New words and word combinations:

1) management – менеджмент, администрация, руководство; 2) affair – дело; pl. – дела, занятия; 3) to affect – влиять, (воз)действовать (на кого-либо); трогать, волновать, затрагивать, задевать; 4) employee – служащий, рабочий; 5) to run a business – управлять делом; 6) to control – управлять, проверять, контролировать; 7) ability – способность, умение; 8) to establish – основывать, создавать, утверждать, устраивать, устанавливать;         9) valuable – ценный; 10) to contribute... to... – содействовать, способствовать; жертвовать (деньги... на...), делать вклад, отдавать время; 10) to attain the company's objectives – чтобы осуществить задачи, стоящие перед компанией (частица to вводит инфинитив цели); 11) feedback, suggestions, and grievances – обратная связь, предложения и жалобы; 12) top management, middle management, and operating management – высшее руководство, руководители среднего звена, оперативное руководство; 13) production superintendents – начальники производства.

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Management and Organization

Management includes those personnel who have the right to make decisions that affect company's affairs. Organization is the means by which management coordinates the efforts of employees to attain the company's objectives.

Organization Involves structure. An organizational structure is a framework enabling management to delegate and control the responsibilities of individuals and departments. In this way, a company can function as a unit with the same efficiency as a business run by one person. Once organizational structure has been established, areas (and sub-areas) of activities, levels of authority, and duties must be clearly defined.

Yet with this structure, allowance must be made for initiative. Good management permits employees (and manager) to grow according to individual abilities. This is a valuable asset to a company in that individual talents contribute to organizational growth. Communication is of great importance in organizational structure. A smooth, two-way flow (from management to employees and from employees to management) ensures efficient functioning through feedback, suggestions, and grievances.

Most organizations have three management levels: first-level, middle-level, and top-level managers. First-line managers are the lowest level of management and manage the work of nonmanagerial individuals who are directly involved with the production or creation of the organization's products. First-line managers are often called supervisors, but may also be called line managers, office managers, or even foremen. Middle managers include all levels of management between the first-line level and the top level of the organization. These managers manage the work of first-line managers and may have titles such as department head, project leader, plant manager, or division manager. Top managers are responsible for making organization-wide decisions and establishing the plans and goals that affect the entire organization. These individuals typically have titles such as executive vice president, president, managing director, chief operating officer, chief executive officer, or chairman of the board.

The top or senior layer of management consists of the board of directors, president, vice-president, CEOs and other members. They are responsible for controlling and overseeing the operations of the entire organization. They set a "tone at the top" and develop strategic plans, company policies, and make decisions on the overall direction of the organization. In addition, top-level managers play a significant role in the mobilization of outside resources. Senior managers are accountable to the shareholders, the general public and to public bodies that oversee corporations and similar organizations. Some members of the senior management may serve as the public face of the organization, and they may make speeches to introduce new strategies or appear in marketing. Helpful skills of top management vary by the type of organization but typically include a broad understanding of competition, world economies, and politics the broad policies of the organization.

Middle management consists of general managers, branch managers and department managers. They define and discuss information and policies from top management to lower management, and most importantly they inspire and provide guidance to lower level managers towards better performance. Their functions include: design and implement effective group and inter-group work and information systems; define and monitor group-level performance indicators; diagnose and resolve problems within and among work groups; design and implement reward systems that support cooperative behavior. They also make decision and share ideas with top managers.

Lower managers include supervisors, section leaders, forepersons and team leaders. They focus on controlling and directing regular employees. They are usually responsible for assigning employees' tasks, guiding and supervising employees on day-to-day activities, ensuring the quality and quantity of production and/or service, making recommendations and suggestions to employees on their work, and channeling employee concerns that they cannot resolve to mid-level managers or other administrators. Front-line managers typically provide: training for new employees; basic supervision; motivation; performance feedback and guidance.

Text C

New words and word combinations:

1) financial management – управление финансами; 2) to establish relations – установить отношения; 3) selling – продажа; 4) to forecast – предсказывать; 5) profit – прибыль; 6) payment – платеж; 7) to run out – заканчиваться; 8) to exceed – превышать; 9) fluctuations – колебания; 10) asset – актив; 11) management strategy – стратегия управления; 12) long term – долгосрочный; 13) liability – обязательство; 14) profit – прибыль; 15) bankrupt – банкротство; 16) cash flow – денежный поток.