OB 8 ANALYZE THE TYPES OF BUSINESS OWNERSHIP (E.G., SOLE PROPRIETORSHIP, PARTNERSHIP, CORPORATION)
Forms of BUSINESS ownership
OB 6 Explain the role of management (e.g., planning, organizing, controlling) in business
Human Resources Management Instructional Unit Operations Instructional Unit All management functions involve making decisions. In order to reach wise decisions on complex questions, it’s important to consider all the options. A process like this can help assure that decision-makers not leave out important considerations. What could happen if the problem is not well defined at first? How will these steps help you make decisions in your own life?
role of MANAGEMENT 1. Planning involves deciding what will be done and how it will be accomplished.
Good management planning is realistic, comprehensive, and flexible. It includes plans for the short- and long-range uses of people, technology, and material resources.
2. Organizing is a coordinated effort to reach a company's planning goals. It involves: =assigning responsibility =establishing working relationships =staffing =directing the work of employees
3. Controlling is the process of comparing what you planned with actual performance. It involves three basic activities:=Setting standards. =Evaluating performance according to those standards. =Solving any problems revealed by the evaluation. directing
4. leadership The business world is expected to experience many changes in the 21st century, including: =Product life cycles will be shorter. =There will be fewer projects led by one executive. =Marketing and sales will continue to be the fast track to top management. International experience will become increasingly important for advancement. =New technology and customer satisfaction will become greater priorities. =New leaders will be more culturally diverse.
MANAGEMENT styles
1. democratic
A democratic manager delegates authority to his/her staff, giving them responsibility to complete the task given to them (also known as empowerment). Staff will complete the tasks using their own work methods. However, the task must be completed on time. Employees are involved in decision making giving them a sense of belonging and motivation. As staff feel a sense of belonging and motivation ted the quality of decision making and work is likely to be high. Although popular in business today, a democratic management style can slow decision making down because staff need to be consulted. Also some employees may take advantage of the fact that their manager is democratic by not working to their full potential and allowing other group members to 'carry' them.
2. Autocratic Management Style
In contrast to a democratic management style, an autocratic manager dictates orders to their staff and makes decisions without any consultation. Autocratic managers like to control the situation they are in. Decision are quick because staff are not consulted and work is usually completed on time. However this type of management style can decrease motivation and increase staff turnover because staff are not consulted and may not feel valued.
3. Consultative Management Style
A consultative management style can be viewed as a combination of democratic and autocratic. The consultative manager will ask views and opinions from their staff, allowing them to feel involved but will ultimately make the final decision.
4. Laissez Faire Management Style
A laissez faire manager sets the tasks and gives staff complete freedom to complete the task as they see fit. There is minimal involvement from the manager. The manager however does not sit idle and watch them work! He or she is there to coach or answer questions, supply information if required. The benefits of a laissez faire management style is that giving staff personal responsibility for tasks, aids their development and can lead to improved motivation and staff confidence. However the danger is that a laissez fair style manager who does not provide adequate direct guidance may have staff who feel lost and staff who do not reach their objectives and meet deadlines.
***autocratic, democratic, consultative and laissez faire. Each of the four management styles has its advantages and disadvantages. The most appropriate management style for a manager and his direct reports will depend on the work, the manager's personality and the experience and skills of the workforce. Inexperienced staff need direction and will not have the experience to participate in the consultation style of a consultative or laissez faire manager. However highly qualified or skilled employees will not appreciate being told how to do things by an autocratic manager.
Management is the process of reaching goals through the use of human resources, technology, and material resources. To facilitate effective management, businesses are organized in two ways:
1. vertically =Top management are those who make the planning decisions that affect the whole company. Top management job titles include: = Chief Executive Officer = President = Chief Operating Officer = Vice President
=middle management Middle management implements the decisions of top management. They communicate with and support supervisory-level managers.
=supervisory-level management Supervisory-level management supervises the activities of employees who carry out the tasks determined by the plans of middle and top management. They assign duties and evaluate the work of production or service employees.
2. horizontally - Horizontal organization involves self-managing teams that set their own goals and make their own decisions. This type of management structure is organized by process instead of function and is customer-oriented.
1. research the structure of business ownership and explain considerations in business planning.
2. identify and explain basic functions of management, management styles, criteria used in setting and achieving goals, leadership characteristics, and procedures for monitoring and evaluating employee performance.
3. discuss how global issues and international trade has and will affect management types, styles, and trends.
4. explain the importance of various business mgt skills (e.g., time management, handling positive & negative stressors in the business environment, and opportunities for employee’s professional growth).
5. describe the importance of a business and a personal code of ethics.
6. analyze how the impact of human resource management activities help organizations achieve goals
7. explain fundamental business management and entrepreneurial concepts that affect business decision making.