The Functions of Management

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WHAT ARE THE 4 MAIN MANAGEMENT ROLES?
Planning, Organising, Monitoring and Evaluating, and Reporting
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WHAT DOES PLANNING HELP MANAGERS DO?
To co-ordinate a business's activities so that it is moving forward in a focused and logical manner
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WHAT IS STRATEGIC PLANNING?
It is the process of outlining a long-term vision for a company
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WHAT ACTIVITIES CAN PLANNING INVOLVE?
Setting targets, goals or objectives for the future. Forecasting likely sales over some future time period and assessing how production might need to be adjusted
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WHAT DOES ORGANISING MEAN?
Bringing together the necessary resources
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WHAT DOES PLANNING MEAN?
Looking to the future
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WHAT DOES REPORTING MEAN?
Communicating with relevant people: customers, suppliers and more senior managers
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WHAT DOES MONITORING AND EVALUATING MEAN?
Assessing past performance, thinking about and implementing improvements
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LIST SOME OF THE ROLES OF A MANAGER OF A SHOP?
Make sure that suppliers are paid promptly to ensure continued supplies of stock, keep accurate records of sales, employee performance and attendance, and the financial performance, and the financial performance of the shop
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WHAT DOES THE DECISION-MAKING CYCLE LOOK LIKE?
Setting business objectives- Gather data- Plan strategy- Evaluate decision-making
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DO COMPANIES HAVE TO PUBLISH AN ANNUAL REPORT AND ACCOUNTS?
There is a legal requirement for companies to publish an annual report and accounts, but sole traders and partnerships have to report on profits or losses to allow HM Revenue and Customs to assess tax liability
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Other cards in this set

Card 2

Front

WHAT DOES PLANNING HELP MANAGERS DO?

Back

To co-ordinate a business's activities so that it is moving forward in a focused and logical manner

Card 3

Front

WHAT IS STRATEGIC PLANNING?

Back

Preview of the front of card 3

Card 4

Front

WHAT ACTIVITIES CAN PLANNING INVOLVE?

Back

Preview of the front of card 4

Card 5

Front

WHAT DOES ORGANISING MEAN?

Back

Preview of the front of card 5
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