Principles of Management Overview

Study Notes

Management involves achieving objectives through the efforts of others, functioning as an art and a science.
Acts as a multipurpose organ, managing businesses, managers, workers, and work processes.
Principles of management guide actions such as planning, organizing, leading, and controlling (P-O-L-C framework).
Key elements managed include people, materials, machines, methods, money, and markets.

Planning: Setting objectives and deciding on actions to achieve them.
Organizing: Assigning tasks, allocating resources, and coordinating activities to implement plans.
Leading: Inspiring and motivating individuals to work towards achieving goals.
Controlling: Measuring performance and making adjustments to ensure objectives are met.

Successful organizations align high efficiency with high effectiveness.
Poor management often results in inefficiency and ineffectiveness, or effectiveness without efficiency.

Roles refer to activities performed by managers (e.g., interpersonal roles), while skills are the competencies required (e.g., human skills).
Managerial skills include:
- Technical Skills: Practical and specialized technical competencies.
- Conceptual Skills: Ability to analyze and diagnose complex situations, seeing the organization as a whole.
- Interpersonal/Human Skills: Capability to interact effectively with individuals and teams.

Efficient resource utilization is essential for achieving organizational goals.
Aims to enhance customer satisfaction, ensure adequate returns on capital, maintain a satisfied workforce, and foster positive supplier relationships.

Management is universally needed, applicable to all organization types, sizes, levels, and areas, regardless of location.
Adaptability to changes faced by managers is crucial for effective management practice.