7 M's of Management

Practice of modern management owes its origin to the 16th century enquiry into low-efficiency and failures of certain enterprises, conducted by the English statesman Sir Thomas More (1478-1535). Management is often included as a factor of production along with machines, materials, and money. According to he management guru Peter Drucker (1909-2005. As a discipline, management consists of the interlocking functions of formulating corporate policy and organizing, planning, controlling, and directing an organization's resources to achieve the policy's objectives.

The functions of management involves planning, controlling, leading, organising decision making of business areas in Marketing, Production, Sales, Research & Development, Human Resource, Finance, Operations Etc. There are various levels of management. Top level takes all major and crucial decisions and frames organization mission, vision and objectives. Middle level management gives direction to lower level management of how to implement those business objectives. Policies are framed and work method are determined.

1. M A N Man in management is referred to as a human resource. It is the recruitment, selection, training, promotion and grievances handling of personnel. Payment of compensation gratuity, termination of services are the few issues that have to be dealt effectively to retain the talent within an organization.

2. MATERIAL Material is a basic ingredient in management be it a service industry or a product industry . Most of the industries locate them self nearby to the availability of material

Material is a basic ingredient in management be it a service industry or a product industry . Most of the industries locate them self nearby to the availability of material

3. MACHINE Machine are the basic tools to produce goods or to generate services. Selection of an appropriate machine not only enhances efficiency but also saves times and increases revenue. Tailoring the requirement of the organization, Selections of a right technical machine and equipment, availability of spare parts, evaluation of after sales services, substitutes and technology and the organization budget are the crucial criteria while purchasing a machine.

Maintenance and overhauling issues along with its life span also cannot be overlooked. In service Industry, Technology matters a lot these days we are having Computers & peripherals as a major machine to serve the service clients

Money M anagement is done to meet day to day business requirements and the funds involved in meeting those requirements are known as working capital.

Every thing has a right way to do and this right way is known as a Method in management. In short it means, an art of doing. A set of procedures and instructions is known as a method. The visible methods of a company include: Plans, Policies, Procedures, and Data.

. The less visible ones include a company's norms and its culture, and the norms and culture of the society around it and the methods of its customers, suppliers, associates, and competitors.

Methods determine how people work and their work priorities. Methods link people to each other and link people to materials. The Scientific Method is a method for solving complex problems . GAAP is a method for evaluating financial performance. ISO 9000 is a method for evaluating Quality performance. ISO 9000 Quality assurance standards have as much to do with improving quality as GAAP has to do with improving profits ...

A popular method of management is what is referred to as 'management by objectives '. This involves setting objectives and targets for different aspects of the organisation. The managers job is then to make sure that these objectives are achieved given an allocated amount of resources. The objectives will either be achieved, exceeded, or fallen short of requiring remedial action where appropriate.

Another form of management is an autocratic approach where managers set targets and objectives for others and supervise the performance of their work. The problem with autocratic managers is that they can be intimidating and often fail to encourage employees so that they do not use the human resource as well as possible. Consultative managers consult with others to find out their views and ideas before making decisions.

Democratic managers encourage others to make decisions for themselves. Self managing teams are ones where management is devolved to members of a team, which does not have to wait for instructions from above. The style of management that is most appropriate is often dependent on the situation e.g. the nature of the industry, the speed with which decisions need to be made, the familiarity of managers and others with the management style etc.

Measurements are quantified observations of some aspect or attribute of a process, product or project. Measurements enhance our ability to understand things not accessible to our native abilities and intelligence.

Ten Precepts of Measurement Measure what the customer cares about. Measurements should have focus, based on goals and models. However, in most organizations there is little agreement or knowledge of what goals should be. Goals must relate to customer satisfaction. Ultimately, the customer is the only arbiter of success.

2. Measure the process, not the person. The goal of a measurement program must be improvement, never evaluation. Measurement must support continuous process improvement. Over eighty per cent of quality problems can be corrected by concentrating on the process.

3. Set goals. Know what the results of measures should be, before you measure. Know what you desire. Benchmark against your competitors and against “world class” organizations. Setting goals for quality measures ensures that the organization remains focused on the key items important from the customer’s point of view. Goals must be ambitious. Goals should always be quantified and expressed in actual numbers, not percentages.

4. Know what to do about the results you get. Use measures to manage effort more successfully. Measures must be a basis for judgment or action. When measures are not achieving goals or are not moving in the right direction, know what intervention to take. You must also know how your intervention will affect measures, both short term and long term.

5. Anticipate the results of your intervention. Get feedback, from all participants. Establish the effectiveness of your measurement program by measuring how measures are actually used. Are you getting the results you want? It is more important to know this if you are achieving positive results than if you are getting negative ones. How will you sustain progress if you don’t know for certain what is causing it?

6. The process itself should yield measures. Don’t create a separate system to gather measures, they should be a natural byproduct of performing the process. Measurement should not be additional overhead or burden upon the people collecting the measures. Automate the collection of measures where possible. This will become easier as the organization becomes more sophisticated in stabilizing and automating its processes. An automated measure is better than a manual one, but a manual measure is better than none. As an example, an automated project control system can be used to measure the number of tasks completed on schedule.

7. Measures should be numerical and objective. Measurement is not done well subjectively. As stated earlier, measurements enhance our ability to sense things not accessible to our native abilities and intelligence. Subjectivity contradicts this. It also makes measures open to interpretation, and no two persons will interpret them in the same way.

8. Publish and publicize measurement results. Provide feedback to the source, both of measures to be taken and the results of those measurements. Make sure everyone involved understands the purpose of the measurement program. Measures must be beneficial to the persons collecting the data and performing the process measured.

9. Ensure comparability of measures. Without stable processes and standards, measures are meaningless. In systems development work, individual performance has always been the largest variable. This work must be converted from an individual art form to a repeatable process before it can be effectively measured and controlled. Encourage the use of the best practices by all your staff, bring everyone up to the level or your best people.

10. What you measure is what you get! Finally, this is the most important measurement precept, even more so than relating measures to customers. If you measure Lines of Code, you will get Lines of Code. People respond to whatever they are asked to do. If you measure how many projects are completed on schedule, you are likely to alter estimating and reporting practices more than you are to improve performance.

“ Marketing Management is the process allocating the resources of the organization toward marketing activities.” Thus, a marketing manager is someone who is responsible for directing expenditures of marketing funds. Related to the term ‘management’ is the term ‘strategy.’

The Marketing Management Cycle The planning cycle is composed of four basic steps. First, Planning is the process of examining and understanding the surroundings within which the organization functions starting with environmental scanning” as the process of studying and making sense of all the things that might impact the firm’s operation that are external to the firm. This would include studying and gaining an understanding of such things as: competition, legislation and regulation, social and cultural trends, and technology. Both present and developing trends in each of these areas must be identified and monitored. The planning stage also includes creating documents that outline the organization’s intended response to these environmental (external) variables.

Second, Implementation is the process of putting plans that have been made into action. It is the transition from expected reality to existing reality. Third, Monitoring is the process of tracking plans and identifying how plans related to changes that take place during program operation when more information is acquired. Correction is the stage in which we take action to return our plan to the desired state based on feedback obtained in the monitoring stage. If we find that return to the planned state is not practicable, we may adjust our planning outcomes.

Thus, Monitoring and Correction may be considered two stages because after plans are put into action, one must continually monitor performance and make adjustments to the plan based on the feedback gathered through these monitoring activities. In summary, the marketing management cycle is composed of planning, implementing, monitoring, and correcting.

References: Copyright © 1996 Edwin Lee, All rights reserved. You may download and freely reprint this essay provided you include this copyright notice. 9351 Holt Road, Carmel, CA 93923 Tel: (831) 626-8719 Email: [email_address] www.change-management.com http://www.businessdictionary.com/definition/management.html file:///F:/Measurement%20Management.htm. James A. Ward, Author maddernfinancial.com.au/your-wealth http://www.principlesofmarketing.com/fall2002/chapter%20two.htm

7 M's of Management

More Related Content

What's hot (20)

Viewers also liked (14)

Similar to 7 M's of Management (20)

More from Jo Balucanag - Bitonio (20)

Recently uploaded (20)

7 M's of Management