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AQA Applied Business - Unit 4 > Managers > Flashcards

Flashcards in Managers Deck (19)
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1

Management (definition)

The process through which a company’s resources are used and decisions are made in order to meet the objectives of the business

2

Roles of managers?

1. Planning
2. Organising
3. Monitoring and Evaluating
4. Reporting

3

Planning (definition)

The process of outlining and scheduling the tasks needed to achieve a desired outcome

4

Planning involves... (5 points)

• Assessing current performance
• Collecting data to inform future decisions
• Setting business and functional objectives
• Producing functional plans
• Identifying resource equipment

- to be effective it must be ongoing

5

How does a business get from where it is now to where it wants to be ?

An audit is a review of where the business is now and a manager must plan the journey from here to the businesses objective of where it wants to be in the future

6

Organising (definition)

The process of coordinating all the resources needed to achieve and outcome

7

Organising involves... (2 points)

• Organisation of resources so the correct quantity and quality are available at the correct times
• Efficient allocation of resources e.g. financial (budget) and human (workforce plans)

8

Inefficient organisation means... (4 points)

• The business can’t match supply with demand so aren’t meeting customers needs
• Excess resources so there’s higher average costs meaning a loss of competitiveness
• Poor reputations meaning a loss of brand value
• Over utilisation of resources leading to inefficiencies that will negatively effect profit margins

9

Monitoring and evaluating (definition)

The process of reviewing and assessing actual performance in comparison to targets

10

Tools for monitoring and evaluating include ... (4 points)

• Staff appraisal to assess current performance against targets
• Management by objectives
• Variance analysis on budgets to assess the use of financial resources
• Ratio analysis

11

Reporting (definition)

The process of providing a detailed description of an event of outcome

12

Reporting can be...

• Written or verbal
• Formal or informal
• Group or individual

13

Ongoing cycle of roles of managers

Planning > organising > monitoring and evaluating > reporting >

14

Managers are involved in... (2 points)

•Decision making
•Problem solving

15

Decision making... (6 points)

• how to allocation resources
• setting budgets
• who to hire
• what products to sell
• which suppliers to use
• how to motivate staff

16

Problem solving... (6 points)

• resolving employee disputes
• solving cash flow issues
• reducing expenditure
• dealing with customer complaints
• stakeholder relationships
• responding to competitors actions

17

Problem solving methods... (2 points)

• FOCUS
• business canvas model

18

FOCUS (definition)

F ind a problem
O rganise resources
C larify what the problem is
U nderatand the problem
S elect and test a solution

19

Business canvas model (definition)
Explain...
(4 points)

- a strategic management tool to help managers develope management model

Has 9 individual components that when looked at together provide and oversight of the business

Shows:
• infrastructure - how to improve efficiency to ensure the best value proposition
• offering - the product itself
• customers - effectively dealing with them
• finances - organising the cash flow