1. WHAT IS MANAGEMENT? WHY IT IS VERY MUCH IMPORTANT?

OR
HOW MANAGEMENT HELPS IN OUR DAILY LIFE?

ANSWER: - According to F.W. Taylor – “Management is the Co-ordination of all resources

through the Process of Planning, Organizing, Directing, and Controlling in order to attain
stated objectives”.
In brief we can say – Management is the sum total of those activities which makes planning
fixes up purposes and policies, procures men, money, materials, machines etc. For
performing tasks encourages the staffs through providing materials rewards and mental
satisfaction and co-ordinates and controls different works in order to achieve the pre-
determined goal of the concern.

 Objectives Of Management Are:-

Management can have mainly three types of objectives:

Organizational objectives

Management should consider the interests of all company stakeholders, including employees,
customers and the government. Managers are responsible for setting and achieving goals for the
organization. Typically, the primary aim of an organization is to achieve growth by utilizing its
human, material and financial resources. There are three general organizational objectives for any
company:

 Survival: An organization needs to generate enough revenues to cover its operational costs.
 Profit: Profit provides incentive and is essential for covering unprecedented costs and risks
associated with running a business.
 Growth: We can measure the growth of a business in terms of increases in sales volume,
workforce and capital investment.

Social objectives

To an extent, the management is also responsible for creating benefits for the society
through their work. Companies choose to do this in different ways. Some may incorporate
environment-friendly methods of production, while others implement fair wages and
opportunities. Larger companies often maintain or fund initiatives that provide basic
amenities like healthcare and education. Based on the scale of their operations, companies
often initiate CSR (Corporate Social Responsibility) campaigns that benefit society in
different ways.

Personnel objectives
The management typically decides the financial incentives, salaries, perks and social initiatives for
their employees. Activities that improve peer recognition and interaction like corporate outings and
holiday bonuses cater to the personnel's social growth and development.

 IMPORTANCE OF MANAGEMENT ARE:-

Here are some reasons management is important:

 Helps in achieving group goals: Effective management gives a common direction to

individual efforts and guides them towards achieving the overall goals of an organization.
 Increases efficiency: Efficiency reduces costs and increases productivity in all spheres of
an organization’s work.
 Creates a dynamic organization: Management helps its personnel in adapting to change
so that the organization continues to maintain its competitive edge. How well an
organization can respond and adapt to change can mean the difference between its success
and failure.
 Helps in achieving personal objectives: Effective management fosters team spirit,
cooperation and commitment to achieve the organizational goals as a group, which helps
each term member achieve their personal objectives.

 Levels Of Management Are :-

Typically management roles come in three levels in an organization. But, larger organizations may
have more management roles within each level for better efficiency. The three main levels include:

Top management

Typically, the senior-most executives in a company are the chairman, chief executive officer, chief
operating officer, president and vice-president. Their role lies in integrating diverse components of
the company and coordinating activities of different departments. They also analyses the business
environment and its implications to formulate goals in order to ensure the survival of the company
and the welfare of its stakeholders.

2. Middle management

Mostly composed of division heads, the middle management links the operational management to
the top management. Division/department heads receive guidance from top managers and are
leaders to operational managers. Their job is to understand the policies framed by the top
management and relay them to their respective divisions/departments to ensure that they follow
through with company policies and decisions.

3. Operational management
Supervisors, section leads or forepersons directly oversee the efforts of the workforce. They are
responsible for quality control and ensure that the work meets deadlines. The top management
draws out the plans that define the authority and responsibility of supervisors.

 Functions of Management Are :-

The purpose of management is to unify the efforts of different individuals in an organization
towards achieving a common goal. These are some functions of management:

Planning

Planning involves creating a timeline of tasks that need to be completed to achieve a specific goal.
Managers execute planning should be carried out in a systematic fashion to avoid wastage of
resources and time. A detailed plan of action minimizes confusion, risk, wastage and uncertainty.

For example, the top management in a small business may set a high sales target for one quarter to
compensate for the previous quarter's losses. A start-up's founder may plan to make formal efforts
to associate with the government and other large institutions to expand the scale of their
operations. Heads of local digital marketing companies may plan to create an international market
for their products and services. An IT company may decide to update their work regulations to
accommodate work-from-home for their employees.

Organization

The objective of organizing is to nurture a symbiotic relationship between the personnel, financial
and physical resources of the company. Proper organizing provides the course of action that meets
all parameters for success. Organizing involves the identification and classification of business
activities, delegation and coordination.

For instance, the top managers may allocate funds or resources to different branches. The branch
managers must then allocate funds to departments within the branch, depending on their
operational requirements. The department heads then track the day-to-day expenditure of the
funds.

Staffing

Staffing involves recruiting and building a team for the organization. The staffing process of
companies is often lengthy and in-depth. Management identifies professional roles in the company
and the skills/qualities required to perform well in these roles. The manager then selects staff for
those roles through the recruitment processes. Once selected, candidates undergo training and join
the company's workforce. Managers are also responsible for awarding appraisals and promotions
as part of staffing.

For instance, a digital marketing company might choose to expand its operations to other cities in
the country. The top management can then decide to recruit five marketing personnel, four visual
designers, two accounting personnel, a human resource professional and a manager for each
location. They may also decide to outsource IT, maintenance and security related work to
freelancers. The company's staffing guidelines may also suggest that one marketing personnel and
one visual designer should move to the role of department lead, after two months of training and
one year of experience in the company.

Direction

Supervising, motivating and guiding the staff members are central to the functions of a manager.
Directing involves taking the steps to put the work in motion and maintain productivity to achieve
company goals. This requires excellent leadership, communication and interpersonal skills to drive
the team towards completing organizational objectives.

For example, the middle management often makes policies based on directions they receive from
the top management. Operational managers focus more on managing the day-to-day functioning of
the company.

2. WRITE THE 14 PRINCIPLE OF MANAGEMENT BY HENRY FAYOL’S

Answer: - Henry Fayol’s 14 Principles of Management Are:-

Henry Fayol’s 14 principles of management look at an organization from a top-down approach to

help managers get the best from employees and run the business with ease. Let’s take a look at
them and understand them in detail.

1. Division of Work

The first henry fayol principle of management is based on the theory that if an employee is given a
specific task to do, they will become more efficient and skilled in it. This is opposed to a multi-
tasking culture where an employee is given so many tasks to do at once. In order to implement this
principle effectively, look at the current skill sets of each employee and assign them a task that they
can become proficient at. This will help them to become more productive, skilled, and efficient in
the long run.

2. Authority

This henry fayol principle of management states that a manager needs to have the necessary
authority in order to ensure that his instructions are carried out by the employees. If managers did
not have any authority, then they would lack the ability to get any work done. However, this
authority should come along with responsibility. According to Henri Fayol, there should be a
balance between authority and responsibility. If there is more authority than responsibility, the
employees will get frustrated. If there is more responsibility than authority, the manager will feel
frustrated.

3. Discipline

This principle states that discipline is required for any organization to run effectively. In order to
have disciplined employees, managers need to build a culture of mutual respect. There should be a
set of organizational rules, philosophies, and structures in place that should be met by everyone.
Bending rules or slacking should not be allowed in any organization. In order to achieve this, there
is a need for good supervision and impartial judgment.

4. Unity of Command

This principle states that that should be a clear chain of command in the organization. The
employees should be clear on whose instructions to follow. According to Fayol, an employee should
receive orders from only one manager. If an employee works under two or more managers, then
authority, discipline, and stability are threatened. Moreover, this will cause a breakdown in
management structure and cause employees to burn out.

5. Unity of Direction

This henry fayol principle of management states that the work to be done should be organized in
such a way that employees work in harmony towards the same objective, using one plan, under the
direction of one manager. For example, if you have a range of marketing activities such as
advertising, budgeting, sales promotion, etc., there should be one manager using one plan for all the
marketing activities. The different activities can be broken down for different sub-managers, but
they should all work towards a common goal under the direction of one main person in charge of
the whole thing.

6. Collective Interest Over Individual Interest

This principle states that the overall interest of the team should take precedence over personal
ones. The interest of the organization should not be sabotaged by the interest of an individual. If
anyone goes rogue, the organization will collapse.

7. Remuneration
This henry fayol principle of management states that employees should be paid fair wages for the
work that they carry out. Any organization that underpays its workers will struggle to motivate and
keep quality workers. This remuneration should include both financial and non-financial incentives.
Also, there should be a structure in place to reward good performance to motivate employees.

8. Centralization

Centralization refers to the concentration of power in the hands of the authority and following a
top-bottom approach to management. In decentralization, this authority is distributed to all levels
of management. In a modern context, no organization can be completely centralized or
decentralized. Complete centralization means that people at the bottom have no authority over
their responsibilities. Similarly, complete decentralization means that there will be no superior
authority to control the organization. To use this effectively today, there should be a balance of
centralization and decentralization. The degree to which this balance is achieved will differ from
organization to organization.

9. Scalar Chain

A scalar chain refers to a clear chain of communication between employees and their superiors.
Employees should know where they stand in the hierarchy of the organization and who to go to in a
chain of command. To implement this in the workplace, Fayol suggests that there should be an
organizational chart drawn out for employees to see this structure clearly.

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Principles

10. Order

This principle states that there should be an orderly placement of resources (manpower, money,
materials, etc.) in the right place at the right time. This ensures the proper use of resources in a
structured fashion. Misplacement of any of these resources will lead to misuse and disorder in the
organization.

11. Equity

Equity is a combination of kindness and justice. This principle states that managers should use
kindliness and justice towards everyone they manage. This creates loyalty and devotion among the
employees towards the organization they work for.
12. Stability of Tenure of Personnel

This principle states that an organization should work to minimize staff turnover and maximize
efficiency. Any new employee cannot be expected to get used to the culture of an organization right
away. They need to be given enough time to settle into their jobs to become efficient. Both old and
new employees should also be ensured job security because instability can lead to inefficiency.
There should also be a clear and effective method to handle vacancies when they arise because it
takes time and expense to train new ones.

13. Initiative

This principle states that all employees should be encouraged to show initiative. When employees
have a say as to how best they can do their job, they feel motivated and respected. Organizations
should listen to the concerns of their employees and encourage them to develop and carry out plans
for improvement.

14. Esprit de Corps

Esprit de Corps means “Team Spirit”. This henry fayol principle of management states that the
management should strive to create unity, morale, and co-operation among the employees. Team
spirit is a great source of strength in the organization. Happy and motivated employees are more
likely to be productive and efficient.

3. Write Maslow’s Hierarchy of Needs and Explains it’s in Details .

OR

What Is Maslow’s Hierarchy of Needs?

Answer: - Maslow's hierarchy of needs, proposed by Abraham Maslow, presents a framework

suggesting that human motivation stems from a hierarchy of five fundamental categories:
physiological, safety, love, esteem, and self-actualization. The theory posits that as individuals
progress through these needs, they experience a greater sense of fulfillment and motivation.

Maslow's framework offers insights into individual motivation and also provides a lens through
which we can better understand human behavior and well-being. From the foundational
physiological needs, which address basic requirements for survival, to self-actualization, which
represents the realization of one's fullest potential, learn more about each category within
Maslow's hierarchy.
To better understand what motivates human beings, Maslow proposed that human needs can be
organized into a hierarchy. This hierarchy ranges from more concrete needs such as food and water
to abstract concepts such as self-fulfillment. According to Maslow, when a lower need is met, the
next need on the hierarchy becomes our focus of attention.

These are the five categories of needs according to Maslow:-

Physiological

These refer to basic physical needs like drinking when thirsty or eating when hungry. According to
Maslow, some of these needs involve our efforts to meet the body’s need for homeostasis; that is,
maintaining consistent levels in different bodily systems (for example, maintaining a body
temperature of 98.6 degrees).

Maslow considered physiological needs to be the most essential of our needs. If someone is lacking
in more than one need, they’re likely to try to meet these physiological needs first. For example, if
someone is extremely hungry, it’s hard to focus on anything else besides food. Another example of a
physiological need would be the need for adequate sleep.

Safety

Once people’s physiological requirements are met, the next need that arises is a safe environment.
Our safety needs are apparent even early in childhood, as children need safe and predictable
environments and typically react with fear or anxiety when these are not met. Maslow pointed out
that in adults living in developed nations, safety needs are more apparent in emergencies (e.g. war
and disasters), but this need can also explain why we tend to prefer the familiar or why we do
things like purchase insurance and contribute to a savings account.

Love and Belonging

According to Maslow, the next need in the hierarchy involves feeling loved and accepted. This need
includes both romantic relationships as well as ties to friends and family members. It also includes
our need to feel that we belong to a social group. Importantly, this need encompasses both feeling
loved and feeling love towards others.

Since Maslow’s time, researchers have continued to explore how love and belonging needs impact
well-being. For example, having social connections is related to better physical health and,
conversely, feeling isolated (i.e. having unmet belonging needs) has negative consequences for
health and well-being.

Esteem

Our esteem needs involve the desire to feel good about ourselves. According to Maslow, esteem
needs include two components. The first involves feeling self-confidence and feeling good about
oneself. The second component involves feeling valued by others; that is, feeling that our
achievements and contributions have been recognized by other people. When people’s esteem
needs are met, they feel confident and see their contributions and achievements as valuable and
important. However, when their esteem needs are not met, they may experience what psychologist
Alfred Adler called “feelings of inferiority.”

Self-Actualization

Self-actualization refers to feeling fulfilled, or feeling that we are living up to our potential. One
unique feature of self-actualization is that it looks different for everyone. For one person, self-
actualization might involve helping others; for another person, it might involve achievements in an
artistic or creative field. Essentially, self-actualization means feeling that we are doing what we
believe we are meant to do. According to Maslow, achieving self-actualization is relatively rare, and
his examples of famous self-actualized individuals include Abraham Lincoln, Albert Einstein,
and Mother Teresa.