Good Management

Good management includes the ability to :

 Recognise resources and use them wisely for a
purpose
 Plan methods of achieving goals
 Interpreting the kind of home that is satisfying to
each member of the family.
Processes of Management
There are many processes but we shall deal with
these five:
 Planning
 Organising
 Implementing
 Controlling
 Evaluating
What is involved in Planning?
 Planning involves decision making, that is,
identifying the problem to be solved or the goal to
be achieved, considering and selecting the possible
course of action. Planning provides an orderly
approach to work. It helps predict future action
What is involved in Organising?
 Organising requires that everything should be in
place in order to complete task or achieve goal.
What is involved in Implementing?
 Implementing is the action process of
management. It is the fulfilment of goal through
control of action.
What is involved in controlling?
 Controlling involves the following:
 Careful observation and assessment of
performance
 Checking work and performance to make sure that
activities are going according to plan.
 Making changes when things are not going
according toplan;
What is involved in Evaluating?
 When we evaluate we see how well we carried out
our plan.
Activity:
Use your knowledge of the management processes
to plan for your sweet sixteen birthday party or a
friends beach party.
CLASSWORK
 Define the term management and resources of
management.
 2. Name the five management processes and explain
each.
 3. What does good management includes?
 4. Apply management processes to the following:
 feeding the family
 clothing the family
 housing the family
Resources

Resources may be classified in two broad

headings, Human and Non-Human.
Human Resource are qualities of the individual
along with other resources. Examples of human
resources are energy, knowledge, intelligence,
abilities and skill.
Non-Human resources includes, money, material
goods, space , tools and equipment.
Resources
Non human or Natural Resources
 This may be categorized as
 Renewable
 Nonrenewable
 Renewable resources are those that can be
replenished or reproduced easily. Some of them,
like sunlight, air and wind, are continuously
available and their quantity is not affected by
human consumption.
 Non-renewable resources are formed over very
long geological periods. Minerals and fossils are
included in this category.
TIME
MANAGEMEN
T
 Despite all the services and amenities, the home maker often
finds it difficult to cope with the demands of satisfying the
needs of family members. She can help manage her time,
energy and skill efficiently by preparing a plan of work.
 When drawing up the plan, first include daily work, then fit in
weekly cleaning. Time should be reserved for leisure, hobbies
or personal recreation.
What is Resource Management?

 Resource management is the process by which

businesses manage their various resources effectively.
Those resources can be intangible – people and time –
and tangible – equipment, materials, and finances.
 It involves planning so that the right resources are
assigned to the right tasks. Managing resources involves
schedules and budgets for people, projects, equipment,
and supplies.
 While it is often used in reference to project management,
it applies to many other areas of business management. A
small business, in particular, will pay attention to resource
management in a number of areas, including:
The aspects of resource management for an
institution or organization
 Physical resource management
 Human resource management
 Financial resource management
 Motivational resource management
 Property resource management
MONEY
MANAGEMEN
T
Money Management

Practical Money
Skills for Life
Money Management
 This involves:
1. choosing the goods and services that will best
serve the family and the individuals needs.
2. Judgment about when to use capabilities or
skill, time and energy instead of money to meet
your needs and special wants.
3. Planning in relation to goal and values.
4. A sensible spending plan to help us get value
for money
 Money and Money Management
Money can be anything generally and
universally acceptable for the payment and
goods and services. Good money
consist of a material that is durable, easily
stored, lacking in bulk and light in weight.
Terms related medium
to Money
 Money: A current
Management
of exchange and a measure of
value, in the form of cheque, bank notes or coins

 Money Managementor otherwise in overseeing cash

usage of an individual or group.
 Legal Tender: Any official medium of payment recognized
by law that can be used to extinguish a public or private
debt, or meet a financial obligation. The national currency
is legal tender in practically every country

 Income: Money earned from salary or investments.

 Net/disposableIncome: Is the portion of income received
by the employee after taxes and other dues have been
deducted.

 Gross
Income: total revenue received before any deductions or
allowances.

 Expenditure: the action of spending funds.

 Fixed Expenses: any cash outflow that remains constant
during each time period. Examples mortgage, rent,
health and life insurance etc.

 Flexible/variableexpenditure: An expense that is easily

altered or avoided by the person bearing the
cost..Examples: Utilities, entertainment, foods etc.
 Occasional Expenses/Seasonal/ Perodic: Example
birthdays, graduation, weddings etc.
 Budgeting: the process of planning, organizing,
monitoring and controlling future income and
expenditure that results in the preparation of a budget.
 Budget: is a financial plan for organized spending and
saving. It is used to record income(earnings) and
expenditure(spending).
Budget

 Reasons for preparing a budget

 To enable individual or families to live within its
means.
 To help solve financial problems and eliminate or
lesson family arguments about finances.
 To help people mature in their attitude towards the
financial facts of life.
 Lessen impulse buying
 Help you to reach long term goals
Factors to consider when preparing a budget

 Net income
 Fixed and flexible expense
 Savings and investments
 Food
Steps in preparing a budget

 Setor determine goals

 Organise
 Make decisions
 Implement
 Control
 Evaluate
Step 1: Assess Needs
Make a realistic list of needs and wants
Needs Wants
Food Lots of Money
Clothing Cell Phone
Housing VCR or Big TV
Transportation New Car
Child Care Designer Jeans
Insurance Vacations
Medicines Boat
Titan Tickets
Step 2: Set Goals
Make sure your goals are SMART…
Specific- Clearly state what you want to do
Measurable- Measure by time and/or money
needed
Attainable- Make sure your goal is realistic and
possible
Relevant- Make sure goals fit your needs
Time related- Set a definite target day
(day/month/ year)
Step 3: Make a Plan
Put things in Priority Order- Imagine the actions you
need to take to get from where you are now to
where you want to be.

Goals are dreams with deadlines! Post your goals

where you will see them frequently. Find a picture
to represent your goals. Make them happen.
 SMART GOAL

GOAL: Use cash to purchase a refrigerator in 6 months. New

refrigerator will cost $600.00.

MUST SAVE FROM EACH PAYCHECK:

$100/Paycheck - if paid monthly
$50/Paycheck - if paid bi-weekly or semi-monthly
$25/Paycheck - if paid weekly
Your Plan with Actions

I will save $25.00 from each weekly paycheck for refrigerator.

Steps to Get There:
•Pack lunches.
•Borrow movies and CD’s from the library.
•Shop with a list for everything.
•Stay out of Walmart!

TARGET DATE: 6 MONTHS

 PRIORITIZING GOALS
1. Build an emergency savings of $_____________.
A. Put $50.00 from each paycheck for 5 months.
B. Use OVERTIME or BONUS $$ to build more
quickly.

2. Build a retirement account.

Put $50.00 (automatic deduction)
401(k)
Roth IRA