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Principles_of_Management_Enhanced_Notes

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4 views

Principles_of_Management_Enhanced_Notes

Summary

Uploaded by

maliknabila2006
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Principles of Management: Chapter 1 - Enhanced Notes

1. Definitions of Management

- Henry Fayol: 'To manage is to forecast and to plan, to organize, to command, to coordinate, and to
control.'
- Peter Drucker: 'Management is a multi-purpose organ that manages business, managers, and
workers.'
- Harold Koontz: 'Management is the art of getting things done through organized groups.'
- Mary Parker Follett: 'Management is the art of getting things done through people.'

2. Characteristics of Management

- Managerial Process: Involves leadership, authority, and coordination of activities.


- Social Process: Relies on people working together to achieve objectives.
- Action-Based: Management focuses on achieving specific results like sales or profits.
- Group Activity: Management requires collaboration across teams and departments.
- Intangible: Exists through results and outcomes, not as a physical entity.
- Universal: Applicable across industries, levels, and regions.

3. Importance of Management

- Effective Utilization of Resources: Ensures optimal use of human, financial, and material
resources.
- Resource Development: Focuses on developing skills, capabilities, and technologies.
- Innovation: Incorporates new ideas and adapts to changes in technology and society.
- Stability: Balances rapid changes with organizational stability and growth.

4. Functions of Management (POLC)

- Planning: Determining goals, forecasting challenges, and preparing strategies.


- Organizing: Allocating resources like manpower, materials, and equipment effectively.
- Leading (Directing): Motivating employees, setting examples, and maintaining morale.
- Controlling: Monitoring progress, identifying deviations, and making corrections.
Principles of Management: Chapter 1 - Enhanced Notes

5. Fayol's 14 Principles of Management

- Division of Work: Specialization increases productivity.


- Authority and Responsibility: Balanced delegation improves accountability.
- Discipline: Ensures smooth functioning and respect for authority.
- Unity of Command: One employee receives instructions from one superior.
- Unity of Direction: Team efforts align toward a common objective.
- Centralization and Decentralization: Decision-making balance based on organization size.
- Scalar Chain: Clear hierarchy from top to bottom.
- Order: Systematic arrangement ensures efficient operations.
- Equity: Fair treatment builds trust and reduces conflicts.
- Stability of Tenure: Job security enhances employee efficiency.
- Initiative: Encourages employees to take ownership of their work.
- Esprit de Corps: Team spirit fosters cooperation and harmony.

6. Theories of Management

- Scientific Management (Taylor):


- Focus: Efficiency through standardization, time studies, and financial incentives.
- Principles: Time-motion studies, task standardization, and mutual employer-employee goals.
- Administrative Management (Fayol):
- Focus: Organization structure, authority, and planning.
- Contributions: Emphasized planning and the 14 principles of management.
- Bureaucratic Management (Weber):
- Focus: Rules, hierarchy, and formal structures for efficiency.
- Example: Public administration systems.

7. Modern Approaches

- Systems Theory:
- Views organizations as interrelated systems influenced by external environments.
- Components: Inputs (resources), Transformation (processes), Outputs (results), Feedback.
Principles of Management: Chapter 1 - Enhanced Notes

- Contingency Theory:
- Emphasizes adapting management strategies to specific situations.
- Example: Flexible policies during economic downturns.

8. Motivation Theory - Maslow's Hierarchy of Needs

- Levels:
- Physiological (basic needs like food and shelter).
- Safety (security and stability).
- Love/Belonging (relationships and acceptance).
- Esteem (recognition and achievement).
- Self-Actualization (realizing potential).
- Application: Managers can use this framework to understand employee motivations.

9. Managerial Roles (Mintzberg)

- Interpersonal: Figurehead (symbolic leader), Liaison (networking), Leader (guiding teams).


- Informational: Monitor (gathers data), Disseminator (shares information), Spokesperson
(represents).
- Decisional: Entrepreneur (initiates change), Disturbance Handler (manages crises),
Resource Allocator (allocates resources), Negotiator (resolves conflicts).

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