Management Principles and Practices

Management Characteristics

• Management is goal-oriented, focusing on objectives.
• It's a continuous process, ongoing.
• Teamwork is essential, collaborative.
• Operates in a dynamic environment; adapts to change.
• Universal application; used in all organizations.

Management: Art or Science

• Art uses creativity, intuition, and personal skills, like motivating employees.
• Science relies on principles and research, like Taylor's scientific management.
• Management combines art and science to solve problems, blending creativity and scientific methods.

Management as a Profession

• A profession demands specialized knowledge, formal education, and ethical conduct.
• Arguments for professionalism include MBA programs and professional bodies (like AIMA).
• Arguments against professionalism cite a lack of mandatory certification for managers (like doctors requiring degrees).

Levels of Management

• Top-level managers (CEOs, directors) set overall goals.
• Middle-level managers coordinate teams.
• Lower-level managers (supervisors) execute plans.
• Middle management arranges resources and supervisors oversee production.

Functions of Management

• Planning sets objectives.
• Organizing structures resources.
• Staffing involves hiring people.
• Directing guides employees.
• Controlling monitors performance.
• Planning involves creating menus, organizing kitchens, ensuring food quality in a restaurant.

Taylor vs. Fayol

• Taylor's scientific approach focuses on time studies and optimizing worker productivity.
• Fayol's administrative principles emphasize discipline, equity, and organizational structure.

Planning Process

• Setting objectives is the first step in planning.
• Analyze resources to determine what's available.
• Develop strategies to achieve those objectives.
• Implement the plans to accomplish the goals.
• Monitor progress; assess if the plan is working.

Characteristics of Planning

• Goal-oriented, focusing on objectives.
• Continuous, requiring updates.
• Flexible, adapting to changes.
• Example: Businesses adjusted their plans to shift online during COVID-19.

Purpose of Policies and Objectives

• Policies guide decision-making (e.g., leave policy).
• Objectives provide direction (e.g., increasing sales).
• Example: A company's policy can ensure fair treatment of employees, while objectives drive growth.

Steps in Decision-Making

• Identify the problem to be solved.
• Analyze possible solutions.
• Choose the best course of action.
• Implement the decision.
• Evaluate the final outcome.

Principles of Organizing

• Division of Work; specialization within roles.
• Authority and Responsibility; clearly defined roles.
• Coordination; teamwork among different teams.
• A retail store assigns different tasks, such as sales, billing, and inventory to different employees as an example.

Formal and Informal Organization

• Formal organization comprises structured roles and departments.
• Informal organization involves social interactions like friendships. A team working together develop friendships.

Factors Influencing Span of Control

• Complexity; more tasks mean a smaller span of control.
• Skill level; skilled employees need less supervision.
• Example illustrates a manager supervising fewer skilled engineers than unskilled clerks.

Methods of Departmentation

• By Function (HR, Finance).
• By Product (Electronics, Furniture).
• Manufacturing companies have separate departments for production, marketing, and sales as an example.

Sources of Recruitment

• Internal sources (promotions).
• External sources (job portals).
• A company promotes an employee to a manager instead of hiring externally.

Selection Process

• Screening applications.
• Conducting interviews.
• Offering jobs.
• A startup interviews candidates to hire a developer as an example.

Training Methods

• On-the-job learning, while working.
• Off-the-job learning, in a classroom or workshop environment.
• Example: A chef learns through on-the-job training and a manager learns through workshops.

Steps in Controlling Process

• Establish standards.
• Measure performance against those standards.
• Take corrective action to improve performance..
• Example: A factory monitors production quality and fixes defects.

Maslow's Need Theory

• Physiological needs (food).
• Safety needs (job security).
• Social needs (relationships).
• Esteem needs (recognition).
• Self-actualization needs (growth).
• Example: Employees work harder when promoted to higher roles.

TQM Fundamentals

• Focus on customer satisfaction.
• Continuous improvement.
• Toyota ensures product quality in cars through regular inspection checks.

Positive and Negative Impacts of Technology

• Positive impacts include efficiency and innovation.
• Negative impacts can be job displacement.
• Automation speeds production but reduces manual jobs.

Leadership Styles

• Autocratic (one leader).
• Democratic (team input).
• Free rein (employee independence).
• Startups often adopt a free-rein approach.

Organizational Development Techniques

• Training & team-building.
• Example: Workshops improve collaboration in teams.

CSR Responsibilities (Corporate Social Responsibility)

• Towards Society: Environmental care.
• Towards Employees: Fair pay.
• Example: TATA runs schools and provides benefits to employees.

Exam Writing Tips

• Start with a definition or key concept.
• Use examples to clarify concepts.
• Use bullet points for clarity.
• Diagrams are optional, such as Maslow's pyramid.