Management Activities Flashcards

Study Notes

Planning

Planning sets goals and objectives along with methods for achievement.
Principles of effective planning include:
- Specific: Clear objectives.
- Measurable: Easily assessable progress.
- Agreed: Consensus among management members.
- Realistic: Achievable goals set.
- Timed: Established timetables for completion.

Types of Plans: Operational Plans

Short-term plans focusing on specific tasks.
Address daily or weekly operational issues.
Typically created by supervisors for budget implementation.

Types of Plans: Strategic Plans

Long-term plans outlining the company's vision.
Concerns market share, profitability, and diversification over a 5-year horizon.
Developed by senior management and Board of Directors.

Types of Plans: Mission Statement

Brief overview outlining the organisation's purpose.
Vital for staff alignment and overall organizational focus.

Importance of Planning in Management: Reducing Uncertainty

Provides direction across the firm, clarifying employee expectations.

Importance of Planning in Management: Greater Unity

Ensures that all employees work towards common goals, promoting coordinated efforts among departments.

Importance of Planning in Management: Raising Finance

Detailed plans are crucial for attracting investors; lack of clarity may deter funding.

Importance of Planning in Management: Facilitating Change

Plans help anticipate future changes, easing transitions for staff and aligning their attitudes.

Organising

Involves structuring the workforce effectively to meet business objectives.

Chain of Command

Represents the hierarchy linking different management levels and the flow of instructions.

Span of Control

Indicates the number of subordinates reporting to a single manager.
Influencing factors include:
- Work complexity.
- Staff productivity levels.
- Supervision frequency.
- Managerial capability.

Organising Structure: Functional Structure

Each department acts as a specialized expertise pool enhancing operational efficiency.
Facilitates communication flow throughout the organization.

Organising Structure: Matrix Structure

Promotes improved coordination and communication among team members with diverse skills.
Fosters innovation, problem-solving, and motivation through varied experience levels.

Control

Encompasses performance monitoring, comparing actual outcomes to targets, and implementing corrective measures.

Elements Requiring Control: Quality

Essential for meeting customer demands; includes quality control across all business sectors.

Elements Requiring Control: Staff

Monitors employee attendance, punctuality, and overall performance.

Elements Requiring Control: Production Costs

Involves oversight of raw material expenses, machinery costs, and wages to maximize profits.

Elements Requiring Control: Credit Control

Regulates customer credit limits, preventing costly bad debts through careful management of owed amounts.

Description

Test your knowledge of key management concepts with these flashcards focusing on planning and types of plans. This quiz covers essential principles of planning, including specificity, measurability, and realism. Ideal for students and professionals in management.