Subject Name: Principles of Management
Code: BBA 1133
Credit Hours: 3
Institution: Lincoln University College
Organizations: Groups of people coordinating their actions to achieve specific goals.
Goal: A desired future condition organizations seek to attain.
Management: Using organizational resources to achieve goals through four key functions:
Planning
Organizing
Leading
Controlling
Performance Measurement: Assesses how efficiently and effectively resources are utilized to satisfy customers and achieve goals.
Efficiency: Degree to which resources are minimized to achieve the same goal.
Effectiveness: Appropriateness of chosen goals and the extent to which they are achieved; organizations are effective when the right goals are met.
Fayol outlined four essential functions managers must perform:
Planning: Defining objectives and outlining steps.
Organizing: Arranging resources and tasks.
Leading: Motivating and directing employees.
Controlling: Monitoring and adjusting to ensure goals are met.
Organizations typically consist of three levels of management:
Top Managers: Oversee the entire organization and establish goals.
Middle Managers: Supervise first-line managers and manage departmental goals.
First-line Managers: Direct day-to-day operations and workers involved in production/services.
Role Definition: A set of specific tasks attributed to a managerial position.
Three broad role categories:
Interpersonal Roles: Involves interaction with others.
Informational Roles: Focused on information management.
Decisional Roles: Involves decision-making and resource allocation.
Figurehead Role: Represents the organization symbolically.
Leader Role: Trains, mentors, and encourages employee performance.
Liaison Role: Connects various stakeholders within and outside the organization.
Monitor Role: Gathers and analyzes relevant information.
Disseminator Role: Shares information to influence employee behavior.
Spokesperson Role: Communicates organizational information to external stakeholders.
Entrepreneur Role: Initiates and invests in new projects.
Disturbance Handler Role: Manages crises or unexpected challenges.
Resource Allocator Role: Distributes resources and sets budgets for departments.
Negotiator Role: Facilitates negotiations between various parties.
Effective managers need to develop three key skill sets:
Conceptual Skills: Analyzing situations to discern cause and effect.
Human Skills: Managing and leading people effectively.
Technical Skills: Specialized knowledge relevant to specific tasks (e.g., marketing, accounting).
Skills can be improved through training, reading, and practical experience.
Skills requirement varies according to manager level:
Top Managers: Strong conceptual skills predominately, while technical skills less emphasized.
Middle Managers: Blend of all three skill types required.
First-line Managers: Technical skills are critically important.