Podcast
Questions and Answers
Managers must ensure that all assets are used to their fullest ______.
Managers must ensure that all assets are used to their fullest ______.
potential
A manager's functions are grouped into five categories: planning, organizing, ______, leading or directing, and controlling.
A manager's functions are grouped into five categories: planning, organizing, ______, leading or directing, and controlling.
staffing
The process of management always starts with ______.
The process of management always starts with ______.
planning
Efficiency suggests not to be cheap by purchasing lower-cost items that may ______ faster.
Efficiency suggests not to be cheap by purchasing lower-cost items that may ______ faster.
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Managers need to achieve both ______ and efficiency for effective management.
Managers need to achieve both ______ and efficiency for effective management.
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A good way to motivate employees is for managers to model the desired ______ to their subordinates.
A good way to motivate employees is for managers to model the desired ______ to their subordinates.
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Effectiveness is executing and accomplishing the right ______.
Effectiveness is executing and accomplishing the right ______.
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Efficiency is ensuring that maximum output is produced given the minimum amount of ______.
Efficiency is ensuring that maximum output is produced given the minimum amount of ______.
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In smaller businesses, the owner or head of the business is often also the ______.
In smaller businesses, the owner or head of the business is often also the ______.
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All managers should possess two important characteristics: effectiveness and ______.
All managers should possess two important characteristics: effectiveness and ______.
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Study Notes
Role of Managers
- Managers motivate subordinates to maintain work enthusiasm and performance.
- Modeling desired behaviors is an effective way for managers to motivate employees.
- A positive attitude and image by managers are crucial to boost team morale.
Characteristics of Management
- Smaller businesses may have owners who also serve as managers, varying by company size.
- Two key characteristics of effective management:
- Effectiveness: Doing the right thing and accomplishing tasks aligned with responsibilities.
- Efficiency: Producing maximum output with minimal input while optimizing resources.
Effectiveness vs. Efficiency
- Effectiveness involves staying within assigned tasks, such as a marketing manager focusing solely on marketing responsibilities.
- Efficiency concerns achieving tasks economically, avoiding low-cost inputs that may lead to quicker depreciation.
Functions of Management
- Management functions are categorized into five primary tasks:
- Planning: Initiates the management process, involving decision-making and task organization to achieve goals.
- Organizing: Structuring resources and tasks.
- Staffing: Recruiting, hiring, and training employees.
- Leading (Directing): Influencing and guiding employees towards achieving organizational goals.
- Controlling: Monitoring performance and making adjustments as needed.
Management in the Philippine Context
- Managerial functions can be challenging but rewarding when executed effectively.
- Example of successful Filipino entrepreneur: Socorro Ramos, who established a large bookstore chain and expanded into printing and education.
Summary of Management Responsibilities
- Management is getting work done through others, requiring skilled and competent managers.
- Managers bridge the gap between executive decision-makers and employees, serve as role models, and are primary decision-makers.
- Fundamental management skills include effectiveness (doing the right thing) and efficiency (doing things right).
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Description
Explore key principles and functions of management that define effective leadership in the workplace. Learn about the role of motivation, characteristics of management, and the balance between effectiveness and efficiency. This quiz will enhance your understanding of managing teams and resources successfully.
