Cheatography
https://cheatography.com
A cheat sheet on everything there is to know about business management.
This is a draft cheat sheet. It is a work in progress and is not finished yet.
Management
Definition |
The process involves managing and controlling things or people within a company or organization, as well as the individuals responsible for managing it. |
Role of Management |
Businesses aim to maximize resources, efficiency, and customer satisfaction to ensure survival, growth, and profitability, minimizing waste and maximizing results. |
Management is not about: |
The act of exploiting workers, engaging in power games, or claiming privileges. |
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Management
Levels of management |
First-line Management (Supervisors) |
Direct supervisors, non-managerial employees, are placed at lower management hierarchy levels, often at first-line. Middle managers supervises manage daily activities and interact directly with employees. |
Can |
Ensure that targets are met within a business unit or department. |
Advise staff on how to do things better and more quickly. |
Can´t |
Discipline, hire or fire staff without permission from seniors. |
Make decisions relating to policy, or relating to strategy |
Relationship between technical skills and management skills |
Low management skills |
High Technical skills |
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Management
Levels of management |
Middle Management |
A management level in an organization consists of executives and senior supervisory staff, reporting to top management, and managing subgroups within the firm. |
Known as managers of supervisors |
Middle managers are typically responsible for ensuring that workers and supervisors achieve specific instructions or goals from top managers. |
Middle managers are responsible for supervising employees, focusing on implementing business strategies rather than detailed work, rather than directing their own employees. |
Most likely to lose their jobs due to restructuring. |
Middle managers utilize lower-level results to achieve goals and motivate others, but they do not necessarily control and organize work. |
Middle managers, often referred to as 'paper pushers', are replaced by Information Technology due to high-volume reports from top management, leading to perceived organizational value loss. |
Relationship between technical skills and management skills |
Medium management skills |
Medium technical skills |
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Management
Levels of management |
Top Management (Senior Management) |
Top managers, senior managers, or executive managers hold the highest level of management and report directly to the board of directors. |
Responsibilities |
Designing an organization strategy and communicate the strategy to the board of directors and the whole organization. |
The task involves sourcing operating capital for the organization and creating budgets to track income and expenditures. |
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The process involves identifying suitable individuals to enhance the organization's value and effectively communicating performance-related matters to shareholders and other stakeholders. |
The role involves building and maintaining relationships with shareholders, adhering to regulations, and upholding the organization's code of conduct. |
Relationship between technical skills and management skills |
High management skills |
Low technical skills |
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