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Principles of Management Lesson 1-Introduction  Intended Learning Outcome After completing this session, you will be able to Understand what principles of Management is about Understand the P-O-L-C Framework in Management Know the different types of organisations Etc ...

Principles of Management Lesson 1-Introduction  Intended Learning Outcome After completing this session, you will be able to Understand what principles of Management is about Understand the P-O-L-C Framework in Management Know the different types of organisations Etc  Overview of principles of Managemet  PM is often discussed or learned using a framework called P-O-L-C, which stands for planning, organizing, leading, and controlling.  Three main themes dominate the study of this subject. These are: 1. Active Management 2. Strategic Thinking 3. Entrepreneurial thinking  Definition - Management A set of activities directed at an organisation’s resources with the aim of achieving organisational goals in an efficient and effective manner (Griffen, 2002). “ Management is the process of utilizing scarce resources in an effective and efficient manner to achieve desired goals in a dynamic environment”  What then is a goal? A target An end that management desires to reach. (Bateman & Snell, 2002)  Goals Altruistic Economic Survival Profitability Growth  Objectives Specific performance targets outcomes and results. – measurable – time bound  What is an organization? Do we need Organizations?  What is an Organisation? Two or more persons engaged in a systematic effort to produce products and services. A collection of two or more people who work together to achieve a common goal  What is an Organisation? a group of individuals who agree to share their effort in the realisation of common goals.  Organisation types Not-for profit Profit making Formal Informal Small Large  Characteristics of organisations Made up of people Managers Common goal Substitution of personnel Structure Rules and regulations  Why study management? Universality of Management -The reality that management is needed in all types and sizes of organizations at all organizational levels in all organizational areas in all organizations, regardless of location  Management Process Planning – the process of setting goals and deciding how best to achieve them.  Planning Process of setting performance objectives and determining what actions should be taken to accomplish them (Schermerhorn, 2008).  objective –Eg. To increase sales by 20% next year What actions to take: –Understanding customers so that good and quality products can be produced.  Organising The process of allocating and arranging resources so that plans can be carried out successfully. Basically one has to arrange and structure work to accomplish the organisation’s goals  Putting it into action How? Determine what tasks are to be done How jobs will be grouped Staffing jobs with individuals who can successfully carry out plans Providing the needed resources, Giving personnels what to do etc  Leading The process of influencing others to engage in the work behaviour necessary to reach organisational goals. It includes: – communicating with others – Providing direction – Motivating members to put forth substantial effort  Controlling The management function of monitoring progress so that actual performance conforms to expected goals and making needed changes. The process of measuring performance and taking action to ensure desired results. It involves: a.Measuring work performance b.Comparing results to goals c. Taking corrective action as needed  Managerial performance main purpose of management: – performance  Effectiveness – Doing the right things. Efficiency – Doing things right Learning Summary What is Next? Reading List /Required Text (As Applicable) Robbins, S. P., & Coulter, M. (2016). Principles of management. Pearson Certo, S. C., & Certo, S. T. (2015). Modern Management: Concepts and Skills. Prentice Hall. Hitt, M. A., Black, Stewart, Porter, Lyman W. (2014) Management: Pearson New International Edition, 3/E, Pearson Any other relevant management textbook University of Minnesota: Open Textbook Library - Principles of Management Principles of Management by Charles W. L. Hill, Steven McShane Taylor, Frederick Winslow (1911), The Principles of Scientific Management, New York, NY, USA and London Dr. Saviour Ayertey Nubuor Thank You!