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Revision - Coggle Diagram
Revision
Management style
Consensus management
Consulted workforce but manager take final decision
Management work to ensure everyone share
the common belief to prosper
Conflict management
Manage without interference anyone.
Workforce means of achieving objectives
management has set
Participative management
workforce is allowed in management firm
Groups are formed to assist
with solving arising problems in workplace
Management by objective
Business activities is widespread.
Setting agreed minumium targets by
management & workforce to achieve it
Management by exception
Concentrate on problem causing areas
Manager identifies strength & weakness
to improve weakness & sustain the strong
Sole trader
1 owner with limited liability
Profits are solely to owner
Only owner is running the business
Publication of Annual Accounts
Not required
None legal requirements
Skills of manager
understanding how a job is done,
what is needed to be done
and what is possible.
Partnership
2-20 owners with unlimited liability
Profits are shared among partners
Each partner is active running the business
None legal requirements
Publication of Annual Accounts
Not compulsory
Limited companies
Shareholders have limited liability
Easier to raise capital
Possible to employ specialist staff
Company name protected by law
Public companies
2-no upper limit owners & limited shareholders
Capital are contributed by shareholders
Board of Directors
Elected by shareholders
Share are freely transferable
Publication of Annual Accounts
Compulsory & anyone can request