In macroeconomics , an industry is a branch of an economy that produces a closely related set of raw materials , goods , or services . For example, one might refer to the wood industry or to the insurance industry .
93-436: The energy industry is the totality of all of the industries involved in the production and sale of energy , including fuel extraction, manufacturing, refining and distribution. Modern society consumes large amounts of fuel, and the energy industry is a crucial part of the infrastructure and maintenance of society in almost all countries . In particular, the energy industry comprises: The increased dependence during
186-417: A Bachelor of Commerce or a Master of Business Administration degree. Some major organizations, including companies, non-profit organizations, and governments, require applicants to managerial or executive positions to hold at minimum bachelor's degree in a field related to administration or management, or in the case of business jobs, a Bachelor of Commerce or a similar degree. At the undergraduate level,
279-442: A chief financial officer , chief technology officer , and so on. 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
372-671: A broad understanding of competition, world economies, and politics. In addition, the CEO is responsible for implementing and determining (within the board's framework) the broad policies of the organization. Executive management accomplishes the day-to-day details, including instructions for the preparation of department budgets, procedures, and schedules; appointment of middle-level executives such as department managers; coordination of departments; media and governmental relations; and shareholder communication. Consist of general managers , branch managers and department managers. They are accountable to
465-540: A decade ago, while energy bonds make up 15.7% of the $ 1.3 trillion junk bond market, up from 4.3% over the same period. Since the cost of energy has become a significant factor in the performance of societies' economies, the management of energy resources has become crucial. Energy management involves utilizing the available energy resources more effectively, that is, with minimum incremental costs. Simple management techniques can often save energy expenditures without incorporating fresh technology . Energy management
558-530: A dedicated personnel department. By 1929 that number had grown to over one-third. Formal management education became standardized at colleges and universities. Colleges and universities capitalized on the needs of corporations by forming business schools and corporate placement departments. This shift toward formal business education marked the creation of a corporate elite in the US. By about 1900 one finds managers trying to place their theories on what they regarded as
651-449: A key in the development of the human society by helping it to control and adapt to the environment . Managing the use of energy is inevitable in any functional society. In the industrialized world the development of energy resources has become essential for agriculture , transportation , waste collection , information technology , communications that have become prerequisites of a developed society. The increasing use of energy since
744-429: A light) requires resources and has an effect on the environment. Many electric power plants burn coal, oil or natural gas in order to generate electricity for energy needs. While burning these fossil fuels produces a readily available and instantaneous supply of electricity, it also generates air pollutants including carbon dioxide (CO 2 ), sulfur dioxide and trioxide (SOx) and nitrogen oxides ( NOx ). Carbon dioxide
837-544: A manager's organization and a foe's. The writings of influential Chinese Legalist philosopher Shen Buhai may be considered to embody a rare premodern example of abstract theory of administration. American philosopher Herrlee G. Creel and other scholars find the influence of Chinese administration in Europe by the 12th century. Thomas Taylor Meadows, Britain's consul in Guangzhou , argued in his Desultory Notes on
930-538: A market embracing diversity and a rising service industry. Managers are currently being trained to encourage greater equality for minorities and women in the workplace, by offering increased flexibility in working hours, better retraining, and innovative (and usually industry-specific) performance markers. Managers destined for the service sector are being trained to use unique measurement techniques, better worker support, and more charismatic leadership styles. Human resources finds itself increasingly working with management in
1023-467: A movement for evidence-based management . The English verb manage has its roots in the fifteenth-century French verb mesnager , which often referred in equestrian language "to hold in hand the reins of a horse". Also the Italian term maneggiare (to handle, especially tools or a horse) is possible. In Spanish , manejar can also mean to rule the horses. These three terms derive from
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#17327944954501116-416: A network of grid cables . The transportation of energy, whether by tanker, pipeline, or transmission line, poses challenges for scientists and engineers, policy makers, and economists to make it more risk-free and efficient. Economic and political instability can lead to an energy crisis . Notable oil crises are the 1973 oil crisis and the 1979 oil crisis . The advent of peak oil , the point in time when
1209-537: A philosophy. Critics, however, find this definition useful but far too narrow. The phrase "management is what managers do" occurs widely, suggesting the difficulty of defining management without circularity , the shifting nature of definitions and the connection of managerial practices with the existence of a managerial cadre or of a class . One habit of thought regards management as equivalent to " business administration " and thus excludes management in places outside commerce , for example in charities and in
1302-454: A physical or mechanical mechanism) implies human motivation and implies some sort of successful progress or system outcome. As such, management is not the manipulation of a mechanism (machine or automated program), not the herding of animals, and can occur either in a legal or in an illegal enterprise or environment. From an individual's perspective, management does not need to be seen solely from an enterprise point of view, because management
1395-439: A pyramid structure: Management is taught across different disciplines at colleges and universities. Prominent major degree programs in management include Management , Business Administration and Public Administration . Social scientists study management as an academic discipline , investigating areas such as social organization , organizational adaptation , and organizational leadership . In recent decades, there has been
1488-420: A thoroughly scientific basis (see scientism for perceived limitations of this belief). Examples include Henry R. Towne 's Science of management in the 1890s, Frederick Winslow Taylor 's The Principles of Scientific Management (1911), Lillian Gilbreth 's Psychology of Management (1914), Frank and Lillian Gilbreth 's Applied motion study (1917), and Henry L. Gantt 's charts (1910s). J. Duncan wrote
1581-519: A tiny niche market and get mostly re-classified into another industry using new techniques. At the same time, entirely new industries may branch off from older ones once a significant market becomes apparent (as the semiconductor industry became distinguished from the wider electronics industry ). Industry classification is valuable for economic analysis because it leads to largely distinct categories with simple relationships. Through these classifications, economists are able to compare companies within
1674-399: A training capacity to help collect management data on the success (or failure) of management actions with employees. Good practices identified for managers include "walking the shop floor", and, especially for managers who are new in post, identifying and achieving some "quick wins" which demonstrate visible success in establishing appropriate objectives. Leadership writer John Kotter uses
1767-458: A useful purpose. After a useful process has taken place, the total energy is conserved. Still, the resource itself is not conserved since a process usually transforms the energy into unusable forms (such as unnecessary or excess heat). Ever since humanity discovered various energy resources available in nature, it has been inventing devices, known as machines, that make life more comfortable by using energy resources. Thus, although primitive man knew
1860-590: Is a list of the top 10 deals in history in the energy sector: Industry (economics) When evaluating a single group or company , its dominant source of revenue is typically used by industry classifications to classify it within a specific industry. For example the International Standard Industrial Classification (ISIC) – used directly or through derived classifications for the official statistics of most countries worldwide – classifies "statistical units" by
1953-911: Is an essential function in improving one's life and relationships . Management is therefore everywhere and it has a wider range of application. Communication and a positive endeavor are two main aspects of it either through enterprise or through independent pursuit. Plans, measurements , motivational psychological tools, goals, and economic measures (profit, etc.) may or may not be necessary components for there to be management. At first, one views management functionally, such as measuring quantity, adjusting plans , and meeting goals , but this applies even in situations where planning does not take place. From this perspective, Henri Fayol (1841–1925) considers management to consist of five functions : In another way of thinking, Mary Parker Follett (1868–1933), allegedly defined management as "the art of getting things done through people". She described management as
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#17327944954502046-659: Is an important greenhouse gas , known to be responsible, along with methane , nitrous oxide , and fluorinated gases , for the rapid increase in global warming since the Industrial Revolution . In the 20th century, global temperature records are significantly higher than temperature records from thousands of years ago, taken from ice cores in Arctic regions. Burning fossil fuels for electricity generation also releases trace metals such as beryllium, cadmium, chromium, copper, manganese, mercury, nickel, and silver into
2139-399: Is argued that there is also the potential to develop a more efficient energy sector. This can be done by: Best available technology (BAT) offers supply-side efficiency levels far higher than global averages. The relative benefits of gas compared to coal are influenced by the development of increasingly efficient energy production methods. According to an impact assessment carried out for
2232-507: Is explained below in specifications of their different responsibilities and likely job titles. The top or senior layer of management is a small group which consists of the board of directors (including non-executive directors , executive directors and independent directors ), president , vice-president , CEOs and other members of the C-level executives. Different organizations have various members in their C-suite, which may include
2325-536: Is in the context of the Iraq Wars . Some political analysts maintain that the hidden reason for both 1991 and 2003 wars can be traced to strategic control of international energy resources. Others counter this analysis with the numbers related to its economics. According to the latter group of analysts, U.S. has spent about $ 336 billion in Iraq as compared with a background current value of $ 25 billion per year budget for
2418-438: Is most often the practice of using energy more efficiently by eliminating energy wastage or balancing justifiable energy demand with appropriate energy supply. The process couples energy awareness with energy conservation . The United Nations developed the International Standard Industrial Classification , which is a list of economic and social classifications. There is no distinct classification for an energy industry, because
2511-444: Is the administration of organizations, whether they are a business , a nonprofit organization , or a government body through business administration , nonprofit management , or the political science sub-field of public administration respectively. It is the process of managing the resources of businesses, governments, and other organizations. Larger organizations generally have three hierarchical levels of managers, in
2604-406: Is the intersection of national security and the availability of natural resources for energy consumption. Access to cheap energy has become essential to the functioning of modern economies. However, the uneven distribution of energy supplies among countries has led to significant vulnerabilities. Threats to energy security include the political instability of several energy producing countries,
2697-401: Is the midway management of a categorized organization, being secondary to the senior management but above the deepest levels of operational members. An operational manager may be well-thought-out by middle management or may be categorized as a non-management operator, liable to the policy of the specific organization. The efficiency of the middle level is vital in any organization since it bridges
2790-706: Is the most popular professional degree at the master's level and can be obtained from many universities in the United States. MBA programs provide further education in management and leadership for graduate students. Other master's degrees in business and management include Master of Management (MM) and the Master of Science (M.Sc.) in business administration or management, which is typically taken by students aiming to become researchers or professors. There are also specialized master's degrees in administration for individuals aiming at careers outside of business , such as
2883-448: Is to explore means of producing hydrogen fuel from water. Though hydrogen use is environmentally friendly, its production requires energy and existing technologies to make it, are not very efficient. Research is underway to explore enzymatic decomposition of biomass. Other forms of conventional energy resources are also being used in new ways. Coal gasification and liquefaction are recent technologies that are becoming attractive after
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2976-482: Is very important to the global economy. All economic activity requires energy resources, whether to manufacture goods, provide transportation , run computers and other machines . Widespread demand for energy may encourage competing energy utilities and the formation of retail energy markets . Note the presence of the "Energy Marketing and Customer Service" (EMACS) sub-sector. The energy sector accounts for 4.6% of outstanding leveraged loans, compared with 3.1%
3069-559: The 20th century on carbon-emitting energy sources, such as fossil fuels , and carbon-emitting renewables, such as biomass , means that the energy industry has frequently contributed to pollution and environmental impacts on the economy. Until recently, fossil fuels were the primary source of energy generation in most parts of the world and are a significant contributor to global warming and pollution . Many economies are investing in renewable and sustainable energy as part of human adaptation to global warming. The use of energy has been
3162-591: The Doctor of Business Administration (DBA), the Doctor of Public Administration (DPA), the Ph.D. in business administration, the Ph.D. in management, and the Ph.D. in political science with a concentration in public administration. In the 2010s, doctorates in business administration and management were available with many specializations. While management trends can change fast, the long-term trend in management has been defined by
3255-511: The European Commission , the levels of energy efficiency of coal-fired plants built have now increased to 46-49% efficiency rates, as compared to coals plants built before the 1990s (32-40%). However, at the same time gas can reach 58-59% efficiency levels with the best available technology. Meanwhile, combined heat and power can offer efficiency rates of 80-90%. Since now energy plays an essential role in industrial societies ,
3348-460: The Industrial Revolution has also brought with it a number of serious problems, some of which, such as global warming , present potentially grave risks to the world. In some industries, the word energy is used as a synonym for energy resources , which refer to substances like fuels , petroleum products, and electricity in general. This is because a significant portion of the energy contained in these resources can easily be extracted to serve
3441-436: The Master of Public Administration (MPA) degree (also offered as a Master of Arts or Master of Science in public administration in some universities), for students aiming to become managers or executives in the public service and the Master of Health Administration , for students aiming to become managers or executives in the health care and hospital sector. Management doctorates are the most advanced terminal degrees in
3534-795: The government jobs . Many colleges and universities also offer certificates and diplomas in business administration or management, which typically require one to two years of full-time study. To manage technological areas, one often needs an undergraduate degree in a STEM area . At the graduate level students aiming at careers as managers or executives may choose to specialize in major subareas of management or business administration such as entrepreneurship , human resources , international business , organizational behavior , organizational theory , strategic management , accounting , corporate finance , entertainment, global management, healthcare management , investment management , sustainability and real estate . A Master of Business Administration (MBA)
3627-582: The public sector . More broadly, every organization must "manage" its work, people, processes, technology, etc. to maximize effectiveness. Nonetheless, many people refer to university departments that teach management as " business schools ". Some such institutions (such as the Harvard Business School ) use that name, while others (such as the Yale School of Management ) employ the broader term "management". English speakers may also use
3720-414: The retail trade sector contains industries such as clothing stores, shoe stores, and health and personal care stores. Companies are not limited to one sector or industry. They can reside in multiple sectors and industries. Industries, though associated with specific products , processes, and consumer markets , can evolve over time. One distinct industry (for example, barrelmaking ) may become limited to
3813-555: The "economic activity in which they mainly engage". Industry is then defined as "set of statistical units that are classified into the same ISIC category". However, a single business need not belong just to one industry, such as when a large business (often referred to as a conglomerate ) diversifies across separate industries. Other industry classification systems include the North American Industry Classification System (NAICS), which
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3906-414: The 1940s, Patrick Blackett worked in the development of the applied-mathematics science of operations research , initially for military operations. Operations research, sometimes known as " management science " (but distinct from Taylor's scientific management ), attempts to take a scientific approach to solving decision problems and can apply directly to multiple management problems, particularly in
3999-684: The Government and People of China (1847) that "the long duration of the Chinese empire is solely and altogether owing to the good government which consists in the advancement of men of talent and merit only," and that the British must reform their civil service by making the institution meritocratic . Influenced by the ancient Chinese imperial examination , the Northcote–Trevelyan Report of 1854 recommended that recruitment should be on
4092-548: The Indian Arthashastra by Chanakya (written around 300 BC), and The Prince by Italian author Niccolò Machiavelli ( c. 1515 ). Written in 1776 by Adam Smith , a Scottish moral philosopher , The Wealth of Nations discussed efficient organization of work through division of labour . Smith described how changes in processes could boost productivity in the manufacture of pins . While individuals could produce 200 pins per day, Smith analyzed
4185-561: The areas of logistics and operations. Some of the later 20th-century developments include the theory of constraints (introduced in 1984), management by objectives (systematized in 1954), re-engineering (the early 1990s), Six Sigma (1986), management by walking around (1970s), the Viable system model (1972), and various information-technology -driven theories such as agile software development (so-named from 2001), as well as group-management theories such as Cog's Ladder (1972) and
4278-421: The basis of merit determined through competitive examination, candidates should have a solid general education to enable inter-departmental transfers, and promotion should be through achievement rather than "preferment, patronage, or purchase". This led to implementation of Her Majesty's Civil Service as a systematic, meritocratic civil service bureaucracy. Like the British, the development of French bureaucracy
4371-418: The best available evidence. As with other evidence-based practice, this is based on the three principles of published peer-reviewed (often in management or social science journals) research evidence that bears on whether and why a particular management practice works; judgment and experience from contextual management practice, to understand the organization and interpersonal dynamics in a situation and determine
4464-484: The centuries faced the problems of exploiting and motivating a dependent but sometimes unenthusiastic or recalcitrant workforce, but many pre-industrial enterprises , given their small scale, did not feel compelled to face the issues of management systematically. However, innovations such as the spread of Arabic numerals (5th to 15th centuries) and the codification of double-entry book-keeping (1494) provided tools for management assessment, planning and control. With
4557-523: The changing workplaces of the Industrial Revolution in the 18th and 19th centuries, military theory and practice contributed approaches to managing the newly popular factories . Given the scale of most commercial operations and the lack of mechanized record-keeping and recording before the Industrial Revolution, it made sense for most owners of enterprises in those times to carry out management functions by and for themselves. But with
4650-531: The classification system is based on activities , products , and expenditures according to purpose . Countries in North America use the North American Industry Classification System (NAICS). The NAICS sectors #21 and #22 (mining and utilities) might roughly define the energy industry in North America. This classification is used by the U.S. Securities and Exchange Commission . The Global Industry Classification Standard used by Morgan Stanley define
4743-411: The day-to-day activities of the organization. However, this varies depending on the type (e.g., public versus private), size, and culture of the organization. These directors are theoretically liable for breaches of that duty and are typically insured under directors and officers liability insurance . Fortune 500 directors are estimated to spend 4.4 hours per week on board duties, and median compensation
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#17327944954504836-412: The energy industry as comprising companies primarily working with oil, gas, coal and consumable fuels, excluding companies working with certain industrial gases. Add also to expand this section: Dow Jones Industrial Average Government encouragement in the form of subsidies and tax incentives for energy-conservation efforts has increasingly fostered the view of conservation as a major function of
4929-576: The energy industry generate considerable pollution , including toxic and greenhouse gases from fuel combustion, nuclear waste from the generation of nuclear power, and oil spillages as a result of petroleum extraction. Government regulations to internalize these externalities form an increasing part of doing business , and the trading of carbon credits and pollution credits on the free market may also result in energy-saving and pollution-control measures becoming even more important to energy providers. Consumption of energy resources, (e.g. turning on
5022-410: The energy industry: saving an amount of energy provides economic benefits almost identical to generating that same amount of energy. This is compounded by the fact that the economics of delivering energy tend to be priced for capacity as opposed to average usage. One of the purposes of a smart grid infrastructure is to smooth out demand so that capacity and demand curves align more closely. Some parts of
5115-442: The entire U.S. oil import dependence Energy policy is the manner in which a given entity (often governmental) has decided to address issues of energy development including energy production , distribution and consumption . The attributes of energy policy may include legislation , international treaties, incentives to investment, guidelines for energy conservation , taxation and other public policy techniques. Energy security
5208-438: The environment, which also act as pollutants. The large-scale use of renewable energy technologies would "greatly mitigate or eliminate a wide range of environmental and human health impacts of energy use". Renewable energy technologies include biofuels , solar heating and cooling , hydroelectric power , solar power , and wind power . Energy conservation and the efficient use of energy would also help. In addition, it
5301-414: The field of business and management. Most individuals obtaining management doctorates take the programs to obtain the training in research methods, statistical analysis, and writing academic papers that they will need to seek careers as researchers, senior consultants, and/or professors in business administration or management. There are several types of management doctorates: the Doctor of Management (DM),
5394-510: The first college management textbook in 1911. In 1912 Yoichi Ueno introduced Taylorism to Japan and became the first management consultant of the " Japanese management style ". His son Ichiro Ueno pioneered Japanese quality assurance . The first comprehensive theories of management appeared around 1920. The Harvard Business School offered the first Master of Business Administration degree (MBA) in 1921. People like Henri Fayol (1841–1925) and Alexander Church (1866–1936) described
5487-459: The foreseeable future. With as much dependence that the U.S. currently has for oil and with the peaking limits of oil production; economies and societies will begin to feel the decline in the resource that we have become dependent upon. Energy security has become one of the leading issues in the world today as oil and other resources have become as vital to the world's people. However, with oil production rates decreasing and oil production peak nearing,
5580-721: The gap between top-level and bottom-level staff. Their functions include: Line 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. Low-level or "front-line" managers also act as role models for their employees. In some types of work, front-line managers may also do some of
5673-777: The growing size and complexity of organizations, a distinction between owners (individuals, industrial dynasties, or groups of shareholders ) and day-to-day managers (independent specialists in planning and control) gradually became more common. The field of management originated in ancient China, including possibly the first highly centralized bureaucratic state, and the earliest (by the second century BC) example of an administration based on merit through testing . Some theorists have cited ancient military texts as providing lessons for civilian managers. For example, Chinese general Sun Tzu in his 6th-century BC work The Art of War recommends (when re-phrased in modern terminology) being aware of and acting on strengths and weaknesses of both
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#17327944954505766-423: The manipulation of energy supplies, the competition over energy sources, attacks on supply infrastructure, as well as accidents, natural disasters, the funding to foreign dictators, rising terrorism, and dominant countries reliance to the foreign oil supply. The limited supplies, uneven distribution, and rising costs of fossil fuels , such as oil and gas, create a need to change to more sustainable energy sources in
5859-424: The maximum rate of global petroleum extraction is reached, will likely precipitate another energy crisis. Between 1985 and 2018, there have been around 69,932 deals in the energy sector. This cumulates to an overall value of 9,578 bil USD. The most active year was 2010 with about 3.761 deals. In terms of value 2007 was the strongest year (684 bil. USD), which was followed by a steep decline until 2009 (-55,8%). Here
5952-492: The most common business programs are the Bachelor of Business Administration (BBA) and Bachelor of Commerce (B.Com.). These typically comprise a four-year program designed to give students an overview of the role of managers in planning and directing within an organization. Course topics include accounting, financial management, statistics, marketing, strategy, and other related areas. Many other undergraduate degrees include
6045-484: The need for clerks, bookkeepers, secretaries and managers expanded. The demand for trained managers led college and university administrators to consider and move forward with plans to create the first schools of business on their campuses. At the turn of the twentieth century, the need for skilled and trained managers had become increasingly apparent. The demand occurred as personnel departments began to expand rapidly. In 1915, less than one in twenty manufacturing firms had
6138-465: The organization. Colleges and universities around the world offer bachelor's degrees, graduate degrees, diplomas, and certificates in management; generally within their colleges of business, business schools, or faculty of management but also in other related departments. Higher education has been characterized as a necessary factor in the managerial revolution in the 20th century. While some professions require academic credentials in order to work in
6231-507: The ownership and control of energy resources plays an increasing role in politics . At the national level, governments seek to influence the sharing (distribution) of energy resources among various sections of the society through pricing mechanisms; or even who owns resources within their borders. They may also seek to influence the use of energy by individuals and business in an attempt to tackle environmental issues . The most recent international political controversy regarding energy resources
6324-560: The phenomenon of management from a sociological perspective. Peter Drucker (1909–2005) wrote one of the earliest books on applied management: Concept of the Corporation (published in 1946). It resulted from Alfred Sloan (chairman of General Motors until 1956) commissioning a study of the organization . Drucker went on to write 39 books, many in the same vein. H. Dodge, Ronald Fisher (1890–1962), and Thornton C. Fry introduced statistical techniques into management studies. In
6417-465: The phrase "Short-Term Wins" to express the same idea. As in all work, achieving an appropriate work-life balance for self and others is an important management practice. Evidence-based management is an emerging movement to use the current, best evidence in management and decision-making . It is part of the larger movement towards evidence-based practices . Evidence-based management entails managerial decisions and organizational practices informed by
6510-415: 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 board chairman. These managers are classified in a hierarchy of authority and perform different tasks. In many organizations, the number of managers at every level resembles a pyramid. Each level
6603-494: The pre-1861 slave-based sector of the US economy. That environment saw 4 million people, as the contemporary usages had it, "managed" in profitable quasi- mass production before wage slavery eclipsed chattel slavery. Salaried managers as an identifiable group first became prominent in the late 19th century. As large corporations began to overshadow small family businesses the need for personnel management positions became more necessary. Businesses grew into large corporations and
6696-544: The presence of a source of usable energy, such sources are of great worth in society. While energy resources are an essential ingredient for all modes of transportation in society, the transportation of energy resources is becoming equally important. Energy resources are frequently located far from the place where they are consumed. Therefore, their transportation is always in question. Some energy resources like liquid or gaseous fuels are transported using tankers or pipelines , while electricity transportation invariably requires
6789-424: The price of exporting and importing oil will increase due to increased demand. Producing energy to sustain human needs is an essential social activity, and a great deal of effort goes into the activity. While most of such effort is limited towards increasing the production of electricity and oil , newer ways of producing usable energy resources from the available energy resources are being explored. One such effort
6882-508: The profession (e.g., law, medicine, and engineering, which require, respectively the Bachelor of Law , Doctor of Medicine , and Bachelor of Engineering degrees), management and administration positions do not necessarily require the completion of academic degrees. Some well-known senior executives in the US who did not complete a degree include Steve Jobs , Bill Gates and Mark Zuckerberg . However, many managers and executives have completed some type of business or management training, such as
6975-734: The realization that oil reserves , at present consumption rates, may be rather short lived. See alternative fuels . Energy is the subject of significant research activities globally. For example, the UK Energy Research Centre is the focal point for UK energy research while the European Union has many technology programmes as well as a platform for engaging social science and humanities within energy research. All societies require materials and food to be transported over distances , generally against some force of friction. Since application of force over distance requires
7068-434: The risks and benefits of available actions; and the preferences and values of those affected. Some see management as a late-modern (in the sense of late modernity ) conceptualization. On those terms it cannot have a pre-modern history – only harbingers (such as stewards ). Others, however, detect management-like thought among ancient Sumerian traders and the builders of the pyramids of ancient Egypt . Slave owners through
7161-482: The same industry to evaluate the attractiveness of that industry. Companies within the same industry can also have similar stock price movements due to their similarity and macroeconomic factors that affect all members of an industry. However, more complex cases, such as otherwise different processes yielding similar products, require an element of standardization and prevent any one schema from fitting all possible uses. Management Management (or managing )
7254-489: The same tasks that employees do, at least some of the time. For example, in some restaurants, the front-line managers will also serve customers during a very busy period of the day. In general, line managers are considered part of the workforce and not part of the organization's proper management despite performing traditional management functions. Front-line managers typically provide: Some front-line managers may also provide career planning for employees who aim to rise within
7347-587: The semantic development of the English word management in the 17th and 18th centuries. Views on the definition and scope of management include: Management involves identifying the mission , objective, procedures , rules and manipulation of the human capital of an enterprise to contribute to the success of the enterprise. Scholars have focused on the management of individual, organizational, and inter-organizational relationships. This implies effective communication : an enterprise environment (as opposed to
7440-427: The shareholders, the general public, and 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 . The board of directors is typically primarily composed of non-executives who owe a fiduciary duty to shareholders and are not closely involved in
7533-651: The steps involved in the manufacture and, with 10 specialists, enabled the production of 48,000 pins per day. Classical economists such as Adam Smith (1723–1790) and John Stuart Mill (1806–1873) provided a theoretical background to resource allocation , production (economics) , and pricing issues. About the same time, innovators like Eli Whitney (1765–1825), James Watt (1736–1819), and Matthew Boulton (1728–1809) developed elements of technical production such as standardization , quality-control procedures, cost-accounting , interchangeability of parts, and work-planning . Many of these aspects of management existed in
7626-460: The study of management, such as Bachelor of Arts and Bachelor of Science degrees with a major in business administration or management and the Bachelor of Arts (BA) or Bachelor of Science (BS) in political science (PoliSci) with a concentration in public administration or the Bachelor of Public Administration (B.P.A), a degree designed for individuals aiming to work as bureaucrats in
7719-409: The term "management" or "the management" as a collective word describing the managers of an organization, for example of a corporation . Historically this use of the term often contrasted with the term labor – referring to those being managed. A common management structure of organizations includes three management levels: low-level, middle-level, and top-level managers. Low-level managers manage
7812-479: The top management for their department's function. They devote more time to organizational and directional functions. Their roles can be emphasized as executing organizational plans in conformance with the company's policies and the top management's objectives, defining and discussing information and policies from top management to lower management, and most importantly, inspiring and providing guidance to lower-level managers towards better performance. Middle management
7905-431: The top weaknesses of CEOs were " mentoring skills" and "board engagement", and 10% of companies never evaluated the CEO. The board may also have certain employees (e.g., internal auditors ) report to them or directly hire independent contractors ; for example, the board (through the audit committee ) typically selects the auditor . Helpful skills for top management vary by the type of organization but typically include
7998-535: The two Latin words manus (hand) and agere (to act). The French word for housekeeping , ménagerie , derived from ménager ("to keep house"; compare ménage for "household"), also encompasses taking care of domestic animals. Ménagerie is the French translation of Xenophon 's famous book Oeconomicus ( ‹See Tfd› Greek : Οἰκονομικός ) on household matters and husbandry . The French word mesnagement (or ménagement ) influenced
8091-517: The utility of fire to cook food, the invention of devices like gas burners and microwave ovens led to additional ways of how energy can be utilised. The trend is the same in any other field of social activity, be it the construction of social infrastructure, manufacturing of fabrics for covering, porting, printing , decorating, for example, textiles , air conditioning , communication of information, or for moving people and goods ( automobiles ). Production and consumption of energy resources
8184-497: The various branches of management and their inter-relationships. In the early 20th century, people like Ordway Tead (1891–1973), Walter Scott (1869–1955) and J. Mooney applied the principles of psychology to management. Other writers, such as Elton Mayo (1880–1949), Mary Parker Follett (1868–1933), Chester Barnard (1886–1961), Max Weber (1864–1920), who saw what he called the "administrator" as bureaucrat , Rensis Likert (1903–1981), and Chris Argyris (born 1923) approached
8277-594: The work of non-managerial individuals who are directly involved with the production or creation of the organization's products. Low-level 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 low level and the top level of the organization. These managers manage the work of low-level 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
8370-486: The world has come to protect what resources we have left. With new advancements in renewable resources, less pressure has been put on companies that produce the world's oil; these resources are geothermal, solar power, wind power, and hydroelectric. Although these are not all the current and possible options for the world to turn to as the oil depletes, the most critical issue is protecting these vital resources from future threats. These new resources will become more valuable as
8463-450: Was $ 212,512 in 2010. The board sets corporate strategy, makes major decisions such as major acquisitions, and hires, evaluates, and fires the top-level manager ( chief executive officer or CEO). The CEO typically hires other positions. However, board involvement in the hiring of other positions such as the chief financial officer (CFO) has increased. In 2013, a survey of over 160 CEOs and directors of public and private companies found that
8556-644: Was developed through partnerships with North American countries such as the United States, Canada, and Mexico, in order to standardize the comparison of business activities in North America. There is also the Global Industry Classification Standard (GICS), which is used to assign companies to specific economic sectors and industry groups. There are many industry classifications in the modern economy, which can be grouped into larger categories called economic sectors . Sectors are broader than industry classifications. For example,
8649-706: Was influenced by the Chinese system. Voltaire claimed that the Chinese had "perfected moral science" and François Quesnay advocated an economic and political system modeled after that of the Chinese. French civil service examinations adopted in the late 19th century were also heavily based on general cultural studies. These features have been likened to the earlier Chinese model. Various ancient and medieval civilizations produced " mirrors for princes " books, which aimed to advise new monarchs on how to govern. Plato described job specialization in 350 BC, and Alfarabi listed several leadership traits in AD 900. Other examples include
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