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.