5 Functions of Management
Used to determine whether a business is accomplishing its goals that were set in the planning stage.
What is Controlling?
Managing the buildings and land of a business and ensuring that everything is used, repaired, and running properly.
What is facilities management?
- Responsible for the direction and the success of the business (controlling)
- Set long-term goals (planning)
- Held accountable for profitability & success
What is Top Management?
A business owned and operated by a single individual, and the most common form of business structure in the United States.
What is Sole Proprietorship?
The knowledge and capabilities to perform specialized tasks.
What are Technical Skills?
- Analyzing information
- Setting goals
- Making decisions to accomplish the goals
What is Planning?
Managing the receiving, moving, and storing of supplies, materials, and finished products.
What is Logistics?
- Responsible for specific parts of the business
- Devoted to the organizing, staffing, and implementing functions
What is Mid-Management?
A business that is owned and operated by two or more people, and the least used form of business organization in the United States.
What is a Partnership?
Doing things right, or getting the most output from the least amount of inputs.
What is Efficiency?
Identifying the work & resources needed to achieve the goals of the business that have been set in the planning stage.
What is Organizing?
Managing work to be completed, the people who will complete the work, and the resources needed for completing the work.
What is Scheduling?
- Responsible for the routine work of a group of employees
- Evaluate the work of the employees
- Implement the plans set forth by executives and mid-managers
What are Supervisors?
A business that is a legal entity created by the state whose assets and liabilities are separate from its owners.
What is a Private Corporation?
Doing the right things, or completing activities so that organizational goals are attained.
What is Effectiveness?
- Obtaining the employees
- Training the employees
- Compensating the employees
What is Staffing?
Managing personnel being in place to prevent accidents and injuries of employees and customers and protect people and property.
What is Safety and Security?
Any group of objects ranked so that every one but the topmost is subordinate to a specified one above it.
What is a Hierarchy?
A type of ownership gives a business an exclusive territory, training and support during start up, and a competitive edge in the market.
What is a Franchise?
The ability to work well with other people individually & in a group.
What are Human Skills?
Involves directing and leading people in order to accomplish the goals set out in the planning stage.
What is Directing?
– Facilities management
– Logistics
– Scheduling
– Safety and security
What is Business Operations?
A group of people, elected by stockholders, to establish corporate policies, and make management decisions.
What is a Board of Directors?
A form of ownership that is growing in popularity in the United States, and provides limited liability and are taxed as a partnership or sole proprietorship (depending on the number of members).
What is a Limited Liability Company (LLC)?
Fundamental rules of management that could be applied in all organizational situations & taught in schools.
What are Principles of Management?