Business Management Chapter 5

Planning
A formalised procedure to produce a set of integrated systems of decisions
SWOT analysis
Assessment of internal strengths and weakness and external opportunities and threats for given situation
Organising
Coordination of the various human and physical activities
Leadership
One’s ability to get others to willingly follow
Sources of leadership
Legitimate power, expert power, reward power, coercive power, referent power
Controlling
Ensures plans are being implemented appropriately and alerts managers to any deviations so corrective action may be instigated
Types of controls
Financial controls, performance standards, time controls, cost controls
Management style
Manner and approach to providing direction, implementing plans and motivating people
Communication
Process of creating and exchanging information between people to produce required response
Delegation
Passing of authority down the hierarchy to perform tasks or make decisions
Negotiation
The process by which one party seeks to obtain something it wants from another party
Time management
The efficient utilisation of work time, which involves setting and prioritising tasks, allocating time and avoiding time-wasting activities
Stress management
Skills required by a manager to reduce the level of stress/distress in both themselves and their subordinates
Emotional intelligence
A set of competencies that allow us to perceive, understand and regulate emotions in ourselves and in others
Technical skills
Manager’s ability to perform a particular task
Analytical skills
The ability to analyse or study the nature of a given situation or set of circumstances
Steps of planning
1. Establish an objective; 2. Identify current situation and forecast future situation (SWOT analysis for strategic planning); 3. Develop and evaluate planning alternatives; 4. Select and implement plan; 5. Monitor and review results
Role of management in laissez-faire
Outlining budgetary constraints, coordinating timelines and ensuring objectives are achieved