Post on 25-Feb-2016
description
Business Management &
ChangeStage 6 – Business Studies
HSC Topic 9.1
Agenda Review of syllabus requirements Introduction of topic Case Study activity -
Syllabus – Learn To
Students learn to: use existing business case studies to
investigate and communicate ideas and issues related to business management and change. The focus of these case studies will be to: analyse how management theories apply to
various business situation explain and evaluate how change is managed in
one or more businesses.
Syllabus – Learn About
Students learn about: the nature of management
understanding business organisations with reference to management theories
understanding business organisations with reference to management theories
managing change
change and social responsibility
1. The Nature Of Management
the importance of effective management
management roles interpersonal, informational, Decisional
responsibility to stakeholders; reconciling conflicts of interest
skills of management people skills, strategic thinking, vision, flexibility and adaptability to
change, self-managing, teamwork, complex problem-solving
and decision-making, ethical and high personal
standards
What is Management? Management is a process of achieving
business goals by coordinating and integrating the work of other people
Effective vs. Efficient Management
A key characteristic of successful managers is that they are effective. “Effective” simply means that you actually
achieve what you set out to achieve. “Efficient” means not wasting resources
and achieving the business goals with the minimum of resources.
Goals of Effective Management
Growing the value of the business as indicated by an increase in the share price
Improving the competitive position of the business as indicated by increasing market share
Improving the flexibility of the business as indicated by its ability to respond to change
Creating an ethical business where responsible decisions are made
Developing a business culture where everyone in the business embraces change.
Interpersonal Management
Refers to the way managers deal with, or interact with people.
Encompasses internal and external stakeholders
Includes: Motivating staff. Hiring and firing people. Keeping the finger on the pulse of the business
Informational Management
Is concerned with monitoring information generally to pick up information that is important to the business; e.g. news that a competitor has developed a new product.
Ensures that the appropriate people within the business are told information like this so they can adapt their plans.
Responsible for passing on information to external stakeholders such as general meeting of shareholders government bodies such as the Australian Taxation Office.
Decisional Roles Decisions include:
on resources• how many people to employ• what technology to purchase• what to do if there is a workers’ strike or transport
breakdown.
Required to negotiate such things as Australian workplace agreements with unions or groups of employees.
Decisions that affect the success or failure of the business.
Responsibility to Stakeholders: Reconciling Conflicts of Interest
Stakeholders are individuals or groups that have an interest in a business with differing goals.
Employees: have an interest in the continuing success of the business because
this is how they earn their income. want to maximise benefits,
Shareholders want to maximise their investment through increased returns want to minimise costs
Customers want to maximise the benefits they get Managers are required to ensure that all of this
occurs - seamlessly
Skills of Management People Skills Strategic thinking Vision Flexibility & adaptability to change Self Managing team work Complex Problem solving & decision making Ethical and high personal standard
People Skills Include:
Communication Motivation Lead Delegate Negotiate Good active listening skills Effective performance appraisals Discipline
Strategic Thinking Big picture Future vision Not done in isolation = collaborative ‘What if’ thinking
Flexibility & Adaptability to Change
Change is constant and hard to predict Opportunities & threats are experienced in
equal measure Ability to adapt = competitive advantage
(when managed well) Flexibility = responding to change vs.
“we’ve always done it this way so we’ll always do it this way” attitude
Self Managing Teamwork
Members are each responsible for: Ensuring team goals are met How they should be met Assigning of tasks Disciplining non/under performing group members
Cooperation is a critical success factor Managers responsibilities:
Training Tools
Complex Problem Solving & Decision Making
Ethical & High Personal Standards
Ethics – principles that define what is right and what is wrong
Two ways of ensuring: Hire people with high ethical standards Develop codes of conduct – statements of
values the business believes are important and ethical rules they are expected to follow
Henry Ford