X. Read and translate Text 3. Pick out business management objectives

Text 3. Management Objectives

Speaking about managerial objectives one should take the following into consideration. The main objective has always been maximizing profits and minimizing losses. Managers should keep in mind that they run the business at a profit. Management objectives depend on the legal forms under which the company usually operates. They may be individual proprietorship, part­nership - general and limited - or corporations.

Good managers draw up objectives that are clear and understandable to all concerned.

Objectives must be consistent. They must promote cooperation among various departments of the company, and must be socially reasonable.

In determining the objectives the manager must consider the personal objectives of his subordinates.

Ordinary objectives of business have to be in keeping with the manpower and resources at hand.

It’s necessary to have proper policies to guide people in reaching their objectives. The policies which are generally established by the Board of Directors must not violate the trust and confidence that the stockholders have placed in the company. They should offer a kind of balance between the objectives of the cooperation and its actual operations. They should con­sider the operating staff’s interests and not be far from what the company’s personnel is prepared to accomplish.

The objectives of the business depend, to a great extent, on the organizational structure of the business. Before setting any objective to the organization the manager should ask himself these questions: What are the functions that must be performed? What are the people like who are to perform them? How are these tasks to be carried out?

In order to reach the goal we need procedures. (A procedure is a series of steps that are taken in order to accomplish an objective.) In carrying out management we also require rules. (No smoking rule, for example.) It goes without saying that rules should be drawn up as required for each organization. While policies may have to be interpreted, a rule must be exact and clear as regards its meaning.

VOCABULARY TRAINING

XI. Match the English equivalents with the Russian ones. Fill in the Table 3 given below.

Table 3

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