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3. The main function of management according to the traditional definition is the process of
coordinating a businesss resources to achieve its goals.
4. THe four main resources available to a business are:
Human resources employees; most important asset
Information resources knowledge, data; market research, economic forecasts
Physical resources equipment, machinery, raw materials
Financial resources funds
5. The difference between the traditional definition of management to todays contemporary
management:
Traditional refers to a less fluid and a very organised structure in which managers solely aim to
expand the business and achieve its goals. On the other hand, todays contemporary
management emphasises upon the need for managers to associate, communicate and work
together with other people to achieve the businesss goal yet simultaneously creating a great
business environment. Crucial to this process is the effective and efficient use of limited
resources.
6. The five key aspects of the contemporary management process