Business management and Change summary

Business management and Change summary 9.1HSC Topic 1: Business management changeThe nature of managementThe importance of effective managementDefinitionsManagement - The traditional definition of management is: The process of co-ordinating a business's resources to achieve the goals of the organisation.-The more contemporary definition of management views management as the process of working with through people to achieve business goals in a changing environment. Efficient effective use of resources is crucial to this.Effectiveness - Measures the degree to which a goal has been achieved.Efficiency - Weighs the resources needed to achieve the goal against what was actually achieved. (Cost Vs benefits)Management hierarchy-There are three levels of management, top management, middle management supervisory management. Level of responsibility increases from supervisory to top management but the level of technical skill decreases as it goes from supervisory to top management.Top management-Responsible for direction succes s of the business's activities, the long-term strategic plans needed to meet objectives.English: Business center at State University of Ma...-In some businesses key members of management regularly attend board meetings to outline the activities direction of the business under their control. Although directors are not directly responsible for the day-to-day management of the business, they usually have extensive business backgrounds.Middle management-Responsible for interpreting carrying out policies throughout the firm, as well as the successful operation of certain divisions or departments.-Responsible for administering the budgets, formulating departmental policies plans that are consistent with the firm's overall policies plans.-Responsible for appointing the bulk of the new employees needed by the organisation.Supervisory management-Supervisory management forms the link between top management the workers in an enterprise by channelling information between them.-Supervisor y managers are responsible for seeing that jobs are done properly. They are therefore chosen for both their ability to motivate their workers ...