DEFINITION OF MANAGEMENT

The art and science of

  successfully pursuing

  desired results with the

  resources available

  to the organization...

MANAGER

The person who provides the organization with leadership and who acts as a catalyst for change

qResponsible for the management of organization

qAccept responsibility of change

qProvide leadership

qMake things happen

Business Managers

qManagers must efficiently combine human, financial, and physical assets to maximize
long run profits by satisfying the firm’s
customers’ demands

q

qMajority of business failures are due to poor management

Managers must be:

qTechnologically knowledgeable about products and services

qGood and effective communicators

qAble to motivate people

qProficient in management technical skills such as accounting, finance, and forecasting

q

In Addition

qStrong understanding of ecological and institutional factors related to business

qAble to respond to changes in marketing conditions, weather conditions, government policies and technology

Managers must be able to mix each of these skills and perspectives in the right proportion to deliver the greatest long run net benefits for the firm

Four Key Tasks of Agribusiness Managers

1.Planning

2.Organizing

3.Directing

4.Controlling

The Wheel of Management

Planning

Forward thinking about the courses of action based on the full understanding of all factors involved and directed at specific goals and performance objectives

Planning

•First component of management process

•Planning gives direction

•Forces managers to be future-oriented

•Enables the organisation to deal with changes in the business environment

•Two components of planning

oGoals

oPlans

The benefits of planning

•Planning provides direction

•Planning reduces the impact of change

•Planning promotes co-ordination

•Planning ensures cohesion

•Planning facilitates control

Ò