Chapter Introduction to Management by AST

The purpose of this chapter is to give you a basic understanding of management and its importance.

1. Introduction to Management Chapter 1 Prepared by Anindita Saha Tumpa Assistant Professor Dept. of Business Administration BUFT

2. Management Is… Getting work done through others Efficiency – getting work done with a minimum of effort, waste, or expense Effectiveness – accomplishing tasks that help fulfill organizational objectives

3. Management is the process of planning and organizing the resources and activities of a business to achieve specific goals in the most effective and efficient manner.

4. Effectiveness vs Efficiency

5. Effectiveness vs Efficiency Basis of Comparison Efficiency Effectiveness Meaning Efficiency is about doing things in an optimal way, for example doing it the fastest or in the least expensive way. It could be the wrong thing, but it was done optimally. Effectiveness is about doing the right task, completing activities and achieving goals. What is it? Work is to be done in a correct manner. Doing accurate work. Emphasis on Inputs and Outputs Means and Ends Time Horizon Short Run Long Run Ascertainment Strategy Implementation Strategy Formulation

6. Nature Of Management Universal Social Intangible Dynamic Goal-Oriented Production Factor Co- ordinating Crucial Part of Society Professional Process 

7. Purposes Of Management Management ensures efficiency Management helps achieve socio-economic and political goals Management ensures progress Management ensures utilization of other resources Makes much difference in ensuring a country’s success Technology can bear no fruit without management  

8. Management Process/Functions of Management/ Management Cycle Determining organizational goals and a means for achieving them Outcome: companies usually have larger profits and faster growth Planning Deciding where decisions will be made, who will do what jobs and tasks, and who will work for whom Organizing Inspiring and motivating workers to work hard to achieve organizational goals Leading Monitoring progress toward goal achievement and taking corrective action when needed Controlling

9. Levels Of Management

10. Managerial Skills

11. Skills at different levels- Managers need to possess

12. Mintzberg’s Managerial Roles

13. Interpersonal Roles - Mintzberg People intensive! (2/3 – 4/5 of their time) 3 Roles Figurehead – public view – ceremonial duties Leader – motivate and encourage to accomplish organizational objectives Liaison – work with outside individuals

14. Information Roles- Mintzberg Obtaining & sharing info (40% of time) 3 Roles Monitor – scan environment Disseminator – share info inside company Spokesperson – share info outside

15. Decisional Roles- Mintzberg 4 Roles Entrepreneur – adapts to change Disturbance handler – problems that need immediate attention Resource allocator - Negotiator – schedules, resources, projects, raises, etc.

16. Concept of Productivity Productivity  stands for “the rate at which a company or country makes goods, usually judged in  connection with the number of people and the amount of materials necessary to produce the goods .” Productivity is generally regarded as a measure of outputs divided by inputs. All of the activities that you get done in a day may be considered your output and the time you put into them are your inputs. Productivity = Output / Input

17. Key Terms Management Efficiency Effectiveness Nature Purpose Top managers Middle managers First-line managers Planning Organizing Leading Controlling Technical skills Human skills Conceptual skills Figurehead role Leader role Liaison role Monitor role Disseminator role Spokesperson role Entrepreneur role Disturbance handler role Resource allocator role Negotiator role Productivity