Chapter 1: Nature and Concept of Management

Module 1 The nature and functions of management

What is management? WPS

It is a process of planning, organizing, leading, and controlling resources to achieve specific objectives.

Management is a process.

Planning

Organizing

Leading

Controlling

Planning

is defined as the process of identifying the objectives of a task, assignment, or cause and the corresponding activities to achieve those objects (Schermerhorn, 2011).

Work Plan-is a visual planning tool in a form of a summary table able which us usually contains the following information: (1) objectives, (2) the corresponding activities to accomplish the given objectives, (3) the persons responsible for doing the identified activities, (4) the time frame to accomplish. each of the activities, and (5) the resources needed.

Decision Making

Determines the available alternatives and chooses. the best solution that suits a given problem.

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Organizing

⚫ is defined as gathering the resources required to carry out the activities and allocating the effective and efficient use of those resources (Schermerhorn, 2011)

⚫a good manager aims for both effectiveness and efficiency.

•What is the difference between Effectiveness and Efficiency of management?

-Efficiency

is getting the most output from the least number of inputs to minimize resource costs. Efficiency is often referred to as "doing things right"

Effectiveness

is completing activities so that organizational goals are attained and is often described as "doing the right things"

Leading

⚫ defined as a process which encompasses the following:

■ influencing other people to perform the way you wish them to;

directing other people to achieve the desired objectives;

coordinating the proper implementation of activities;

* communicating effectively across various groups; and

Motivating individuals to perform their best (Schermerhon, 2011; Dyck and Neubert, 2012)

Controlling

is defined as monitoring and evaluation of activities undertaken in relation to the stated objectives (Schermerhorn, 2011). It involves the following:

Identifying the gap (variance)between what was planned and what was accomplished in terms of quantity and quality of work;

Determining the main cause of problems encountered during implementation;

• Finding ways to correct those problems;

• Preventing those problems from recurring; and

Seeking new ways to improve how things will be done in the future.

Functions of management

Planning and decision making-Determining courses of action

Organizing- Coordination of activities and resources

Leading- Managing and motivating people

Controlling- Monitoring and evaluating activities

Management uses resources.

•People

•Money

Materials / machines

•Time

Management aims to achieve objectives.

SMART objectives

Specific

-State what you'll do

-Use action words

Measurable

-Provide a way to evaluate

-Use metrics or data targets

Achievable

-Within your sсоре

-Possible to accomplish,attainable

Relevant

-Makes sense within your job function

-Improves the business in some way

Time-bound

-State when you'll get it done

-Be specific on date or timeframe

Clear objectives are important. They serve as a road map to where you really want to go. Without a clear idea of what you intend to accomplish, you will just go along with your life wasting time, resources, and most especially, your unique talent.

Perspective in management

Investment Perspective

In management pertains to deriving an expected economic return or material benefit from a given management activity or business project.

Economic profitability is desired.

Ethical Perspective

In management pertains to examining whether a desired objective is morally right or wrong.It also examines if the way or manner of arriving at the objective is fair or proper.The ethical conduct in management is guided by the principle of common good, which promotes management practices that benefit or uplift the condition of the greater number of people, and not just the few.

Individual Fulfillment Perspective

The Individual Fulfillment Perspective of management looks at how an organization seeks to satisfy the needs of employees and develop their full capabilities.

• It empowers people within the organization to reach their potentials.

Mainstream Perspective vs. Multistream Perspective

Dyck and Neubert (2012) introduced a values- based way to study management by comparing two contrasting management approaches or perspectives that fall into a so-called continuum. On one end of the continuum is the mainstream perspective.

This approach focuses on the traditional, materialist, and individualistic view of management, such that the emphasis is maximizing profitability, productivity, and competitiveness.

On the other end is the multistream perspective. This approach focuses on a balanced view of management by taking into account the multiple forms of well-being for multiple stakeholders.

This perspective emphasizes corporate social responsibility, dignification of work, fairness in dealings, and people's participation.