Understanding Management Principles

• Management lacks a single, universally accepted definition with different viewpoints.

Common Approaches to Defining Management

• It covers tasks like planning, organizing, leading, and controlling.
• Effective managers need technical, interpersonal, and decision-making skills.

Management Levels

• Top-level management is responsible for making strategic decisions.
• Mid-level management bridges strategy and operations.
• Junior-level management focuses on day-to-day execution.
• Industry-specific management roles exist in marketing, finance, healthcare, sports, and the military.

The purpose of management

• The core concept is "Right Work, Done Well!" applying to all industries and management levels.
• Management's primary purpose is to ensure the right work is done well.
• Managers do the right work and execute it well.
• Successful managers achieve positive results by doing the "Right work,” and you doing it “well.”
• Evaluating managers is based on their ability to achieve their goals.

Management in practice

• Management involves analyzing and observing both identifying the right work and ensuring work is done well using leadership.
• Management is action-based and found in business, hospitals, non-profits, sports teams, and the military.
• Studying management is crucial, as you'll likely work under a manager and need to comprehend their role to succeed.

Core elements of right work

• It includes vision, mission, goals, strategy, and plans.
• Developing vision and mission statements is essential.
• Setting goals and selecting strategies are key components.
• Execution is accomplished by putting plans in place

Doing what's right

• Includes legal compliance, ethical decision making, and core values.
• CSR (Corporate Social Responsibility) promotes a values-based management approach with sound ethical practices.
• Managers must make fair decisions for society.
• Managing Growth, Innovation & Entrepreneurship focus on the financial value of a business, including profitability and growth.
• Understanding what a manager must accomplish is key.

Doing the "Right Work"

• "Right Work" examines why its essential core elements.
• Businesses now operate globally with suppliers, employees, and customers.
• Managers require understanding for managing global business.

Core elements of "Done Well"

• It has three key aspects: organization design, human resources management, and employee engagement.

Organization design

• Includes assigning responsibilities and structuring jobs effectively.
• Efficient workflows are supported by creating organizations.
• Integrate and coordinate workflows to increase productivity.
• Support is provided by establishing organization for task completion.

Human resources management

• Involves hiring, compensating, and motivating employees.
• It requires establishing HR practices that align with business goals and advanced human relations to promote workforce and improve practices.

Employee engagement

• It involves creating a mutually beneficial partnership that goes beyond motivation.
• It requires encouraging shared goals, and creating beneficial outcomes.

Performance management

• It uses tools and practices to manage organizational activities efficiently.
• Recognizing all work as a process or a series of steps is key.

Core components of performance management

• Visualizing steps in a process is essential.
• Measuring effectiveness and efficiency is measured to improve performance.
• Proven tools improve performance and allow for effective measurement.
• Managers must be leaders, decision-makers, and effective communicators to work well with individuals and groups.
• They resolve conflicts, and negotiate internally and externally.

Management as a "Practice"

• To learn, you must apply the concepts, processes, and tools.
• Full understanding requires real-world experience.
• Authentic learning occurs when applied in real situations while its important to understand vocabulary.
• Engaging is the best way to grasp concepts fully.

Applying Management Theory to Real Situations

• Being an effective manager requires more than just reading books.
• Practical scenarios help understanding.
• Exercises allow students to practice various activities, since real-world practice opportunities are limited.
• Most management theories aren’t based on science.
• Lack of scientific basis since the study of management has limitations, but the textbook focuses on understanding the purpose of management.
• Conducting scientific studies is challenging due to impossible environments and difficultly recruiting participants.
• Data is based on observations rather than experiments.
• Many consultants and business leaders provide advice based on practice.
• This advice is often not scientifically rigorous due to its foundation in years of practice.

Academic and consulting firm research

• Research still provides perspective, even if not based on controlled studies.
• The practice of management is shaped by study and experience.
• No single universally accepted is approach due to constant evolution.
• What worked in the past does not guarantee future success!

Explore the core principles of management, including planning, organizing, leading, and controlling. Learn about the different levels of management, from strategic decision-makers to day-to-day executors. Discover how effective managers ensure the right work is done well across various industries.