic
benefits, as well as impacts
on society as a whole (for
example, pollution, product
safety, privacy, employees,
local communities)
SOCIAL RESPONSIBILITY
REASONING A MORAL DECISION
Problem identification Identify the ethical problem
Develop alternatives Brainstorm all possible alternative solutions to
to the problem the problem, based on the given information
Evaluate Consider the individuals, groups, or organizations
the alternatives that may either benefit or be harmed by each
decision
Summary Provide the ethical rules used for evaluation, the
reasoning for the decision made, and the
recommended plan of action
Ethics In a business sense, is a systematic method of thinking
about the moral consequences of decisions
Corporate Are developed according to corporate and societal values
ethics
Personal Reflect the manager’s personal values and attitudes
ethics
Professional Are determined by professional associations
ethics
Demographic Forecasts
• Project what composition of population will look like
(for example, aging baby boomers), as well as
products and services that will be in demand
© 1999-2012 Mindsource Technologies Inc.
MANAGEMENT • A-841-91
TM
permacharts
Management
Management
www.permacharts.com
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