Business Management

2 Pages 530 Words

1)Management is a set of activites(including planning and decision making, organizing, leading, and controlling)directed at an organazation’s resources(human,financial,physical and information) with the aim of achieving organizational goals in an efficient and effective manner. There is a difference between the terms efficiency and effectiveness. Efficiency is using your resources wisely in a cost effective way. It is getting the most out of your resources for the least amount of money. While, effectiveness is more of making the right decisions and putting the right person where they belong to maximize your organizations goals and where they can successfully implement them.

2) There are 4 basic management functions, they are planning and decision making, organzing, controlling, and leading. Planning and decision making involves setting the organazation’s goals and deciding best how to achieve them. Organazing is determining how best to group activities and resources. Controlling is monitoring and correcting ongoing activites to facilitate goal attainment. Leading is motivating members of the organization to work in the best interest of your organization.


3) There are three levels of management they are top managers, middle managers, and first-line managers. They all have different responsibilities. The top managers are a small group of executives who manage the overall organization. They are in charge of creating the organazation’s goals, overall stategy and operating policies. They also represent the organization with gov’t officials and members of other organizations. A middle manager is responsible for implementing the policies and plans developed by top managers and for supervising and coordinating activities of lower level managers. They are normally the largest group of managers in an organization. The last one is First-line managers. They supervise and coordinate the activities of operating employe...