Exercise 8. Study the following words and word-combinations. Make your own sentences using each of them. Translate the sentences into Russian

pay, payment, pay off, pay one's respect, pay through the nose, payable, pay-claim, payee, prepayment, payment by the results, payment in advance, payment in due course, payment in kind, payment on account, payment terms, payola, payroll tax, pay-as-you-earn (PAYE)

TEXT 15. MANAGEMENT

MANAGEMENT: ART OR SCIENCE?

Management is the art and science of making appropriate choices.

To one degree or another, we are all involved in managing and are con­stantly making decisions concerning how to spend or use our resources.

Like most things in our modern, changing world, the function of management is becoming more complex. The role of the manager today is much different from what it was one hundred years, fifty years or even twenty-five years ago. At the turn of the century, for example, the business manager's objective was to keep his company running and to make a profit. Most firms were production oriented. Few constraints affected management's decisions. Governmental agencies imposed lit­tle regulations on business. The modern manager must now consider the environment in which the organisation operates and be prepared to adopt a wider perspective. That is, the manager must have a good un­derstanding of management principles, an appreciation of the current issues and broader objectives of the total economic political, social, and ecological system in which we live, and he must posses the ability to analyze complex problems.

The modern manager must be sensitive, and responsive to the envi­ronment — that is he should recognize and be able to evaluate the needs of the total context in which his business functions, and he should act in accord with his understanding.

Modern management must posses the ability to interact in an ever­more-complex environment and to make decisions that will allocate scarce resources effectively. A major part of the manager's job will be to predict what the environment needs and what changes will occur in the future.

Organizations exist to combine human efforts in order to achieve certain goals. Management is the process by which these human efforts are combined with each other and with material resources. Management encompasses both science and art. In designing and constructing plans and products, management must draw on technology and physical sci­ence, of course, and, the behavioral sciences also can contribute to man­agement. However much you hear about "scientific management" or "man­agement science", in handling people and managing organizations it is necessary to draw on intuition and subjective judgment. The science portion of management is expanding, more and more decisions can be analyzed and programmed, particularly with mathematics. But although the artistic side of management may be declining in its proportion of the whole process it will remain central and critical portion of your future jobs. In short:

Knowledge (science) without skill (art) is useless, or dangerous;

Skill (art) without knowledge (science) means stagnancy and ina­bility to pass on learning;

Like the physician, the manager is a practitioner. As the doctor draws on basic sciences of chemistry, biology, and physiology, the business executive draws on the sciences of mathematics, psychology, and sociology.

EXERCISES

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