Untitled Quiz

Introduction to Management

• Management is the administration of an organization (business, not-for-profit, or government).
• Activities include setting strategy and coordinating employee/volunteer efforts to achieve objectives using available resources (financial, natural, technological, and human).
• Management is also an academic discipline studying social organization and leadership.

Definitions of Management

• Harold Koontz: Management is the art of getting things done through and with people in formally organized groups.
• Henri Fayol: To manage is to forecast and plan, organize, command, coordinate, and control.
• Peter Drucker: Management is a multi-purpose organ that manages business, manages managers, and manages workers/work.
• Mary Parker Follet: Management is the art of getting things done through people.
• William F. Glueck: Management is the effective utilization of human and material resources to achieve the enterprise objective.

Nature of Management

• Universal process: Management exists wherever human activity occurs.
• Factor of production: Efficient managers are crucial for utilizing labor and capital effectively.
• Goal-oriented: Management's primary objective is achieving organizational goals.
• Supreme in thought and action: Managers define achievable objectives and orchestrate action across all levels.
• Group activity: Coordinating human and physical resources is essential for maximum productivity.
• Dynamic function: Management must adapt to changes in the business environment (economic, social, political, technological, and human).
• Social science: Managers interact with individuals exhibiting various sensitivities, understandings and dynamics.
• Important organ of society: Management is crucial for societal progress through charitable activities, sports, and donations to NGOs.

System of Authority and Scope of Management

• System of authority: Clear lines of command and delegation are necessary for effective decision-making.
• Profession: Managers must possess relevant knowledge, training, and adhere to professional conduct and social/human obligations.
• Process: Management is a series of actions leading towards a defined end.
• Subject matter: Planning, organizing, directing, coordinating, and controlling are central management activities.
• Functional areas: Management spans various functional areas including financial, personnel, purchasing, production, and maintenance.

Other Concepts of Management

• Management as an interdisciplinary approach: Requires knowledge of commerce, economics, sociology, psychology, and mathematics for effective implementation.
• Universal application: Management principles can be applied across various organizational types.

Salient Features of Management

• Continuous and never-ending process: Management is an ongoing activity.
• Art of getting work done from people: It involves coordinating people towards achieving goals.
• Result-oriented: Management focuses on achieving specific outcomes.
• Multidisciplinary in nature: Management incorporates knowledge from several disciplines.

Important Characteristics of Management

• Goal-oriented process: Management focuses on achieving pre-defined goals.
• All-pervasive: The application of management principles is applicable across organizations.

Management is Multidimensional

• Management of work: Achieving organizational goals aligned with the company's nature (education, healthcare, production etc.)
• Management of people: Includes caring for individual and group needs of employees.
• Management of operations: Includes actions like production, sales, purchase, finance, R&D, and more.

Management is Continuous process

• Continuous process: Management activities are repeated continuously.
• Group activity: Management involves a team of people.

Management is an intangible force

• Intangible force: Management is an influence that's felt rather than seen.
• Quality of management: Quality of management is reflected in the accomplishment (results) of the organization.

Management as a Composite process

• Inter-dependent functions: Management functions are not standalone, but interconnected.

Balancing Effectiveness and Efficiency

• Effective: Completing projects and achieving goals on time.
• Efficient: Utilizing resources (materials, time, money etc.) optimally.
• Balance is key: Organizations should seek to balance both efficiency and effectiveness to achieve objectives and utilize resources effectively.

Objectives of Management

• Maximum results with minimum efforts utilizing resources efficiently.
• Increasing efficiency of factors of production lowering costs and increasing output.
• Maximum prosperity for employers and employees through effective organization, fair compensation, and profit distribution.
• Human betterment and social justice contributing to a better society through ethical practices, improved living standards, and job creation

Levels of Management

• Top (Administrative): High level decision-making and policies. Includes board of directors.
• Middle: Execute plans made by top management. Includes departmental managers.
• Lower(Supervisory/Operative): Implementation of plans and instructions; guides day-to-day operations. Includes supervisors or section officers.

Role and Functions of a Manager

• Leader: Set direction and motivation.
• Project manager: Convert goals into actionable plans.
• Coach: Develop and support employee capabilities and growth.
• Resource planner: Hire, manage, and evaluate employees.

Planning

• Defining and outlining activities in advance.
• Setting goals, policies, procedures and programs.
• Anticipating future circumstances.
• Essential in achieving organizational goals.
• A continuous process.
• A critical managerial function.

Planning Characteristics

• Intellectual process: Planning requires thought and analysis.
• Purposeful: Its purpose is meeting objectives (achieving defined goals).
• Contributes to objectives: Planning leads to organizational objectives.
• Primary function: Planning precedes execution.
• A continuous process: Planning is a never ending cycle .
• Reduction of Uncertainty: Planning helps predict and respond to future challenges and uncertainties.
• Optimization of Resources: Planning identifies, allocates, and manages available resources; ensuring effectiveness.
• Enhanced Organizational Effectiveness: Planning improves efficiency to achieve organizational objectives.
• Reduction of Performance Costs: Planning contributes to better utilization of resources, decreasing waste and improving efficiency.
• Concentration on Objectives: Aligning all elements to focus on organization goals.

Limitations of Planning

• Rigidity: Planning can sometimes be inflexible as changes are more difficult in a formal planned approach.
• Time-consuming: Developing plans can be a lengthy process.
• Uncertainty in Future: The future is uncertain, so planning may be incomplete, inaccurate or fail to account for possible changes or unexpected circumstances.
• Misdirection: Individual motivation could be disrupted if plans become self-serving.
• Internal Limitations: Limited skills and resources of decision-makers could be barriers.

Decision Making Techniques

• Marginal Analysis: Allocating resources to maximize profit and minimize costs.
• SWOT analysis: Strengths, Weaknesses, Opportunities, and Threats.
• Decision Matrix: Evaluating choices based on importance.
• Pareto Analysis: Identify factors with the biggest impact on results.

Decision Making Process

• Establish Objectives: Define goals of the business.
• Define the Problem: Identify the issue or challenge.
• Identify Possible Solutions: Brainstorm potential solutions.
• Evaluate Alternatives: Assess each solution's pros and cons.
• Select Best Alternative: Choose the most suitable solution.
• Implementation: Put the selected solution into action.
• Monitoring and Feedback: Track outcomes and make adjustments as needed.