Business Studies

Elements of Management

len Alfred Ajibola - Tue, 31st December, 2019 @ 5:19 PM

Topics in Business Studies

What is an Office? Qualities of a good office layout Small office explained with its characteristics Large office: Characteristics of large office Advantages and disadvantages of small office Advantages and disadvantages of large office Advantages and Disadvantages of Corporations Advantages and Disadvantages of Limited Liability Company Advantages and Disadvantages of Partnership Credit card and Debit card explained with their similarities and differences Business Structure: What is a business structure? Advantages and Disadvantages of Franchise What is a franchise? Types of franchise Corporation explained with its types What is Limited Liability Company? What is Partnership Business? Types of Partnership What is business studies? Concept of business Elements of Management What is Management? Importance of Management Advantages and Disadvantages of Air Transport Advantages and Disadvantages of Rail Transport

Academic Questions in Business Studies

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A one-man business is termed _____.

  • A. Proprietorship

  • B. Sole Proprietorship

  • C. Individual Entrepreneurship

  • D. Sole Trader

  • E. All of the Above

  • F. None of the Above

Which of the following is not a function of the wholesaler?

  • A. They distribute goods

  • B. They store goods

  • C. Specialization of goods

  • D. They bring about price variability in goods

  • E. They act as shock absorbers during the movement of goods

  • F. Packaging of goods

A person employed by an organization to carry out the everyday duties of a typical office, and at the same time perform a couple of other functions for their company which may vary from one company to another, is termed a _____.

  • A. Secretary

  • B. Personal Assistant (P.A)

  • C. Secretary General

  • D. Clerical Staff

  • E. Supervisor

  • F. Bookkeeper

Dual Entry System - Len Academy

The above image best describes the _____.

  • A. Ledger system

  • B. Journal system

  • C. Double entry system

  • D. Balance sheet system

  • E. Principles of accounting system

  • F. Balanced accounting system

An accounting system focused primarily on a balanced debit and credit side is termed _____.

  • A. Ledger system

  • B. Journal system

  • C. Double entry system

  • D. Balance sheet system

  • E. Principle of accounting system

  • F. Balanced accounting system

With regards to money, which of the following statement is incorrect?

  • A. Money is crucial for the survival of every human being

  • B. Money is completely advantageous

  • C. Money is defined as anything that is generally accepted as a medium of exchange

  • D. Monopoly is said to exist when money and wealth exists in the hands of a few

  • E. Excess money in an economy can lead to inflation

  • F. When a person receives money that isn't commensurate with the job he or she had done, then that's underemployment

Which of the following statement is wrong with regards to business?

  • A. Business involves the exchange of something for another thing or money

  • B. Business is an economic activity

  • C. In business, profit goes beyond money

  • D. Businesses do not have social responsibilities to their customers

  • E. The exchange of services is an aspect of business

  • F. Businesses can be affected by government policies

Consumer _____ are the laws and methods put in place by various agencies so that consumers can enjoy maximum satisfaction on the goods they buy and services rendered to them.

  • A. Protection
  • B. Policy
  • C. Rights
  • D. Defence
  • E. Guide
  • F. Safety

Elements of Management:

Management is an important concept in business studies. It is defined as the process of doing things and achieving the desired goals through the input of other people and oneself.

Please read more on the definitions and importance of management here.

Elements of management refers to those necessities that are required to achieve the stipulated managerial goals. You can think of managerial goals as the business motive of an organization.

If properly implemented, the various elements of management (in steps) will indeed help any organization to achieve its goals.

These important elements of management include the following:

1. Planning

Planning is the first phase of any managerial process. During the process of planning, the following questions are pondered upon:

  • What should be done?

  • How should it be done?

  • When should it be done?

  • Where should it be done?

  • Who are required to get the job done?

If an appropriate answer can be given to each of the question (above), then it implies that the management comprehends the manner through which they will interprete their priorities or vision towards the goals of their organization.

Note: Without proper planning, an organization may go bankrupt.

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2. Staffing

Staffing simply refers to a process of acquiring the needed manpower for a job. In this regard, recruiting, selection and monitoring are all carried out on those that will be eventually staffed for the job.

When one is a ratified (or confirmed) as a staff of an organization, it implies that such individual had successfully scaled through the recruitment, selection and monitoring phases in accordance with the standards of the organization.

You can read on clerical staff, their qualities and functions here.

3. Organizing

Organizing as an element of management requires the rearrangement and harmonious adjustment of all activities in the organization.

Through the organizing process, the different sections required to effect the company's goal becomes well defined.

An instance of 'organizing' is seen in a footballing team where different positions in the team (which includes the goalkeeper, center back, left back, defensive midfielder, attacking wingers, central forward and so on) work harmoniously (or in unity) to achieve victory in a football competition, for example, world cup.

In the above instance, it is the duty of the coach and technical department to organize the players towards achieving their goals.

Please read more on division of labor here.

4. Directing

Directing is a continuous process that involves the supervision, regulation and inspiration of all members in an organization. Meanwhile, always understand that vital decisions will be made and executed during directing.

An instance of directing is seen during a football match. At halftime (in the game of football), the coach is expected to direct his players on how to go about the second half of the game. He may even make substitution(s) if need be.

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5. Coordination

Coordination is the managerial process that lubricates all other managerial elements so that the best result can be achieved.

It is the responsibility of the coordinator to coordinate (control and supervise) all the work done. In order to achieve the desired goal, the coordinator does not have to be too aggressive on the other team members. Rather he or she should rally them together in duty of purpose.

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As a coordinator, one is expected to oversee all the departments (usually through their leaders). In this case the coordinator get reports and feedbacks from the head of these departments.

6. Control

This element of management keeps all systems in check, making sure all is in order.

Please read on the ways to reduce conflict in organizations here.

One who controls an organization is expected to have all necessary information from the relevant departments, in addition to guiding them on the appropriate processes to follow.

7. Reporting

Reports can be given by the staff to the management through a variety of ways. These include:

  • Directly to them

  • Through the phone

  • Through electronic mails (e-mail)

  • Use of social media and so on.

However, always understand that the process of reporting presents a link between the superiors and their subordinates. An instance of reporting is seen in schools when teachers submit their lesson notes and examination questions to the appropriate departmental head.

Please read on your responsibilities, duties and obligations as a citizen here.

8. Budgeting

The act of budgeting controls the future of the business. For this reason, it is often linked to planning.

During budgeting, monetary allocations are made to various sections of the business. For instance, budgets may be allocated to the followings in a production factory:

  • Purchase of raw materials

  • Purchase of machines and other technologies

  • Payment of staff salaries

  • Expenses on petrol and lubricant for the transport system

  • Advertisment and marketing

Please read more on advertising here.

9. Motivation

Motivation as an element of management refers to the act of encouraging and inspiring the staff (and organizational teams) to always give in their best in the course of doing their jobs.

Motivation is a powerful tool utilized in management to maximize output from workers, teams and members of staff.

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There are various ways to motivate staff. One of such is by giving extra allowances to those who are deserving.

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Amazing facts in Business Studies

The world's 100 richest people earned enough money in 2012 to end global poverty four times over

Notable points in Business Studies

Consumer protection refers to the ways or methods through which consumers enjoy maximum satisfaction from the goods they buy and services rendered to them.

The agencies of consumer protection assists in protecting the consumer rights. These agencies may also be referred to as the organs of consumer protection. Basically, we have three of them, they are:

  1. Government Agencies

  2. Independent Agencies

  3. Legislation

Please read on consumer protection here

One of the responsibilities of the government of every nation is to set up agencies or organizations that will protect the interest of the consumers and invariably, the people.

Below are some of the government agencies of consumer protection:

  • National Drug Law Enforcement Agency (NDLEA)
  • National Agency for Food, Drug Administration and Control (NAFDAC)
  • Consumer Protection Council (CPC)
  • Rent Tribunal
  • Ministry of Health
  • Ministry of Commerce
  • Ministry of Transportation
  • Ministry of Environment
  • National Wages and Salaries Commission

Please read on the government agencies of consumer protection here