Lecture Notes on Management Concepts

These flashcards cover key concepts, definitions, and principles discussed in the lecture about management.

Management

A series of interrelated and continuous functions performed by managers to achieve goals effectively and efficiently.

Goal-oriented process

Management aims to achieve organizational goals effectively and efficiently.

Continuous process

Management functions are performed continuously and iteratively, without a definitive endpoint.

Group activity

Management involves teamwork and coordination among individuals to achieve objectives.

Intangible force

Management's presence is felt through its effects, though it cannot be seen.

Dynamic function

Management must adapt to changes in the internal and external environment.

Pervasive

Management is essential across all types of organizations, irrespective of size or sector.

Multi-dimensional management

Management includes managing work, people, and operations.

Objectives of Management

Goals related to organizational success, social needs, and personal employee welfare.

Nature of Management

Comprises scientific principles, artful application, and encompasses both theoretical and practical knowledge.

Scientific management

Approach focusing on improving efficiency through systematic observation and analysis of work processes.

Environment scanning

Understanding external factors and their impacts on business operations.

Planning

Deciding in advance how to achieve organizational objectives.

Coordination

Integration of group members' efforts to achieve unity of action towards organizational goals.

Fayol's Principles of Management

Henri Fayol’s guidelines that serve as a foundation for managerial actions and decisions.

Taylor's Principles of Scientific Management

The application of science to improve work efficiency and productivity through defined principles.