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B01MGTP102 Management Accounting Principles Assignment
Management Accounting Principles is about the concepts of management in which the stakeholders are identified and explained and their role is discussed. The managerial problems in the organisation are also been discussed. The essay also contains the skills which are required by the 21st century managers because the globalization has changed a lot in the businesses and many more requirements have been raised like the adaptability according to different cultures, flexibility, communication, etc. The key hospitality management are stated with examples in the end of the essay. (Scannell & Scannell, 2009)
Management refers to the process in which dealing is done with the people and resources available in the business for achieving its ultimate goals and objectives. An organisation has many stakeholders which affect the activities of the business or the activities of the business have an impact on the stakeholders. The stakeholders of the business are its employees, customers, suppliers, government, society, environment, etc. (Starks, 2015)the stakeholders are the ones who have power to influence the decisions and the activities of the organisation so they should be managed properly. The stakeholders should be identified first in the form of external or internal stakeholders and then their importance should be assessed. The relationship with the stakeholders should be managed after that because these are the investors in the company whose actions will decide the future of the business. They play an important role in decision making, direct management, investments, etc. The management faces many problems in the organisation; the most common problems are employee dissatisfaction, unclear objectives and goals, poor strategic planning, etc. These problems can be solved with the good and clear attitude and direction of the managers. Clear focus towards the objectives of the organisation leads to the business success. (Adair, 2009)
Important skills required by a manager of a business in the twenty first century
Management has changed in the recent years. Due to globalisation, companies and their businesses are changing and are becoming more diverse than before. Technology is getting advanced and the management is much more changed than the 20th century. There are some important skills which are required by the manager of a business in the twenty first century to handle the diverse business, the sills are given below:
Switching between different cultures: Managers have to be much more intellectual than ever before in the 21st century and they need to have skill for switching their way of business and attitude according to various cultures they deal in. This is because of globalization. The managers of today should have global mind set to achieve success. They should have knowledge about different cultures, their language and should have skill to adapt to different situations. (Starks, 2015)
Communication and Interpersonal skills: The manager of 21st century should have excellent communication and interpersonal skills because it is the most required skill in the organisations nowadays. All the relationships are made by the manager through good and effective professional communication. Communication is the required skill for leadership as well. A good leader should have excellent communication skills. (Scannell & Scannell, 2009)
Knowledge: A manager of 21st century should have sufficient knowledge and should strive to gain more knowledge all the time. Managers are not born they are been made. So knowledge seeking makes people good managers which create value in the organisation. The other skills can be decision making ability, self-development, flexibility, diversity, etc.
How the skills contribute to achieve organisational goal
The managers have a set of skills which are known as managerial skills. The skills required by a manger of 21st century are already discussed above. These skills help the manager to achieve the goals and objectives of the business. The manager make effective use of these skills like knowledge, flexibility, leadership, experience, etc. to achieve organisational goals. Managers are those who usually get work done through people. They have the responsibility to allocate the resources and then achieve the goals of the organisation. The skills of the managers influence the performance of the team and the organisation to achieve the ultimate goal. Below described are some skills which help in meeting the organisational goals:
Leadership skills: These skills motivate the team members to work harder and maintains healthy environment in the organisation which helps in better productivity of the organisation. (Adair, 2009)
Planning and Decision making: A manager makes a plan for the achievement of tasks by the team and takes quick decisions so that the work can be done without affecting the time limit of the tasks. The manager aligns the team members for different operations management, allocates work to them according to their skills which brings quality in work. (Iacob, 2014)
Coaching skills: Coaching skills of the managers helps him to make people learn and get trained for the work they are required to do. A leader observes the situations and each employee and analyse the need of coaching or training in them so that their productivity can be increased. A trained team member or employee will contribute in achieving the business goals. (Iacob, 2014)
Communication skills: Communication skills of the leader or manager establishes healthy relationships among the members of the team and make them comfortable with each other to work harder and the manager also establishes the environment in which the employees cooperates each other, minimize the risks and attain high productivity in the organisation. (Scannell & Scannell, 2009). Communication is very important in the organisation because without proper communication, the information from one person to another will be misleading and the work environment will become very frustrating and negative which will develop negative mind-set of people towards the work and other people. For e.g. there are 20 team members in a team and there are different groups among the team members so one group will always try to showcase the work of another group in a negative manner which will hinder the growth of the team and organisation as a whole. Here, the manager plays an important role, he should conduct interactive sessions frequently in which all the members get to know each other and they start feeling good about the other members. (Starks, 2015)
How should a manager develop a positive and productive relationship with the staff of an organisation
A manager is required to develop a strong and positive relationship with the staff of the organisation so that a good working environment can be maintained and the productivity can be increased. If the people are more comfortable with each other at jobs they tend to enjoy their jobs more than the people who are not comfortable in the working environment of their offices. The manager is needed to establish good relationship the employees because of several reasons:
- To gain trust of employees
- To bring creativity
- To bring higher productivity
- To establish healthy relationships (Adair, 2009)
- To earn more profits and increase the earnings of the company
A manager can develop good relationships with the employees by adopting certain methods and ways, which are explained below:
Have a clear understanding with the employees: The manager should clearly explain the requirements of the job and the mission and vision of the company should be shared with the employees so that the employees make themselves prepare for the same. A manager should conduct regular meetings in order to communicate with the employee relation and know about their opinions or views or any other problems they are facing in order to achieve the target.
Motivate employees: Manage should encourage his/ her employees in order to build a good reputation with the staff and also among the staff members. Good relationships will make it easy for the manager to achieve the targets of the company. The respect and trust will be building for the manager among the employees and they will be encouraged to work more for achieving the ultimate missions and vision of the business. Motivated employees are the best resources for the company. (Adair, 2009)
Reward the employees: It is the responsibility of the manager to listen to the problems which the employees are facing and to solve them as soon as possible. The employees should also be rewarded for their remarkable performance. This will showcase good image of the manager in front of staff and they began to trust and respect him and will try to give their best to the company. (Samson & Daft, 2015)
Key concepts of Management
- Planning: It is the most important concept of management. For an example: management prepares plans for the operation of the activities of the business.
- Organising: It means managing the different aspects of the business is the responsibility of a manger. For an example: manager organises the activities of the business into different sections so as to execute them in an effective manner. (Samson & Daft, 2015)
- Leading: manager performs various activities for guiding others towards the right path. For an example: manager leads the team for achieving the targets decided.
- Staffing: It is the process of hiring employees for the different roles in the organisation. For an example: it is the responsibility of a manager to identify the need of the employees for every function of the business and hire the employees according to the requirement (Samson & Daft, 2015)
It can be concluded from the essay that the manger in 21st century is required to be more skilled and capable of handling the resources of the business in order to achieve the goals and objectives of the organisation.
Adair, J. (2009). Effective Teambuilding: How to make a winning team.
Iacob, V. 2014, "PROJECT MANAGER SKILLS, RISK MANAGEMENT TOOLS", Studies and Scientific Researches: Economics Edition, no. 18.
Samson, D., & Daft, R. L. (2015). Fundamentals of Management: Asia Pacific Edition. Australia: Cengage Learning.
Scannell, E., & Scannell, M. (2009). The Big Book of Team-Motivating Games: Spirit Building, Problem-Solving and Communication Games for Every Group.
Starks, F. (2015, 09 15). Leaders influence Team Performance and Goal Achievement. About Leaders.