Learning to Manage

The Management Process

Objectives

• Explain the management process• Identify your resources, recognize their limits,

and apply techniques to make the most of them.

Management Process

• Management –wisely using means to achieve goals.

• The means used are recourses.

• Resources may be time, objects, services or abilities

Management Process

• Identify your goals• Recognize your personal priorities and

standards.• Determine your resources• Form a plan• Implement the plan.• Evaluate the results.

Process

• Nonhuman resources are not physically or mentally part of a person, time, money, possessions, and community resources.

• Human resources come from within people. They include skills, knowledge, talents, energy, and people themselves.

Management process

• Resource Limitations

• Flexibility of resources1. Substituting resources2. Combining resources3. Exchanging resources

Management process

• Form a plan• For your plan by deciding exactly what steps

to take to reach your goal• Determine standards for each step in your

plan• Set deadlines

Management Process

• Implement the plan, putting your plan into action.

• For a long-term goal you might want to divide large tasks into several smaller tasks that are easier to accomplish.

• Evaluate the results.

10-2 Managing Your Time

• Explain the importance of time management• List some ways to help manage time.

• Time management is the ability to plan and use time well.

• About self-management

Benefits of managing your time

• Meet your deadlines • Ready to face each day’s responsibilities• Put small periods of time to good use so none

is wasted• Complete your short term goals, • Work toward long-term goals and even find

time for visionary goals.

Goals

• Short-term goals are immediate aims for today and this week.

• Long-term goals take more than a month or even a year to achieve

• These goals require considerable thought and preparation.

• Visionary Goals-a goal that inspires people to do more than they thought they were capable of achieving.

Steps in Time Management

• Planning 1. Get organized2. Consider goals and personal priorities3. Make to-do list4. Create a weekly plan• Implement the plan• Evaluating the plan

Managing Time Wisely

• Using time Management Aids• Using time management strategies1. Steer clear of time wasters2. Avoid procrastination3. Combine tasks whenever possible4. Break tasks into smaller steps5. Compensate for lost time6. Be prepared to use spare time

Energy and task Management

• Balancing personal, family, work, and leisure time

10-3 Managing Your Money

• Prepare a personal budget• List ways to reduce flexible expenses• Explain how a computer can be used to help

manage money.

• Budget• Fixed expenses• Flexible expenses

The Basics of Budgeting

• Budget is a plan to help you manage your money wisely.

• Budgets are designed to reflect income and expenses for a given period of time.

1. establish financial goals2. Determine sources of income3. Estimate expenses 4. Compare income and expenses

The Basics of Budgeting

• 5. write the budget and keep records6.Evaluate the budget

Reducing flexible expenses

Budgeting with a computer

10-4 Using Financial Services

• Describe various services offered by financial institutions

• Write and endorse checks correctly• Balance a checkbook• Certified check• Cashier’s check• Endorse• Account statement• overdraft

Choosing a Financial Institution

• Financial services1. Saving accounts2. Checking accounts3. Debit cards4. Automated teller machines5. Loans6. Certified and cashier’s checks7. Safe-deposit boxes

Types of Institutions

• Commercial banks• Mutual savings banks• Savings and loan associations• Credit unions

Using a Checking Account

• Types of accounts• Minimum amount to open the account• Interest accounts but must maintain a certain

balance• Pay services charges

Using a Checking Account

• Opening an account and Making a deposit1. Signature card

• Writing a check1. Date2. Name of the individual or group3. Amount of payment in numerals4. Amount of payment in words5. Purpose of the check6. Your signature

Endorsing a check

• Endorse means you must sign• Blank endorsement is the payee’s signature

only.• Restrictive endorsement states specifically

what is to be done with the check• Pay to the order of names the person who will

endorse the check.

Balancing Your Checkbook

• Account statement• Canceled checks• Outstanding checks• Compare statement to check register• Mark off any deposits• Add in interest if you have that type of

account

Balancing checkbook

• Write the closing balance• List the deposits you have made• Add the amounts from steps a1 and 2 and record

the totals.• List by number and amount all outstanding checks

and withdrawals. Find the total and record it.• Subtract the total in step 4 from that in step 3. • The difference should match the balance shown in

your checkbook.

Balancing your checkbook

• Do promptly is wise• Overdrafts these are checks written when

there is not enough money in the account to cover them.

• Most financial institutions fine account holders for writing overdrafts. Many businesses also fine customers who write overdrafts.

Saving for the Future

Explain why it is important to save moneyList five factors to consider when deciding how to saveDescribe various types of savings accountsDetermine why people need to plan their estates.

Saving for the Future

• Why save?• Factors in deciding how to save• Saving accounts• Certificates of deposit• Decisions about securities• Stocks• Bonds• Mutual funds

Planning an estate

• Estate is what a person leaves behind when he or she dies

• Will is a legal document describing how a person wants his or her property to be distributed after death.

• It specifies who will be in charge of carrying out the deceased person’s wishes.

10-6 insurance needs

• Insurance is a risk-sharing plan• Life insurance• Health insurance• Automobile insurance• Housing-related insurance