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Profit management is technology enabled, as firms must be quick to respond to rapid changing market and to know the true economic cost of its products and services. Management needs to drive cooperation between different functions of the firm such as sales, marketing, and finance, to ensure the teams recognize the importance of coordinated effort.
Management is the act of allocating resources to accomplish desired goals and objectives efficiently and effectively; it comprises planning, organizing, staffing, leading or directing, and controlling an organization (a group of one or more people or entities) or effort for the purpose of accomplishing a goal.
For example, in some restaurants, the front-line managers will also serve customers during a very busy period of the day. In general, line managers are considered part of the workforce and not part of the organization's proper management despite performing traditional management functions. Front-line managers typically provide:
Functional leadership theories are developed by studying successful leaders and identifying the actions and behaviors they show. Extensive studies with a large amount of data make it possible to correlate what leaders do, i.e., their actions or functions, with their successful results.
Managerialism is the idea that professional managers should run organizations in line with organizational routines which produce controllable and measurable results. [1] [2] It applies the procedures of running a for-profit business to any organization, with an emphasis on control, [3] accountability, [4] measurement, strategic planning and the micromanagement of staff.
Economics (/ ˌ ɛ k ə ˈ n ɒ m ɪ k s, ˌ iː k ə-/) [1] [2] is a social science that studies the production, distribution, and consumption of goods and services. [3] [4] Economics focuses on the behaviour and interactions of economic agents and how economies work.
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The term economics was originally known as "political economy".This term evolved from the French Mercantilist usage of économie politique, which expanded the notion of economy from the ancient Greek concept of household management to the national level, as the public administration of state affairs.