Management Practices at Work: Final Paper with Examples – Mgt 330, Week 5

Summary

Management practices are the ways managers plan, lead, organize, staff and control. This document looks at how these practices work in a real workplace. It shows how to use management concepts to analyze a specific workplace.

Management Practices

Planning, leading, organizing, staffing and controlling are the five management practices. These practices are used to run a workplace. The document explains how to apply these practices to a specific workplace.

Control Mechanisms

Control mechanisms help managers plan and control. Budgetary control is one way to do this. Budgetary control can be used for both long-term and short-term planning. Feedback controls help managers allocate resources and track progress.

General Motors

General Motors uses budgetary control to plan and control. Feedback controls help General Motors allocate resources and track progress. The company's management team uses these controls to run the business.

Financial Controls

Financial controls help managers track the company's money. General Motors uses financial controls to track funds versus production and sales. The company's management team uses these controls to run the business.

Key terms

Budgetary control

A way to plan and control a company's money.

Feedback controls

A way to track a company's progress and allocate resources.

Financial controls

A way to track a company's money and progress.

Management functions

The ways managers plan, lead, organize, staff and control.

Management practices

The ways managers use management functions in a workplace.

Market controls

A way to track a company's progress in the market.

Questions this document helps with

• How do managers plan and control a company?
• What are the five management practices?
• How does General Motors use control mechanisms?

Summary written with AI from the document's text.