Planning and decision making

Determining the organization’s goals and deciding how best to achieve them, delegating responsibilities to subordinates.

Organizing

Determining how best to group activities and resources. Making all employees work together.

Leading

Motivating members of the organization to work in the best interests of the organization.

Controlling

Monitoring and correcting ongoing activities, receiving reports from subordinates, helping subordinates handle exceptions.

The golden rule of successful management can be summed up in the following words: “The system works well as long as we don’t have any exceptions”. Successful management is getting things done through “others”, that is through the manager’s immediate subordinates.

The word “management” is also used to denote the people who are in charge of a company or an organization. Although large organizations typically have a number of levels of management, the most common view considers three basic levels: top, middle and first line managers.

More about Management

Task 3. Read and translate this text to get additional information.

Some people learn everything without the help of a teacher; others learn nothing even when carefully taught. Most of us, however, fall in the category where we can learn if we are taught. The better we are taught, the better we learn. A skill can definitely be taught. A skill is something that can be observed, analyzed, explained, practiced, criticized and practiced again. Management is the kind of skill that can be taught, learned and must be practiced. Management is not an academic subject to be absorbed passively. Even when managers have received degrees in their field, most of their learning gets done on the job. In this way learning to manager is a bit like learning to ride a bicycle. Management is a kind of house-keeping. But it is also home-making in that it involves dealing with people. Management means getting things done and no one not even the single entrepreneur can do it alone. The successful manager knows how to get the right people to do the right jobs. He/she knows how to delegate authority: how to make people feel good about the responsibility they are taking and the creativity they engage in. All of us need a sense of self-fulfillment and the successful manager will know how to give such a sense to the people who work with him/her.

All management involves three elements: planning, execution and control. Every enterprise must be carefully planned before the first step is taken. That, of course, does not mean that plans cannot be changed mid-stream. The successful manager should be flexible enough to let his/her original design go and switch gears when he/she feels it necessary to do so. Execution means that plans are realistic enough to be carried out and to see them to their fruition. Control is the sense of keeping one’s hands on the reins of things – seeing that the project doesn’t get too far out of touch with the possible, keeping people on track, keeping lines of communication open.

Managers never work alone. They listen to others and they pay attention. The best way, of course, to know who the best manager is, is to look at the final result of the project – the proof of the pudding is in the eating – bon appetit!

Finance and Credit

Part I.

Banks

Vocabulary

account –счет, расчет

bank –банк

bank lending – банковские ссудные операции

banker – банкир

banking – банковская деятельность

central bank – центральный банк

central bank – центральный банк

investment bank – инвестиционный банк

merchant (commercial) bank – коммерческий банк

mutual savings bank – взаимно-сберегательный банк

savings bank – сберегательный банк

retail bank – банк, занимающийся обслуживанием мелкой клиентуры

borrower –заемщик

budgeting – составление бюджета

building society – жилищно-строительное общество

carry out – осуществлять

checking account –чековый счет

clearing houses – расчетные палаты

collect cheques – инкассировать чеки

comprise– включать, заключать в себе

creditworthiness (solvency) – кредитоспособность

currency exchange – валютная биржа

current (running) account – текущий счет

deal in securities – торговать ценными бумагами

dealing – сделка

demand deposit – бессрочный вклад

deposit – депозит, вклад в банке

deposit account – депозитный счет

depositor – вкладчик

developed country – промышленно-развитая страна

discount bills – учитывать векселя

electronic cash till (cash dispenser/machine, automatic teller machine, cashomat) – банкомат

embrace– охватывать, включать

eurobond– еврооблигация

financial assets – финансовые активы

financial institution – финансовый институт

financial system – финансовая система

financing – финансирование

flow(flew, flown) – течь, перетекать

foreign exchange market – валютный рынок

fund– фонд; капитал; денежные средства;

funds – средства

insurance– страхование

interest– процент

interest rate – процентная ставка

interest-free loan – беспроцентная ссуда

intermediary – посредник

issue banknotes – выпускать денежные знаки

license– лицензировать, выдавать лицензии

link– связывать

loan – заем, ссуда

locate – размещать, располагать в определенном месте

long-term loan – долгосрочная ссуда

maintain – удерживать, поддерживать

ministry of finance – министерство финансов

mortgage – закладная, ипотека

network– сеть

on-line banking – онлайновые банковские операции

percentage return – доход в виде процента

perform a function – осуществлять функцию

private account – счет частного лица (фирмы)

saver – вкладчик

securities– ценные бумаги

share – акция

stock exchange – фондовая биржа

stockbroker – биржевой брокер

supervise – контролировать, осуществлять надзор

take charge of clients’ valuables – брать на хранение ценности клиентов

time deposit – срочный вклад

to deposit – класть в банк, делать взнос

to draw (to receive) interest– получать проценты

to loan (to lend) – давать взаймы, одалживать

to make a loan – взять ссуду

to make a transaction – заключать сделку

to pay off (to repay) a loan – вернуть

to transfer – осуществлять перевод средств

transaction(deal)– сделка, операция

transfer – передача, перевод

transfer money – переводить денежные средства

transfer of funds – перевод средств

vault – хранилище

Vocabulary Exercises

Exc. 1. Make up at least 10 word-combinations using the following words: