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  1. What are the fundamental concepts of management?

  • Project management (is the discipline of planning, organizing, securing and managing resources to bring about the successful completion of specific project goals and objectives)

  • Customercentric approach (categorizing customers and their complex borrowing needs into groups instead of along rigid product lines.)

  • System approach (The systems approach to management is based on general system theory – the theory that says that to understand fully the operation of an entity, the entity must be viewed as a system. This requires understanding the interdependence of its parts)

  • Think marketing (to think marketing we must have a clear idea of: what the customers need, what the customers want, what causes them to buy, what the product is to the customer: functional, technological, economic + aesthetic, emotional, psychological aspects; features + benefits.)

  • Delayering (it is removing layers of middle management in the traditional hierarchical structures.)

  • Restructuring (a significant modification made to the debt, operations or structure of a company. This type of corporate action is usually made when there are significant problems in a company, which are causing some form of financial harm and putting the overall business in jeopardy. The hope is that through restructuring, a company can eliminate financial harm and improve the business).

  • Contingency approach (The contingency approach to management is based on the idea that there is no one best way to manage and that to be effective, planning, organizing, leading, and controlling must be tailored to the particular circumstances faced by an organization. The contingency theory suggests that what managers do in practice depends on, or is contingent upon, a given set of circumstances - a situation.)

  • SWOT approach (to assess any object/event/process one should identify and balance/estimate its strength, weaknesses, opportunities, threats. It is critical neither to overestimate nor to underestimate these features/factors. To develop one’s carrier successfully one should expose his/her strengths and cover his/her weaknesses.)

  • Just-in-time approach (doing things as quickly and cheaply as possible, without waste.)

  • Empowerment (encouraging employees to use their own initiative, to take decisions on their own without asking managers first).

  1. What are the most important processes/resources in an organization?

The most important processes in an organization are:

  • Communication process

  • Decision-making process

  • Performance evaluation process

  • Socialization and career process.

  • Development process

  • Business processes (continuous improvement (kaizen), benchmarketing, business process re-engineering).

The most important resources in an organization are:

  • human resources

  • financial resources

  • physical resources

  • information resources

  1. What is the role of a procedure?

The role of a procedure is providing key ideas about company, processes in company.

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