Management Science Introduction UNIT-I PPT
- 1. MANAGEMENT SCIENCE UNIT-I INTRODUCTION TO MANAGEMENT
- 2. Definition: “Management is knowing exactly what you want to do and then seeing that they do it the best and cheapest ways”. -F.W.Taylor Nature of Management: •Multidisciplinary •Dynamic nature of principle •Relative, not absolute principles •Management - Science or Art •Management as profession
- 3. Characteristics of Management: •Management is Goal-Oriented: •Management integrates Human, Physical and Financial Resources: •Management is Continuous: •Management is all Pervasive: •Management is a Group Activity:
- 4. Importance of Management: •Effective utilization of resources: •Development of resources: •To incorporate innovations: •Integrating various interest groups: •Stability in the society:
- 7. Taylor’s Scientific Management: Definition: “Scientific management may be defined as the “Art of knowing exactly what is to be done and the best way of doing it”. Principles of Scientific Management: • Development of Science for each part of men’s job (replacement of rule of thumb) • Scientific Selection, Training & Development of Workers • Co-operation between Management & workers or Harmony not discord • Division of Responsibility • Mental Revolution • Maximum Prosperity for Employer & Employees
- 8. Administrative Management Theory Henry Fayol Principles There are 14 Principles of Management described by Henry Fayol. 1. Division of work 2. Authority & Responsibility 3. Discipline 4. Unity of Command 5. Unity of Direction 6. Sub-Ordination of Individual Interest to General Interest 7. Remuneration 8. Centralization & De-Centralization 9. Scalar Chain 10. Order 11. Equity 12. Stability of Tenure 13. Initiative 14. Espirit De’ Corps (can be achieved through unity of command)
- 9. MOTIVATION Maslow’s Hierarchy of Needs Theory
- 10. Theory X and Theory Y Assumptions of Theory X • Employees escape the work it whenever possible • does not want to work • does not have any aspiration/ambition • Employees dislike responsibility • Employees Resist Change • Employees need formal direction Assumptions of Theory Y • Employees can perceive their job as relaxing and normal • Employees can use self-direction and self-control • Employees loyalty towards work • Employees recognize the responsibility • Employees have skills and capabilities
- 11. System Approach to the management : Evaluation of System Approach: Limitations of System Approach:
- 12. Herzberg’s Two-factors Theory : Herzberg classified these job factors into two categories a. Hygiene factors •Pay •Company Policies and administrative policies •Fringe benefits •Physical Working conditions •Status •Interpersonal relations •Job Security
- 13. b) Motivational factors : •Recognition •Sense of achievement •Growth and promotional opportunities •Responsibility •Meaningfulness of the work