Principles of Management: Managerial Functions

Managerial Roles and Skills

• Top-level managers require a high level of organizing functions, but not primarily.
• First-level managers need operational functions and technical proficiency.
• Middle managers do not formulate the vision, mission, goals, and objectives.
• Top managers do not focus on building interpersonal relationships and developing trust and empathy.

Leading Function

• The leading function involves inspiring and motivating team members, such as through teambuilding sessions and encouraging open communication.
• It also includes setting clear goals and developing interpersonal relationships.

Performance Management System

• A Performance Management System (PMS) is used to monitor and regulate organizational processes effectively and efficiently.
• It includes regular performance assessments, KPIs, and feedback mechanisms.

Planning and Controlling

• Planning involves setting clear goals and objectives, while controlling involves monitoring and regulating processes to achieve those goals.
• The difference between a vision and a mission is that a vision is futuristic in nature, while a mission communicates the fundamental reasoning behind its existence.

Organizational Lifecycle

• In the maturity stage of the organizational lifecycle, a company faces stabilized growth and heightened competition.
• To sustain its market position, the management may implement a strategy such as product diversification to explore new markets and customer segments.

Human Skills

• Human skills include Emotional Intelligence, Teamwork and Collaboration, and Communication Skills.
• Technical Expertise is not typically included in the category of human skills.

Decisional Roles of Managers

• Decisional roles of managers include Entrepreneur, Resource Allocator, and Negotiator.
• Leader is not typically considered a decisional role of managers.

Future of Work

• The future of work demands Continuous learning, adaptability, and a diverse skillset.
• It does not involve Specialization in narrow fields and static expertise, Emphasis on traditional skillsets and resistance to change, or Dependence on routine task and fixed career trajectories.

Leading Function

• The leading function includes Developing interpersonal relations, Encouraging, motivating, and resolving interpersonal conflicts, and Face to face interaction, communication with members.
• It does not include Ensuring members' actions are consistent with organizational values and standards.

Customer Expectations

• Managing customer expectations is the responsibility of the entire organization and all employees.
• It is not the exclusive responsibility of the customer service team, marketing department, or external consultants.

Test your understanding of managerial functions and their requirements with this quiz. Identify the true statements about top-level managers, middle managers, and first-level managers in terms of organizing, leading, and operational functions.