Lesson 1 What is Management Lesson 1 What

Lesson 1 - What is Management?

Lesson 1 – What is Management? Objectives: • Define the four primary functions of management • Understand the importance of management

Primary Management Functions Planning Organizing Evaluating or Controlling Leading or Directing

Planning Short-term Long-term Strategic One-month to one-year timeframe Several years Far into the future Require multiple steps Ex. Make the Fortune 500 Ex. Taking inventory Additional staff for holiday rush Auditing financial reports Ex. Growing 20% each year Opening 3 new stores in 2 years Adding new product lines Be named on of the top 100 companies to work for Become the premier resort on the East Coast

Organizing Examples • Filing paperwork • Getting to meetings on time • Keeping accurate records • Developing a budget • Defining roles for your team • Scheduling meetings

Leading and Directing Formal leader Hired to lead a team of people Informal leader Recognized for their vision, expertise, likeability, or approachability Leading and directing involves vision for where the organization is going, expertise in a specific topic or area, and the ability to engage others actively in their jobs and the organizations direction.

Evaluating and Controlling To know if the business and employees are fulfilling their potential, meeting their goals, and delivering on their promises, management must also evaluate various things in the organization. Management measures the performance of individual employees and groups within the organization against their goals and objectives. Management also has to control things like production levels and product quality. Management uses quality control procedures and personnel to ensure the products they deliver meet high standards and perform as expected by their customers.

Lesson 1 – What is Management? Summary: • Define the four primary functions of management • Understand the importance of management