Honors Business Management- Unit 1.00

Characteristics of effective planning

* Develop accurate forecasts * Gain acceptance for the plan * Make sure the plan is sound * Assign responsibility for planning * Be objective * Keep the plan flexible * Revise your long- term plan every year * Make sure that the plan fits the situation

Barriers to effective planning

1. Corporate planning is not integrated into the total management system. 2. There is a lack of understanding of the different steps of planning process. 3. Management at different levels in the organization has not properly engaged in or contributed to planning activities. 4. Responsibility for planning is wrongly vested solely in the planning department. 5. Management expects that plans developed will be realized with little effort. 6. In starting formal planning, too much is attempted at once. 7. Management fails to operate by the plan. 8. Management fails to grasp the overall planning process. 9. Financial projections are confused with planning. 10. Inadequate inputs are used in planning.

A plan

A blueprint for goal achievement that specifies the necessary resource allocations, schedules, tasks, and other actions.

A goal

A desired future state that the organization attempts to realize.

Damaged reputation

A disorganized company is likely to have issues with customer service, product quality, and partnerships with other businesses.

Project charter

A formal document that officially authorizes a project to get underway.

Organizational chart

A graphical representation of the flow of authority within the organization.

Nonrenewable resource

A natural resource that is not replaced in a useful time frame.

Unity of command

A principle that states that no employee should answer to more than one supervisor at a time.

Project creep

A problem wherein the scope of a project keeps getting bigger and bigger.

Project champion

A project's sponsor; a person who has the ability and authority to assist the project manager in getting the job done.

Lesson learned document

A project-end summary of what went well, what didn't go well, and how to improve in the future.

Renewable resources

A resource that can be renewed, solar, wind.

Project

A short-term undertaking that creates a unique good or service.

Staff authority

Advisory authority, often without the ability to enforce or take action.

Follow up/appraisal of plans

After choosing a particular course of action, it is put into action. The follow up must go side by side the implementation of plans so that in the light of observations made, future plans can be made more realistic.

Securing co-operation

After the plans have been determined, it is necessary rather advisable to take subordinates or those who have to implement these plans into confidence.

Top level management

All managers who are responsible for the operation of the company or a business unit.

Financial resources

All the sources of money available to a business.

Specialization

An employee's narrow focus on one task or area of expertise.

Communication

An exchange of information in which the words and gestures are understood in the same way by both the speaker and the listener.

Product manager

An individual who monitors one or more existing products and develops new products.

Divisional structure

An organizational design in which the firm is broken down into units according to factors such as product, process, territory, customer type, etc.

Functional structure

An organizational design in which the firm is broken into traditional departments, each with its own set of responsibilities and activities (marketing, operations, sales, IT, etc.)

Matrix structure

An organizational design that combines the traditional functional structure with the divisional structure.

Strategic plans

Are designed with the entire organization in mind and begin with an organization's mission.

Delegation

Assigning tasks to subordinates.

Business Management & Administration

Careers in planning, organizing, directing and evaluating business functions essential to efficient and productive business operations.

Dynamic

Changeable.

Scalar principle

Creating authority that flows in a clear, continuous line.

Formulation of derivative plans

Derivative plans are the sub plans or secondary plans which help in the achievement of main plan. These detail plans include policies, procedures, rules, programmers, budgets, schedules, etc. For example, if profit maximization is the main aim of the enterprise, derivative plans will include sales maximization, production maximization, and cost minimization.

Planning

Determine objectives in advance and the methods to achieve them.

Employee conflict and turnover

Employees are likely to become frustrated with a disorganized workplace.

Material resources

Equipment and supplies used by businesses in their operation.

Planning process steps

Establishment of objectives, establishment of planning premise, choice of alternative course of action, formulation of derivative plans, securing co-operation, follow up/appraisal of plans.

Supervisory management

First-line management.

Line authority

Formal, direct authority that affects a business's day-to-day operations.

General management

General management professionals are responsible for planning, organizing, directing, and evaluating all or part of a business organization through the allocation and use of financial, human, and material resources. Small business managers have general management careers. Department manager, small business manager, and regional manager are general management positions.

Management function

Groups of activities related to management, i.e., planning, organizing, staffing, directing, and controlling.

Human resources management

Human resources (HR) careers are all about people. HR management careers focus on staffing activities, including planning, recruitment, selection, orientation, training, performance appraisal, compensation, and safety of employees.

Inability to grow or reach goals

If companies do not have organized procedures and resources, it will be difficult for them to use those procedures and resources to grow, innovate, and achieve milestones.

Manager

Individual whose job involves carrying out management functions.

Controlling

Interrelate all sectors of an organization.

Contingency planning

Involves identifying alternative courses of action that can be implemented if and when the original plan proves inadequate because of changing circumstances.

Reduced productivity and efficiency

Just as organization improves a business's efficiency, a lack of organizing reduces efficiency.

Information

Knowledge, facts, or data.

Strategic planning

Long-range planning (three to five years) for the company as a whole.

Lower level of management

Lower level is also known as supervisory / operative level of management. It consists of supervisors, foreman, section officers, superintendent etc. executives whose work has to be largely with personal oversight and direction of operative employees. - Assigning of jobs and tasks to various workers. - They guide and instruct workers for day to day activities. - They are responsible for the quality as well as quantity of production. - They are also entrusted with the responsibility of maintaining good relation in the organization. - They commuterm-61nicate workers problems, suggestions, and recommendatory appeals etc to the higher level and higher-level goals and objectives to the workers. - They help to solve the grievances of the workers. - They supervise & guide the sub-ordinates. - They are responsible for providing training to the workers. - They arrange necessary materials, machines, tools etc for getting the things done. - They prepare periodical reports about the performance of the workers. - They ensure discipline in the enterprise. - They motivate workers. - They are the image builders of the enterprise because they are in direct contact with the workers.

Directing

Make decisions, issue orders and directives.

Middle management

Mid-level management

Operations management

Operations management professionals are responsible for planning, organizing, coordinating, and controlling the resources needed to produce and provide a business's goods and/or services. Quality control typically falls under the umbrella of operations management. Chief operations officer, process improvement specialist, and call center supervisor are operations management careers.

Establishment of planning premise

Planning premises are the assumptions about the lively shape of events in future. They serve as a basis of planning. Planning premises may be internal or external. Internal includes capital investment policy, management labor relations, philosophy of management, etc. Whereas external includes socio- economic, political and economical changes. Internal premises are controllable whereas external are non- controllable.

Establishment of objectives

Planning starts with the setting of goals and objectives to be achieved. Objectives provide a rationale for undertaking various activities as well as indicate direction of efforts. Moreover objectives focus the attention of managers on the end results to be achieved. Hence objectives should be practical, acceptable, workable and achievable.

Strategies

Plans of action for achieving goals and objectives.

Natural resources

Raw materials supplied by nature.

Feasible

Reasonable; achievable.

Governance mechanisms

Rule or regulation used to ensure that a project stays on track and meets its requirements.

Communication management

Sending, receiving, and interpreting information using a variety of systems and equipment, including writing tools, telephones (cell phones or smartphones), keyboards, audiovisual recorders, computers or tablets, communication boards, call lights, emergency systems, Braille writers, telecommunication devices for deaf people, augmentative communication systems, and personal digital assistants

Supply chain management

Supervising the transportation, storage, and handling of a company's product is a supply chain management job duty. Fulfillment manager, import/export analyst, and inventory planner are supply chain management positions.

First-line management

Supervisors who work directly with the employees who carry out the business's routine work

Tactical plans

Support strategic plans by translating them into specific plans relevant to a distinct area of the organization. Tactical plans are concerned with the responsibility and functionality of lower-level departments to fulfill their parts of the strategic plan.

Lateral relations

The amount of teamwork included in an organizational design.

Productivity

The amount of work employees perform in a given period, usually their output per hour.

Authority

The formally granted influence of an individual to make decisions, pursue goals, and obtain the resources necessary to support those decisions and goals.

Staffing

The hiring of people to carry out the work of the organization and maintaining a favorable work environment.

Organizing

The management function of setting up the way the business's work will be done

Organizing

The management function that includes setting up the way a business's work will be done.

Span of control

The measurement of how many workers are supervised by one manager.

Managerial planning

The most fundamental function of management. An organization can succeed in effective utilization of its human, material and financial resources only when its management decides in advance its objectives and methods of achieving them.

Human resources

The people who contribute the physical and mental energy to the production process.

Information management

The process of accessing, processing, maintaining, evaluating, and disseminating knowledge, facts, or data for the purpose of assisting business decision making.

Management

The process of accomplishing the goals of an organization through the effective use of people and other resources.

Division of labor

The process of dividing a large job into units, or job tasks, and assigning an individual to do each of the tasks.

Organizational design

The process of structuring a business's people, information, and technology to enable the business to achieve its goals and to be successful; also called organizational structure.

Deliverable

The result a project is created to achieve.

Capital resources

The tools, equipment, and buildings that are used to produce goods and services.

Top level of management

The ultimate source of authority and it manages goals and policies for an enterprise. It devotes more time on planning and coordinating functions. It consists of board of directors, chief executive or managing director. - Top management lays down the objectives and broad policies of the enterprise. - It issues necessary instructions for preparation of department budgets, procedures, schedules etc. - It prepares strategic plans & policies for the enterprise. - It appoints the executive for middle level i.e. departmental managers. - It controls & coordinates the activities of all the departments. - It is also responsible for maintaining a contact with the outside world. - It provides guidance and direction. - The top management is also responsible towards the shareholders for the performance of the enterprise.

Departmentalization

The way departments are defined and arranged.

Decisional

This role involves decision making.

Interpersonal

This role involves human interaction.

Informational

This role involves the sharing and analyzing of information.

Executive management

Top-level management

Choice of alternative course of action

When forecast are available and premises are established, a number of alternative course of actions have to be considered. For this purpose, each and every alternative will be evaluated by weighing its pros and cons in the light of resources available and requirements of the organization.

Business Analytics (BA)

business information management professionals are responsible for helping to align business and IT goals and analyzing data to aid in business decision making. uses data and statistical methods to gain insight into the data and provide decision-makers with the information they can act on Business analyst, data scientist, and business process manager are all business analytics positions.

Office management

the administration and supervision of office duties and functions

Marketing management

the art and science of choosing target markets and building profitable relationships with them

Finance management

the efficient utilization and adequate regulation of all revenue, expenditures, and capital rights is

Middle level of management

The branch managers and departmental managers constitute middle level. They are responsible to the top management for the functioning of their department. They devote more time to organizational and directional functions. - They execute the plans of the organization in accordance with the policies and directives of the top management. - They make plans for the sub-units of the organization. They participate in employment & training of lower level management. - They interpret and explain policies from top level management to lower level. - They are responsible for coordinating the activities within the division or department. - It also sends important reports and other important data to top level management. - They evaluate performance of junior managers. - They are also responsible for inspiring lower level managers towards better performance.

Organizational structure

The company's configuration of employees for accomplishing specific business tasks; how the business is organized.

Innovation

The creation or discovery of something new, such as a new product, strategy, or process.

Business operations

The day-to-day activities needed for continued business functioning.

Responsibility

The duty to get a job done.

Project close

The fifth stage of the project management process; includes wrapping up the project, delivering the end product, and documenting lessons learned.

Chain of command

The flow of authority within an organization.

Food service management

involves supervising food service operations and providing nutritional care in the healthcare or food industry

Health care administration

manages the operation of a health care facility

Sales management

planning the selling program and implementing and evaluating the personal selling effort of the firm