Questions and Answers
What is the primary purpose of management?
Which management function involves setting goals and determining actions to achieve them?
What does efficiency in management refer to?
What is involved in the controlling function of management?
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Which aspect of management is focused on influencing and motivating others?
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What does organizing in the management process entail?
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To increase sales by 20% next year is an example of which management process?
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What role does understanding customers play in the management process?
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What does the P-O-L-C framework stand for in management?
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Which of the following is NOT one of the three main themes in the study of principles of management?
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Which best defines a goal in management?
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What characterizes an organization?
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What type of goals focuses on financial outcomes such as profitability and survival?
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Objectives in management are characterized by which of the following?
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Which of these is an example of a characteristic of organizations?
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A not-for-profit organization primarily aims for which of the following?
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Study Notes
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%).
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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.
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Description
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.
