Module 1 Flashcards
Getting things done through other people.
Management
Produces predictability and order. Also, provides the “what” needs to be done.
Management
Management can be considered as: (3)
- science
- profession
- art
Systematic body of knowledge with theories, concepts, principles, experiments & functions which are systematically & logically analyzed
MANAGEMENT AS A SCIENCE
Precise elements, scientific & exact aspects to be learned & assimilated
MANAGEMENT AS A SCIENCE
Knowledge & practices are developed through various observations & experiments which are research & experiment-based
MANAGEMENT AS A SCIENCE
Availability of systematic knowledge, skills, and aptitudes must be understood for aspiring managers
MANAGEMENT AS A PROFESSION
Requires formal education and training with updates of professionalism
MANAGEMENT AS A PROFESSION
Professional managers must be joined in associations that follow rules and regulations according to the objective set
MANAGEMENT AS A PROFESSION
All management efficient people should have academic qualification and personal qualification from any body
MANAGEMENT AS A PROFESSION
Uses creativity, imagination, initiative, and invention within the overall sphere of the occupation.
MANAGEMENT AS AN ART
- Managers apply their interest, ability and skills for solving contemporary issues through decisions which ignite their creativity
- Manager must possess practical knowledge acquired from experiences which helps in working according to situation
MANAGEMENT AS AN ART
- A manager needs to know how to apply various principles in real situations by function in the capacity of a manager. Management as art is personalized.
- Every manager has his own way of managing things based on his knowledge, experience, and personality.
MANAGEMENT AS AN ART
“Management is the art of getting things done through other and with formally organized groups.”
According to Harold Koontz
“Management is the art of knowing what you want to do and then seeing that they do it in the best and the cheapest manner.”
According to F.W Taylor
“Management is a distinct process consisting of planning, organizing, actuating and controlling; utilizing in each both science and arts, and followed in order to accomplish pre-determined objectives.”
According to George R. Terry
“Management is the process of forecasting, planning, organizing, commanding, coordinating and controlling.”
According to Henri Fayol
“Management is the social process of planning, coordination, control, and motivation.”
According to E.F.L Brech
“Management is the organizational direction based on sound common sense, pride in the organization and enthusiasm of its works.”
According to Tom Peters
- Getting things done through people
* Creative and energetic combination of scarce resources into effective and profitable activities
Management
- Combination of skills and talents of individuals concerned
- Accomplish a common mission
Management
Describes the organization’s purpose and its overall intention.
MISSION
The guiding principle in the decision-making process during the planning phase.
MISSION
There are certain inborn qualities, such as initiative, courage, and intelligence that might predestine someone to leadership.
LEADERS
Is a person who was in the right place at the right time.
Leader
Is someone who can see how things can be improved and directs the team toward the goal.
leader
The five crucial elements of leadership are:
- Leadership, like decision making, is a process
- The locus of leadership is a person, the “leader” -The focus of leadership is other individuals or groups (followers)
- Leadership entails influencing
- The objective of leadership is a good accomplishment
Anything that could be thought of as a strength for an organization (Wernerfelt, 1984).
*Include any tangible or intangible assets that are semi-permanently tied to the organization.
RESOURCES
Include brand names, employee knowledge, skills and abilities; machinery and technology, capital, etc.
Examples of resources
The necessary resources needed by successful management are:
- people
- equipment
- supplies
- money.
Four Main Types of Business Resources
- Physical Resources
- Human Resources
- Intellectual Resources
- Financial Resources
Considered as tangible assets which the organization, which may include, equipment, buildings, inventory, and manufacturing.
Physical Resources
Important for the functioning of the organization since without things like equipment and inventory it is difficult for an organization to function.
Physical Resources
*Include the employees of the company. *Important for the functioning of any organization without which the activities of an organization will come to a standstill.
Human Resources
- Nonphysical and intangible in nature like the customer data and knowledge, and even the talent in the organization.
- Once they are developed they can offer unique advantages to the organization.
Intellectual Resources
Often include cash, credit, and lines of credit along with the ability to have options of stock plans for the employees of the organization.
Financial Resources
- Has two different senses in management literature.
- Some writers explain it as a duty or task which assigned to a subordinate on the basis of his position in the organization.
RESPONSIBILITY