Principles of Management - Lesson 1

Intended Learning Outcomes

• Understand the concept and framework of principles of management.
• Learn about the P-O-L-C framework: Planning, Organizing, Leading, Controlling.
• Identify various types of organizations.

Overview of Principles of Management

• Principles of Management (PM) is commonly explored through the P-O-L-C framework.
• Main themes in PM include:
  • Active Management
  • Strategic Thinking
  • Entrepreneurial Thinking

Definition of Management

• Management involves a set of activities aimed at efficiently and effectively utilizing an organization’s resources to achieve its goals.
• It is defined as the process of using scarce resources effectively to reach desired goals in a dynamic environment.

Understanding Goals

• Goals are defined as targets or ends that management aims to achieve.
• Types of goals include:
  • Altruistic
  • Economic (Survival, Profitability, Growth)

Objectives

• Objectives are specific performance targets that are measurable and time-bound.

What is an Organization?

• An organization consists of two or more individuals engaged in systematic efforts to produce goods and services to achieve common goals.
• Types of organizations include not-for-profit, profit-making, formal, informal, small, and large organizations.

Characteristics of Organizations

• Composed of people, including managers.
• Focused on achieving common goals.
• Feature personnel substitution and structured frameworks.
• Governed by rules and regulations.

Importance of Studying Management

• Management is universally applicable across various types and sizes of organizations at all levels and locations.

Management Process

• Planning: Setting goals and determining actions to achieve them (e.g., increasing sales by 20%).
• Organizing: Allocating and arranging resources effectively to execute plans, involving:
  • Identifying tasks
  • Grouping jobs
  • Staffing positions
  • Providing resources

Leading

• Leading involves influencing others to work towards organizational goals through:
  • Communication
  • Providing direction
  • Motivation

Controlling

• The controlling function requires monitoring to ensure performance aligns with goals, comprising:
  • Measuring performance
  • Comparing results to objectives
  • Implementing necessary corrective actions

Managerial Performance

• The primary purpose of management is to ensure high performance.
• Key concepts include:
  • Effectiveness: Doing the right things.
  • Efficiency: Doing things right.

Dive into the basics of Management with Lesson 1, focusing on the P-O-L-C Framework. This session will explore the fundamental principles that guide effective management practices. Gain insights into different organizational types and their operations.