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4.4. Answer the questions:

1. Do you agree with P. Drucker’s opinion? Why? / Why not? 2. What do you think about the role of meetings in the life of

the company?

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UNIT IV. MANAGEMENT

1. WHAT IS MANAGEMENT?

Text 1

Read the text, write down the definitions in bold and learn their definitions by heart:

The word management comes from Old French manage-ment’ which means ‘the art of conducting, directing’. It is the pro-cess of leading and directing all or part of an organization, often a business, through the deployment of resources (human, financial, material, intellectual or intangible).

Modern management consists of a number of separate branches, including human resource management, operations or product (production) management, strategic management, market-ing management, financial management and information technolo-gy management.

Modern management as a discipline began as an offshoot of economics in the 19th century. Classical economists, such as Adam Smith and John Stuart Mill, provided a theoretical background to resource allocation, production and pricing issues. At the same time, such innovators as James Watt and Matthew Boulton devel-oped technical production elements such as standardization, quality control procedures, cost accounting, interchangeability of parts and work planning.

Strategic management is the process of specifying an or-ganization’s objectives, developing policies and plans to achieve these objectives, and allocating resources so as to implement the plans. It is the highest level of managerial activity, providing over-all direction to the whole enterprise. The process involves matching the company’s strategic advantages to the business environment the organization faces.

Marketing management is the practical application of market-ing techniques. They are analysis, planning, implementation and control of programs designed to create, build and maintain mutually beneficial exchanges with target markets.

Production management is an organizational function within a company dealing with the planning or marketing of a product or products at all stages of the product lifecycle. It is also

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a collective term used to describe the broad sum of diverse activi-ties performed in the interest of delivering a particular product to market. It is also called operational management. It includes plan-ning, co-ordination and control of industrial processes.

Performance management is a constant communication process when the performance manager and the employee identify and describe essential job functions on the basis of the mission and goals of the organization; develop realistic and appropriate perfor-mance standards; give and receive feedback about performance; write and communicate constructive performance appraisals; plan education and development opportunities to improve employee work performance.

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