Understanding Management

The Functions of Management  Management is the process of: Planning Organizing Leadership Control of people and resources in order to reach a series of goals.

1. Planning  Is the processes of setting short and long range goals  Deciding how best to achieve those goals

2. Organizing  Organize the operation of the venture, bringing together the human, material, financial and technological resources needed to meet goals

3. Leading  What qualities do you think a good leader should have?  Great Quotes from Great Leaders Movie Great Quotes from Great Leaders Movie  YouTube - Desmond Tutu on leadership YouTube - Desmond Tutu on leadership  Portrait of Muhammad Yunus - Media Player at No - Flash Player Installation Portrait of Muhammad Yunus - Media Player at No - Flash Player Installation

Leading  Managers must direct, lead and motivate people to perform to the best of their ability: YouTube - Miracle - Coach Brooks Addresses Team Pre Game  Leaders have a vision YouTube - Martin Luther King, Jr.: I Have a DreamYouTube - Martin Luther King, Jr.: I Have a Dream\ YouTube - Obama Speech on Victory (Part 4)  Good leaders depend on others to help them achieve their goals  Must ensure that employees meet deadlines and that customers receive their orders on time

Leadership types Autocratic Leaders: Entirely goal oriented Make all decisions for the company and expect employees to “do as they are told.” Clash with “free thinkers” May alienate staff May be valuable in companies where decisions need to be made very quickly

Leadership types Democratic Leaders: Encourage employees to have some say Workers feel ownership of the organization Delegate the authority to make decisions to subordinates and foster an atmosphere of trust People in higher positions have more say in terms of final decisions

Leadership Types Collegial Leaders: Democratic leaders who tend to regard everyone as equal, rather than part of a hierarchy Encourage all people to have say in decisions

Leadership Types Laissez-faire leaders Very “hands off” style of leadership Leadership responsibilities are shared by all Employees given the freedom to determine what they should so and how they should do it. Great in organizations where creative ideas are valued Can be highly motivational Can make decision making time-consuming Organization may lack direction There are leaders the people fear There are leaders the people hate There are leaders the people love But when the best leaders of all Have finished their work The people say, "We did it ourselves!" Chinese Philosopher

What Leaders Must Do: Motivate Intrinsic vs. extrinsic motivators Internal vs. external motivation Facilitate communication Make sure lines are open

Continued Resolve conflicts Conflict management Taking action if needed Manage personal stress Their own People around them

4. Controlling  Controlling is the process of monitoring all functions of an organization to ensure that plans are being implemented effectively  Includes addressing and readdressing all plans, goals and strategies at regular intervals

Controlling Continued  Inventory control Monitoring that inventory is at required levels Tracking  Production Controls Assuring production quantity and quality are consistent and up to standards  Financial controls Monitor business financial success and failure Cash flow