MODULE 2

ASSIGNMENT #2

Important skills a Manager should possess

1. Good communication
—Having good communication skills is probably the most important skill of all for
managers to have. Unless you can properly communicate with those you supervise. In
numerous types of management tasks, the most common and first thing that needs to be
done is to communicate your opinions, expectations and needs to others. You shouldn’t
be a manager if you don’t enjoy working with people. You also need to be able to send
others the right messages and make sure that they understand you. The type of power that
you use for persuading others on your views is also very important.

2. Good Organization
—Probably the second most important skill that you can have as a manager is the ability
to organize. You need to be able to come up with a plan and then schedule, organize and
follow it. This also involves understanding your company’s processes and rules as well as
among individuals. You must be able to predict what will happen and at what time.

3. Team Building
—Good managers know how to keep their teams intact. The well being of team members
does not benefit from having competition within the team. However, competition
between teams can be very stimulating and healthy. If one of the team members speeds
ahead and leaves the rest of the members behind without helping them, the team will
most likely fail. A good manager will notice these irregularities very easily. He or she
will attempt to correct the situation through having discussions with the team, mostly
through listening to members. To a great extent, a successful and healthy team relies on
the trust between members and with the manager. If a manager is able to build trust
systematically, the team members will feel much more committed and appreciated.

4. Leadership
—It isn’t enough to just listen to the problems of co-workers. A good manager needs to
solve these problems and prove that he or she is committed to the goals of the team. It is
also the manager’s responsibility to define goals along with team members and then
assign responsibility to various team members clearly. A good manager will have a clear
vision in terms of the direction he or she wants the team to be headed in. Team members
need to be ‘infected’ with this vision so that everyone is headed in the same direction.
5. Ability to Deal with Changes Effectively
—Many managers are thoroughly familiar with the entire working process. This allows
them to do things in an almost automatic manner. A good manager is adaptable and
flexible. When faced with obstacles, he or she has the ability to react quickly. Stress
doesn’t prevent the manager from making the right decisions for the team and company.

6. Domain Knowledge
—Good managers have a thorough understanding of the process he or she is managing,
including the type of tasks that team members are performing and how they are working.
This skill isn’t quite as important as the other ones are. However, in some cases, not
having it will mean that the manager and the team don’t ever work at maximum capacity
or use all of their potentials due to a lack of understanding of one another.
 Mini-case: A Windfall
As an economic student, I am going to help my aunt to make some wise financial
decisions by telling her to calm down and not to get so excited for a million amount of money
where in she might think of buying her dream car or her dream house or maybe spending the
money to take a vacation which is for me a wrong decision. By the time she receives the money,
she should opt for budgeting it by setting aside the amount that she can use for her expenses like
the bills she has or maybe pay all her liabilities or debts if any and save the rest. In this case she
won’t get confused on what to do because she is going to get rid of the things that is going to
bother her when it comes to financial decisions. Also, it helps her to focus more on planning to
create a source of income and make her money grow. After paying all her obligations and not
being sure of taking painting and sculpture classes, she should open a bank account with her
money in it. Putting the money in the bank will prevent her from spending it little by little while
protecting it from theft or from events that might cause her to lose her money. By the time she
decides to risk some of her money by investing PHP 100,000 to make money for a short period
of time, I suggest investing a real estate mortgage. Mortgage is a legal agreement by which a
bank or other creditor lends money at interest in exchange for taking of the debtor’s property,
which the condition that the conveyance of title becomes void upon payment of the debt. In this
case, my aunt is going to look for mortgage which she can use it to make money within the
mortgage period. For example, my aunt invested a mortgaged Rent House worth PHP 100,000
which has 6 rooms for 3 years. She can now gain money by renting it out, PHP 3000 monthly for
instance, where in she can gain P18000 a month and P216000 a year. In this case she can make
money a lot faster in a short period of time.
JOURNAL
The 3 things I should have done:
1. I should know what I really need to buy and if it is necessary to buy to minimize the
cost.
2. When it comes to buying, I should make a balance decision between emotional
decisions and rational justifications.
3. I should think twice on the preference or recommendation of other people

Moreover, I can say that after having knowledge about how to minimize cost and
maximizing revenues and profits, I am considering the cost and the profit specially
the benefits of the products and services I am about to purchase. Thus, learning about
optimization techniques helps me focus on my goals, specifically needs over wants to
minimize the cost of purchase and maximize my savings as my profit for future use.