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    CH 1

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    Pooja Patil
    The document provides an overview of management concepts including: - Management involves planning, organizing, staffing, directing, and controlling organizational resources to achieve goals efficiently and effectively. - Management is both a science and an art that aims to accomplish predetermined objectives through organized and group activities using universal principles. - The five core functions of management are planning, organizing, staffing, directing, and controlling.

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    CH 1

    Uploaded by

    Pooja Patil
    26 views50 pages
    The document provides an overview of management concepts including: - Management involves planning, organizing, staffing, directing, and controlling organizational resources to achieve goals efficiently and effectively. - Management is both a science and an art that aims to accomplish predetermined objectives through organized and group activities using universal principles. - The five core functions of management are planning, organizing, staffing, directing, and controlling.

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    Ch 1 (1)

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    The document provides an overview of management concepts including: - Management involves planning, organizing, staffing, directing, and controlling organizational resources to achieve goals efficiently and effectively. - Management is both a science and an art that aims to accomplish predetermined objectives through organized and group activities using universal principles. - The five core functions of management are planning, organizing, staffing, directing, and controlling.

    Copyright:

    © All Rights Reserved
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    26 views50 pages

    CH 1

    Uploaded by

    Pooja Patil
    The document provides an overview of management concepts including: - Management involves planning, organizing, staffing, directing, and controlling organizational resources to achieve goals efficiently and effectively. - Management is both a science and an art that aims to accomplish predetermined objectives through organized and group activities using universal principles. - The five core functions of management are planning, organizing, staffing, directing, and controlling.

    Copyright:

    © All Rights Reserved
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    Download as ppt, pdf, or txt
    of 50

    CHAPTER 1

    Objectives of the chapter


    Understanding management concepts
    Characteristics of management
    Functions of management
    MANAGEMENT
    Management is the attainment of organizational goals in
    an effective and efficient manner through planning,
    organizing, staffing, directing and controlling
    organizational resources.
    Organizational resources include men(human beings),
    money, machines and materials.
    Definitions
    Louis E Boone & David L Kurtz- The use of people and
    other resources to accomplish objectives.
    Mary Parker Follet- the act of getting things done through
    people.
    Frederick Taylor defines Management as the art of
    knowing what you want to do in the best and cheapest
    way.
    Characteristics
    Management is a distinct process.
    Management is an organized activity
    Management aims at the accomplishment of
    predetermined objectives.
    Management is both a science and an art.
    Management is a group activity
    Management principles are universal in nature
    Management integrates human and other resources.
    Steps in MBO
    To establish long-term and short-tem organizational goals
    To establish long-term and short-term objectives for each
    manager, clarifying the key performance standards
    Periodic review of performance
    Encouraging managers to accept responsibility
    Benefits of MBO
    The need for planning will be recognized
    It provides for objectives and accountability for
    performance
    It encourages participative management
    It helps in job enrichment
    It provides for a good feedback system
    FEATURES
    Management involves five functions
    These functions are organised to achieve organisational
    goals.
    Management involves effective and efficient use of
    resources
    He was a graduate in Physics from Loyola College-
    Chennai (then Madras). He worked in Union Carbide
    for nearly four years which according to him - in a
    way shaped his ideas of management and then did his
    masters from IIMA and his DBA from Harvard in 1975.
    Then he taught at IIMA for a while to return to
    Stephen M Ross School of Business at the University
    of Michigan as a Distinguished Professor.

    C K Prahalad was an interesting combination of an academic and a


    practitioner
    He compared the 'Diversified Company' as a tree and
    major limbs as core products, smaller branches as
    business units' leaves and fruit as end products and
    the root system which nourishes and stabilizes all
    things as core competencies.
    Vijay Govindarajan known as VG, is the Coxe
    Distinguished Professor at Dartmouth's Tuck School
    of Business. VG, a New York Times and Wall Street
    Journal Best Selling author, is an expert on strategy
    and innovation. He was the first Professor in
    Residence and Chief Innovation Consultant at
    General Electric. In the Thinkers 50 Rankings, VG is
    rated #1 Indian Management Thinker.
    For the past 30 years, VG has been researching and
    writing about strategy and innovation. His publications
    have been cited more than 10,000 times—placing him
    among the top researchers in the field of strategic
    management. He is a rare academic who has published
    more than 10 articles in prestigious academic journals
    and has also published more than 10 articles in top tier
    practitioner journals. VG is a two-time winner of the
    prestigious McKinsey Award from Harvard Business
    Review. His latest book is 
    Three Box Solution: A Strategy For Leading Innovation.

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