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Cheatography

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.

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

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

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.
 
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