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learning aim C, unit 6: principles of management, Uses incentives to…

- - - - factors of production are the core resources which a business uses to produce and supply good or services in an economy
      - there are 4 factors called CELL which stands for capital enterprise land and labour
        
        enterprise
        
        the ideas and drive
        
        land
        
        the physical space and natural resources
        
        capital
        
        the money and equipment used in the production of goods and services
        
        labour
        
        the people who work for the business focusing on supply and productivity
- - - - employees are provided with greater levels of freedom and trust in their role, allowing them to make more influential decisions.
    - - employees have a wide range of variety in the workplace by either changing roles or changing duties within their role on a regular basis.
    - - the money employees are paid in return for working in a business.
    - - rather than providing employees with additional money, fringe benefits tend to offer ways for employees to save money
    - - often leading to an increased wage and additional financial benefits.
    - - an additional amount of money employees are paid in relation to their performance on top of remuneration
    - - the role of employees are enhanced with them being required to completed additional tasks or having more responsibilities and decision-making power within the same role.
  - - - Essentially, managers and employees work together for a set period of time to set, record and monitor goals.
    - - the aim of this is to increase employee motivation and commitment as they feel empowered because they have contributed to the objectives which they will ultimately be required to achieve
    - - Determine the business’s long-term strategic objectives
        
        Establish operational plans and targets
        
        Agree individual objectives and targets
        
        Monitor regularly and provide support to the individual
        
        Reward achievements
  - - - When a manager or leader is looking at a situation and making a decision on how to adapt to maximise the effectiveness of the approach and outcome for the business, a number of steps take place through contingency management
        
        Firstly, risks will be identified and assessed to identify the potential impact each risk could have on the business
        
        These risks are then prioritised in relation to the severity level the risk poses and which would impact the business the most should they materialise
        
        Following this, each risk is rated against the probability of it happening.
        
        The potential impact of each individual risk is then measured to identify it’s potential severity on the business
        
        Once all of the above steps are complete, a plan is then created to manage and minimise the impact of the risk should it ever materialise
    - - Within the situational leadership model, there is no best style or approach to leadership, instead this is all dependent on the situation they find themselves in
        
        supporting
        
        leadership behaviours
        
        praises employees
        
        listens carefully to employee feedback
        
        facilitates employees
        
        employe traits
        
        medium to high level of competence
        
        varied level in commitment
        
        coaching
        
        leadership behaviours
        
        explains why and shows employees how
        
        encourages employees
        
        listens carefully to employee feedback
        
        employee traits
        
        low to medium competence
        
        varied levels of commitment
        
        delegating
        
        leadership behaviours
        
        values employee contribution
        
        allows employees to make decisions
        
        facilitates employees
        
        employee traits
        
        high levels of competence
        
        high levels of commitment
        
        directing
        
        leadership behaviour
        
        shows and tells how
        
        provides specific instruction
        
        closely racks employee performance
        
        employee traits
        
        low levels of competence
        
        high levels of commitment
  - - - Functional management is a structural approach based on the different management specialisms within a business.
        
        a business may have numerous functional managers who all operate within their own specialisms
        
        Human Resource Manager
        
        Sales Manager
        
        Marketing Manager
        
        Finance Manager
        
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    - - he Action Centred leadership model was developed by John Adair to show the three core responsibilities for effective team leadership and management.
        
        John Adair emphasises the importance of leaders and managers having full control of three key areas to be able to effectively manage and lead a team,
        
        task
        
        team
        
        Communicate and agree the aims and objectives of the team
        
        Identifying the strengths and development areas of the team
        
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        individual
        
        Understanding each member of the team as an individual and recognising the diverse personalities, skills, and experience etc.
        
        Communicate and agree the aims and objectives of the individual
        
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        Create the aims and objectives of the upcoming task
        
        Organising the resources of the business to support achievement of the upcoming task
        
        Identifying the timescales of the task and how the outcome will be measured
        
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  - - - The Management by Objectives model was developed by Peter Drucker with the aim of setting challenging, yet attainable objectives, with the aim of increasing employee motivation and commitment
      - If applied effectively, this approach is said to increase the chance of the business achieving its objectives
        
        for the MOB approach to be effective and successful there are 5 key stages
        
        determine the businesses long term objectives
        
        Establish operational plans and targets
        
        Agree individual objectives and targets
        
        Monitor regularly and provide support to the individua
        
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  - - - Concerned about getting the job done with little disruption to the norm