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Skills for Effective Management Essay
Skills for Effective Management
It is understood that management, which is defined as the act, manner, or practice of managing, handling, supervision, or control directly affects almost
every aspect of the workplace (American Heritage, 2000). An incompetent or careless manager can have a devastating impact on an organization. This
incompetent manger can cause and perpetuate decreased employee performance, dissatisfied customers, and poor production. An effective manager
will avoid such effects through circumspect consideration and implementation of innovative management strategies. The purpose of this paper is to
review and discuss such strategies and to provide a formula for exceptional leadership.
THE INNOVATIVE LEADER:
...show more content...
Indeed, communication skills are the most basic prerequisite for any manager's success. Another primary skill is that of directing personnel
appropriately. Leaders must maintain a good rapport and actively listen to subordinates to ensure mutual trust and respect, and to ensure that no
managerial shortcomings impede employees' willingness to promptly and accurately respond to direction.
Employees' responsiveness to leaders' direction is closely associated with workplace morale, another important responsibility of the innovative leader.
Managers must ensure that the team or group for whom they are accountable maintain a positive and spirited approach to the "daily grind." As difficult
as it may be, managers must avoid mistakes such as passing on their stress to their staff, and blaming external factors, such as upper management or the
business climate, if morale is low (Gish, 2003). Finally, strategic solutions for common mistakes, such as the preceding, will be addressed, completing
the overview of the skills and capabilities of innovative leaders.
Method
Data for this paper was compiled from various sources, including Southern Illinois University's Morris Library Web page and the Society for Human
Resource Management web page, among other Internet sources, as well as Albuquerque, New Mexico public libraries.
Discussion
The elements of success for a manager, as mentioned previously, include the ability to communicate effectively, the ability to direct
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Essay on Philosophy of Management
Every manager must have a set of principles, values, and core beliefs that he must follow. These principles, values, and beliefs make up his
philosophy of management. Webster defines philosophy as "the most basic beliefs, concepts, and attitudes of an individual or group." (Webster) I
will be discussing the principles, values, and beliefs I as a manager will have to do my job efficiently. I will also discuss the different biblical beliefs
that support my management style. I believe in a directive and conceptual decision style. When there is a small problem that requires a quick
solution, I would use the directive decision style. This would be similar to a problem that I would have already dealt with in the past. For larger
obstacles...show more content...
A manager is not a babysitter to his staff, and he should not shadow his employees. If there is a dispute between two employees at the workplace,
the manager should let the employees resolve it themselves. If that dispute fails to get resolved and starts to affect the performance of others, then
the manager needs to resolve the dispute for them. This may entail firing the employees involved in the dispute. Adults at the workplace should be
able to resolve disputes themselves without any intervention from the employer. I am going to provide a scenario and what the manager should
do in the scenario. Scenario: A long time employee, Fred, with a perfect attendance record suddenly doesn't show up to work for an entire week.
Fred doesn't notify the employer of the reason for his absence. The employer tries to contact Fred without any success. The employer then
promotes one of his other employees, Mark, to the position that Fred had. After a week Fred returns back to work only to find out that Mark is
doing his job. Fred tries to explain to the manager that his father died and he was too devastated to answer the manager's calls to him. What should
the manager do now? In this scenario, the manager should let Mark keep his promotion and give Fred Mark's old job. Fred should have notified his
manager of his leave if he wanted to keep his position. It would be hard to remove Mark's promotion
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Management : Management And Management Essay
According to Henri Fayol, managers perform five basic functions; planning, organizing, leading, commanding, and controlling. Managers also adapt to
assuming multiple roles, enabling them to comfortably transition between being a Monitor, a liaison, a disseminator, a resource allocator, and more.
Successful managers do not simply dictate orders, they apply multiple disciplines, embrace the organization as a living breathing entity which has
differing moods, requirements and needs, and they understand strive to create a challenging and satisfying work environment, one which promotes
innovation, employee dedication and high productivity. To create this type of environment, managers need to understanding their greatest asset are the
people whom they manage. A successful manager fosters trust with their subordinates, empowers them to grow and learn, and becomes a dependable
resource the employees can count on no matter what struggle may stand before them. Pete Aranda, a Lockheed Martin employee, is the engineering
manager of the Networked Training Center, (NTC), program, an F–16 combat aircraft simulator. Mr. Aranda manages an engineering team comprised
of three Software Engineers, two Hardware System Engineers, a CAD/CAD Design Engineer and a Configuration Specialist. The Engineering Team is
tasked with designing, testing and implementing upgrades to the simulator 's software and hardware to replicate the continual upgrades occurring to
the aircraft pilots fly during
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Essay on Management and Leadership
Successful organizations have strong leaders and managers that develop, support and encourage employee longevity within a company. There is a
significant difference between leadership and management however both skills have to be used collectively and both are important to a profitable
organization. Leadership is a notion of communicating an organization's vision, whereas management is more of the implementation of the
organization's vision. The manager typically carries out the responsibilities written by the organization and has a good team underneath them to carry
out the duties and meet the goals. Most companies have a mission statement that mirrors and supports a company's vision. When referring leadership
and management, the two...show more content...
According to Hersey and Blanchard (1998), there are three areas required for effective leadership. Technical skills, which includes clinical expertise
and knowledge as it pertains to nursing. Secondly, human skills, which is the ability and judgment to work with people in leadership roles. And
lastly, conceptual skills which is the ability to understand the complexities of overall organization and figure out how and where one's own strengths
of management fits into the overall organization (Cherry, Jacob 2011). Leadership is unique compared to any other role because of its responsibility
for people. Good leaders are followed merely because they have gained people's trust and respect.
Management:
Management involves the tactical aspect of day to day functions and who keeps control of the work environment to make sure the organization is
moving forward and in the same direction of the company's vision. Managers are faced with many responsibilities each day, one of which is
managing people. The goal of a successful manager is to achieve the highest productivity of the organization by way of the people he/she manages. A
manager is more of a problem solver and takes care of work areas relating to people management, time management, decision making etc.
According to Lewin (1951) and White & Lippit (1960), there are three prevalent management behavior styles: Authoritarian, democratic and
laissez–fare (Cherry,
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Strategic Management Essay
Strategic Management
Introduction
To deal effectively with the wide array of factors affecting the ability of a business to grow and prosper, managers need advanced processes they feel
will facilitate the optimal positioning of the business in its competitive environment. Such positioning is possible with strategic management because
this process improves preparedness for unexpected internal or competitive demands.
Therefore, strategic management is an all–encompassing approach for formulating, implementing and evaluating managerial decisions in a way that
permits the business to reach its objectives.
For a strategic management plan to be successful, however, every manager should:
Clearly see the need for change
Be...show more content...
John, 44–59).
Understandably, organizations with diverse operations due to multiple products, markets or technologies also tend to use more complex strategic
management systems. Despite differences in detail and degree of formalization, the basic components of the models used to analyze strategic
management operations are very similar.
The strategic management process is based on the belief that businesses should continually monitor internal and external events so timely changes can
be made. To survive, firms must be able to identify and adapt to change. This involves timely planning, directing, organizing and controlling of the
strategy–related decisions and actions of the firm (Camerer, 195–219).
The strategic management process is sometimes improperly perceived as a unidirectional flow of objectives, strategies and decision parameters from
management to the employees. In fact, the process should be highly interactive since it is designed to stimulate input from creative, skilled and
knowledgeable people working at every level of the business.
Tools Used in Strategy Development
This section very briefly describes several key tools that can be used during the course of strategy development and strategic planning. The list is not
intended to be comprehensive but to illustrate the types of tools
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Level Of Management : Top Managers Essay
Level of Management The level of management is important for people to learn how the businesses to operate and manage the companies. According
to what I have learned in class and experienced in the life, there are three main levels of managers: Top managers, middle managers and first–line
managers. Top Management Top managers make up the relatively small group of administrators who manage the overall company. And top managers
are the most important managers because they are able to create the company's goals, business strategies, and operating policies. What's more, they
usually represent the company to the external social environment by meeting with government officials and top managers from other companies. The
titles of the top managers are chief executive officer (CEO), Chief Financial Officer (CFO), Chief Operating Officer (COO), vice president, chairman
and president. Managers in top level have the highest authority and they are responsible to lead employers to achieve their goals and make the
company better.
There are some main functions of top management:
The top managers need to determine the goals of the company. The goals are long–term goals and short–term goals.
The top managers need to create the business plans and operating policies to achieve the goals which made by themselves.
The top managers should assign jobs to the middle–level managers in different departments like Production, Research and Development, Purchasing,
Marketing and
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Management Essay examples
DROP BOX ASSIGNMENT #1
CHAPTER 1– Pg. 26 1. Identify and describe a great manager. What makes him or her stand out from the crowd?
I believe a great manager is someone who can deal with any situation in a professional manner and at the same time make sure his workers are taken
care of. What I believe makes a great manager stick out from the crowd, is their personality and their relationship with their subordinates. If you see that
the workers are happy, then that says something about their management. 2. Have you ever seen or worked for an ineffective manager? Describe the
causes and the consequences of the ineffectiveness
I have personally worked with an ineffective manager. I believe the manager did not care about his work...show more content...
Once the customer is sold, they speak with a personal banker to get set up.
5. Name a great organization. How do you think management contributes to making it great?
A great organization I feel is 24 Hour Fitness. I feel that the management allows their trainers to do what they do best, thus making happy workers and
happy customers 6. Name an ineffective organization. What can management do to improve it?
Walmart to me seems to be an ineffective organization, just because the people who work there do not seem happy. I feel like people in general shop
there because it's inexpensive, but I feel management should care more about their workers. Maybe a pay increase, or more breaks.
PAMS– Pg. 27–29
My total score was 1,068. I feel that I need some improvement on my management skills. I need to learn to be more assertive and not so lenient when
it comes to completing tasks on time.
APPENDIX A– Pg. 40 1. How does today's business world compare with the one of 40 years ago? What is the difference about today, and what is not
so different?
We are far more advance in today's business world than 40 years ago. One major difference in today's business world, is that women are in high
positions and CEO's of companies. That was rare 40 years ago. 2. What is scientific management? How might today's organization use it?
Scientific management was an approach to see what were people's strengths
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Management Essay
We live and work in a condition with challenging opportunities and dramatic uncertain economic environment, especially for managers, must have
enough skills and knowledge to manage the changeable business environment. This essay will discuss whether the managers nowadays have the
tendency to focus on economic results at the expense of more important things or not, and yes, the managers have the tendency to focus on the expense
of more important things, the discussion will be demonstrated from the following concepts: contemporary management challenges–downsizing,
workplace diversity, restructuring, globalisation and quality; organisational culture in Australia, managers' role in managing organisational culture.
Managers today must be able...show more content...
Quality means the total features and characteristics of a product or service that has effects upon its ability to satisfy stated or implied needs (Davidson
et al. 2006). All the challenges that managers need to face to are mentioned and defined above, the analysis of the relevance of these challenges and
economic results will be addressed in the next paragraph.
All profit–orientated organisations are focus on strategies to measure the value they produced in financial terms. In that case, managers need to provide
strategies and action plans to achieve organizational goals, encourage efficient employees, reward good performance, and support risk and creativity to
achieve higher profits (Thach & Thompson 2007). Moreover, satisfy the customer needs is very important, because their purchasing activities can bring
the profit (Thach & Thompson 2007). Financial performance not only can show whether the business gain or loss money, if gain more money means
the business running well and is successful on financial terms, but also is an important measurement when evaluating the abilities of the manager.
Although financial performance is important for the organisation, managers should not only focus on it, should also focus on the
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Top Three Levels Of Management Essay
The top three levels of management in an organization can be categorized in multiple formats: top–middle–low, corporate–departmental–supervisory,
and executive–tactical–organizational and some. Whichever naming convention one prefers, the basic roles and responsibilities are the same; top level
managers focus on the organization as a whole; middle level managers focus on specific business units, product lines or departments; low level
managers focus on an office, installation, or facility, and have the most direct interaction with front–line employees.
The top level of management in a corporation is responsible for the strategic goals, mission, vision, and culture of the organization. They develop all
corporate–level strategy, which is defined by Daft as strategy that "pertains to the organization as a whole and the combination of business units and
product lines that make up the corporate entity" (Daft, 2013). They also produce corporation–wide planning and make decisions that will ensure that
lower level managers have the financial resources necessary to complete their portions of the corporate strategy. Strategic–level decisions include
mergers, joint ventures, entering and exiting markets, starting up new product lines, and opening or closing factories. Frequently referred to as
"C–Level Managers," these management positions are abbreviated with 3–letter acronyms starting with a C: Chief Executive Officer (CEO), Chief
Financial Officer (CFO), Chief Marketing Officer
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Leadership vs. Management Essay
Leadership vs. Management Much has been written about the difference between management and leadership. In the past, competent management
staffs ran effective companies. In light of our ever–changing world, however, most companies have come to realize that it is much more important to
lead than to manage. In today's world the old ways of management no longer work. One reason is that the degree of environmental and competitive
change we are experiencing is extreme. Although exciting, the world is also very unstable and confused. In an article entitled What's the Difference
between Your Hospital and the Other? Gary Campbell states that the difference between a manager and a leader is that the manager "finds himself quite
willing to...show more content...
One idea for creating and maintaining a healthy organizational culture is simply to ensure that there are processes in place to select and develop the
best people available. A great deal of money and resources should be devoted to carefully screen job applicants, identifying those few whose values
closely match the company's. To be selected to fill a leadership position in the company, a person would have to possess the passion and skills
necessary to keep the culture alive and healthy. In addition to the resources necessary to ensure optimal staff selection, the company must be focused
on continual employee development. A leader's skills must be fed and cultivated. The leader must be given this consistent message: change is good...
change is vital. According to a leadership article found on www.1000ventures.com, "The operative assumption today is that someone, somewhere, has a
better idea; and the operative compulsion is to find out who has that better idea, learn it, and put it into action – fast". I believe that Allstate attempts to
abide by this theory but due to its size is probably not always successful. There are many positions to be filled on a daily basis and it is probably not
practical to think that this large corporation could be selective enough to make sure that each employee selected fully embodies the company culture.
Another key area that should be considered when maintaining a healthy
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Leadership, Management, And Management
Leadership and management are different. Leadership is the position a person holds as an administrative leader such as CEO–Chief Executive Officer.
Management is the act of managing a business which consists of a body of people in positions of administrative authority. Business management
consists of officers, directors and other people who have authority of the business operation, organizations, duties, and work to be done. In management
, emphasis is on delivering high quality products and services with the use of new technologies. A person in leadership such as the business CEO
controls the company's managerial process.
The difference between leadership and management is that leadership leads; have a vision, controls organization, manage plans and maintain the
budget of an organization. "Kotterman indicated that people think there is a differentiate between leadership and management by researching internet
sources and academic debates." Although, managers supposed to lead a team or project, but some managers mainly performs the functions as
management duties. (Kotterman 2006) At some point, managers do have the opportunity to show leadership when managing an organization.
Leadership is all about changing the order of things. It is about having a vision, a strategy and having a plan that is built around the customer. A CEO,
the chief executive officer of an organization focuses mainly on the vision of a company. "An article called "What is this thing called CEO
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Business Management Essays
Business Management The world of business has undergone radical and dramatic changes in the last decade changes that present extraordinary
challenges for the contemporary manager. A manager is an organizational member who is responsible for planning, organizing, leading, and controlling
the activities of the organization so that the goals can be achieved. According to a widely referenced study by Henry Mintzberg, managers serve three
primary roles: interpersonal, informational, and decision–making. Management is process of administrating and coordinating resources effectively and
efficiently in an effort to achieve the goals of the organization. The concept of management within an organization typically occurs in an...show more
content...
Controlling is monitoring the performance of the organization, identifying deviations between planned and actual results, and taking corrective action
when necessary. With all these four functions that are involved in the process of management, if all are followed correctly the organization will be
properly ran and will have few complications. In every organization there are managers, and every manager is classed on different levels in terms of
the skills they need and the activities they are involved in. Managers exist at various levels in the organization hierarchy. A small organization may
have one layer of management, where as a large organization may have several. In most organizations there are three level of managers. The three
level of managers are, first line manager, middle manager, and finally the top–level manager. Managers at different job levels have different job
responsibilities and therefor require different skills. First–line managers supervise the individuals who are directly responsible for producing the
organization's product or delivering its service. They carry titles such as production supervisor, line manager, section chief, or account manager.
First–line managers along with all the other managers are involved in three skills conceptual, human, and technical. In each three different levels of
management, each one of these
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Notes On Management And Management
TRANSCRIPT (Story Telling Video)
Slide 1
Introduction about me
Slide 2
Introducing the main focus on the topic "What is management"
Slide 3
Introducing a workplace where a manager's behaviour to her employee based on a movie. The employee is tired of his manager's rude and arrogant
behaviour. Life in that office makes his life pathetic and miserable.
Slide 4
Focusing on the main question
"Is this what we call management..?"
Slide 5 & 6
What is management..?
Management plays a vital role in developing and promoting success to any business. There are various definitions for management by different
scholars. According to Henri Fayol (1841–1925), "Management is to forecast and to plan, to organise, to command, to co–ordinate and to control"
(Iim–edu.org, 2016). According to Lawrence A Appley, "Management is the development of people and not the direction of things" (HubPages, 2016).
Slide 7
Introducing a question "Challenges faced by the Managers"
Slide 8
Challenges involved in the management role are given as
Human resource management
Recruitment
Evaluation of the employees
Training the employee
Conducting seminars
Consultation and team management
Slide 9
Challenges faced by Managers are
Globalisation
Customer satisfaction and productivity
Workforce and Changing trends
Economy and Technology
Slide 9
Globalisation has both advantages and disadvantages. Due to Globalisation, competing with international brands, quality of the indigenous product is
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Management Theories Essay
Management Theories
The Classical School of Management Theory
The Classical School is thought to have originated around the year
1900 and dominated management thinking into the 1920s, focusing on the efficiency of the work process. It has three schools of thinking:
Bureaucratic management, which focuses on rules and procedures, hierarchy and clear division of labour; Scientific management, which looks at 'the
best way' to do a job; and Administrative management, which emphasises the flow of information within the organisation.
Classical management theory is now considered to be an outdated form of management for the principal reason that people and their needs are
considered by Classical theorists as secondary to the needs...show more content...
4. Remove all responsibility for the work method from the worker and give it to management. The worker is responsible only for the actual job
performance.
Scientific management became very popular in the early part of this century as its application was shown to lead to improvements in efficiency and
productivity. However, flaws in the theory soon became evident: employees become bored and frustrated as they are relieved of responsibility and
jobs became more repetitive; removing the workforce from the design and control of jobs leads to an increasing gulf of knowledge between
management and the workforce; and rising education standards and employee aspirations make the belief that management are superior to their
employees very dated.
The Human Relations / Behaviourist School
By the 1920s, it was becoming apparent that the major shortcoming with
Classical management theory was its inability to deal with the people who work in organisations. The Human Relations (or Behaviourist)
School emerged in the 1920s and dealt with the human aspects of organisations. Subscribers to the Human Relations school believe that a co–operative
work environment and the needs and values of the workers are paramount, which should be encouraged by democratic consultation by those who
manage.
The Hawthorne Experiments. Elton Mayo is probably the must
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Essay about Sports Management
Sports Management
Someone once said, "There are those who make things happen, those who watch things happen, and those who wonder what happened." I consider
myself one of those rare people who really knows how to "make things happen." I have gone from being a follower to being a leader, from being
someone who was shy and uncertain to a person who is self–confident and assertive. It has been a remarkable metamorphosis, and it has changed my
future professional plans and personal goals. The awakening of my independence happened during the end of my softball season my freshman year in
college when my head coach had cut my scholarship because of lack of funding. I was faced with making my first mature decision into what my future
was...show more content...
I have also had the opportunity to be involved in various extracurricular activities that have provided me with the skills and knowledge that I have
employed in my work experiences. Many concepts that I have learned from these activities were not taught in the classroom, but were instilled
through practical experiences. As well, I feel being a participant in athletics has helped me to grow both personally and professionally. The variety of
field experience, ranging from a minor league baseball program to being a activities coordinator at a resort, to becoming a sports information assistant
to my university has given me a full perspective of the broad spectrum of the sporting industry. I aspire to a career in promotions in the sports industry
because I enjoy meeting new people and having the opportunity to participate in sports, but most importantly the feeling of excitement I get right
before a sports competition, is comparable to the feeling
I get working behind the scenes preparing for a sporting event. I truly enjoy coordinating the events that lead up to the main event. As I look toward
my future in sports promotions/public relations, I believe one of my greatest assets will be associating with others. Presently with my position of sport
information
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Leadership versus Management Essay
Is every good manager a good leader? Is every leader a good manager? Leadership and management are often used in similar perspectives, yet they do
not share the same meaning. Leaders are exactly what the name says – they lead team members to success. Managers, like leaders, have the meaning
referenced in the name. Managers manage over employees, striving for success. The two titles can be used simultaneously with one person, but this is
a rare occurrence.
According to MSN Encarta Dictionary, the term manage has several meanings. One of the explanations state that to manage is to "administer or run
something – to be in charge...and be responsible for its smooth running and for any personnel" (Encarta, 2008). MSN Encarta Dictionary...show more
content...
A leader guides his or her employees in the right direction so that they as a team achieve positive results. A leader helps employees to know the correct
methods used in performing daily tasks. A leader focuses on training the employees and assisting them in furthering their knowledge of the industry.
Employees look up to leaders and trust that the leaders are guiding them along the correct path.
What are the differences between managers and leaders? "The biggest difference between managers and leaders is the way they motivate the people
who work or follow them, and this sets the tone for most other aspects of what they do" (Changing Minds, 2008). Managers hire people to work
underneath them to accomplish tasks for a common goal. These people are considered subordinates. Leaders have followers. These followers are
considered employees. Leaders are passionate about something and bring this level of understanding and emotion to others around them. Managers
deal with the physical aspect of the position, whereas leaders deal with the personal aspect of the position.
Do all managers have leadership skills? The majority of managers possesses management skills but lacks the leadership skills that are needed to be an
accomplished person in charge. A manager is someone with a title, who has subordinates that are paid to obey and complete assignments. A leader is
someone who people choose to follow. Leaders are not always managers. Any person
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Portfolio Management Essay
Portfolio Management
Introduction:
Portfolio management is a conglomeration of securities as whole, rather than unrelated individual holdings. Portfolio management stresses the selection
of securities for inclusion in the portfolio based on that security's contribution to the portfolio as a whole. This purposes that there some synergy or
some interaction among the securities results in the total portfolio effect being something more than the sum of its parts. When the securities are
combined in a portfolio, the return on the portfolio will be an average of the returns of the securities in the portfolio. For example, if a portfolio was
comprised on equal positions in two securities, whose returns are 15% and 20%, the return on the...show more content...
It is important to recognize the difference between the risk of an individual security and the risk of the portfolio as a whole. The risk of a portfolio is
less than the average risk of its holdings, your risk tolerance should be matched to the risk of the overall portfolio and not to the risk of each security.
 Inflation – Although some degree of inflation protection is needed, the extent will vary depending upon the time horizon and the goal of
using the portfolio to generate income for future cash consideration. Whereas, someone using a short term trading strategy and interested in
maximization of capital gains may concentrate less on this factor.
 Time Horizon – The time horizon is the period of time from the present until the next major change in your circumstances. A good portfolio
design will reflect this time change. For example – at 25 years of age and normal retirement at age 60 does not necessarily mean the time horizon is 35
years. Different events in your life can represent the end of one time horizon and the beginning of a new time horizon and a need for a complete
rebalancing of your portfolio. These events could include finishing university, purchase of a new home and many others beside retirement.
 Liquidity – In portfolio management this is the amount of cash and near–cash in the portfolio. For liquidity purposes, if you are wealthy and
risk tolerant you may choice to
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Levels Of Management Essay
What are the different levels of management in an organization? Explain responsibilities and importance of each level with examples. You may choose
your current organization or an organization of your choice to support your answer. [30marks]
In any organization the number of managerial levels largely depends on its size. The term " Levels of management" is referred to a line of demarcation
between various managerial positions in a business. Basically there are 3 levels of management in an organization namely the top level, middle level
and the first level. "Mary Parker Follet defines management as: The art of getting things done through people". Moreover each level has their job
responsibilities and we have to make sure that we are operating in an effective way to benefit the organization. It is important to note that depending on
the size of the organization there may be more or less levels of management.
A classical management levels is shown below in figure1.
Figure 1
Top Level Management...show more content...
It is also known as the corporate or strategic level. The top level managers includes those who work as Presidents, Vice President, Chief Executive
Officer, Managing director or general managers. At such level of management, focus is made on long term planning and strategic planning process.
Some of their important areas of responsibility include strategic planning, overall performance evaluation, facilitating middle managers in achieving the
results and selection of key personnel. Furthermore they have to make policies frame plans to attain objectives, assemble the resources of money and
materials to ensure the planning and establish the objective or goals of the
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Essay on Management and Organization
Introduction The management and organizational approaches that are used by various firms play a critical role in their performance. The adopted
management approach is important due to the fact that it determines the efficiency with which activities are performed. The organizational structure of
the firm on the other hand determines the delegation and application of authority. The organizational structure is developed by themanagement. The
structure facilitates effective interaction among employees and helps in directing resources towards achieving the goals of the organization. The
behavior of employees is also influenced by the management and organizational approach (Mullins 3). Thus a firm will only be successful if it adopts
the best...show more content...
First, it is based on the assumption that firms operate in a capitalist economy that is associated with "a free market system" (Perterson 47) in which
transactions are facilitated by money. Thus the most important objective of the firms is profit maximization and improving efficiency levels. Second,
the workers are expected to be rational. This means that they are supposed to work–hard in order to maximize their earnings. Besides, they are
expected to prioritize the goals and objectives of the organization. Finally, organizations are supposed to increase their production capacities in order
to enjoy the benefits of "division of labor and specialization of tasks" (Daft 56).
The principles of the theory The scientific management theory is based on four principles. The principles form the basis for designing processes,
managing workers and improving productivity. Thus an organization that uses the scientific management approach will improve its efficiency and
productivity if it follows the principles correctly. The principles are as follows.
Developing a Science for Every Element of Work According to this principle, the old rule–of–thump should be replaced by clear–cut procedures. Such
procedures can be developed through a careful study of the various processes within the organization in order to "develop the one best way to do
everything" (Cook and Hunsacker 45). In order to identify
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Skills For Effective Management Essay

  • 1. Skills for Effective Management Essay Skills for Effective Management It is understood that management, which is defined as the act, manner, or practice of managing, handling, supervision, or control directly affects almost every aspect of the workplace (American Heritage, 2000). An incompetent or careless manager can have a devastating impact on an organization. This incompetent manger can cause and perpetuate decreased employee performance, dissatisfied customers, and poor production. An effective manager will avoid such effects through circumspect consideration and implementation of innovative management strategies. The purpose of this paper is to review and discuss such strategies and to provide a formula for exceptional leadership. THE INNOVATIVE LEADER: ...show more content... Indeed, communication skills are the most basic prerequisite for any manager's success. Another primary skill is that of directing personnel appropriately. Leaders must maintain a good rapport and actively listen to subordinates to ensure mutual trust and respect, and to ensure that no managerial shortcomings impede employees' willingness to promptly and accurately respond to direction. Employees' responsiveness to leaders' direction is closely associated with workplace morale, another important responsibility of the innovative leader. Managers must ensure that the team or group for whom they are accountable maintain a positive and spirited approach to the "daily grind." As difficult as it may be, managers must avoid mistakes such as passing on their stress to their staff, and blaming external factors, such as upper management or the business climate, if morale is low (Gish, 2003). Finally, strategic solutions for common mistakes, such as the preceding, will be addressed, completing the overview of the skills and capabilities of innovative leaders. Method Data for this paper was compiled from various sources, including Southern Illinois University's Morris Library Web page and the Society for Human Resource Management web page, among other Internet sources, as well as Albuquerque, New Mexico public libraries. Discussion The elements of success for a manager, as mentioned previously, include the ability to communicate effectively, the ability to direct
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  • 3. Essay on Philosophy of Management Every manager must have a set of principles, values, and core beliefs that he must follow. These principles, values, and beliefs make up his philosophy of management. Webster defines philosophy as "the most basic beliefs, concepts, and attitudes of an individual or group." (Webster) I will be discussing the principles, values, and beliefs I as a manager will have to do my job efficiently. I will also discuss the different biblical beliefs that support my management style. I believe in a directive and conceptual decision style. When there is a small problem that requires a quick solution, I would use the directive decision style. This would be similar to a problem that I would have already dealt with in the past. For larger obstacles...show more content... A manager is not a babysitter to his staff, and he should not shadow his employees. If there is a dispute between two employees at the workplace, the manager should let the employees resolve it themselves. If that dispute fails to get resolved and starts to affect the performance of others, then the manager needs to resolve the dispute for them. This may entail firing the employees involved in the dispute. Adults at the workplace should be able to resolve disputes themselves without any intervention from the employer. I am going to provide a scenario and what the manager should do in the scenario. Scenario: A long time employee, Fred, with a perfect attendance record suddenly doesn't show up to work for an entire week. Fred doesn't notify the employer of the reason for his absence. The employer tries to contact Fred without any success. The employer then promotes one of his other employees, Mark, to the position that Fred had. After a week Fred returns back to work only to find out that Mark is doing his job. Fred tries to explain to the manager that his father died and he was too devastated to answer the manager's calls to him. What should the manager do now? In this scenario, the manager should let Mark keep his promotion and give Fred Mark's old job. Fred should have notified his manager of his leave if he wanted to keep his position. It would be hard to remove Mark's promotion Get more content on HelpWriting.net
  • 4. Management : Management And Management Essay According to Henri Fayol, managers perform five basic functions; planning, organizing, leading, commanding, and controlling. Managers also adapt to assuming multiple roles, enabling them to comfortably transition between being a Monitor, a liaison, a disseminator, a resource allocator, and more. Successful managers do not simply dictate orders, they apply multiple disciplines, embrace the organization as a living breathing entity which has differing moods, requirements and needs, and they understand strive to create a challenging and satisfying work environment, one which promotes innovation, employee dedication and high productivity. To create this type of environment, managers need to understanding their greatest asset are the people whom they manage. A successful manager fosters trust with their subordinates, empowers them to grow and learn, and becomes a dependable resource the employees can count on no matter what struggle may stand before them. Pete Aranda, a Lockheed Martin employee, is the engineering manager of the Networked Training Center, (NTC), program, an F–16 combat aircraft simulator. Mr. Aranda manages an engineering team comprised of three Software Engineers, two Hardware System Engineers, a CAD/CAD Design Engineer and a Configuration Specialist. The Engineering Team is tasked with designing, testing and implementing upgrades to the simulator 's software and hardware to replicate the continual upgrades occurring to the aircraft pilots fly during Get more content on HelpWriting.net
  • 5. Essay on Management and Leadership Successful organizations have strong leaders and managers that develop, support and encourage employee longevity within a company. There is a significant difference between leadership and management however both skills have to be used collectively and both are important to a profitable organization. Leadership is a notion of communicating an organization's vision, whereas management is more of the implementation of the organization's vision. The manager typically carries out the responsibilities written by the organization and has a good team underneath them to carry out the duties and meet the goals. Most companies have a mission statement that mirrors and supports a company's vision. When referring leadership and management, the two...show more content... According to Hersey and Blanchard (1998), there are three areas required for effective leadership. Technical skills, which includes clinical expertise and knowledge as it pertains to nursing. Secondly, human skills, which is the ability and judgment to work with people in leadership roles. And lastly, conceptual skills which is the ability to understand the complexities of overall organization and figure out how and where one's own strengths of management fits into the overall organization (Cherry, Jacob 2011). Leadership is unique compared to any other role because of its responsibility for people. Good leaders are followed merely because they have gained people's trust and respect. Management: Management involves the tactical aspect of day to day functions and who keeps control of the work environment to make sure the organization is moving forward and in the same direction of the company's vision. Managers are faced with many responsibilities each day, one of which is managing people. The goal of a successful manager is to achieve the highest productivity of the organization by way of the people he/she manages. A manager is more of a problem solver and takes care of work areas relating to people management, time management, decision making etc. According to Lewin (1951) and White & Lippit (1960), there are three prevalent management behavior styles: Authoritarian, democratic and laissez–fare (Cherry, Get more content on HelpWriting.net
  • 6. Strategic Management Essay Strategic Management Introduction To deal effectively with the wide array of factors affecting the ability of a business to grow and prosper, managers need advanced processes they feel will facilitate the optimal positioning of the business in its competitive environment. Such positioning is possible with strategic management because this process improves preparedness for unexpected internal or competitive demands. Therefore, strategic management is an all–encompassing approach for formulating, implementing and evaluating managerial decisions in a way that permits the business to reach its objectives. For a strategic management plan to be successful, however, every manager should: Clearly see the need for change Be...show more content... John, 44–59). Understandably, organizations with diverse operations due to multiple products, markets or technologies also tend to use more complex strategic management systems. Despite differences in detail and degree of formalization, the basic components of the models used to analyze strategic management operations are very similar. The strategic management process is based on the belief that businesses should continually monitor internal and external events so timely changes can be made. To survive, firms must be able to identify and adapt to change. This involves timely planning, directing, organizing and controlling of the strategy–related decisions and actions of the firm (Camerer, 195–219). The strategic management process is sometimes improperly perceived as a unidirectional flow of objectives, strategies and decision parameters from management to the employees. In fact, the process should be highly interactive since it is designed to stimulate input from creative, skilled and knowledgeable people working at every level of the business. Tools Used in Strategy Development This section very briefly describes several key tools that can be used during the course of strategy development and strategic planning. The list is not intended to be comprehensive but to illustrate the types of tools
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  • 8. Level Of Management : Top Managers Essay Level of Management The level of management is important for people to learn how the businesses to operate and manage the companies. According to what I have learned in class and experienced in the life, there are three main levels of managers: Top managers, middle managers and first–line managers. Top Management Top managers make up the relatively small group of administrators who manage the overall company. And top managers are the most important managers because they are able to create the company's goals, business strategies, and operating policies. What's more, they usually represent the company to the external social environment by meeting with government officials and top managers from other companies. The titles of the top managers are chief executive officer (CEO), Chief Financial Officer (CFO), Chief Operating Officer (COO), vice president, chairman and president. Managers in top level have the highest authority and they are responsible to lead employers to achieve their goals and make the company better. There are some main functions of top management: The top managers need to determine the goals of the company. The goals are long–term goals and short–term goals. The top managers need to create the business plans and operating policies to achieve the goals which made by themselves. The top managers should assign jobs to the middle–level managers in different departments like Production, Research and Development, Purchasing, Marketing and Get more content on HelpWriting.net
  • 9. Management Essay examples DROP BOX ASSIGNMENT #1 CHAPTER 1– Pg. 26 1. Identify and describe a great manager. What makes him or her stand out from the crowd? I believe a great manager is someone who can deal with any situation in a professional manner and at the same time make sure his workers are taken care of. What I believe makes a great manager stick out from the crowd, is their personality and their relationship with their subordinates. If you see that the workers are happy, then that says something about their management. 2. Have you ever seen or worked for an ineffective manager? Describe the causes and the consequences of the ineffectiveness I have personally worked with an ineffective manager. I believe the manager did not care about his work...show more content... Once the customer is sold, they speak with a personal banker to get set up. 5. Name a great organization. How do you think management contributes to making it great? A great organization I feel is 24 Hour Fitness. I feel that the management allows their trainers to do what they do best, thus making happy workers and happy customers 6. Name an ineffective organization. What can management do to improve it? Walmart to me seems to be an ineffective organization, just because the people who work there do not seem happy. I feel like people in general shop there because it's inexpensive, but I feel management should care more about their workers. Maybe a pay increase, or more breaks. PAMS– Pg. 27–29 My total score was 1,068. I feel that I need some improvement on my management skills. I need to learn to be more assertive and not so lenient when it comes to completing tasks on time. APPENDIX A– Pg. 40 1. How does today's business world compare with the one of 40 years ago? What is the difference about today, and what is not so different? We are far more advance in today's business world than 40 years ago. One major difference in today's business world, is that women are in high positions and CEO's of companies. That was rare 40 years ago. 2. What is scientific management? How might today's organization use it? Scientific management was an approach to see what were people's strengths
  • 10. Get more content on HelpWriting.net
  • 11. Management Essay We live and work in a condition with challenging opportunities and dramatic uncertain economic environment, especially for managers, must have enough skills and knowledge to manage the changeable business environment. This essay will discuss whether the managers nowadays have the tendency to focus on economic results at the expense of more important things or not, and yes, the managers have the tendency to focus on the expense of more important things, the discussion will be demonstrated from the following concepts: contemporary management challenges–downsizing, workplace diversity, restructuring, globalisation and quality; organisational culture in Australia, managers' role in managing organisational culture. Managers today must be able...show more content... Quality means the total features and characteristics of a product or service that has effects upon its ability to satisfy stated or implied needs (Davidson et al. 2006). All the challenges that managers need to face to are mentioned and defined above, the analysis of the relevance of these challenges and economic results will be addressed in the next paragraph. All profit–orientated organisations are focus on strategies to measure the value they produced in financial terms. In that case, managers need to provide strategies and action plans to achieve organizational goals, encourage efficient employees, reward good performance, and support risk and creativity to achieve higher profits (Thach & Thompson 2007). Moreover, satisfy the customer needs is very important, because their purchasing activities can bring the profit (Thach & Thompson 2007). Financial performance not only can show whether the business gain or loss money, if gain more money means the business running well and is successful on financial terms, but also is an important measurement when evaluating the abilities of the manager. Although financial performance is important for the organisation, managers should not only focus on it, should also focus on the Get more content on HelpWriting.net
  • 12. Top Three Levels Of Management Essay The top three levels of management in an organization can be categorized in multiple formats: top–middle–low, corporate–departmental–supervisory, and executive–tactical–organizational and some. Whichever naming convention one prefers, the basic roles and responsibilities are the same; top level managers focus on the organization as a whole; middle level managers focus on specific business units, product lines or departments; low level managers focus on an office, installation, or facility, and have the most direct interaction with front–line employees. The top level of management in a corporation is responsible for the strategic goals, mission, vision, and culture of the organization. They develop all corporate–level strategy, which is defined by Daft as strategy that "pertains to the organization as a whole and the combination of business units and product lines that make up the corporate entity" (Daft, 2013). They also produce corporation–wide planning and make decisions that will ensure that lower level managers have the financial resources necessary to complete their portions of the corporate strategy. Strategic–level decisions include mergers, joint ventures, entering and exiting markets, starting up new product lines, and opening or closing factories. Frequently referred to as "C–Level Managers," these management positions are abbreviated with 3–letter acronyms starting with a C: Chief Executive Officer (CEO), Chief Financial Officer (CFO), Chief Marketing Officer Get more content on HelpWriting.net
  • 13. Leadership vs. Management Essay Leadership vs. Management Much has been written about the difference between management and leadership. In the past, competent management staffs ran effective companies. In light of our ever–changing world, however, most companies have come to realize that it is much more important to lead than to manage. In today's world the old ways of management no longer work. One reason is that the degree of environmental and competitive change we are experiencing is extreme. Although exciting, the world is also very unstable and confused. In an article entitled What's the Difference between Your Hospital and the Other? Gary Campbell states that the difference between a manager and a leader is that the manager "finds himself quite willing to...show more content... One idea for creating and maintaining a healthy organizational culture is simply to ensure that there are processes in place to select and develop the best people available. A great deal of money and resources should be devoted to carefully screen job applicants, identifying those few whose values closely match the company's. To be selected to fill a leadership position in the company, a person would have to possess the passion and skills necessary to keep the culture alive and healthy. In addition to the resources necessary to ensure optimal staff selection, the company must be focused on continual employee development. A leader's skills must be fed and cultivated. The leader must be given this consistent message: change is good... change is vital. According to a leadership article found on www.1000ventures.com, "The operative assumption today is that someone, somewhere, has a better idea; and the operative compulsion is to find out who has that better idea, learn it, and put it into action – fast". I believe that Allstate attempts to abide by this theory but due to its size is probably not always successful. There are many positions to be filled on a daily basis and it is probably not practical to think that this large corporation could be selective enough to make sure that each employee selected fully embodies the company culture. Another key area that should be considered when maintaining a healthy Get more content on HelpWriting.net
  • 14. Leadership, Management, And Management Leadership and management are different. Leadership is the position a person holds as an administrative leader such as CEO–Chief Executive Officer. Management is the act of managing a business which consists of a body of people in positions of administrative authority. Business management consists of officers, directors and other people who have authority of the business operation, organizations, duties, and work to be done. In management , emphasis is on delivering high quality products and services with the use of new technologies. A person in leadership such as the business CEO controls the company's managerial process. The difference between leadership and management is that leadership leads; have a vision, controls organization, manage plans and maintain the budget of an organization. "Kotterman indicated that people think there is a differentiate between leadership and management by researching internet sources and academic debates." Although, managers supposed to lead a team or project, but some managers mainly performs the functions as management duties. (Kotterman 2006) At some point, managers do have the opportunity to show leadership when managing an organization. Leadership is all about changing the order of things. It is about having a vision, a strategy and having a plan that is built around the customer. A CEO, the chief executive officer of an organization focuses mainly on the vision of a company. "An article called "What is this thing called CEO Get more content on HelpWriting.net
  • 15. Business Management Essays Business Management The world of business has undergone radical and dramatic changes in the last decade changes that present extraordinary challenges for the contemporary manager. A manager is an organizational member who is responsible for planning, organizing, leading, and controlling the activities of the organization so that the goals can be achieved. According to a widely referenced study by Henry Mintzberg, managers serve three primary roles: interpersonal, informational, and decision–making. Management is process of administrating and coordinating resources effectively and efficiently in an effort to achieve the goals of the organization. The concept of management within an organization typically occurs in an...show more content... Controlling is monitoring the performance of the organization, identifying deviations between planned and actual results, and taking corrective action when necessary. With all these four functions that are involved in the process of management, if all are followed correctly the organization will be properly ran and will have few complications. In every organization there are managers, and every manager is classed on different levels in terms of the skills they need and the activities they are involved in. Managers exist at various levels in the organization hierarchy. A small organization may have one layer of management, where as a large organization may have several. In most organizations there are three level of managers. The three level of managers are, first line manager, middle manager, and finally the top–level manager. Managers at different job levels have different job responsibilities and therefor require different skills. First–line managers supervise the individuals who are directly responsible for producing the organization's product or delivering its service. They carry titles such as production supervisor, line manager, section chief, or account manager. First–line managers along with all the other managers are involved in three skills conceptual, human, and technical. In each three different levels of management, each one of these Get more content on HelpWriting.net
  • 16. Notes On Management And Management TRANSCRIPT (Story Telling Video) Slide 1 Introduction about me Slide 2 Introducing the main focus on the topic "What is management" Slide 3 Introducing a workplace where a manager's behaviour to her employee based on a movie. The employee is tired of his manager's rude and arrogant behaviour. Life in that office makes his life pathetic and miserable. Slide 4 Focusing on the main question "Is this what we call management..?" Slide 5 & 6 What is management..? Management plays a vital role in developing and promoting success to any business. There are various definitions for management by different scholars. According to Henri Fayol (1841–1925), "Management is to forecast and to plan, to organise, to command, to co–ordinate and to control" (Iim–edu.org, 2016). According to Lawrence A Appley, "Management is the development of people and not the direction of things" (HubPages, 2016). Slide 7 Introducing a question "Challenges faced by the Managers" Slide 8 Challenges involved in the management role are given as Human resource management Recruitment Evaluation of the employees Training the employee Conducting seminars
  • 17. Consultation and team management Slide 9 Challenges faced by Managers are Globalisation Customer satisfaction and productivity Workforce and Changing trends Economy and Technology Slide 9 Globalisation has both advantages and disadvantages. Due to Globalisation, competing with international brands, quality of the indigenous product is Get more content on HelpWriting.net
  • 18. Management Theories Essay Management Theories The Classical School of Management Theory The Classical School is thought to have originated around the year 1900 and dominated management thinking into the 1920s, focusing on the efficiency of the work process. It has three schools of thinking: Bureaucratic management, which focuses on rules and procedures, hierarchy and clear division of labour; Scientific management, which looks at 'the best way' to do a job; and Administrative management, which emphasises the flow of information within the organisation. Classical management theory is now considered to be an outdated form of management for the principal reason that people and their needs are considered by Classical theorists as secondary to the needs...show more content... 4. Remove all responsibility for the work method from the worker and give it to management. The worker is responsible only for the actual job performance. Scientific management became very popular in the early part of this century as its application was shown to lead to improvements in efficiency and productivity. However, flaws in the theory soon became evident: employees become bored and frustrated as they are relieved of responsibility and jobs became more repetitive; removing the workforce from the design and control of jobs leads to an increasing gulf of knowledge between management and the workforce; and rising education standards and employee aspirations make the belief that management are superior to their employees very dated. The Human Relations / Behaviourist School By the 1920s, it was becoming apparent that the major shortcoming with Classical management theory was its inability to deal with the people who work in organisations. The Human Relations (or Behaviourist) School emerged in the 1920s and dealt with the human aspects of organisations. Subscribers to the Human Relations school believe that a co–operative work environment and the needs and values of the workers are paramount, which should be encouraged by democratic consultation by those who
  • 19. manage. The Hawthorne Experiments. Elton Mayo is probably the must Get more content on HelpWriting.net
  • 20. Essay about Sports Management Sports Management Someone once said, "There are those who make things happen, those who watch things happen, and those who wonder what happened." I consider myself one of those rare people who really knows how to "make things happen." I have gone from being a follower to being a leader, from being someone who was shy and uncertain to a person who is self–confident and assertive. It has been a remarkable metamorphosis, and it has changed my future professional plans and personal goals. The awakening of my independence happened during the end of my softball season my freshman year in college when my head coach had cut my scholarship because of lack of funding. I was faced with making my first mature decision into what my future was...show more content... I have also had the opportunity to be involved in various extracurricular activities that have provided me with the skills and knowledge that I have employed in my work experiences. Many concepts that I have learned from these activities were not taught in the classroom, but were instilled through practical experiences. As well, I feel being a participant in athletics has helped me to grow both personally and professionally. The variety of field experience, ranging from a minor league baseball program to being a activities coordinator at a resort, to becoming a sports information assistant to my university has given me a full perspective of the broad spectrum of the sporting industry. I aspire to a career in promotions in the sports industry because I enjoy meeting new people and having the opportunity to participate in sports, but most importantly the feeling of excitement I get right before a sports competition, is comparable to the feeling I get working behind the scenes preparing for a sporting event. I truly enjoy coordinating the events that lead up to the main event. As I look toward my future in sports promotions/public relations, I believe one of my greatest assets will be associating with others. Presently with my position of sport information Get more content on HelpWriting.net
  • 21. Leadership versus Management Essay Is every good manager a good leader? Is every leader a good manager? Leadership and management are often used in similar perspectives, yet they do not share the same meaning. Leaders are exactly what the name says – they lead team members to success. Managers, like leaders, have the meaning referenced in the name. Managers manage over employees, striving for success. The two titles can be used simultaneously with one person, but this is a rare occurrence. According to MSN Encarta Dictionary, the term manage has several meanings. One of the explanations state that to manage is to "administer or run something – to be in charge...and be responsible for its smooth running and for any personnel" (Encarta, 2008). MSN Encarta Dictionary...show more content... A leader guides his or her employees in the right direction so that they as a team achieve positive results. A leader helps employees to know the correct methods used in performing daily tasks. A leader focuses on training the employees and assisting them in furthering their knowledge of the industry. Employees look up to leaders and trust that the leaders are guiding them along the correct path. What are the differences between managers and leaders? "The biggest difference between managers and leaders is the way they motivate the people who work or follow them, and this sets the tone for most other aspects of what they do" (Changing Minds, 2008). Managers hire people to work underneath them to accomplish tasks for a common goal. These people are considered subordinates. Leaders have followers. These followers are considered employees. Leaders are passionate about something and bring this level of understanding and emotion to others around them. Managers deal with the physical aspect of the position, whereas leaders deal with the personal aspect of the position. Do all managers have leadership skills? The majority of managers possesses management skills but lacks the leadership skills that are needed to be an accomplished person in charge. A manager is someone with a title, who has subordinates that are paid to obey and complete assignments. A leader is someone who people choose to follow. Leaders are not always managers. Any person Get more content on HelpWriting.net
  • 22. Portfolio Management Essay Portfolio Management Introduction: Portfolio management is a conglomeration of securities as whole, rather than unrelated individual holdings. Portfolio management stresses the selection of securities for inclusion in the portfolio based on that security's contribution to the portfolio as a whole. This purposes that there some synergy or some interaction among the securities results in the total portfolio effect being something more than the sum of its parts. When the securities are combined in a portfolio, the return on the portfolio will be an average of the returns of the securities in the portfolio. For example, if a portfolio was comprised on equal positions in two securities, whose returns are 15% and 20%, the return on the...show more content... It is important to recognize the difference between the risk of an individual security and the risk of the portfolio as a whole. The risk of a portfolio is less than the average risk of its holdings, your risk tolerance should be matched to the risk of the overall portfolio and not to the risk of each security.  Inflation – Although some degree of inflation protection is needed, the extent will vary depending upon the time horizon and the goal of using the portfolio to generate income for future cash consideration. Whereas, someone using a short term trading strategy and interested in maximization of capital gains may concentrate less on this factor.  Time Horizon – The time horizon is the period of time from the present until the next major change in your circumstances. A good portfolio design will reflect this time change. For example – at 25 years of age and normal retirement at age 60 does not necessarily mean the time horizon is 35 years. Different events in your life can represent the end of one time horizon and the beginning of a new time horizon and a need for a complete rebalancing of your portfolio. These events could include finishing university, purchase of a new home and many others beside retirement.  Liquidity – In portfolio management this is the amount of cash and near–cash in the portfolio. For liquidity purposes, if you are wealthy and risk tolerant you may choice to
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  • 24. Levels Of Management Essay What are the different levels of management in an organization? Explain responsibilities and importance of each level with examples. You may choose your current organization or an organization of your choice to support your answer. [30marks] In any organization the number of managerial levels largely depends on its size. The term " Levels of management" is referred to a line of demarcation between various managerial positions in a business. Basically there are 3 levels of management in an organization namely the top level, middle level and the first level. "Mary Parker Follet defines management as: The art of getting things done through people". Moreover each level has their job responsibilities and we have to make sure that we are operating in an effective way to benefit the organization. It is important to note that depending on the size of the organization there may be more or less levels of management. A classical management levels is shown below in figure1. Figure 1 Top Level Management...show more content... It is also known as the corporate or strategic level. The top level managers includes those who work as Presidents, Vice President, Chief Executive Officer, Managing director or general managers. At such level of management, focus is made on long term planning and strategic planning process. Some of their important areas of responsibility include strategic planning, overall performance evaluation, facilitating middle managers in achieving the results and selection of key personnel. Furthermore they have to make policies frame plans to attain objectives, assemble the resources of money and materials to ensure the planning and establish the objective or goals of the Get more content on HelpWriting.net
  • 25. Essay on Management and Organization Introduction The management and organizational approaches that are used by various firms play a critical role in their performance. The adopted management approach is important due to the fact that it determines the efficiency with which activities are performed. The organizational structure of the firm on the other hand determines the delegation and application of authority. The organizational structure is developed by themanagement. The structure facilitates effective interaction among employees and helps in directing resources towards achieving the goals of the organization. The behavior of employees is also influenced by the management and organizational approach (Mullins 3). Thus a firm will only be successful if it adopts the best...show more content... First, it is based on the assumption that firms operate in a capitalist economy that is associated with "a free market system" (Perterson 47) in which transactions are facilitated by money. Thus the most important objective of the firms is profit maximization and improving efficiency levels. Second, the workers are expected to be rational. This means that they are supposed to work–hard in order to maximize their earnings. Besides, they are expected to prioritize the goals and objectives of the organization. Finally, organizations are supposed to increase their production capacities in order to enjoy the benefits of "division of labor and specialization of tasks" (Daft 56). The principles of the theory The scientific management theory is based on four principles. The principles form the basis for designing processes, managing workers and improving productivity. Thus an organization that uses the scientific management approach will improve its efficiency and productivity if it follows the principles correctly. The principles are as follows. Developing a Science for Every Element of Work According to this principle, the old rule–of–thump should be replaced by clear–cut procedures. Such procedures can be developed through a careful study of the various processes within the organization in order to "develop the one best way to do everything" (Cook and Hunsacker 45). In order to identify Get more content on HelpWriting.net