What is the Purpose of a Management Team?
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
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Management through its major functions such as organizing, planning, staffing, and controlling is the process through which an organization sets and achieves its organizational goals. Simply put, management is the way in which companies organize and control workflow, operations, and employees so as to achieve organizational goals. This assignment examines the role of the management team of a company and its impact on the company’s growth and development.
The management team is comprised of people who direct the team towards attaining their goal in a company. A management team has to work together with genuineness, harmony, bravery, effective communication, enthusiasm, and combined Strengths, and they must keep the Secrets of the company in order to attain the desired success by the company. The team leader must at all times interact with all the members properly with the needed updates and responses. The team leader has to take part in all the activities of the company. The team member is familiar with everyone in the company and therefore it’s her duty to ensure that he keeps up with the daily metrics of the team members and ensure that they are well trained and they should be given feedback. The team leader has to sympathize and empathize with any team member having any sort of personal issues. Team players are also required to advance their knowledge, confidence, time management, and sincerity in order to be a part of the growth and development of the company. Citing Mintzberg, the manager should possess the qualities of a leader through motivation and activation of subordinates for staffing and for associated duties. Team Managers have a duty to monitor various activities of the company and to receive or gather a wide range of special information to develop the business.
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What is the Purpose of a Management Team? A Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Understand the meaning of management in an organization
- Understand the purpose of a management team in a company
- Apply the various roles and practices of a management team to real-life organizations
1.0 INTRODUCTION
Management in an organization is the organization and administration of responsibilities to achieve a set goal. It involves structuring, planning, organizing, and directing resources and processes within an organization to achieve its goals. According to Armstrong (2009), Management is all about the effective use of resources. The role of management in an organization is to ensure that all employees are working towards the same goal. Managers are responsible for setting the organization's strategy and coordinating the efforts of staff to accomplish these objectives through the application of available resources. They also motivate staff members and departments to stay on task. This assignment examines the role of the management team of a company and its impact on the company’s growth and development. Key questions tackled are; what is a management team? What is the purpose of management? What is the role of the top management team?
A management team is a group of people who are responsible for managing and controlling the operations and performances of an organization. The management team is usually comprised of members such as the Chief Executive Officer, the Chief Financial Officer, Chief Operating Officer, and Chief Marketing Officer, together with middle managers, such as department heads, project managers, and team leaders.
A management team aims at providing strategic direction, guidance, and support to the workers and stakeholders of a company. It also makes sure that the organization's goals and objectives are in line with its vision and mission, and also that its resources are utilized efficiently and effectively. This team also monitors and evaluates the organization's performance and progress, and implements corrective actions when necessary. A management team is an important element of any successful organization. By having a clear purpose, a shared vision, and a common goal, a management team can lead the organization to achieve its full potential.
Some of the benefits of having a management team are:
It boosts communication and collaboration among different levels and functions of the organization.
It fosters a culture of accountability and responsibility among managers and employees.
It improves decision-making and problem-solving by leveraging the diverse skills and perspectives of the managers.
It increases innovation and creativity by encouraging managers to explore new opportunities and challenges.
It boosts morale and motivation by recognizing and rewarding the achievements and contributions of the managers and employees.
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