Premium Essay

Management

In:

Submitted By FikriHakimin
Words 447
Pages 2
Exconom is a company specialising in cable and smallbore pipe-laying technology. The company started life as a technical division of a major utility. It gained its independence as the result of a venture capital backed management buyout (MBO) three years ago.
The company now has 21 employees and a turnover of just over £4 million. The company’s competitive edge comes from its technological capabilities with ‘mole’ excavating tools. This is equipment that can lay cables and pipes underground without the need to dig a trench first. This reduces cost and disruption.
Exconom contracts its services to companies which need to lay cables. Electrical and gas utilities provide the core of business. This business is largely based on historical relationships with these customers developed prior to the MBO. Marketing activities are limited. An as yet small but high-growth sector which is expected to be important in the future is cable television, though the company has not won any contracts here yet.
Alan, the business development manager, explains that the business is sound and has a lot of potential. However, the rest of the management team are limited in their ambitions. While they talk about the business moving into new areas, in practice they resist practical moves. They prefer to stick to the business applications they know and understand.
The attitude tends to be one of not taking unnecessary risks while the company is under the ‘control’ of venture capitalists. In fact, Alan explains, although the venture capitalists will see a reasonable return on their investment (they have a five-year exit plan), they are a little disappointed that the company has not grown as much as initially suggested by the original business plan.
So far, Alan has argued for diversification of the customer base on an ad hoc basis in meetings. This has not really worked. Now he wants to put

Similar Documents

Premium Essay

Management

...Assignment On- “The Evolution of Management Thought and The Patterns of Management Analysis” Submitted To: Professor Dr. Abu Hossain Siddique Department of International Business University of Dhak 9th Batch, EMBA Date of Submission: 4th July,2012 INTRODUCTION Although modern management theory dates primarily from the early twentieth century, there was serious thinking and theorizing about managing many years before. Two events are especially significant to management history. First, in 1776, Adams Smith published The Wealth of Nations, in which he argued the economic advantages that organizations and society would gain from the division of labor (or job specialization). The second important event is the industrial revolution. Starting in the late eighteenth century when machine power was substituted for human power, it became more economical to manufacture goods in factories than at home. These large, efficient factories needed someone to forecast demand, ensure that enough material was on hand to make products, assign task to people, direct daily activities, and so fort. That “someone” was managers, and these managers would need formal theories to guide them in running these large organizations. It wasn’t until the early 1900s, however, that the first steps were taken toward developing such theories. The evolution of modern management thinking begins in the nineteenth century...

Words: 6134 - Pages: 25

Premium Essay

Management

...Classical Management Theory (1900 – 1930) It was the rise of the Industrial Revolution and factories were becoming more common. Inside these factories, managers were constantly look for ways to improve productivity and efficiency. As time moved on, it became apparent that searching for the single best way to do things was the most important thing for managers to do. Thus, classical management theory was born. The Evolution of Classical Management Theory The Industrial Revolution was a time where innovation really began to change the way that products were produced and sold. The invention of machines to produce goods in the 19th century drastically improved productivity, which in turn lowered the cost to the consumer. The lower price resulted in a greater demand for products and thus a greater need for more factories and workers. As factories increased in number, managers continued to search for ways to improve productivity, lower cost, increase quality of their products, improve employee/manager relationships and increase efficiency. The focus shifted from using machines to increase productivity to how they could increase employee productivity and efficiency. When they did this, they began to notice some new problems inside their factory systems. Employees were dissatisfied with their current working conditions, and many lacked the necessary training for how to do their work efficiently. Managers then began to formulate and test possible solutions, one of which was to find...

Words: 952 - Pages: 4

Premium Essay

Management

...The formation of organization implies that a leader should take the role to control the activities of the group; the work done by the leader is what we call management. Organization is formed by a group of people who work together. No matter the organization is a profit making ones or non-profit making ones, its formations are to achieve a common purpose or variety of goals, which are the desired future outcomes. The outcomes might be producing a series of product or serving a group of target customers or satisfying others¡¦ needs. In these organizations, managers mainly are responsible to supervising the work performance of the group members and deciding the use of resources to achieve the organization’s goal. Management can be simply defined as getting things accomplished through other people. Management is then the term describe the work done by the manager, which are planning, organizing, leading and controlling the use of human and other resources, in order to help the organization to achieve a higher organization performance. Planning is to define to goals or targets of the organization and devising action plans to meet organization goals. Organizing is to determine what tasks should be done, arrange jobs to subordinates, controlling the budgeting and divided tasks to individuals or teams. Leading is to motivate staffs to work, maintaining the progress of activities and good relationship and to ensure to work done effective and efficient. Controlling is to measure...

Words: 3855 - Pages: 16

Premium Essay

Management

...Introduction to Management Technology BMRT 11009 - Section 300 Kent State University MANAGEMENT AMY HISSOM 10/26/2009 TABLE OF CONTENTS Introduction............................................................................................................................................ 3 Managers and Managing ........................................................................................................................ 4 What is Management?..................................................................................................................... 4 Essential Managerial Tasks............................................................................................................... 4 Levels and Skills of Managers ........................................................................................................... 4 Recent Changes in Management Practices ....................................................................................... 5 Challenges for Management in a Global Environment ...................................................................... 5 The Evolution of Management Thought ................................................................................................. 6 F. W. Taylor (1890-1940): Scientific Management ............................................................................ 6 The Gilbreths: Time-and-Motion Study ....................................................................................

Words: 3462 - Pages: 14

Premium Essay

Management

...What is Management? Definitions According to Harold Koontz, "Management is the art of getting things done through and with people in formally organised groups." Harold Koontz gave this definition of management in his book "The Management Theory Jungle". According to Henri Fayol, "To manage is to forecast and to plan, to organise, to command, to co-ordinate and to control." Henri Fayol gave this definition of management in his book "Industrial and General Administration". Image Credits © Michael Heiss. According to Peter Drucker, "Management is a multi-purpose organ that manages business and manages managers and manages workers and work." This definition of management was given by Peter Drucker in his book "The Principles of Management". According to Mary Parker Follet, "Management is the art of getting things done through people." Meaning of Management According to Theo Heimann, management has three different meanings, viz., 1. Management as a Noun : refers to a Group of Managers. 2. Management as a Process : refers to the Functions of Management i.e. Planning, Organising, Directing, Controlling, etc. 3. Management as a Discipline : refers to the Subject of Management. Management is an individual or a group of individuals that accept responsibilities to run an organisation. They Plan, Organise, Direct and Control all the essential activities of the organisation. Management does not do the work themselves. They motivate others to do the work and...

Words: 1096 - Pages: 5

Premium Essay

Management

...One of the first schools of management, the classical management theory, developed during the Industrial Revolution when new problems related to the factory system began to appear. Managers were unsure of how to train employees. A large amount of the non-English speaking immigrants or dealing with increased labor dissatisfaction caused managers to test solutions. According to Plunkett, Attner & Allen (2008) “The classical management focused on finding the “one best way” to perform and manage tasks” (p.38). This school of thought is made up of two branches: classical scientific and classical administrative. The scientific branch arose because of the need to increase efficiency and productivity. The emphasis was on trying to find the best way to get the most work done by examining how the work process was actually accomplished and by paying close attention to the skills of the workforce. The classical scientific school got its roots to several contributors, including Frederick Taylor, Henry Gantt, and Frank and Lillian Gilbreth. Whereas scientific management focused on the productivity of the certain individuals, the classical administrative approach emphasizes on the total organization. The emphasis is on the development of managerial principles rather than work methods. Contributors to this school of thought include: Henri Fayol, Max Weber, Mary Parker Follett, and Chester I. Barnard. During World War II, mathematicians, physicists, and others joined together to solve...

Words: 744 - Pages: 3

Free Essay

Management

...2.4 The Environmental Management System (EMS) application in the related industries. How it can improve the environmental performance of business? Example. 2.4.1 THE ENVIRONMENTAL MANAGEMENT SYSTEM (EMS) Definition: the environmental management system (EMS) refer to one part of the comprehensive management system that relate to organizational structure, planning activities and documented manner, it includes planning, implementation, checking, management review and environmental policy. An environmental management system (EMS) 1. It is environmental performance improving tool. 2. It is effective way to manage organizational companies. 3. Manage organizations to solve environmental problems, like allocation of resources, assignment of responsibility and ongoing evaluation of practices, procedures and processes. 4. Manage the long-term or short-term environmental impact of products service and processes for organizations. 5. Continual improvement is emphasis. EMS Model Plan Act Do Check Step 1: plan (planning) Definition: planning is a way of establish objectives and processes requirement. In order to implement ISO 14001, the first step is suggestion, to help to classify all the current or future operation elements. It includes environmental aspects, compliance, objectives and targets, environmental management programs (EMP). Business firms should plan for environmental protection. They need to plan their current operation or even future operation. The...

Words: 3017 - Pages: 13

Premium Essay

Management

...Management is universal in the modern industrial world. Every industrial organization requires the making of decisions, the coordinating of activities, the handling of people, and the evaluation of performance directed toward group objectives. In addition, our society simply could not exist as we know it today or improve its present status without a steady stream of managers to guide its organization. Peter Drucker makes this same point in stating that effective management is quickly becoming the main resource of developed counties and the most needed resource of developing ones (Certo, 1986). In short, management is very important to our world. Then, what is management? This essay will discuss this topic as following. It has to be recognized that the definitions of management are extremely broad. Harbison and Myers (1959) offered a concept for emphasizing a broader scope for the viewpoint of management. They observe management as an economic resource, a system of authority, and a class or elite from the view of the economist, a specialist in administration and organization, and sociologist respectively. Henri Fayol, “the father of modern management theory,” formulated fourteen principles of management. Hugo Munsterberg applied psychology to industry and management. Max Weber is known for his theory of bureaucracy. Vilfredo Pareto is considered “the father of the social systems approach.” Elton Mayo and F.J. Roethlisberger became famous through their studies of the impact...

Words: 296 - Pages: 2

Premium Essay

Management

...Restaurant Managers are responsible for controlling profitability, optimising restaurant management and overseeing sales, human resources and team management in their respective stores. Profile • Displays managerial and leadership qualities • Autonomous employees who enjoy taking an initiative • Well organised individual • Self-controlled, disciplined and highly driven Operations management (OM) can be defined as "Managing the available resources by designing, planning, controlling, improvising and scheduling the firms systems & functions and thereby deliver the firm's primary product & services. " It has been an integral part of manufacturing and service organisation and is aimed at timely delivery of finished goods & services to the customers and also achieving it in a cost effective manner. It consist of an amalgamation of different functions including quality management, design & industrial engineering, facility and channel management, production management, operational research, work force management, enhancing product design, improvising productivity, and improve customer services. The traditional McDonald's philosophy that acts as the guiding force behind it's operational make-up is "Quality, Service, Cleanliness and Value". The importance of operation management can be divided into three broad categories:- Assistance in Strategic Decisions (Long term):- Operation management decision at the strategic level affect McDonald's effectiveness to address customers...

Words: 1212 - Pages: 5

Premium Essay

Management

...Introduction to Management and Organizations True/False Questions A MANAGER’S DILEMMA 1. Today’s managers are just as likely to be women as they are men. (True; moderate; p. 4) 2. Management affects employee morale but not a company’s financial performance. (False; easy; p. 4) WHO ARE MANAGERS? 3. In order to be considered a manager, an individual must coordinate the work of others. (True; moderate; p. 5) 4. Supervisors and foremen may both be considered first-line managers. (True; moderate; p. 6) WHAT IS MANAGEMENT? 5. Effectiveness refers to the relationship between inputs and outputs. (False; moderate; p. 8) 6. Effectiveness is concerned with the means of getting things done, while efficiency is concerned with the attainment of organizational goals. (False; moderate; p. 8) 7. A goal of efficiency is to minimize resource costs. (True; moderate; p. 8) 8. Efficiency is often referred to as “doing things right.” (True; moderate; p. 8) 9. Managers who are effective at meeting organizational goals always act efficiently. (False; difficult; p. 8) WHAT DO MANAGERS DO? 10. The four contemporary functions of management are planning, organizing, leading, and controlling. (True; easy; p. 9) 11. Determining who reports to whom is part of the controlling function of management. (False; easy; p. 9) 12. Directing and motivating are part of the controlling function of management. (False; moderate; p. 9) 13. Fayol’s management functions...

Words: 6792 - Pages: 28

Premium Essay

Management

...Past Influence of Management Today Abstract The past influence of management was done with bureaucracy and Administrative ways that gives management today to achieve their goals for the organization. Bureaucratic management may be described as "a formal system of organization based on clearly defined hierarchical levels and roles in order to maintain efficiency and effectiveness." Administrative has to foresee and make preparation s to meet the financial commercial and technical condition s under which the concerns must be started. How Bureaucratic and Administrative Management Affects Overall Management Bureaucracy Bureaucratic management focuses on the ideal form of organization. Max Weber was the major contributor to bureaucratic management. Based on observation, Weber concluded that many early organizations were inefficiently managed, with decisions based on personal relationships and loyalty. Also, bureaucracy formed the need for organizations to operate rationally rather than relying on owners’ and managers. (Williams’s pg. 31) this brings Jobs are divided into simple, routine and fixed category based on competence and functional specialization. Officers are organized in a n hierarchy in which higher officer controls lower position holders i.e. superior controls subordinates and their performance of subordinates and lower staff could be controlled. All organizational...

Words: 864 - Pages: 4

Premium Essay

Management

...conceptual skills, interpersonal skills, and technical skills. These three managerial skills are used by different managers in different degrees. Successful managers usually display more conceptual than technical skills. They have to continuously think about the company's goals and objectives and how they can be effectively communicated to employees. Middle Level Management Middle management is the intermediate management level accountable to top management and responsible for leading lower level managers. Image of Middle managers fig. 1 Middle managers Middle management is the intermediate management of a hierarchical organization, being subordinate to the senior management but above the lowest levels of operational staff. Key Points Middle management is the intermediate management of a hierarchical organization, subordinate to the senior management but above the lowest levels of operational staff. They are accountable to the top management for their department's function. They provide guidance to lower level managers and inspire them towards better performance. Middle management may be reduced in organizations as a result of reorganization. Such changes include downsizing,...

Words: 635 - Pages: 3

Premium Essay

Management

...Management Practice and Theory Student’s name: Instructor’s Name: Class Name and Code: University: Date of Submission: TABLE OF CONTENTS Executive Summary …………………………………………………………………… iii Introduction ……………………………………………………………………………. 4 Organisation Effectiveness ……………………………………………………………. 5 Team Effectiveness …………………………………………………………………… 6 Management Theories ……………………………………………………………….... 8 Command and Control ………………………………………………………………… 9 Scientific Management ……………………………………………………………….. 10 Bureaucratic Organisation ……………………………………………………………. 11 Subordination to Community ………………………………………………………… 11 Management as a discipline ………………………………………………………….. 12 Conclusion …………………………………………………………………………… 12 References …………………………………………………………………………... 13 Executive summary A professional manager will acknowledge the contribution of team effectiveness to overall organizational success. Teams will often require leaders to ensure delegation and coordination of group activities for a team to attain the desirable results. This paper seeks to establish influence of management theories on a professional manager both at team and organisation level. The management theory adopted by a leader will determine their style of leadership thus their relationship with employees and other key stakeholders. Introduction A team is a small group of workers with complimentary expertise who share common goals whereby group interests precede over individual interest. Teamwork is essential in organisations...

Words: 2903 - Pages: 12

Premium Essay

Management

...management In general, management is the activity of resolving a disorderly situation into an intentionally orderly situation, to achieve pre-determined (i.e., purposeful) outcomes. Since disorder continuously arises from creativity, destruction, decay, variance, versioning, chaos, and other natural and intentional changes, resolving that disorder into an intended order requires continuous tracking and adjustments in the "architecture" of the intended order's parts, part relationships, and part and relationship attributes. The classic approach to management Classical approach to management is dated back to the Industrial Revolution. the classical approach was an approach that places reliance on such management principals as unity of command, a balance between authority and responsibility, division of labor, and delegation to establish relationships between managers and subordinates. This approach constitutes the core of the discipline of management and the process of management. The classic approach to management – Classical approach - consists of two separate branches: the scientific and administrative management. The achievements of the classical school - the school has created a basis for further development of management theory, identified key processes, functions and leadership skills, which today are considered significant. Limitations of the classical school - more suitable for stable and simple organization of the modern and dynamic. Often recommended...

Words: 463 - Pages: 2

Premium Essay

Management

...INTRODUCTION In thinking about an ideal Total Quality Management (TQM) in a government organization of the 21st century, what follow is innovation, globalization, and a new culture that organizations need to adapt constantly to meet new market situations and competitive business world. "TQM refers to a management process and set of disciplines that are coordinated to ensure that the organization consistently meets and exceeds customer requirements. It allows organizations to survive the global business competition and allows for a continuous improvement (kaizen) to the needs of the rapidly changing world by having organizations move from the current way of doing things to a new and possibly different way of doing things based on systematic management of data of all processes and practices that eliminates waste. TQM require engagement of all divisions; departments and senior management to organize all its strategy and operations around customer needs and develops a culture that allows employee participation. For service organizations, TQM has become a philosophy of management that is driven from the continuous improvement of customer satisfaction that offers meaning to an organization existence in delivering meaningful services to customers and satisfaction and growth to members of the organization. It is from this premises that TQM strategy is to achieve excellence in quality service, low cost, high productivity and organizational effectiveness [Evans, J & Lindsay, W. 2008]...

Words: 2527 - Pages: 11