-BUSINESS STUDIES HSC-
9.1 HSC Topic 1: Business Management and Change
Management is the process of integrating all available resources to achieve the aims of the organisation. Management is responsible to the owners or shareholders for the safe conduct if their business and their capital.
The Nature of management
• The importance of effective management
Successful managers aim to achieve organisational goals efficiently and effectively. Efficiency in management concerns the relationship between inputs and outputs, and how to minimise resource costs of transforming inputs into outputs Effectiveness in management is concerned with achieving goals and objectives, and is often referred to as “doing the right things” or “the best way to achieve a goal” Effective management is important because it is the key to a more competitive economy, job creation depends in better management skills, provides a vision and direction for the business, implement change, makes decisions, coordinates activities within the business and are legally responsible for what the business does.
The Interpersonal role - refers to the duties a manager performs that involve relating to people both within and outside the business. They talk to subordinates about problems they may be experiencing, making decisions on how resources are to be allocated or are needed, and making decisions in what needs to be done. Mangers are leaders, as they give out orders to subordinates The Informational role – managers gather information from within and outside the business. Information outside the business typically relates to what competitors are doing and changes in the needs of customers. Information within the business is used to see whether implemented plans are working, and communicating the results to the business The Decisional Role – managers are required to make decisions. They can act as entrepreneurial role (concerned with initiating new projects), handles...