OVERVIEW OF
MANAGEMENT
PRACTICES(MGT3010E)
GROUP4 WORK:
ROY TANGA
PA RT H G U P TA
R A P H A E L G A I T H O
H A R R I E T K A N G E T H E
E D W I N M U N Y I R I
S H A M S O H A S H I
W I L L I A M M A I N A
DEFINITION OF
TERMS
•
Firm: A firm refers to a business entity or
organization engaged in economic
activities, typically involved in producing
goods or providing services for profit
•
Industry: Industry encompasses a group of
firms or businesses that operate within a
particular economic sector, sharing
common characteristics or producing
similar products or services
•
Corporation: A corporation is a legal entity
that is separate from its owners
•
Management: Management involves the
planning, organizing, directing, and
controlling of resources within an
organization to achieve specific goals and
objectives
•
Administration: Administration refers to
the overall process of overseeing and
managing the day-to-day operations of an
organization
DEFINITION OF
TERMS
•
Organization: An
organization is a structured
group of individuals working
together to achieve common
goals or objectives
EXPL A IN T H E N AT U R E
A N D I M P O R TA N C E O F
MANAGEMENT
•
The nature of management
is rooted in the systematic
coordination of resources
and efforts to accomplish
organizational objectives
•
Management is dynamic,
adapting to changing
environments and
challenges
•
Effective management
enhances productivity,
fosters innovation, and
creates a cohesive work
environment