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Principle of Management Chapter 1[1]
- 2. Learning Outcomes How organization use managerial resource to achieve organizational goals Distinguish among four functions of management and its practice Recognize the interpersonal, informational, and decisional roles played by top level managers. Apply the general skills needed to carry out managerial responsibilities. Integrate the major elements from the various perspectives of management theory.
- 3. Why study Management Help how to work and deal with co-workers and in group team How to lead co-workers Solve conflicts between them Achieve team goals Increase performance
- 4. …… Job of management is to help an organization make the best use of its recourses to achieve its goals
- 5. Definition According to Harold Koontz, “Management is an art of getting things done through and with the people in formally organized groups. It is an art of creating an environment in which people can perform and individuals and can co-operate towards attainment of group goals
- 6. Definition The attainment of organizational goals in an effective and efficient manner through planning , organizing , leading , and controlling organizational resources.
- 7. Definition Simply Management is Manipulation of resources to achieve objectives Resources:4Ms Men Material Money Machine
- 9. Planning Choose appropriate organizational goals and courses of actions to best achieve those goals Decide which goals organization will pursue Decide strategies to achieve those goals Decide how to allocate resources to achieve organizational goals
- 10. Planning Example Dell goal to sell an inexpensive PCs Undercut the prices charged by other companies like apple, compaq Sell directly to customers by telephone Micheal dell acllocate $5,000 to buy labour and other resources
- 11. …… In 2000s HP, Apple , Acer achieve competitive advantage over Dell performance, style and pricing Dell follow low cost strategy HP and Acer also lowered their cost, Dell lost its competitive advantage
- 12. Organizing Determining what needs to be done, how it will be done and who is to do it Organize people into deptt according to job specific tasks Example Michael Dell hired 100 employees in start Later after success he made more complex structure
- 13. Leading Leadership involves managers using their powers , personality, influence and communication skills to coordinate people outcome of leadership is highly motivated and committed workforce
- 14. Controlling Monitoring activities to ensure that they are accomplished as planned Example HP and Acer learned how to reduce operational cost Dell lost its competitive advantage
- 16. Top Level Manager (Strategic Managers) The firm’s senior executives with overall responsibility for the firm. Developing the company’s goals Focus on long-term issues Emphasize the growth and overall effectiveness of the organization Concerned primarily with the interaction between the organization and its external
- 17. . Middle Level Managers (Tactical Managers) Responsible for translating the general goals and plans developed by strategic managers into specific objectives and activities. Shorter time horizon Coordination of resources
- 18. First Line managers Supervise work of non-managerial employees Shift manager, district manager, department manager
- 19. Managerial skills Conceptual skills Human skills Technical skills
- 20. Conceptual skills Top managers require best conceptual skills Primary responsibility about planning and organizing Formal education and training help to develop managerial skills Steve job choose as CEO of apple because of his ability to identify new opportunity
- 21. Human skills Ability to understand, alter, lead and control behavior of others Ability to motivate , communicate and coordinate with people Learned through training as well as with experience
- 22. Technical Skills Job specific skills required to perform particular type of work e.g manager of restaurant may be need cooking skills Accounting and book keeping skills to keep record of recipts and cost Aesthetic skill to keep the restaurant looking attractive for customer
- 23. Management Level and SkillsManagement Level and Skills
- 24. Competitive Advantage Cost Competitiveness SpeedQuality Innovation Managing For Competitive Advantage
- 25. Managing For Competitive Advantage Cost competitiveness costs are kept low enough so that you can realize profits and price your products at levels that are attractive to consumers key is efficiency - accomplishing goals by using resources wisely and minimizing waste Quality excellence of a product, including its attractiveness, lack of defects, reliability, and long-term durability importance of quality has increased dramatically must identify specific elements of quality to correct problems, target needs, and deliver world-class value
- 26. Managing For Competitive Advantage Speed often separates winners from losers in world competition speed became a vital requirement in the 1990s requirement has increased Innovation the introduction of new goods and services important to adapt to changes in consumer demands and to new sources of competition Best managers and companies delivering all four