IMPORTANC
E IN
LEARNING
HOW TO
RUN A
BUSINESS
JULY 31, 2022
BMAL 501
IMPORTANT CONCEPTS THAT I TAKE
FROM CHAPTERS 1-4
2
FUNCTIONS OF
MANAGEMENT
•There are Four Major Functions of
Management, which includes the
following:
Planning: A detailed action plan that
a CEO, Supervisor, Leader, etc. sets
in place to identify goals within the
organization and create an
appropriate course of action. In
management there are three
different types of planning.
Strategic Planning: which is a long
term, high-level type of foundational
planning that emphasizes the value,
mission, and vision of the
organization.
Tactical: A short-term, objective-
focused type of planning, often
carried out by middle management.
Operational: A plan that describes
the daily roadmap of the activities
within the company.
•-Boogaard, K. (2022)
3
TRUST
•Trust is a major factor within an organization. As a leader
you want your team members to be able to communicate
and trust you. Trust is the willingness of a party to be
vulnerable to the actions of another party based on the
expectation that the other will perform a particular action
important to the trustor, irrespective of the ability to
monitor or control that other part as a positive expectation
that another will not act opportunistically. (Satterlee, 2018).
According to Kouzes and Posner, in The Leadership
Challenge there are five known dimensions of trust:
Integrity: This step requires one to be honest and
trustworthy towards others. This is the most important
of the five dimensions, because employees like to know
that they can trust their leaders.
Competence: training skills that a person has and
knows how to apply them to perform in an organization.
Consistency: correlation between what a leader says a
what a leader does and the uniformity of those actions.
(Satterlee, 2018)
Loyalty: willingness to remain faithful to those around
you.
Openness: communicating openly as a leader with any
hidden ill intent.
4
BEHAVIORAL
MANAGEMENT
A theory that focuses on the
behaviors utilized by managers
to motivate employees to work
effectively and demonstrate
commitment to the organization
goals , this theory became
popular back in the early 1930s
following the industrial
psychology, but the roots can be
traced back to the 1800s.
QUANTITATIVE
MANAGEMENT
Also known as management
science theory, utilizes
mathematical possess to
assist a manager in planning
and making decisions
concerning an organizations
resources.
Provides organizations with
the decision-making tools to
project fiscal planning, such as
production volumes, target
markets, and direction for
capital investment.
5
Satterlee, A. (2018). Principles of Management and Leadership. A Christian
Perspective. McGraw Hill.
6
FIVE DISCIPLINES
OF THE LEARNING
ORGANIZATION
1. Personal Mastery one's inner
beliefs to be open to accepting
the reality of the environment.
2. Mental Models internal
reflections that can determine
an individual comprehension
and reaction to external forces.
3. Shared Vision enthusiasm to
achieve goals.
4. Team Learning barriers to
communication that helps builds
strength within the organization.
5. Systems Thinking a conceptual
framework for understanding
patterns of behavior and events
to concentrate on developing
processes necessary for change.
(Satterlee, 2018)
7
Benchmarking
•Is the process in which an organization
compares its performances against its
competitors.
I. The first step consists of planning
and who will use the information to
begin the benchmarking process.
II. Forming a team who has knowledge
to work on the project.
III. Sources that different companies will
use to work on the project.
IV. A collection of all collected
information.
V. The final step is to take action.
9
Procedures and Rules
Organization’s set forth rules,
procedures, and guidelines for
employees to follow. Its important that
guidelines are set to ensure that
success in the organization. This
baseline ensures that everyone in the
organization are taking action to
complete the tasks provided to them.
According to Satterlee Procedures and
rules can be developed for any given
even and may delineate the actions that
are taken in case of certain events –
such as when reporting sexual
harassment or operating a copy
machine.
9
The Management Function of
Controlling
T contr pr is an important
function and is directly
to the planning function. The
pr gives managers the tools
to effectively monitor pr
an objective. Managers utilize
types of the contr functions to
corporate achievement.
(S , 2018)
T of C
•I Controls – controls that
with the organization tha helps
goa .
•E Controls – controls that are
that are largely outside a
co .
LEADING
(Gordon, J. 2022)
LEADING INVOLVES
INFLUENCING OTHERS
THROUGH DIRECTION,
INSPIRATION, A
MOTIVATION TOWARD
THE ATTAINMENT OF
ORGANIZATIONAL
OBJECTIVES.
LEADING IS DISTINCT
FROM THE ORGANIZING
FUNCTION OF
MANAGEMENT, WHICH
GENERALLY INCLUDES
ARRANGING OR
ASSEMBLING
RESOURCES.
LEADING OR
LEADERSHIP IS THE GLUE
THAT ALLOWS FOR THE
COORDINATION OF
PEOPLE TOWARD A
COMMON GOAL OR
COLLECTIVE RESPONSE
TO A SITUATION.
14 PRINCIPLES OF ADMINISTRATIVE
MANAGEMENT
11
D of – the
principles describe
, employees, et .
not b
in their line
and be to
d
within the
.
A and
: not on
to the
but also to
in the
.
D :
follow rule and
within the
.
U of command:
should on
answering to o
in authority.
S chain: the chain
should alig
top to and
a clear
all employees in the
und
play their part.
(F , 1916) (Satterl ,
2018).
C of
: all decision
begins the top
the chain command.
U of direction: all
should on hav
path to follow.
E : all em
b treat fairly
O : ha
within the
.
I : setting goals
actin out on them.
R of
: fair wag ,
and .
T of p :
f work ,
good skill
all while
turnover.
S of
interests the
interes : the
goal is success.
E de corps: driving
to c and
that unifies
energizes the
. (F ,
1916) (S , 2018)
REFERENCES
Boogaard, K. (2022). What Are the 4 Functions of Management? Retrieved
from
https://www.wrike.com/blog/four-functions-of-management/#:~:text=Ove
r%20the%20years%2C%20Fayol's%20functions,organizing%2C%20leading%2C%
20and%20controlling .
Gordon, J. (2022). Leading as a Manager – Explained. Retrieved from
https://thebusinessprofessor.com/en_US/management-leadership-organizationa
l-behavior/leading-as-a-manager
Satterlee, A. (2018). Principles of Management and Leadership. A Christian
Perspective. McGraw Hill.
12
