TV production is all about handling pressure. As a director or producer, you will have to deal with many different people and programs in order to meet your deadlines, especially for live shows. If you can't handle multiple screens and a crew from the control room, you shouldn't be in this position. There are ways, however, that you can alleviate this pressure and make your life much easier.
One way is to plan ahead. Always be one step ahead of the show; know which shot you want to cut, dissolve or wipe to next immediately after you cut to a new one. Staying ahead of the show allows you to communicate effectively to your switchboard and camera operators, a must for any good director.
While some may think of live shows as a spur of the moment thing, a good director or producer should not skimp on the pre-production phase. This will avoid potential problems during the actual shoot, such as faulty electrical equipment or lights that aren't positioned correctly. Planning out a set schedule and following it closely will allow for a smooth production from start to finish. Test all equipment and, if the time is available, stage a mock run to make sure everything runs smoothly. Make sure everyone involved with the production knows their job, from talent to crew, and can work independently, if needed.
For every director and producer, there's a different style of running things. Some are incredibly strict and want things only done their way; others will let the talent and crew have a longer creative leash. The good director or producer will feel out what is best for their crew. If your audio operator needs to be told exactly what to do while your switchboard operator is a creative genius, change styles accordingly. A good tip to follow in TV production is to be professional to everyone to get the best results in the program. As long as you follow this tip, it is possible to be as strict or relaxed as fits your style. The important thing is the final product and how the production gets there is up to you.