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Definition:
John A. Pearce and Richard B. Robinson, Management is the process of optimizing the human, material and financial contributions for the achievement of organizational goals. Mary Parker, Management is the art of getting things done through others.
Nature:
Management as a process Management as an activity Management as a group Management as an economic resources Management is purposeful Management is both a science and an art Management is intangible Management accomplishes results through others
Importance:
Helps in achieving group goals Optimum utilization of resources Reduces costs Establishes a sound organization Maintains equilibrium Essential for prosperity of society
Functions:
A)
1)
Main functions:
Planning: what, when and how to achieve, objective, setting rules and procedures, policies, strategies Organizing: dividing work into convenient tasks, grouping tasks in the form of positions Staffing: Manning the various positions created by organizing Directing: managers communicates subordinates about their expected behavior, guiding and leading them controlling: identification of actual results, comparison with expected result, taking corrective action to match actual results with expected results
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3)
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Functions:
B) Subsidiary functions:
1) communication: ideas, objectives, instructions, etc., have to be exchanged among the managerial staff 2) Decision-making: managers have to take numerous decisions 3) Innovation: essential in the age of competition. Research and development department to keep pace in the modern technique
Management is concerned with the implementation of the policy; it is not directly concerned with goal or target-fixation. Administration is concerned with policy-making; it determines the goal or the targets to be achieved. We can classify management into: Administrative management: primarily concerned with laying down policies and determining goals. Operative management: concerned with implementation of policies for the achievement of the goals.
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2)
Ethics is the study of rights and of who is or should be benefited or harmed by an action. - it is the study of peoples rights and duties, the moral rules that people apply in making decisions. Ethics and social responsibility are concepts that are fundamentally about the quality of our relationships over time. Social responsibility of business includes the responsibilities towards itself, shareholders, employees, government, customers.
BUSINESS ETHICS:
Application of moral values, accepted character and behavior by the contemporary business world to all business activities, dealings, offers, practices and such other issues. Need of business ethics: - makes the business to realize basic objective of any economic institution - necessary to protect the interest of society - force the business to respect the customers interest - regulates the roles and activities of all players in the business activities - makes the business to balance its confronted roles and social issues like people-oriented management, environmental protection, consumerism, technology development and unemployment, resource utilization.
Internal policy
stakeholders
society
Tools of ethics:
Values: relatively permanent desires that seem to be good in themselves. Rights: claims that entitle a person to take a particular action. Duties: obligations to take specific steps or obey the law. Moral rules: rules for behavior that often become internalized as moral values. Human relationships: the relationship exists because we need one another for mutual support and to accomplish our goals. Common morality: the body of moral rules governing ordinary ethical problems.
Management Theory:
Management Theory:
Contd
11. equity 12. stability of staff 13. initiative 14. esprit de corps Max Weber: organization with a legalized formal and hierarchical structure; also refers to the formal structural process within an organization.