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Semester 1: Principles of Management
Introduction to Management: Definitions, Nature, Scope, Levels, Importance, Management vs Administration, Evolution, Functions, Trends and Challenges, Managerial Qualification/Duties
Introduction to Management
Definitions of Management
Management is the process of planning, organizing, leading, and controlling an organization's resources to achieve specific goals. It involves coordinating human, financial, and physical resources to ensure efficient operations.
Nature of Management
Management is a social process that involves people working together to achieve organizational goals. It is goal-oriented, dynamic, multidimensional, and involves decision-making.
Scope of Management
Management covers various areas including strategic planning, human resource management, operations, financial management, marketing, and more. It is applicable in all types of organizations.
Levels of Management
Management operates at three levels: top management (strategic planning), middle management (tactical planning), and lower management (operational planning). Each level has distinct responsibilities and functions.
Importance of Management
Effective management is crucial for organizational success. It ensures optimal utilization of resources, improves efficiency, enhances employee morale, and helps in adapting to changes.
Management vs Administration
Management focuses on the execution of organizational goals and day-to-day operations, while administration involves policy formulation and overall governance. While both are essential, they have different roles and functions.
Evolution of Management
Management has evolved from classical theories to modern approaches. Early theorists like Frederick Taylor emphasized scientific management, while contemporary theories focus on behavioral and systems approaches.
Functions of Management
The primary functions of management include planning, organizing, leading, and controlling. Each function plays a critical role in achieving organizational objectives.
Trends and Challenges in Management
Current trends include globalization, technological advancements, and increasing emphasis on sustainability. Challenges include managing diverse teams, adapting to rapid changes, and meeting customer expectations.
Managerial Qualifications and Duties
Effective managers require a combination of education, experience, interpersonal skills, and technical knowledge. Their duties encompass strategic planning, team leadership, resource management, and performance evaluation.
Planning: Meaning, Types, Process, Functions, Importance, Decision Making, Forecasting
Planning
Planning is the process of setting objectives and determining a course of action for achieving those objectives.
Long-term planning focusing on the overall direction of the organization.
Short-term planning that translates the strategic plans into specific actions.
Daily planning that involves routine tasks and activities.
Setting objectives
Identifying resources
Identifying alternatives
Choosing an alternative
Implementing the plan
Monitoring and evaluating progress
Establishing clear and attainable objectives.
Distributing resources effectively to achieve planned objectives.
Identifying potential risks and developing strategies to mitigate them.
Provides direction and guidance to the organization.
Improves resource utilization and reduces waste.
Helps in anticipating future challenges and opportunities.
Planning involves decision-making at all stages to choose the best course of action.
Forecasting is the process of predicting future trends and events that may impact the planning process.
Organising: Definitions, Nature, Types (Formal/Informal), Organisation Structure, Departmentalisation, Authority, Responsibility, Centralisation/Decentralisation, Span of Management
Organising
Definitions
Organising refers to the process of arranging resources and tasks in a structured manner to achieve specific goals. It involves coordinating people, materials, and processes to enhance efficiency and effectiveness.
Nature
The nature of organising is dynamic and continuous. It is integral to management as it establishes a framework within which activities are coordinated. It also responds to changes in the external environment.
Types (Formal/Informal)
Organising can be classified into two types: formal and informal. Formal organisation has a structured hierarchy with defined roles and responsibilities, while informal organisation arises spontaneously through social relationships among individuals.
Organisation Structure
Organisation structure defines how tasks are formally divided, grouped, and coordinated. It includes elements such as hierarchy, reporting relationships, and division of labor.
Departmentalisation
Departmentalisation is the process of grouping activities and employees into departments. Common bases include function, product, geography, and customer.
Authority
Authority is the right of a manager to give orders and make decisions. It is crucial for the effective functioning of an organisation and is often linked to the organisational hierarchy.
Responsibility
Responsibility refers to the obligation of an individual to achieve specific outcomes. It is the counterpart to authority and ensures accountability within the organisation.
Centralisation/Decentralisation
Centralisation involves decision-making at the top levels of the organisation, while decentralisation distributes authority to lower levels. The choice affects flexibility, speed, and employee morale.
Span of Management
Span of management refers to the number of subordinates a manager can effectively supervise. A wider span can lead to cost efficiency, while a narrow span may enhance control.
Staffing: Concept and Process, Recruitment (Sources, Methods), Selection Procedure, Training, Promotion, Appraisal (360 Degree, WFH)
Staffing: Concept and Process
Concept of Staffing
Staffing involves the process of identifying, attracting, and retaining individuals to fulfill the needs of an organization. It ensures that the right people are in the right positions to effectively achieve organizational goals.
Recruitment
Recruitment is the first step in the staffing process, focusing on sourcing candidates. Common sources include job postings, recruitment agencies, employee referrals, and social media. Methods of recruitment can be internal or external.
Selection Procedure
The selection procedure includes various steps such as application screening, interviewing, testing, and reference checks to choose the most suitable candidate based on predefined criteria.
Training
Training is essential for new employees to equip them with the necessary skills and knowledge to perform their jobs effectively. It may include onboarding processes, skill development programs, and ongoing professional development.
Promotion
Promotion refers to the advancement of employees to higher positions within the organization. It is based on performance, experience, and skill set, contributing to employee motivation and retention.
Appraisal
Appraisal involves evaluating employee performance to provide feedback and identify areas for improvement. The 360-degree appraisal process gathers feedback from various sources, while Work From Home (WFH) considerations may introduce unique appraisal challenges.
Control: Concepts, Process, Methods, Techniques, Types, Management Audit
Control: Concepts, Process, Methods, Techniques, Types, Management Audit
Concepts of Control
Control is a fundamental aspect of management that ensures organizational goals are met. It involves measuring performance against standards and taking corrective actions. Control can be seen as a process that integrates planning and execution.
Process of Control
The control process typically includes four steps: Establishing standards, Measuring actual performance, Comparing performance against standards, and Taking corrective actions if necessary. This cyclical process ensures continuous improvement.
Methods of Control
Methods of control can be categorized into various types such as feedforward control, concurrent control, and feedback control. Each method serves to monitor different stages of the process to ensure effectiveness.
Techniques of Control
Common techniques include budgeting, performance evaluations, and financial audits. Techniques can also involve statistical quality control and management information systems that help in real-time monitoring.
Types of Control
Controls can be classified into different types based on focus: strategic control, operational control, financial control, and compliance control. Each type addresses specific areas of management.
Management Audit
A management audit evaluates the effectiveness of an organization's performance and controls. It assesses the efficiency of processes and provides recommendations for improvement, ensuring that organizational goals align with strategy.
