Principles of Management BSMG1209 Semester 2024-2025 PDF

PRINCIPLES OF MANAGEMENT-BSMG1209 SEMESTER 2024-2025 Course Description This course covers fundamental concepts and principles of Management which deals with roles, functions and responsibilities of Management. It includes historical development; theoretical aspects and practical ap...

PRINCIPLES OF MANAGEMENT-BSMG1209 SEMESTER 2024-2025 Course Description This course covers fundamental concepts and principles of Management which deals with roles, functions and responsibilities of Management. It includes historical development; theoretical aspects and practical application of managerial process. This also includes roles and functions of management such as planning; organizing; supervising and controlling; various management theories; steps in planning & decision making process; current management topics such as as ethical issues; global issues, etc COURSE OBJECTIVE 1. To develop the students’ knowledge and understanding of the fundamental principles of management such as leadership, entrepreneurship and strategy. 2. Develop students’ knowledge and understanding of the planning, organizing, leading and controlling. Assessment Plan Assessment Activity Weight % Test 10 Case study Class participation 5 Assignment 10 Presentation 5 Midterm 20 Final Exam 50 Total 100 ❖Essential Reading Rao P. and Pande H (2009), Principles and Practice of Management, Global Media. Chapter Four; Link:https://ebookcentral.proquest.com/lib/momp/detail.action?docID=3011383&query=Principles+of+management George R.Terry and Stephen G.Franklin, "Principles of Management,“ All India Traveller Bookseller, Delhi, 1987, p. 116.) ❖Recommended Reading Management 6th Edition by Stephen P Robbins & Mary Coulter published by Prentice Hall International Editions Open Educational Resource www.Saylor.org/site/textbooks/Principles%20of20Management.pdf https://opentextbc.ca/principlesofmanagementopenstax/chapter/types-of-plans/ Retrievd on 20-05-2022 https://assets.openstax.org/oscms-prodcms/media/documents/PrinciplesofManagement- OP_mGBMvoU.pdf 5  Chapter One: Management: An Overview “Good management is the art of making problems so interesting and their solutions so constructive that everyone wants to get to work and deal with them.” – Paul Hawken. https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwi68byZp4HiAhVByKQKHUULDFEQjRx6BAgBEAU&url=https%3A%2F%2Fwww.toppr.com%2Fguides%2Fbusiness- studies%2Fprinciples-of-management%2Fconcept-of-principles-of-management%2F&psig=AOvVaw0qxqZXDIaj4TonyVXPtenD&ust=155703973022077  Outcome1: Define management terms and concepts including planning, organizing, directing and controlling; Identify the skills needed for supervisory, mid-level and top management positions. Contents: Definitions of Management-Management: A Science or an Art? Management Functions Managerial Roles and Responsibilities. Management Levels and Functional Areas of Management 7  Definition OF MANAMAGEMENT: ▪ “ The art of getting things done through People.” Mary Parker “The process and maintaining an environment in which individuals working together in groups, efficiently accomplish selected aims.” (Harold Koontz & Weihrich) https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2 ahUKEwjYiZqPu_zhAhUKr6QKHcV0BEUQjRx6BAgBEAU&url=http%3A%2F%2Fluxata humyjesesaz.ultimedescente.com%2Fmary-parker-follet- 8731387313.html&psig=AOvVaw3ruICioe1YIFMIRaoW1geT&ust=155687310870028 0- Rao P. and Pande H (2009), Principles and Practice of Management, Global Media. Chapter One; (pages: 3-4) Link:https://ebookcentral.proquest.com/lib/momp/detail.action?docID=3011383&query=Principles+of+management 8  MANAGEMENT: A SCIENCE OR AN ART? What Is a Science? Body of knowledge developed systematically, based on observation, measurement, experimentation and drawing inferences based on data. https://www.google.com/url?sa=i&source=images&cd=&ved=2ahUKEwir_NTJvPzhAhUF66QKHW9UDTMQjRx6B AgBEAU&url=https%3A%2F%2Fwww.ivanteong.com%2Fblog%2Fproduct-art-or- science.html&psig=AOvVaw06hrtw4mjk0TP2frkD2YlT&ust=1556873680894076 Rao P. and Pande H (2009), Principles and Practice of Management, Global Media. Chapter One; Page 5 Link:https://ebookcentral.proquest.com/lib/momp/detail.action?docID=3011383&query=Principles+of+management 9  MANAGEMENT: A SCIENCE OR AN ART? Why Management is considered as a Science? It satisfies the characteristics of the science: through input-output system, organizational system, functional system. its knowledge is developed through observation, measurement & experimentation. Inferences (conclusions) are drawn based on data analysis. https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwji2o_euYLiAhXQbFAKHZO5CowQjRx 6BAgBEAU&url=https%3A%2F%2Fwww.googlesir.com%2Fmanagement-art-and- science%2F&psig=AOvVaw1FYCvGzRwQWPWjcaP-LDuE&ust=1557079027295339 Rao P. and Pande H (2009), Principles and Practice of Management, Global Media. Chapter One; Page 5 Link:https://ebookcentral.proquest.com/lib/momp/detail.action?docID=3011383&query=Principles+of+management 10  MANAGEMENT: A SCIENCE OR AN ART? What Is an Art? Art is understanding how a particular activity can be done. by conscious effort and practice. Why Management is considered as an Art? Management is getting things done by and through other people. It analyzes the environment and formulate the plans and strategies that would fit to environmental changes. https://www.google.com/url?sa=i&source=images&cd=&ved=2ah UKEwjdotHXsP_hAhUICewKHW61BO0QjRx6BAgBEAU&url=http%3A %2F%2Fblogs.uoregon.edu%2Fyiqi%2Fportfolio%2Fwhat-is- art%2F&psig=AOvVaw0RMtLM9ZIBsSj90ZnjfSeQ&ust=15569735666 62092 Rao P. and Pande H (2009), Principles and Practice of Management, Global Media. Chapter One; Page 5 Link:https://ebookcentral.proquest.com/lib/momp/detail.action?docID=3011383&query=Principles+of+management 11  What are the MANAGEMENT FUNCTIONS ? Planning Organizing -mission is the basis for planning. process of linking and arranging activities - deciding in advance in a sequence. - means to achieve goals. allocating work, authority and resources Staffing Recruitment, selection and hiring training and developing human resources. Directing Controlling Motivation is to make sure that the organization Leadership is moving towards its mission and Communication objectives. Rao P. and Pande H (2009), Principles and Practice of Management, Global Media. Chapter One; Page 5 Link:https://ebookcentral.proquest.com/lib/momp/detail.action?docID=3011383&query=Principles+o f+management  MANAGEMENT FUNCTIONS : ❖ Planning ▪ courses of action to achieve organizational objectives. ▪ deciding in advance: what to do, when to do, how to do and who will do it? ( it involves decision- making) ▪ It maybe long-term and short-term plans are necessary to achieve goals. ▪ Contingency planning- needed for difficulty of predicting future environmental conditions. (example: savings in case of emergency needs) https://www.google.com/url?sa=i&source=images&cd=&ved=2ahUKEwiQgv2ewf_hAhWKDO wKHZlACVUQjRx6BAgBEAU&url=https%3A%2F%2Fwww.managementstudyhq.com%2Ffunction s-of-management.html&psig=AOvVaw1JuJpqduP-1BdUAojyZQj3&ust=1556977976019141 Rao P. and Pande H (2009), Principles and Practice of Management, Global Media. Chapter One Link:https://ebookcentral.proquest.com/lib/momp/detail.action?docID=3011383&query=Principles+of+mana gement 13  MANAGEMENT FUNCTIONS : ❖ Organizing “Process of establishing relationships among people, tasks and activities so that organization’s resources are integrated and coordinated to attain its objectives efficiently and effectively”. (Pearce and Robinson) https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwje9_COw__hAhXCx qQKHdNDAiUQjRx6BAgBEAU&url=https%3A%2F%2Fapp.emaze.com%2F%40ALTIQFWL&psig=AOvVaw0pMD1G9 AKhhtGMmSZ0rohA&ust=1556978473038648 Processes involved: 1. Identification of work, 2. Grouping of work into smaller groups, 3. Assigning work to every individual at every level of department, 4. Defining its authority and responsibility, 5. Establishing relationships among people to organisational goals. https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwj6iaCnxP_hAhVFKewKHbitB8AQ jRx6BAgBEAU&url=https%3A%2F%2Fde.dreamstime.com%2Fplanungs-und-zeitmanagementkonzept-mit-den-leuten-die- Source: abgeschlossene-aufgaben-zeigen-arbeitsprozess-organisieren- image120638478&psig=AOvVaw0pMD1G9AKhhtGMmSZ0rohA&ust=1556978473038648 http://www.businessmanagementideas.com/management/fundamentals-of-organising/organising-meaning-process-and-principles/4845 =Principles+of+management 14  MANAGEMENT FUNCTIONS : ❖ Organizing grouping 'of jobs into a framework for coordination and direction. Uses organizational chart Formal organizations Careful structuring clarifying lines of command and eliminating gaps and overlaps. https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwiChMT4xP_hAh WQM-wKHXZZBjUQjRx6BAgBEAU&url=https%3A%2F%2Fwww.smartdraw.com%2Forganizational- chart%2Forg-chart-software.htm&psig=AOvVaw3OwyA3NDycXXFtX68kDIH0&ust=1556978995447649 Rao P. and Pande H (2009), Principles and Practice of Management, Global Media. Chapter One; Page 5 Link:https://ebookcentral.proquest.com/lib/momp/detail.action?docID=3011383&query=Principles+of+mana gement 15  MANAGEMENT FUNCTIONS : ❖ Organizing 16 https://www.google.com/search?biw=1920&bih=920&tbm=isch&sa=1&ei=qEnMXNe9KsLUgwf12argBg&q=image+of+organizational+chart&oq=image+of+organizational+chart&gs_l=img.3..0.195905.203 252..203718...1.0..0.276.6201.0j10j20......0....1..gws-wiz-img.......0i67j0i8i30j0i24.5uR6ffSubys#imgrc=u5Gu_dvVM3z8xM: ao P. and Pande H (2009), Principles and Practice of Management, Global Media. Chapter One; Page 5 nk:https://ebookcentral.proquest.com/lib/momp/detail.action?docID=3011383&query=Principles+of+management  MANAGEMENT FUNCTIONS ❖ Staffing (Human Resource Management). Requires : job analysis, recruitment, selection, induction, placement, training, and development. Employees’ development needs are identified through performance appraisal. Employees will be trained/developed with the application of on-the-job and off-the-job methods. https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2 ahUKEwiy4421uoLiAhWRblAKHWhaCGwQjRx6BAgBEAU&url=https%3A%2F%2Fww w.toppr.com%2Fguides%2Fbusiness-studies%2Fstaffing%2Fintroduction-to- staffing-and-its- meaning%2F&psig=AOvVaw31lVPxl4MTqsqUmrmBemlk&ust=1557079222540170 Rao P. and Pande H (2009), Principles and Practice of Management, Global Media. Chapter One; Link:https://ebookcentral.proquest.com/lib/momp/detail.action?docID=3011383&query=Principles+of+management 17  MANAGEMENT FUNCTIONS ❖ Directing: motivating, commanding, leading and activating people. Helps in securing employee's contribution. Blending efforts in order to ensure successful attainment of organizational objectives. Motivation and Command tapping the maximum potentialities of the people les+of+management Link:https://ebookcentral.proquest.com/lib/momp/detail.action?docID=3011383&query=Princip One; Page 5 Rao P. and Pande H (2009), Principles and Practice of Management, Global Media. Chapter https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwjNzIWivILiAhXOzaQKHUHnBB8QjRx6BAg BEAU&url=https%3A%2F%2Fwww.123rf.com%2Fphoto_73669360_stock-vector-people-running-after-following-the-leader- holding-flag-business-success-career-concept-cartoon- vecto.html&psig=AOvVaw3jqFYIrF4Knags8COeWCvG&ust=1557079746076360 18  MANAGEMENT FUNCTIONS ❖ Controlling: making adjustment to predetermined plans and standards. The process: 1. Set standard 2. Measure actual performance 2.Compare actual performance with the plans and standards, 3. identification of deviations (gaps) 4. Correcting of identified deviations. To ensure the effective operation of an organization by focusing: human, material, finance and machines. Example: Financial control can be attained through: financial statements interpreted through ratio analysis and budgets. Rao P. and Pande H (2009), Principles and Practice of Management, Global Media. Chapter One; Link:https://ebookcentral.proquest.com/lib/momp/detail.action?docID=3011383&query=Principles+of+management https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2ahU KEwj3oYSbu4LiAhVLalAKHV62A4IQjRx6BAgBEAU&url=https%3A%2F%2Fwww.dreamsti me.com%2Fstock-image-controlling-functions- image38380881&psig=AOvVaw3CjzsXFVZWw9c9Sb-t3SuI&ust=1557079462238456 19  MANAGERIAL ROLES are the organized set of behaviors which are identified with the position. Developed by Henry Mintzberg in 1960, which include: 1. Interpersonal Roles : ( figurehead, leader & liaison) 2. Informational Roles: (monitor, disseminator, spokesman) 3. Decisional Roles: (entrepreneur, disturbance handler, resource allocator & negotiator) https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwia9YT_vILiA hUIMewKHQE0AIQQjRx6BAgBEAU&url=https%3A%2F%2Fstudy.com%2Facademy%2Flesson%2Fliaison- in-management-definition-lesson- quiz.html&psig=AOvVaw27WOIQtWpivgkDWSmA8xjj&ust=1557079951374428 Rao P. and Pande H (2009), Principles and Practice of Management, Global Media. Chapter One; 20 Link:https://ebookcentral.proquest.com/lib/momp/detail.action?docID=3011383&query=Principles+of+management  MANAGERIAL ROLES ❖Interpersonal 1.1 Figurehead Role : perform the duties of ceremonial nature as head (taking customers for lunch.) are symbols and personify successes and failures of organization. 1.2 Leader Role: coordinates the work & leads/guides his subordinates have formal authority, power to exercise & get the things done 1.3 Liaison Role: Maintains a network of contacts and information sources outside the top management in order to obtain information & assistance. How it can be done? Inside: The manager motivates, communicates, encourages team spirit; Outside: liaison with external sources by attending meetings, conferences, etc. https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwjUoJ7HwP_hAhXN0K Rao P. and Pande H (2009), Principles and Practice of Management, Global Media. Chapter One; QKHfR9ARQQjRx6BAgBEAU&url=http%3A%2F%2Floanquotebox.com%2Ftheory-of-consumer-behavior-in- english%2F&psig=AOvVaw0MbjtaiKBGgzJjZqrtamUW&ust=1556977805809239 Link:https://ebookcentral.proquest.com/lib/momp/detail.action?docID=3011383&query=Principles+of+management 21  MANAGERIAL ROLES Informationa l2.1 Monitor's Role: gets information by scanning his environment, subordinates, peers and superiors or in verbal form often as gossips and through grapevine channels. 2.2 Disseminator's Role: Transmit information to the rest of the top management team and other key people in the corporation. 2. 3 Spokesman's Role: Transmit information to key groups and people in the task environment: insiders-(superiors, directors), outsiders-(shareholders, customers & government) Rao P. and Pande H (2009), Principles and Practice of Management, Global Media. Chapter One; Link:https://ebookcentral.proquest.com/lib/momp/detail.action?docID=3011383&query=Principles+of+management https://www.google.com/url?sa=i&source=images&cd=&cad=rj a&uact=8&ved=2ahUKEwiFvumpwILiAhXOPOwKHaOYBsEQjRx6B AgBEAU&url=https%3A%2F%2Fthejoyfulcatholic.wordpress.com% 22 2F2011%2F04%2F&psig=AOvVaw05gSl3Tw9NCaCgAraBeW7O&ust =1557080834305623  MANAGERIAL ROLES: Decisional 3.1 Entrepreneurial Role: Searches the corporation and its environment for projects to improve products, processes, procedures and structures. 3.2 Disturbance Handler Role: Takes corrective action in times of disturbance or crisis (workers' strike, declining sales, bankruptcy of a major customer etc. 3.3 Resource Allocator's Role: Allocates corporate resources by making and/or approving decisions. ( have open-door policy, to hear the workers and gives time. 3.4 Negotiator's Role: Represents the corporation in negotiating important agreements. Rao P. and Pande H (2009), Principles and Practice of Management, Global Media. Chapter One; Link:https://ebookcentral.proquest.com/lib/momp/detail.action?docID=3011383&query=Principles+of+management 23  MANAGEMENT LEVELS ❖ Top Level Managers senior level executives of the company including the Managing Director or President Vice-Presidents, General Managers, Chief Managers of the company, etc. responsible for the overall management and performance of the company: formulates objectives, policies and corporate level strategies of the company, lead and motivate the middle level managers and coordinate activities with them. https://notes.tyrocity.com/levels-of-management/ Rao P. and Pande H (2009), Principles and Practice of Management, Global Media. Chapter One; Page 5 Link:https://ebookcentral.proquest.com/lib/momp/detail.action?docID=3011383&query=Principles+of+management 24  MANAGEMENT LEVELS ❖ Middle Level Managers They include managers of: Production, Marketing, Finance, Human Resource and Research and Development departments they are responsible for the success or failure of their departments: They formulate the objectives, goals and strategies of their departments based on those of the organization. They lead, motivate and coordinate the activities of the lower-level managers. https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwiRy5aatf_hAhVIhqQKHXEzCv4Qj Rx6BAgBEAU&url=http%3A%2F%2Fwww.authorstream.com%2FPresentation%2Frajeshwar_ji-2285833-levels- management-demo%2F&psig=AOvVaw2fSmyRRaPtr3yXCsC0AWil&ust=1556974696119734 Rao P. and Pande H (2009), Principles and Practice of Management, Global Media. Chapter One; Page 5 Link:https://ebookcentral.proquest.com/lib/momp/detail.action?docID=3011383&query=Principles+of+management 25  MANAGEMENT LEVELS ❖ Lower Level Managers responsible for the work of the operating staff working With them. called as First-Line or First-Level 'or Junior Managers; direct, lead, motivate and coordinate the activities of ,the operating employees. mostly supervise the operating employees 'while they perform their work. are also called 'Supervisors.' https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwiTk8e- tv_hAhUP2qQKHQdHAkgQjRx6BAgBEAU&url=%2Furl%3Fsa%3Di%26source%3Dimages%26cd%3D%26v ed%3D%26url%3Dhttp%253A%252F%252Fbestbetasia.com%252Fconventional-organizational- structure.html%26psig%3DAOvVaw207Dr- gK0hlb54g22umK90%26ust%3D1556975119202757&psig=AOvVaw207Dr- gK0hlb54g22umK90&ust=1556975119202757 Rao P. and Pande H (2009), Principles and Practice of Management, Global Media. Chapter One; Page 5 Link:https://ebookcentral.proquest.com/lib/momp/detail.action?docID=3011383&query=Principles+of+management 26  Managerial Skills As per Levels: Managers in different levels should have managerial skills to be able to help the organizations reach their goals. These Skills include: Conceptual skills, Technical skills and Human skills. https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwjTyveQt__hAhVPYlAKHbp_Cc8QjRx6BAgBEAU&url=https%3A%2F%2Fwww.slideshare.net %2Ffellowbuddy%2Ffundamental-of-management-managers-management-notes&psig=AOvVaw3c4CvfO4AeIECYcLtkuKBR&ust=1556975277529640 Management 6th Edition by Stephen P Robbins & Mary Coulter published by Prentice Hall International Editions link: https://shankar9119.files.wordpress.com/2013/07/management-11th-edn-by-stephen-p-robbins-mary-coulter-pdf- qwerty80.pdf (pages: 4-19) 28  Managerial Skills As per Levels: ❖ Conceptual skills: ability to see the organization in a “big picture” understand how the various parts of the organization affect each other, conceptualize how those parts can be organized to improve the performance of the overall organization. foundation for strategizing and organizing. Managers at all levels require Conceptual skills, but they are important in top management. Why? https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwiqk- zYt__hAhUDJ1AKHWlOAz8QjRx6BAgBEAU&url=https%3A%2F%2Fyoshani738619888.wordpre ss.com%2F2019%2F01%2F03%2Fmanagerial- skills%2F&psig=AOvVaw2ZcKWe8icYagA40cvHQ_W7&ust=1556975451137348 Management 6th Edition by Stephen P Robbins & Mary Coulter published by Prentice Hall International Editions link: https://shankar9119.files.wordpress.com/2013/07/management-11th-edn-by-stephen-p-robbins-mary-coulter-pdf-qwerty80.pdf (pages: 4-19) 29  Managerial Skills As per Levels: ❖ Technical skills: specialized knowledge and expertise in doing the work. enable managers to perform specific activities involving methods, processes, or techniques. include mastery of specific equipment (e.g. configuring intranet servers) or correctly following procedures (e.g. conducting accounting audit). are more important for frontline managers (Lower Management) than for senior managers (Top Management). Why? https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8 &ved=2ahUKEwitqL6puf_hAhXEKewKHb70BngQjRx6BAgBEAU&url=https%3 A%2F%2Fwww.educba.com%2Ftechnical-skills-for-project- manager%2F&psig=AOvVaw0q1JkdGMnrUGM985SWXn5t&ust=15569756899 65902 Management 6th Edition by Stephen P Robbins & Mary Coulter published by Prentice Hall International Editions link: https://shankar9119.files.wordpress.com/2013/07/management-11th-edn-by-stephen-p-robbins-mary-coulter-pdf-qwerty80.pdf (pages: 4-19) 30  Managerial Skills As per Levels: ❖ Human skills: ability to communicate, persuade, manage conflict, motivate, coach, negotiate, and lead. understanding the needs of subordinates and act on this knowledge to improve employee well-being while also achieving organizational objectives. using human skills to reconcile the needs and goals of their team members with people in other work units. Why Human skills are equally important at all levels of management.? Managers cannot get employees work together toward common goal if they lack the ability to manage themselves and others. https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8& ved= 2ahUKEwiNoaOOu__hAhXM3KQKHeb1BT8QjRx6BAgBEAU&url=https%3A%2F%2Fui- ex.com%2Fexplore%2Fapplicancy-clipart-human-skill%2F&psig=AOvVaw1shpNPVZU3fb- KRNIybNVU&ust=1556976332160827 Management 6th Edition by Stephen P Robbins & Mary Coulter published by Prentice Hall International Editions link: https://shankar9119.files.wordpress.com/2013/07/management-11th-edn-by-stephen-p-robbins-mary-coulter-pdf- qwerty80.pdf (pages: 4-19) 31  Multiple Choice Questions Managerial skills involves _____ A. Technical skills B. Human skills C. Conceptual skills D. All of the above Which of the following is not a function of management? A. Planning B. Staffing C. Co-operation D. Controlling Source:https://assets.openstax.org/oscms-prodcms/media/documents/PrinciplesofManagement-OP_mGBMvoU.pdf 32  Multiple Choice Questions Management is : a) an art b) a science c) both art and science d) neither of the options Source:https://assets.openstax.org/oscms-prodcms/media/documents/PrinciplesofManagement-OP_mGBMvoU.pdf 33  Multiple Choice Questions Which of the following is not the functional areas of management ? a) Production Management b) Marketing Management c) Personnel Management d) Information Management Source:https://assets.openstax.org/oscms-prodcms/media/documents/PrinciplesofManagement-OP_mGBMvoU.pdf 34  Multiple Choice Questions Which of the following is not a function of management ? A) Planning B) profit earning B) Staffing D) Budgeting Source:https://assets.openstax.org/oscms-prodcms/media/documents/PrinciplesofManagement-OP_mGBMvoU.pdf 35  Multiple Choice Questions Top management consists of...... a) financial managers b) sales manager c) personnel manager d)Board of Directors and chief executives Source:https://assets.openstax.org/oscms-prodcms/media/documents/PrinciplesofManagement-OP_mGBMvoU.pdf 36  CHAPTER REVIEW QUESTIONS 1. Describe and explain the different levels of management. 2. Describe and explain the three types of managerial skills and how they relate to each level of management. 3.Identify and briefly describe each stage in the controlling processes. 4.What are managerial roles & what is the importance of it on the organizational members? 5.Why organizations need to plan and control? 6. What do managers do to help organizations achieve top performance Source:https://assets.openstax.org/oscms-prodcms/media/documents/PrinciplesofManagement-OP_mGBMvoU.pdf 37  Management Skills Application Exercises Time management is an important skill that will impact your future as a manager. You can categorize the time that you spend as either required or discretionary. You can assess your time management skills by keeping track of your time using a schedule calendar and breaking down the time devoted to each activity over a week. After a week of logging the activity, note whether each activity was required or discretionary and whether the time was used productively or unproductively using a 10-point scale in which 10 is very productive and 1 is completely unproductive. Now write up a plan on how to manage your time by coming up with a list of what to start doing and stop doing and what you can do to manage your discretionary time more productively. Source:https://assets.openstax.org/oscms-prodcms/media/documents/PrinciplesofManagement-OP_mGBMvoU.pdf 38  Managerial Decision Exercises 1. You are a manager at a local convenience store that has been the victim of graffiti. Identify the roles you will undertake with both internal employees and others. 2. Here are three job titles. Rank which job would devote the most of its time to conceptual, human, and technical skills. a. Vice president of finance at a Fortune 100 company b. Coding for a video game producer c.General manager at a local McDonald’s franchise Source:https://assets.openstax.org/oscms-prodcms/media/documents/PrinciplesofManagement-OP_mGBMvoU.pdf 39 Critical Case Questions Today’s news is littered with scandals, new allegations of sexual assault, and tragedy. Since 2017 and the #metoo Movement, stemming from the Harvey Weinstein scandal, more and more public figures have been put into the spotlight to defend themselves against allegations from women around the globe. Not only publically, but privately in companies around the world, there have been firings, and investigations into misconduct from co-workers, managers, and CEOs. It is a relevant topic that is getting long overdue publicity and encouraging more men and women to come forward to discuss openly rather than hide the events and injustices of the past. Other events showcase the tumultuous and on-edge society we are living in, such as the Charlottesville, VA attack, that left 1 dead and 19 injured when a person drove a car through a crowd of protestors during a white nationalist gathering. With events on a daily business, it is important for companies to take a stand against racial hatred, harassment of any kind, and have firm policies when such events occur. 40 Critical Case Questions Take Netflix for example, who in July of 2018 fired chief communications officer for saying the “N-word” in full form. This event occurred during an internal meeting, not directing the slur at anyone specific, but claimed it was being made as an emphatic point about offensive words in comedy programming. The “Netflix way”, the culture that is built around radical candor and transparency was put to the test during this occurrence. The offender, Jonathan Friedland attempted to apologize for his misdeed, hoping it would fade away and his apology would be accepted. However, it didn’t work that way, instead the anger was palpable between coworkers, and eventually led to the firing of Friedland after a few months of inaction. 41  Critical Case Questions Netflixers are given a high level of freedom and responsibility within their “Netflix way” culture. Blunt feedback is encouraged, trust and discretion is the ultimate gate keeper, as employees have access to sensitive information, and are ultimately trusted for how they expense items and take vacation time. Between the insanely fast-paced streaming services industry, it is hard to keep this culture at a premium, but it is imperative for the success of the company overall. “As you scale a company to become bigger and bigger how do you scale that kind of culture?” said Colin Estep, a former senior engineer who left voluntarily in 2016. “I don’t know that we ever had a good answer.” In order to keep up, sometimes the company is seen as harsh in their tactics to keep the best of the best. “I think we’re transparent to a fault in our culture and that can come across as cutthroat,” said Walta Nemariam, an employee in talent acquisition at Netflix, in the video. Netflix has stayed true to their cultural values despite the pressures and sometimes negative connotations associated with this “cutthroat” environment. Their ability to remain agile, while displaying no tolerances for societal injustices makes them at the forefront of new age companies. It is a difficult pace to stay in line with, but it seems that they are keeping in stride and remaining true to who they are, for now. 42  Critical Case Questions 1. How have the current cultural environment of our country shaped the way that companies are looking at their own corporate cultural standards? 2. What are the potential downfalls and positive influences of the “Netflix way”? 3. How does Netflix’s internal culture negatively or positively affect their ability to stay competitive and deliver cutting edge content? Source:https://assets.openstax.org/oscms-prodcms/media/documents/PrinciplesofManagement-OP_mGBMvoU.pdf 43