Part I. Bisiness chapter I. Management key vocabulary

I. Remember the correct pronunciation of these words

debatable [dɪ'beɪtəbl]

majority [mə'dʒɔrɪtɪ]

imply [ɪm'plaɪ]

decision [dɪ'sɪʒən]

liability [laɪə'bɪlɪtɪ]

supervisor ['sju:pəvaɪzə]

component [kəm'pounənt]

analysis [ə'næləsɪs]

analyzing ['ænəlaɪzɪη]

conceptual [kən'septjuəl]

managerial [mænə'dʒɪәrɪəl]

vision ['vɪʒən]

procedure [prə'si:dʒə]

II. Learn the following English terms and their Russian equivalents. Give your own sentences with them

concept – понятие

treatment – управление

Board of Directors – Совет Директоров

decision – решение

to manage – управлять

limited liability company – компания с ограниченной ответственностью

joint stock company – акционерное общество

shareholder – акционер

general-manager – генеральный директор

sales manager – коммерческий директор

personnel manager – начальник отдела кадров

chief accountant – главный бухгалтер

production superintendent – начальник производства

supervisor – управляющий

foreman – мастер

trait – черта характера, характеристика

alternative solution – альтернативное решение

managing director – коммерческий директор

elect – выбирать

III. Read the following verbs and verbal phrases and pay attention to the prepositions used after them

to define as …	to divide into …
to be in charge of …	to have a lot of …
to be equal to …	to give to …
to be responsible for …	to cope with …

IV. Listen, read and translate the text management

There is no single approach to defining such concept as management. There exists the debatable question whether management is an art or a science. The majority of people use both. Shortly, management can be defined as skilful treatment the business or enterprise. The collective meaning of the word management is «the persons who are in charge of a business», which is equal to the Board of Directors. So, management implies the personnel who have the right to make decisions which regulate company's affairs. As a rule, Board of Directors manages the limited liability company or joint stock company. They are elected by the shareholders and are responsible for control of the company. The directors, in their turn, elect the managing director or general manager. The managing director is in charge of everyday running the company and his duty is to coordinate the work of various department managers: Sales Manager, Personnel Manager, Chief Buyer, Chief Accountant and others.

So, there are three management levels: top, middle and operating. Top management includes the President, Vice president and the general manager. Middle management includes department managers, plant managers and production superintendents. Operating management includes supervisors, foremen and others.

The managers at any level are responsible for decision making. The decision making is the skill in choosing the best alternative. The decision making can be divided into five components: 1) installing the task; 2) defining and analyses of the task; 3) evaluation of alternative solutions; 4) choosing the most favorable one; 5) implementing the chosen solution.

Decision making is not easy work and demands a lot of definite qualities to possess. They are not given to a person by his birth, but they can be developed gradually. A good decision maker should possess the following traits:

– analytical ability – the ability to separate a problem into parts, to consider them separately, then to integrate the facts;

– conceptual or logical ability – the ability to consider all facts, to analyse them and collect into one concept;

– intuition – the ability to make an immediate decision, when it is urgently needed;

– creativity – the property to generate new original ideas for reaching the best decision;

– tolerance – the ability of a leader to cope with all unclear situations:

– open – mindedness – the ability to listen to the opinion of the others, to their comments and suggestions.

In most business schools now six fundamental managerial skills are taught: creative insight, sensitivity, vision, versatility, focus, patience in order to reach the following tasks:

– to set goals and to establish policies and procedures;

– to organize, motivate, and control people;

– to analyse situations and to formulate strategic and operating plans;

– to react to changes bringing new strategies into reality;

– to produce significant growth, profitability and return on investment.