Business Studies Conflicting Interest

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Business StudiesConflicting Interest Business
ManagementHospiraMarch 1st
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Business Management

• Definition Management is the process of
  achieving desired results (objectives) through an
  efficient utilisation of human and material
  resources (Bedeian, 1993)
• An objectives is a target to be achieved
  tomorrow, next week or in the next ten years.
• Long term objectives are Strategic while medium
  term are tactical
• Management achieves objectives through the use of
  people, machinery and finance
• Personal Business objectives, examples??

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Business Management

• Management Characteristics
• Decisiveness
• Self motivation
• Desire for achievement
• Self-belief
• Hard-working
• Charisma
• Communicator

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Business Management

• The Functions of Management
• Planning is the process of establishing goals
  objectives selecting a future course of action
  in order to achieve them.
• Organising once the plans have been established
  it is necessary to allocate adequate resources to
  ensure they can be achieved
• Staffing this function ensures that effective
  employees are selected, trained developed
  also rewarded if goals are achieved

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Business Management

• The Functions of Management
• Leading This involves getting individuals or
  groups to help willingly harmoniously in
  attaining the organisational goals. Leading
  usually means that the manager has to direct,
  motivate communicate with employees
• Controlling If the organisational goals/targets
  are to be achieved then the progress made by the
  individuals, business units or groups will need
  to be constantly monitored. Good plans, solid
  organisation effective leaders are no guarantee
  of success unless the various activities are
  measured, evaluated and corrected

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Enterprise vs. Management

• In general entrepreneurs may be very good at
  coming up with an idea, convincing people to lead
  them money working at a fast pace to get a
  project up and running, however they may not fair
  as well when it comes to the day-to-day running
  or a business
• Skills and characteristics entrepreneurs
  managers have in common??

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Management Levels

• Managers are located at different levels
  within the organisation perform a range of
  different activities.
• Top Managers
• Middle Managers
• Front Line Managers

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Management Levels

• Top Managers
• Also referred to as strategic managers, these are
  the top executives in the organisation. They
  include the Chief Executive, President, Chairman,
  Chief operating Officer, Directors members of
  the board
• They are responsible for the overall mission
  direction of the organisation. Top managers
  shape org goals, provide resources, monitor
  progress make strategic decisions
• They represent the org at outside meetings
  develop customer and supplier relationships

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Management Levels

• Interpersonal
• Figurehead they represent the org in social,
  economic legal areas
• Leader They have to influence the activities of
  employees
• Liaison they have to interact with peers
  colleagues in other org
• Informational
• Monitor they must collect information that
  enables them to deal with both internal
  external developments

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Management Levels

• Disseminator top managers will transmit
  information to those inside the org
• Spokesperson This is needed when in
  contact/dealing with external bodies
• Decisional
• Entrepreneurs Top managers initiate changes to
  improve overall performance
• Disturbance Handler they will have to deal with
  unforeseen events
• Resource Allocators decide where how the org
  should allocate its resources
• Negotiator when dealing with influential groups
  like trade unions

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Middle Managers

• Also called tactical managers are
  responsible for translating the general plans
  objectives developed by top managers into
  specific objectives and ways of achieving them
• Middle manager include Plant Managers, Business
  Unit managers, Operations Managers,
  Superintendents Senior Supervisors
• They integrate the activities of different groups
  to ensure co-ordination.
• They act as a link between top managers front
  line managers communicate between the levels

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Middle Managers

• The 1980s saw many middle managers losing their
  jobs as the org down sized or delayered
• The main casualties were Superintendents Senior
  Supervisors
• This occurred as companies set about reducing
  costs attempting to become more competitive
• The development of IT has meant that middle
  managers are no longer needed to serve as
  information communications channels between top
  and front line management levels.

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Front Line Managers

• FLM form the largest group of managers in most
  orgs. They are responsible for directly
  supervising managing operating employees
  resources.
• They ensure that the plans developed by top
  managers are fulfilled by those employees who
  produce the orgs goods services.
• FLM are the link between management
  non-management, this is very important.
• How they interpret information pass it on to
  employees has a critical impact on employees
  reactions

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Front Line Managers

• The role of the front line manager has changed
  just as has the role of the middle manager.
• More responsibilities of the middle manager have
  been passed on to the front line manager in
  recent years. FLM have become increasingly
  responsible for shop floor operations have been
  given more authority responsibilities.
• Other analysts foresee great changes in the role
  of the front line manager over the next decade

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Management Skills

• As we have already seen the Management Functions
  are an extremely important part of the managers
  job, there are certain skills needed to ensure
  that managers carry out their functions
  effectively.
• Skills are the abilities developed by managers
  through knowledge, information practice.
• Management Skills can be divided into 3
  categories
• Technical
• Interpersonal
• Conceptual

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Management Skills

• Technical
• This is the ability to perform a specialised task
  involving a particular method or process. E.g.
  Business graduates have technical skills in
  accounting, finance, marketing etc.
• Most employees develop a set of technical skills
  as they start their careers.
• Daily activities of most managers will involve
  the use of some technical skills. However as
  managers rise within the org they spend less time
  using these skill.
• Any Examples???

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Management Skills

• Interpersonal
• If a manager wishes to be successful effective
  then they will need to work well with other
  people thus need good interpersonal skill
  (human skills)
• According to Mintzberg Most top managers spend
  about half their time dealing with other people
• Therefore, if managers are to deal with employees
  effectively, they must develop their abilities to
  motivate communicate with those around them
• All managers require sound interpersonal skills

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Management Skills

• Conceptual
• Conceptual skills involve the ability to see the
  org as a whole, to recognise complex dynamic
  issues, and to examine the factors that influence
  these problems resolve such situations
• As a manager is promoted within an org they rely
  more and more on conceptual skills
• Reasons for managers gaining promotion are often
  to do with them possessing good conceptual
  skills, i.e. has the ability vision to see
  where the organisations future interests are.
• This is a necessary skill for strategic decision
  making

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Management Skills

• Leadership
• Motivation
• Communication