Introduction to Management Principles

Management Defined

• Management is the skill of achieving objectives through the efforts of others.

Types of Managers

• Top Managers: Develop organizational strategy and oversee its vision and mission.
• Functional Managers: Ensure efficiency and effectiveness within a specific department.
• Line Managers: Lead functions directly contributing to the product or service.
• Team Managers: Coordinate specific subgroups within a function.
• Staff Managers: Lead functions providing indirect support.
• Project Managers: Plan, execute, and close projects.
• General Managers: Manage revenue-generating units.

Management Functions

• Planning: Setting objectives and determining action plans to achieve them.
• Organizing: Structuring the organization and allocating resources.
• Leading: Inspiring others to take action through social and informal influence.
• Controlling: Ensuring performance stays aligned with standards.

Mintzberg's 10 Managerial Roles

• Interpersonal Roles:
  • Figurehead: Represents the organization in formal settings.
  • Leader: Defines the manager-employee relationship.
  • Liaison: Connects with peers and external parties.
• Informational Roles:
  • Monitor: Gathers and collects information.
  • Disseminator: Shares information within the organization.
  • Spokesperson: Communicates organizational information to the external environment.
• Decisional Roles:
  • Entrepreneur: Drives change within the organization.
  • Disturbance Handler: Addresses threats to the organization.
  • Resource Allocator: Makes decisions about resource allocation and expansion.
  • Negotiator: Negotiates on behalf of the organization.

Leadership, Entrepreneurship, and Strategy

• Leadership: Influencing others through social and informal approaches to inspire action.
• Entrepreneurship: Recognizing opportunities and utilizing resources to implement innovative ideas.
• Entrepreneur: Someone who engages in the process of entrepreneurship.
• Strategy: The core concept of how an organization will achieve its objectives, focusing on external factors.
• Strategic Management: The body of knowledge guiding strategy development and implementation.

The P-O-L-C Framework

• Planning:
  • Vision and Mission: Defining the organization's purpose and long-term direction.
  • Strategizing: Developing actionable plans to achieve objectives.
  • Goals and Objectives: Setting specific, measurable targets.
• Organizing:
  • Organization Design: Creating the structure of the organization.
  • Culture: Fostering a shared sense of values and beliefs.
  • Social Networks: Building relationships and collaborations within and outside the organization.
• Leading:
  • Leadership: Inspiring and motivating individuals and teams.
  • Decision Making: Making informed choices to guide the organization.
  • Communication: Effectively transmitting and receiving information.
  • Teams: Building and managing effective teams.
  • Motivation: Inspiring and incentivizing individuals.
• Controlling:
  • Systems: Establishing processes and procedures to monitor performance.
  • Strategic Human Resources: Aligning human resources with organizational goals.

Planning

• Planning Process:
  • Environmental Scanning: Analyzing the external environment.
  • Forecasting Future Conditions: Making predictions about future trends.
  • Establishing Objectives: Defining clear goals.
  • Identifying Alternatives: Exploring different courses of action.
  • Decision-Making: Choosing the best course of action.
  • Implementing Steps: Putting plans into action.
  • Evaluating Success: Monitoring progress and making adjustments.

Types of Planning

• Strategic Planning: Long-term planning, focusing on competitive advantage.
• Tactical Planning: Medium-term planning, implementing strategic goals.
• Operational Planning: Short-term planning, supporting strategic and tactical plans.

Organizing

• Organizational Design: Shaping the structure and hierarchy of the organization.
• Job Design: Defining the duties and responsibilities for individual roles.
• Job Enrichment: Designing jobs that offer autonomy and variety to enhance motivation.

Leading

• Leading involves using both formal and informal sources of influence to inspire action.

Controlling

• Steps in Controlling:
  • Establishing Performance Standards: Defining measurable targets.
  • Comparing Performance: Assessing actual performance against standards.
  • Corrective Action: Taking steps to address deviations.

Triple Bottom Line

• Economic Performance: Success in generating benefits for owners.
• Social Performance: Impact on employees, customers, and communities.
• Environmental Performance: Impact on the environment.

Corporate Social Responsibility (CSR)

• Organizations have obligations to stakeholders beyond shareholders.
• Investing in social and environmental initiatives can create a virtuous cycle leading to enhanced reputation, employee attraction, and economic performance.

Performance: Individual and Group Level

• Individual Level:

  • In-role Performance: Fulfilling duties outlined in job description.
  • Extra-role Performance: Going beyond formal expectations.
  • Organizational Citizenship Behaviours (OCBs): Contributing to the organization's effectiveness beyond job requirements.
  • Helping Others: Altruism, assisting colleagues.
  • Sportsmanship: Positive attitude, accepting inconveniences.
  • Organizational Loyalty: Advocating for the organization.
  • Organizational Compliance: Following rules and procedures.
  • Individual Initiative: Taking proactive measures.
  • Civic Virtue: Engaging in organizational affairs.
  • Self-Development: Investing in personal growth.

• Group Level:

  • Inputs: Individual contributions to the group.
  • Process Losses: Factors hindering group effectiveness.
  • Outputs: The final product or outcome.
  • Goal Compatibility: Aligning individual and group goals.
  • Incentive Alignment: Rewarding both individual and group contributions.

Learning Styles

• Active Learners: Engage by doing, discussing, and applying concepts.
• Reflective Learners: Contemplate information before acting.
• Sensing Learners: Prefer concrete information and practical applications.
• Intuitive Learners: Prefer abstract concepts and exploring possibilities.
• Visual Learners: Retain information through visuals.
• Verbal Learners: Retain information through written or spoken words.
• Sequential Learners: Focus on logical steps and specific understanding.
• Global Learners: Grasp the big picture and solve complex problems.

Introduction to Principles of Management

• Management is the art of getting things done through the efforts of others.

Manager Types

• Top Managers: Develop organizational strategies and guide its vision/mission.
• Functional Managers: Ensure efficiency and effectiveness within a specific department (e.g., marketing, finance).
• Line Managers: Directly contribute to the production/service of a company (e.g., production manager, sales manager).
• Team Managers: Coordinate a subgroup within a specific function.
• Staff Managers: Lead functions that provide indirect support (e.g., HR, legal).
• Project Managers: Oversee planning, execution, and closure of projects.
• General Managers: Manage a distinct revenue-generating unit.

Basic Management Functions

• Planning: Setting objectives and determining a course of action to achieve them.
• Organizing: Developing an organizational structure and allocating resources to achieve objectives.
• Leading: Using social and informal influence to inspire others.
• Controlling: Ensuring performance aligns with standards.

Mintzberg's 10 Managerial Roles

• Interpersonal Roles
  • Figurehead: Represents the organization formally.
  • Leader: Defines the manager-employee relationship.
  • Liaison: Interacts with peers and external contacts.
• Informational Roles
  • Monitor: Gathers and collects information.
  • Disseminator: Shares specific information within the organization.
  • Spokesperson: Communicates organizational information to the external environment.
• Decisional Roles
  • Entrepreneur: Identifies and implements change.
  • Disturbance Handler: Addresses threats to the organization.
  • Resource Allocator: Decides on organizational expansion.
  • Negotiator: Represents the organization in negotiations.

Leadership and Entrepreneurship

• Leadership: Using influence to inspire action in others.
• Entrepreneurship: Recognizing opportunities, utilizing resources, and implementing innovative ideas.
• Entrepreneur: A person who engages in entrepreneurship.

Strategy and Strategic Management

• Strategy: The overarching plan for achieving organizational objectives.
• Strategic Management: The body of knowledge that guides strategy development and implementation.

P-O-L-C Framework

• Planning:
  • Vision and Mission: Clear statements about the organization's desired future and purpose.
  • Strategizing: Developing a winning strategy to compete effectively in the marketplace.
  • Goals and Objectives: Measurable targets that guide the organization's efforts.
• Organizing:
  • Organization Design: Determining the structure of the organization.
  • Culture: The shared values, beliefs, and behaviors of the organization.
  • Social Networks: The relationships and connections within the organization.
• Leading:
  • Leadership: Guiding and motivating individuals and teams.
  • Decision Making: Choosing among alternatives to achieve goals.
  • Communications: Facilitating information flow within the organization.
  • Teams: Creating and managing effective teams.
  • Motivation: Inspiring and motivating employees to perform at their best.
• Controlling:
  • Systems: Putting in place processes to monitor and measure performance.
  • Strategic Human Resources: Managing human capital to achieve objectives.

Planning Process

• Environmental Scanning: Analyzing the external environment.
• Forecasting: Predicting future conditions.
• Establishing Objectives: Specifying desired outcomes.
• Identifying Alternatives: Exploring different courses of action.
• Making Decisions: Choosing the best approach.
• Formulating Steps: Developing the necessary steps.
• Evaluating Success: Regularly assessing the plan's effectiveness.

Types of Planning

• Strategic Planning: Long-term, analyzing SWOT (Strengths, Weaknesses, Opportunities, Threats) and positioning the organization for success.
• Tactical Planning: Medium-term, developing specific ways to implement strategic plans.
• Operational Planning: Short-term, focusing on specific actions to support strategic and tactical goals.

Organizing

• Organizational Design: Shaping the structure of the organization.
• Job Design: Defining the responsibilities and duties of individual positions.
• Job Enrichment: Creating jobs that offer variety and autonomy.

Controlling

• Establishing Performance Standards: Setting benchmarks for success.
• Comparing Actual Performance: Evaluating how well current results match standards.
• Taking Corrective Action: Making necessary adjustments to improve performance.

Triple Bottom Line

• Economic Performance: Focusing on profitability for owners.
• Social and Environmental Performance: Beyond economic considerations, it focuses on the impact of the organization on society and the environment.
• Corporate Social Responsibility (CSR): The belief that organizations should consider the interests of all stakeholders, not just shareholders, and beyond legal or contractual obligations.
• Virtuous Cycle: Investing in social and environmental initiatives can lead to positive outcomes like enhanced reputation, employee retention, stronger culture, and ultimately, improved economic performance.

Performance Levels

• Individual Level Performance
  • In-Role Performance: Tasks outlined in one's job description, evaluated on productivity and quality.
  • Extra-Role Performance (Organizational Citizenship Behaviors - OCBs): Actions beyond job requirements that benefit the organization. Examples:
    • Helping Behaviour: Assisting colleagues, offering extra help, resolving conflict.
    • Sportsmanship: Maintaining a positive attitude, tolerating inconvenience, avoiding negativity.
    • Organizational Loyalty: Demonstrating dedication to the organization (e.g., speaking positively about the company).
    • Organizational Compliance: Following company rules and procedures.
    • Individual Initiative: Taking initiative and going beyond expectations.
    • Civic Virtue: Participating responsibly in organizational affairs.
    • Self-Development: Engaging in activities to improve knowledge and skills.
• Group Level Performance
  • Inputs: Individual contributions of each member (e.g., skills, knowledge, effort).
  • Process Losses: Factors that hinder effective problem-solving and collaboration (e.g., poor communication, conflict).
  • Outputs: The final product or outcome of group work.

Compatibility of Individual and Group Performance

• Goal Compatibility: Aligning individual goals with group goals.
• Incentive Alignment: Rewarding both individual and group efforts.
• Matching Goals and Reward Structures: Using reward systems to encourage desired behaviors.

Learning Styles

• Active Learners: Prefer learning by doing (e.g., discussing, applying concepts).
• Reflective Learners: Prefer quiet contemplation before taking action.
• Sensing Learners: Favour concrete information and practical applications.
• Intuitive Learners: Enjoy abstract concepts and exploring connections between ideas.
• Visual Learners: Retain more information through visual presentations (e.g., diagrams, videos).
• Verbal Learners: Prefer written or spoken information.
• Sequential Learners: Solve problems by following logical steps.
• Global Learners: Focus on the overall concept and often find innovative solutions.