Unit 5: Management
The management practices that a business adopts will inform how well it is able to achieve its goals and respond to changes in the workplace. For-profit and nonprofit businesses achieve their goals through the four steps of management: planning, organizing, controlling, and leading. Technical, conceptual, and interpersonal skills are essential to the management process. It also involves using human, financial, and informational resources. In this unit, we explore how successful business management involves teamwork, communication, creating a clear corporate mission and culture, following good business ethics, and making a commitment to social responsibility.
Completing this unit should take you approximately 17 hours.
5.1: Defining Management
5.1.1: Functions of Management
We will explore the four functions of management: planning, organizing, directing, and controlling.
As you explore these topics, keep in mind that the functions of management are not linear, meaning managers do not perform these function one after another. In most instances, a manager could be performing two, three, or even all four functions in a single day, in any order.
5.1.2: The Skills Needed for Management
5.2: The Role of Human Resource Management
5.2.5: Employee Benefits
5.2.6: Labor Negotiation
5.3: Teamwork and Communications
5.4: Forming a Corporate Mission and Culture
5.5: Corporate Social Responsibility and Business Ethics
5.6: Business Law Concepts
While corporate social responsibility and ethics are an important part of managing a business, it is also important for businesses to follow the law in regards to human resources, production, and business ownership. It is also a good idea for managers of businesses to have a basic understanding of risk, contracts, and bankruptcy.
5.6.1: Risk and Risk Management
Unit 5 Assessment