DQ Week 2
DQ 1: Management is an essential part of any business. Explain the impact of management on business.
The dictionary meaning of management is stated as the process of dealing with or controlling things or people and in-relation to a business, ‘management’ can be understood as set of activities associated with running a company such as monitoring, leading, and controlling, planning and organizing. These functions form the backbone of the well-known P-O-L-C framework in business management; P-planning, O-organizing, L-leading, C-controlling. Each of these activities affects the business and should be aligned with each other to establish a successful company.
Planning: It is the ...view middle of the document...
These objectives serve as a guide for overall business development. Goals could be classified as short term, intermediate and long term depending on time frame the goals need to be achieved.
Set course of action: Once the goals are establish using various assumptions formed, the next step is to identify the course of action to be taken. Planner/s would also need to identify available resources and develop strategies to persuade the set goals.
Evaluation of various methods: Every course of action and its alternatives have to be scrutinized to identify the pros and cons.
Choosing the method: Out of all the alternatives, the best course of action has to be adopted, which requires the planner/s to be good decision makers.
Implementation: The chosen plan should be put into action using the resources effectively.
Follow-up: The success of the implemented plan must be measured by setting targets and corrective actions must be put in place as necessary.
There are many different types of plans and planning:
Strategic planning: This involves the SWOT analysis (strengths, weaknesses, opportunities and threats) of the company in-relation to its competitors; and effectively places the company in the market. This usually involves the entire organization and is based on the organization’s mission and hence the top management of the company is often responsible to carry out the strategic planning and the time frame of the planning is also long.
Tactical planning: This is an intermediate-range of planning that is mediated by middle-level managers to facilitate the implementation of strategic plan.
Operational planning: It is a short-range planning designed to create specific steps that support the tactical and the strategic plan.
Organizing: It is the function of management which enables grouping of tasks and duties to be performed by individuals or specific group of people who form the basis for development of departments within the organization; working towards achieving the mission, vision and purpose of the organization. A properly organized company can benefit greatly from the diverse specialization available within the work force and leads to optimum utilization of the same. Hence organizing also includes the defining, and delegating responsibility and authority of work and building relationships which enable efficient work structure of the company. These structures are commonly referred to as the ‘organizational chart’. The organizational chart is a graphic representation of the hierarchical reporting system in the company and also shows the relationship shared within each department and inter-department and the methods of exchange of information within the company.
The process of organizing is as follows:
Distribution of responsibilities: The first step in organising is to divide the work responsibilities in line with the plan of action pre-determined. Every individual job within the company has to be devised carefully to specify the duties and...