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Introduction to Business - Week 6 - Management

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Sara Skowronski

on 11 September 2015

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Transcript of Introduction to Business - Week 6 - Management

Management: Responsibilities and Skills Involved
Figuring out where to go and how to get there
Determining a structure for both individuals and the organization
Directing and motivating people to achieve organizational goals
Monitoring performance and making adjustments as needed

Human Resource Planning
Job analysis:
Examination of specific tasks assigned to each position
Independent of who might be holding the job at any specific time

Job description:
Explanation of the responsibilities for a specific position

Job specifications:
Specific qualifications necessary to hold a particular position

HRM Core Areas
Internal recruitment:
Seeking employees working with the firm to fill open positions
External recruitment:
Seeking new employees from outside the firm
- Tool to reject unqualified candidates
Structured interview:
Developing a list of questions beforehand and asking the same questions in same order to each candidate
- Occurs before or after the interview process
References and Background Checks
Training and Development
Orientation, On-the-job training
Management development:
Programs to help develop skills needed to move into leadership positions
- Performance appraisals: Formal feedback process that requires managers to give their subordinates feedback on a one-to-one basis
Role of the IT Department
Differs from one company to another
Implements key decisions about the technologies the firm will use.
Maintains an organization’s information resources and provides technical support to employees
Supports ECommerce efforts
Works with Marketing Department on Social Media efforts and Web Development
Truly works with all areas of the organization.
Handling Payments Electronically
Operations Management
Managing all of the activities involved in creating value by producing goods and services and distributing them to customers

Provide essential information and advice during the product-design process
Introduction to Business - Week 6 - Management
Illustrate the functions of management in the business.
Outline personnel management principles and the use of human relation skills in business.
Explain the elements of labor/management relations.

Theory X and Y
Human Resource Management - Why businesses need it....
Focuses on maximizing the effectiveness of the workforce by:
Recruiting talent and promoting career development
Determining workforce strategies to boost organizational effectiveness
Nurtures human investment so that it yields the highest possible return
Inventory Control
Stocks of goods or other items held by organizations
Benefits of holding larger inventories
Smoother production schedules
Protection against stock-outs and lost sales
Reduced ordering costs
Costs of holding larger inventories
Tied-up funds
Additional holding costs
Increased risk
Strategic planning
Vision for the company, define long-term objectives and priorities, determine broad action steps, and allocate resources
Tactical planning
Applying the strategic plan to specific areas of responsibility
Operational planning
Applying the tactical plans to daily, weekly, and monthly operations
Contingency planning
For unexpected events
Planning: An Overview
Organizing: Creating Logical Structure in a Firm
Organization chart:
Helps employees understand how they and their jobs fit within the broader organization
Degree of centralization:
Relates directly to the source of power and control
Span of control:
Number of people a manager supervises
Leadership: Being Direct and Bureaucratic
Autocratic leaders
Hoard decision-making powers and issue orders without consulting their followers
Democratic leaders
Share power with followers but make final decisions
Free-rein leaders
Set objectives for their followers but give them freedom to choose how they accomplish those goals
Monitoring performance of the firm and making improvements when necessary
Control process
Establishes clear performance standards
Specific and measurable
Realistic but challenging
Tied to a time frame
Measures actual performance against standards
Should happen before the end of the time frame attached to the goal
Takes corrective action if necessary

Functional Organizational Chart
What's Due next week....
In Class you will present your
Business Plan Presentation.
Submit it on BlackBoard (We can show them from there, you do not need to bring it on a flash drive, make sure you submit it on BlackBoard)
DO NOT just copy and paste your paper, make this presentation a summary and fun! DO NOT put your financial statements, summarize key points from the financials.

Combine all the parts of your final
Business Plan Paper
, you will want to get some financials in the paper or else submit a separate Excel Workbook.
Full transcript