Chapter 12: Management

• The 5 main functions of management

  Planning

  Organising

  directing

  Controlling
• Manager

  the person responsible for setting objectives, organising resources and motivating worker so the business objectives are met
• Henry Mintzberg – ten roles, divided into three groups :

  Interpersonal – managing through people.

  Informational – managing by the transfer of information

  Decisional – managing through action.
• Similarities between Fayol and Mintzberg's Theory

  
• Differences between Fayol and Mintzberg's Theory

  
• How do managers contribute to the success of a business?

  • Business meets its objectives
  • High levels of customer satisfaction
  • High employee motivation and low labor turnover
  • A respected brand image
  • High regard from external stakeholders
  • Excellent communication within the business and with external stake holders.
• Autocratic management style

  when one manager takes all decision with little to no input from others
• Democratic management

  Encourages the active participation of workers in decision making
• Paternalistic management style

  the view that the manager is in a better position than the workers and know what is best for the business.
• Laissez-faire management style

  one that leaves much of the decision making to the employees
• Management

  the organisation and coordination of activities in order to achieve the set objectives of the business
• Explain one difference between the work typically performed by a manager and supervisor

  The manager sets the objectives and expectations for the employees performance while the supervisors look over the day-to-day tasks and activities of the employees.
• McGregor's Theory X

  the view that some managers believe that employees dislike work, avoid responsibility and are not creative
• McGregor's Theory Y

  the view that some managers believe that employees can derive as much enjoyment from work as from rest and play and will accept responsibility and are creative
• Differences between McGregor's X and Y Theory

  They are contrasting theories that depict two different aspects of human behaviour at work

  Theory X is the negative, authoritive, pessimistic opinion on their workers

  Theory Y has a parcipative, optimistic opinion of their workers
• Emotional intelligence

  The ability of managers to understand their own emotions, and those of the people they work with, to achieve better business performance