PRINCIPLES OF MANAGEMENT

good luck

Management

is the process of designing and maintaining an environment in which individuals, working together in groups, efficiently accomplish selected aim(s) viz. to create a surplus(s)

Effectiveness

Achievement of objectives (doing the right thing)

Efficiency

Achieving objectives with least amount/ sacrifice of resources (doing things right)

Continuous Improvement

in creating increasing ‘surplus’ (at all times), is an ongoing effort to enhance products, services, or processes by making incremental improvements over time

Planning, Organizing, Staffing, Leading, Controlling

What are the functions of management?

Leadership

The ability to influence a group towards achievement of goals

Motivation

The willingness to exert high level of effort towards goals

Communication

The transference and understanding of meaning

Technical Skills

What managerial skill focuses on the application of specialized knowledge or expertise acquired though formal training & its use?

Human Skills

What managerial skill focuses on the ability to work with people, understand and motivate groups & individuals?

Conceptual Skills

What managerial skill focuses on the mental ability to recognize, analyze, diagnose and think through complex situations?

Interpersonal

What kind of managerial role requires you to be a figure/symbolic head and to show ceremonial ‘face’ in social and legal conditions?

Informational

What kind of managerial role requires you to disseminate networking within the organization meetings and be a spokesperson to transmit intent to outsiders?

Decisional

What managerial role requires opportunity finding and reacting, as well as creating a strategy plan?

Organization

____________ as a system receives input, transforms it through a process for output and operates in an environment

Economic, Political, Regulatory, Globalization, Societal, Technological

What are the external environmental forces that managers need to consider?

Man, Materials, Machines, Methods, Measurement

What input/resources do managers deal with? (5 Ms of Management)

Money

What is required to generate all the 5 Ms of management?

Stake

something wagered or risked/ an interest in an enterprise with contingent gain or los

Shareholders

These are the owners that have stake in the business. They have put in their money in the enterprise, expecting better returns from it than from other ventures

Society

Which type of stakeholder includes the State, provincial and local governments for the improvement of ‘quality of life’ of its citizens?

Supplier

Which type of stakeholder focuses on the continuity of their enterprise depending on the success of the customer enterprise?

Customers

Which type of stakeholder requires the goods and services provided by the enterprise, better than than those from its competitors?

Employees

Which type of stakeholder has a livelihood that depends on the progress and success of the employing enterprise?

planning, organizing, staffing, leading, controlling

Management as a system transforms inputs by the process of __________________________ to accomplish certain pre-determined, (as derived from stakeholder needs) goals or objectives

Planning

What function of management involves selecting objectives or goals and the course of actions to achieve them?

Mission/Purpose

The basic function or ‘reason for existence’ of an enterprise/ organization

Objectives/Goals

The end towards which activity of an organization is aimed

Strategies

Determination of the long term objectives and adoption of a course of action

Policies

“Plans” that are general directional statements (or understandings) that guide/help in decision making

Procedures

Plans that are chronological sequences of required actions: task-oriented in nature

Rules

Specific actions or non-actions allowing no discretion

Programs

Action plans (mainly non-routine or for changed activities) including, task assignments, steps to be taken, resources to be deployed etc. to achieve a (new/renewed) goal

Budget

A statement of expected results expressed in “Numerical terms”

Being aware of challenges

First step in planning?

Management by Objectives

A comprehensive managerial system that integrates many key managerial activities in a systematic manner and that is consciously directed towards the effective and efficient achievement of organizations’ and individual objectives

Decision Making

is the core of the planning process

Limitations and Behaviour

Decision making is a ‘rational choice’ process, bounded by:

Risk analysis

What kind of decision making technique is used when every decision is based on interactions amongst different factors/variables – each of which have their own probabilities (towards ‘success’)?

Decision trees

What kind of decision making technique is used when the outcome (measure pre-decided e.g. cost or time) of every step in the decision is charted and a course selected on the most favourable outcome?

Flow Charts

What kind of decision making technique is used as a process-guide to taking a decision and helps as a check-list of key variables, the sequence in which they fall and the interrelations?

Decision Support Systems

What kind of decision making technique is used when a wide variety of (proprietary) computer based programs are available for managers to use their time more effectively for decision making of semi -structured tasks – by providing alternative evaluations?

Organizing

The identification and classification of required activities; The grouping of those activities towards attaining their set objectives; The assignment of those groupings to a responsible manager, duly empowered; The provision for coordination among, within and across the groups in the organization

departments

Grouping activities & people into _________ makes it conceptually possible to expand organizations to an infinite degree