ABM–APPLIED ECONOMICSLearning Activity SheetsQuarter 2: Week 1to 5DIVISION OF ANGELES CITY
APPLIED ECONOMICS Name of Learner: _________________________________Grade Level: __________ Section: ________________________________________ Date: ________________ Background Information for Learners When starting a business, the entrepreneur or manager must know what it takes to have a successful business venture. This lesson discusses the different concepts in managing a business. Principles of Managing a Business French businessman Henry Fayol, whose management theory includes 14 principles of management, concludes that there are five basic ways to carry out production. They are planning, organizing, commanding, coordinating, and controlling. Today, these have been condensed into four major functions: Planning– this is where goals are set and strategies are conceptualized to achieve a common goal and resolve work group conflicts. Organizing– this involves laying the foundation and work structure on how to accomplish the organization’s goals. Leading – this is where leaders or managers motivate their people to achieve a common goal and resolve work group conflicts. Controlling– this stage ensures that goals are being made by assessing whether the organization is in the right track after planning, organizing and leading.