Pointers Questions Flashcards
Definition of management
Management involves coordinating and overseeing the work activities of others so that their activities are completed efficiently and effectively.
Efficiency and effectiveness
Efficiency and effectiveness are closely related concepts that managers apply to render
excellent performance. A skillful balance between the two defines the success or failure
of a manager. Some people interchange the concepts of efficiency and effectiveness,
believing that they
Efficiency
Doing things right”
Getting the most output
for the least inputs
Effectiveness
“Doing the right things”
Attaining organizational goals
Manager
Someone who coordinates and oversees the work of other people so that organizational goals can be accomplished.
The 5 factors influencing management
Globalization, Technology, sustainability and corporate social responsibility, psychology and ecosystems.
The 5 factors influencing management
Globalization, technology, sustainability and corporate social responsibility, psychology and ecosystems
Globalization
refers to the phenomenon of growing
interconnectivity and interdependent relations between
nations. This growth has been greatly influenced by the
advancements in technology, transportation, communication,
and education, as well as the gradual deregulation of trade.
Technology
one of the main driving forces of business. Advancements in this area have
immensely improved business trends. New technologies have rendered business functions and
related tasks easier to accomplish, bringing about increased levels of productivity.
Sustainability and Corporate social responsibility
Sustainability in business means that companies should plan and conduct long-term
business operations to ensure minimal negative impact on the social, cultural, and economic
aspects of their external environment or community. Corporate social responsibility,
meanwhile, is defined as the willingness of companies to run their business operations in a
sustainable and responsible manner.
Psychology
The study of psychology is an important facet in management since it focuses on developing
people management skills and analyzing customer satisfaction. A better understanding of
psychological concepts such as motivation, behavior, attitude, and personality is vital for
effective management.
Ecosystems
A business ecosystem consists of a group of firms that provide related products and
services. The emergence of business ecosystems has resulted in improvements and innovations
in industries. A good example is the collaboration between telecommunication firms, media,
and technology to disseminate information to the public.
