9.1 Business Management and Change
Chp1. The nature of management
Management (contemporary definition): - the process of working with and through other ppl to achieve biz goals in a changing environment. Crucial to this process is the effective & efficient use of limited resources.
According to this definition, key aspects of the mgt process (for managers to undertake) are:
Manager: - someone who coordinates the biz's limited resources to achieve specific goals. A manager must be both effective and efficient. Managers plan, organise, lead and control (POLC) the biz (see below). Managers are constantly having to guide & direct staff, offering solutions to mgt problems based on their own experience and the experience of others.
1.1) The importance of effective management
- An important role of effective mgt is to ensure that joint efforts of employees are directed toward
achieving the goals of the biz.
- Bizs must meet the needs of all stakeholders.
- Effective mgt is generally the major factor influencing success or failure of a biz.
- Successful managers achieve goals effectively and efficiently.
- Well-coordinated and effective management achieves a degree of synergy (combined action that
makes the whole greater than the sum of its parts, e.g. ‘1 + 1 = 3').
1.2) Management roles ''" interpersonal, informational, decisional (cont. p.2)
Henri Fayol, a French engineer, pioneered the functional approach to mgt, focusing on the 4 main functions managers perform (POLC). Fayol saw mgt as a distinct function apart from other organisation functions (i.e. marketng). Table of the 4 main functions of mgt, according to Fayol:
|Management Function | | |
| |Definition |Operation |