Management: Functions, Communication, and Decision Making

Management

• Management is a process that involves planning, organizing, staffing, coordinating, and controlling resources to achieve organizational goals and objectives.

Management Functions

• Planning involves setting goals, objectives, and strategies to achieve them.
• Organizing involves allocating resources and assigning tasks to achieve organizational goals.
• Staffing involves recruiting, selecting, training, and developing employees to achieve organizational goals.
• Coordinating involves integrating efforts of different departments and teams to achieve organizational goals.
• Controlling involves monitoring and correcting deviations from planned goals and objectives.

Management Roles and Skills

• Interpersonal roles: figurehead, leader, and liaison.
• Informational roles: monitor, disseminator, and spokesperson.
• Decisional roles: entrepreneur, disturbance handler, resource allocator, and negotiator.
• Skills: technical, human, and conceptual.

Communication

• Types: verbal (oral and written) and non-verbal (body language and facial expressions).
• Process: sender, message, channel, receiver, and feedback.
• Barriers: noise, language, emotional, cultural, and environmental.

Decision Making

• Concept: the process of selecting a course of action from available options.
• Process: problem identification, information gathering, alternative generation, evaluation, and implementation.
• Techniques: cost-benefit analysis, break-even analysis, and decision trees.
• Tools: Pareto analysis, SWOT analysis, and brainstorming.

Organizational Structure and Design

• Types: functional, product, geographical, and matrix.
• Authority: centralization and decentralization.
• Responsibility: accountability and delegation.
• Span of control: the number of employees a manager can effectively supervise.

Managerial Economics

• Concept: the application of economic principles to managerial decision-making.
• Importance: enables managers to make informed decisions about resource allocation and profit maximization.

Demand Analysis

• Utility analysis: the study of consumer behavior and preferences.
• Indifference curve: a graph showing different combinations of goods that provide the same level of satisfaction.
• Elasticity: the responsiveness of demand to changes in price or income.
• Forecasting: the use of historical data and statistical techniques to predict future demand.

Market Structures

• Market classification: perfect competition, monopoly, monopsony, perfect monopoly, and oligopoly.
• Price determination: the interaction of supply and demand in the market.

National Income

• Concept: the total value of goods and services produced within a country's borders.
• Types: gross national income (GNI) and net national income (NNI).
• Measurement: the expenditures approach, the income approach, and the value-added approach.

Inflation

• Concept: a sustained increase in the general price level of goods and services.
• Types: creep, galloping, and hyperinflation.
• Measurement: consumer price index (CPI), wholesale price index (WPI), and GDP deflator.

Business Ethics and Corporate Social Responsibility (CSR)

• Business ethics: the principles and standards of behavior that guide business decision-making.
• Corporate social responsibility (CSR): a company's commitment to contributing to the well-being of society.

Value-Based Organisation

• A company that prioritizes ethical values, social responsibility, and sustainability in its operations and decision-making.

Management

• Management is a process that involves planning, organizing, staffing, coordinating, and controlling resources to achieve organizational goals
• Management roles include interpersonal, informational, and decisional roles
• Management skills include technical, human, conceptual, and design skills
• Management theories include scientific management, administrative management, bureaucratic management, and human relations management
• Management approaches include classical, neoclassical, and contingency approaches

Management Functions

• Planning involves setting goals, objectives, and strategies to achieve organizational objectives
• Organizing involves allocating resources, assigning tasks, and structuring the organization
• Staffing involves recruiting, selecting, training, and developing employees
• Coordinating involves integrating and harmonizing individual efforts to achieve organizational goals
• Controlling involves monitoring, measuring, and correcting performance to achieve organizational goals

Communication

• Types of communication include verbal, non-verbal, written, and visual communication
• The communication process involves sender, message, channel, receiver, and feedback
• Barriers to communication include noise, filtering, information overload, and language barriers

Decision Making

• Decision making involves identifying problems, generating alternatives, evaluating options, and selecting the best option
• Decision making techniques include cost-benefit analysis, break-even analysis, and decision trees
• Decision making tools include Pareto analysis, sensitivity analysis, and what-if analysis

Organisation Structure and Design

• Types of organizational structures include functional, divisional, matrix, and hybrid structures
• Organizational design involves determining authority, responsibility, and span of control
• Centralization involves concentrating decision-making authority, while decentralization involves delegating authority
• Span of control refers to the number of subordinates a manager can effectively supervise

Managerial Economics

• Managerial economics involves applying economic principles to managerial decision-making
• Importance of managerial economics includes better decision-making, resource allocation, and strategic planning

Demand Analysis

• Demand analysis involves understanding consumer behavior, preferences, and choices
• Utility analysis involves analyzing consumer preferences and demand
• Indifference curve analysis involves analyzing consumer demand and indifference curves
• Elasticity analysis involves analyzing the responsiveness of demand to price changes
• Forecasting involves predicting future demand and sales

Market Structures

• Market structures include perfect competition, monopoly, monopolistic competition, and oligopoly
• Market classification involves categorizing markets based on the number of firms and barriers to entry
• Price determination involves analyzing the forces of demand and supply to determine market price

National Income

• National income includes GDP, GNP, NNP, and NI
• National income measurement involves calculating the total value of goods and services produced within a country

Inflation

• Inflation involves a sustained increase in the general price level of goods and services
• Types of inflation include demand-pull, cost-push, and built-in inflation
• Inflation measurement involves calculating the rate of inflation using the CPI or GDP deflator

Business Ethics and CSR

• Business ethics involves applying moral and ethical principles to business decision-making
• Corporate social responsibility (CSR) involves taking responsibility for the organization's social and environmental impact
• Ethical issues and dilemmas involve making difficult moral choices in business
• Corporate governance involves the system of rules, practices, and processes that direct and control an organization