Management - Business Revision Notes

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Contents

Management 4

Management in Different Situations 4

Characteristics of a Good Manager 5

Contrast between Enterprise and Management 5

Management

  • Management is a process involving a manager who works with people and co-ordinates activities. They combine resources such as capital and enterprise to ensure the business achieves its goals. The manager is in overall control of the business. Example: Michael O’Leary is the CEO of Ryanair.
  • Can be referred to as the

MD: Managing Director

CEO: Chief Executive Officer.

Management in Different Situations

  • Home: parents in a family may manage the family’s budget to make sure there is enough money to pay for a summer holiday.
  • In the Community: the tidy towns committee manage the effort to complete all tasks before the competition and ensure the town is as clean as possible.
  • In the School: the principal runs the school. They manage the teachers, students and organise timetables etc.
  • In Government Departments: The Minister for Finance must manage the budget and ensure the government are not spending too much money.
  • In Business: managers must ensure employees do their job correctly, customers are satisfied and that the business makes a profit.

Characteristics of a Good Manager

  • Decisive: a good manager can analyse a situation quickly and come up with an effective solution. They can quickly and firmly resolve problems. Example: a manager would deal with a leak in the shop by ringing the plumber and getting them to come and fix the problem as soon as possible.
  • Initiative: the manager doesn’t need to be told what to do. They are able to think of new ideas and come up with solutions themselves. Example: a shop manager notices customers are requesting a particular type of product so takes initiative to source it and stock it in the shop.
  • Good with People: a good manager knows how to get a person on side and get the best out of them. They have the ability to get ...

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