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Vocabulary. Management. Basic functions of management. Vocabulary Banknotes банкноты Current Текущие Account Счет Payment Платеж Claim Требование
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Vocabulary
| Banknotes | банкноты |
| Current | Текущие |
| Account | Счет |
| Payment | Платеж |
| Claim | Требование |
| Negotiable | Проходимый |
| Transferable | Допускающий передачу |
| Dilivery | Доставлять |
| Participate | Участвовать |
| Lend | Давать взаймы |
| Improvement | Улучшение |
| Diversification | Разнообразие |
| Assets | Активы |
| Absorb | Поглощать |
| Losses | Потери |
| Security | Гарантия, безопасность |
| Holder | Владелец |
| loans | Ссуда |
Questions:
1. How can banks' activities be divided? What do they deal with? (Dwell on each item. )
2. What are quasi-regulatory responsibilities of central banks?
3. How do central banks act in event of a crisis?
4. What do the economic functions of banks include?
5. In what form do banks issue money?
6. What is netting and settlement of payments? (Dwell on netting and settlement of payments)
7. What is credit intermediation? (Dwell on credit intermediation)
8. What is credit quality improvement? (Dwell on credit quality improvement)
9. What is maturity transformation? (Dwell on maturity transformation)
Тopic 10
Management
Management in business and human organization activity, in simple terms means the act of getting people together to accomplish desired goals. Management comprises planning, organizing, resourcing, leading or directing, and controlling an organization (a group of one or more people or entities) or effort for the purpose of accomplishing a goal. Resourcing encompasses the deployment and manipulation of human resources, financial resources, technological resources, and natural resources.
Management can also refer to the person or people who perform the act(s) of management.
The verb manage comes from the Italian maneggiare (to handle — especially a horse), which in turn derives from the Latin manus (hand). The French word mesnagement (later mé nagement) influenced the development in meaning of the English word management in the 17th and 18th centuries.
Mary Parker Follett (1868–1933), who wrote on the topic in the early twentieth century, defined management as " the art of getting things done through people". One can also think of management functionally, as the action of measuring a quantity on a regular basis and of adjusting some initial plan; or as the actions taken to reach one's intended goal. This applies even in situations where planning does not take place. From this perspective, Frenchman Henri Fayol considers management to consist of five functions:
1. planning
2. organizing
3. leading
4. co-ordinating
5. controlling
Some people, however, find this definition, while useful, far too narrow. The phrase " management is what managers do" occurs widely, suggesting the difficulty of defining management, the shifting nature of definitions, and the connection of managerial practices with the existence of a managerial cadre or class.
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One habit of thought regards management as equivalent to " business administration" and thus excludes management in places outside commerce, as for example in charities and in the public sector. More realistically, however, every organization must manage its work, people, processes, technology, etc. in order to maximize its effectiveness. Nonetheless, many people refer to university departments which teach management as " business schools. " Some institutions (such as the Harvard Business School) use that name while others (such as the Yale School of Management) employ the more inclusive term " management. "
Speakers of English may also use the term " management" or " the management" as a collective word describing the managers of an organization, for example of a corporation. Historically this use of the term was often contrasted with the term " Labor" referring to those being managed.
Basic functions of management
Management operates through various functions, often classified as planning, organizing, leading/motivating and controlling.
- Planning: deciding what needs to happen in the future (today, next week, next month, next year, over the next 5 years, etc. ) and generating plans for action. (What to do? )
- Organizing: (Implementation) making optimum use of the resources required to enable the successful carrying out of plans.
- Staffing: Job Analyzing, recruitment, and hiring individual for appropriate job.
- Leading/Motivating: exhibiting skills in these areas for getting others to play an effective part in achieving plans. (To make individual work willingly in the organization)
- Controlling: monitoring -- checking progress against plans, which may need modification based on feedback.
Vocabulary
| accomplish | Совершать, достигать, совершенствовать |
| goal | Цель, задача |
| encompass | Окружать, заключать |
| perform | Исполнять, выполнять |
| measuring | Измеряя |
| quantity | Количество |
| narrow | Узкий, тесный, подробный |
| existence | Существование, наличие, существо |
| charity | Милосердие, благотворительность |
| refer | Направлять, обращаться |
| employ | Служба, работа по найму, нанимать |
| corporation | Корпорация, акционерное общество |
| various | Различный, разный |
| optimum | Наиболее благоприятные условия |
| recruitment | Набор, пополнение |
| staffing | Укомплектовывать штаты |
| skill | Искусство, мастерство |
| feedback | Обратная связь |
Questions:
1. What is management?
2. What does management comprise?
3. What does resourcing encompass?
4. Where does the word “management” come from?
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5. How did Mary Parker Follett define management?
6. What functions does management consist of according to Frenchman Henri Fayol?
7. What does the phrase " management is what managers do" mean?
8. Can the term “management” be used as equivalent to " business administration"?
9. How does management operate?
10. What is planning? (Dwell on this item. )
11. What is organizing? (Dwell on this item. )
12. What is staffing? (Dwell on this item. )
13. What is leading/motivating? (Dwell on this item. )
14. What is controlling? (Dwell on this item. )
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