Unit 5: Management
The management practices 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 a commitment to social responsibility.
Completing this unit should take you approximately 17 hours.
We are going to explore the 4 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 2, 3, or even all 4 functions in a single day, in any order.
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.