Stepping into a management role requires not only strong leadership skills but also a solid understanding of key management concepts. If you are transitioning into management through a Master in Management (MiM) conversion course, familiarising yourself with essential terms will help you communicate effectively, make informed decisions, and navigate the business world with confidence.
Our glossary provides clear and concise definitions of key management terms, giving you a strong foundation for your studies and future career.
A
Agile Management
A management approach that emphasises flexibility, employee input, and the continuous iteration of processes and products. Agile management is often used in software development and other dynamic fields to adapt quickly to new challenges and changing customer demands.
B
Benchmarking
The process of comparing one's own business processes and performance metrics to industry bests, or best practices from other companies. Benchmarking can provide insights that help managers improve their performance and make strategic decisions about how to proceed.
C
Change Management
The discipline that guides how we prepare, equip, and support individuals to successfully adopt change in order to drive organisational success and outcomes. It involves managing the transition from existing methods and processes to new ones, ensuring a smooth and effective transformation.
D
Delegation
The assignment of responsibility or authority to another person (normally from a manager to a subordinate) to carry out specific activities. Effective delegation is crucial in management as it enhances efficiency and trust, while fostering employee growth and development.
E
Empowerment
The practice of sharing information, rewards, and resources with employees. These enable them to take initiative, make decisions to solve problems, and take charge of their own growth. This concept is based on the idea that giving employees skills, resources, authority, opportunity, and motivation will contribute to their competence and satisfaction. Additionally, holding them responsible for the outcomes of their actions reinforces this effect.
F
Feedback
The information given to employees about their performance. This helps them to understand what they are doing well and what needs improvement. Feedback is essential in management for aligning expectations, fostering learning and development, and improving employee performance.
G
Goal Setting
The process of identifying specific, measurable, achievable, relevant, and time-bound (SMART) objectives that both management and employees agree upon. Goal setting is a fundamental aspect of management because it provides direction, benchmarks for determining progress, and mechanisms for adjusting to new insights or errors.
H
Human Resources Management (HRM)
The strategic approach to the effective management of people in an organisation, so that they help the business gain a competitive advantage. HRM is designed to maximise employee performance in service of an employer's strategic objectives.
I
Innovation Management
The process of managing an organisation's innovation procedure, starting from the initial stage of ideation, through to its final deployment. This is crucial in management as it fosters a culture of innovation and ensures that creative ideas turn into profitable ventures.
J
Job Enrichment
A managerial technique that involves enhancing a job's responsibilities and opportunities to make the position more rewarding for the employee. Job enrichment is used to motivate employees and enhance their job satisfaction, which can lead to increased productivity and retention.
K
Key Performance Indicators (KPIs)
Quantifiable measures that are used to evaluate the success of an organisation, employee, or a particular activity in meeting objectives for performance. KPIs are crucial as they provide a focus for strategic and operational improvement. They create an analytical basis for decision-making and help focus attention on what matters most.
L
Leadership
The act of guiding and directing a group towards achieving a common goal. Leadership in management involves motivating teams, fostering an environment of communication and ensuring effective execution of tasks.
M
Motivation
The process of stimulating people to actions to accomplish their goals. In the workplace, management motivates through mechanisms such as rewards, recognition, and alignment of employee goals with broader organisational objectives.
N
Negotiation
The process whereby parties come together to have a dialogue and attempt to reach an agreement on an issue or various issues. In management, negotiation skills are crucial for resolving differences, allocating resources, and managing relationships both within and outside the organisation.
O
Organisational Culture
The shared values, beliefs, and norms that influence the way employees think, feel, and behave in an organisation. Management plays a critical role in shaping, conveying, and maintaining organisational culture. This can significantly affect company performance and employee satisfaction.
P
Performance Management
The ongoing process of communication and feedback between a manager and an employee that occurs throughout the year. It works in support of achieving both the employees’ and the organisation’s strategic objectives. Performance management is essential for monitoring employee progress and ensuring alignment with the company's strategic goals.
Q
Quality Management
A comprehensive approach to building long-term success for an organisation by improving systems, procedures, and attitudes. Quality management usually involves the entire organisation and emphasises customer satisfaction, reducing mistakes, and streamlining supply chain management.
R
Resource Allocation
The process of assigning and managing assets in a manner that supports an organization's strategic goals. Effective resource allocation involves balancing efficiency and effectiveness of resources across departments and projects to achieve optimal organisational performance.
S
Strategic Planning
A systematic process of envisioning an organisation’s future, then translating this vision into broadly defined goals and a sequence of achievable steps. In management, strategic planning is essential for setting priorities, focusing energy and resources, and ensuring that employees and other stakeholders are working toward common goals.
T
Talent Management
An organisation’s commitment to recruiting, retaining, and developing the most talented employees available in the job market. Talent management is crucial for getting the best out of the workforce and fostering an environment where employees feel motivated and engaged.
U
Utilisation
The extent to which an organisation's potential resources are being used effectively to produce desired outcomes. High resource utilisation maximises the return on investment (ROI) and efficiency of resource use.
V
Visionary Leadership
A type of leadership that involves leaders who create and articulate a realistic, credible, attractive vision of the future that improves upon the present situation. Visionary leaders inspire and motivate followers to reach toward a greater good.
W
Workforce Planning
The process involves analysing the current workforce and determining future workforce needs, as well as identifying the gap between the present and future. Implementing solutions based on these findings enables an organisation to accomplish its mission, goals, and strategic plan. Effective workforce planning supports not only current staffing needs, but also those in the future in response to business growth and changes.
Management conversion courses to advance your career
Our 100% online MiM Management courses are the perfect way to explore these concepts and move into managerial roles. With three specialist pathways to choose from, you can also tailor your studies to fit your own career goals.
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