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49
TEXT 2
Management
Part 1. Managing a business
Management is the art or practice of managing a business,
money, products, and all the people employed by a company. In other
words management is a set of activities directed at an organization's
human, financial, physical, and information resources, with the aim of
achieving organizational goals in an efficient and effective manner. In
this case "efficient" means "using resources wisely and without unnec-
essary waste" while "effective" means "doing the right things". The
chart functions of management.
Planning and decision making
Determining the organization's goals and deciding how best to
achieve them, delegating responsibilities to subordinates.
Controlling
Monitoring and correcting ongoing activities, receiving reports
from subordinates and helping subordinates handle exceptions.
Organizing
Determining how best to group activities and resources. Getting
all employees to work together.
Leading
Motivating members of the organization to work in the best in-
terests of the organization.
50
Fig. 3
The golden rule of successful management can be summed up in
the following words: "The system works well as long as we don't have
any exceptions." Successful management is getting things done through
"others", that is through the manager's immediate subordinates.
The word "management" is also used to denote the people who are
in charge of a company or an organization. Although large organizations
typically have a number of levels of management, the most common
view considers three basic levels: top, middle and first-line managers.
Top managers (president, vice president, chief executive officer
(CEO), managing director) make up the relatively small group of ex-
ecutives who control the organization.
Middle managers (plant manager, operations manager, division
head) make up the largest group of managers in most organizations.
The company usually requires that a middle manager (should) imple-
ment the policies and plans developed by top management.
TEXT 2 Management Part 1. Managing a business Management is the art or practice of managing a business, money, products, and all the people employed by a company. In other words management is a set of activities directed at an organization's human, financial, physical, and information resources, with the aim of achieving organizational goals in an efficient and effective manner. In this case "efficient" means "using resources wisely and without unnec- essary waste" while "effective" means "doing the right things". The chart functions of management. Planning and decision making Determining the organization's goals and deciding how best to achieve them, delegating responsibilities to subordinates. Controlling Monitoring and correcting ongoing activities, receiving reports from subordinates and helping subordinates handle exceptions. Organizing Fig. 3 Determining how best to group activities and resources. Getting all employees to work together. The golden rule of successful management can be summed up in Leading the following words: "The system works well as long as we don't have Motivating members of the organization to work in the best in- any exceptions." Successful management is getting things done through terests of the organization. "others", that is through the manager's immediate subordinates. The word "management" is also used to denote the people who are in charge of a company or an organization. Although large organizations typically have a number of levels of management, the most common view considers three basic levels: top, middle and first-line managers. Top managers (president, vice president, chief executive officer (CEO), managing director) make up the relatively small group of ex- ecutives who control the organization. Middle managers (plant manager, operations manager, division head) make up the largest group of managers in most organizations. The company usually requires that a middle manager (should) imple- ment the policies and plans developed by top management. 49 50
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