Principles Of Management

Management

* Management is the art of getting things done through others

* Management is a process of designing & maintaining environment in which individuals, working together in groups, efficiently accomplish selected aims

Nature/Characteristics Of Mgmt.

* Mgmt is Multidisciplinary as it involves the concepts from various disciplines like psychology , economics etc.

* Mgmt is a Group Activity* Mgmt is Goal Oriented* Mgmt is a Factor Of Production* Mgmt is Universal in Character (mgmt principles are

same in all organizations )* Mgmt is a Social Process as it involves dealing with

people* Mgmt is a system of Authority

Objectives Of Management

• Proper utilization of resources

• Achievement of objectives

• Growth & development of business

• Minimizing Cost and increasing profits

• Better quality goods

• Improving overall performance

• Planning for future

• Social benefits

Management as Science

* The existence of a systematic body of knowledge which uses scientific methods

* Principle are evolved on the basis of continuous observation

* Principles have universal applicability

* Principles involve cause and effect relationship

Management as Art

* Management process involves the use of practical knowledge and personal skill

* Management is creative as everybody does in their own ways

* Application of practical knowledge & certain skills helps to achieve concrete results

* Management has result oriented approach.

Management as a Profession

• Existence of knowledge

• Acquisition of knowledge by getting formal training

• Ethical Codes

• Professional association as it consists of firms and individuals

• Service motive implies employees should keep social interest in their mind

MANAGERIAL SKILLS Technical skills

* It refer to the ability to the tools , equipment, produces & techniques.

Human skills

* It refer to the ability of the manager to work effectively.

Decision Making skills Communication skills Political skills

MANAGERIAL ROLES INTERPERSONAL ROLES:

* Figure Head Role ( attend functions , greet people )

* Leader Role(responsible for the activities of his subordinates)

* Liaison officer ( link between higher mgmt. & subordinates ) INFORMATION ROLES:

* Monitoring Information (within and outside the organization)

* Disseminating Information to others

* Spokes person while dealing with outsiders DECISION ROLES:

* Entrepreneur (decisions regarding contraction and expansion)

* Disturbance handler.

*Resource Allocator.

*Negotiator ( With outside world for prices )

MANAGEMENT LEVELSTop level management ( includes owners , board of directors ,

chairman)

Functions :

* To formulate goals & policies of the company.

* To formulate Budgets.

* To appoint top executives.

* To decide the distribution of profit.

MIDDLE LEVEL MANAGEMENT

( Includes managers of various departments )

Functions :

• To monitor & control the operating performance.

• Compiling & issuing instructions

• To train motivate & develop supervisory level.

• Assigning duties and responsibilities

• To co-ordinate among themselves so as integrate the various activities of a department.

• Collecting information & reports on performance

LOW LEVEL MANAGEMENT

( Includes supervisors and foreman )

Functions :* To train and develop the efficiency of the

workers.* To assign job to workers.* To give orders and instructions.* To report feedback information about

workers.