PRINCIPLES OF MANAGEMENT AND ITS FUNCTIONS.pdf

This presentation provides an overview of the core principles of management and their importance in organizational success. It explores key management functions—Planning, Organizing, Leading, Controlling, Staffing, and Coordinating—that are essential for achieving business goals efficiently and effectively. The content highlights how these functions guide managers in decision-making, resource allocation, and strategic planning, ultimately contributing to a well-structured and productive organization.

1. GET SPECIALISED TRAINING IN MANAGEMENT COURSES

2. Management
Managementistheadministrationofanorganizationand
includestheactivitiesof
Settingthestrategyofanorganization
Coordinatingtheeffortsofitsemployeesto
accomplishitsobjectivesthroughtheapplicationof
availableresources,suchasfinancial,natural,
technological,andhumanresources.

3. Principles of Management
PrinciplesofManagementteachesmanagement
principlestotomorrow’sbusinessleadersbyweaving
threethreadsthrougheverychapter:
Strategy,
Entrepreneurship
andActiveleadership.

5. Empowerment
Empowermentistheprocessofenablingor
authorizinganindividualtothink,behave,takeaction,
andcontrolworkanddecisionmakinginautonomous
ways.

6. Role of Managers
Managersareresponsiblefortheprocessesof:
Gettingactivitiescompletedefficientlywithand
throughotherpeople
Settingandachievingthefirm’sgoalsthroughthe
executionoffourbasicmanagementfunctions:
planning,organizing,leading,andcontrolling.
Bothsetsofprocessesutilizehuman,financial,and
materialresources.

7. Inboththetraditionalandcontemporaryviewsofmanagement,
however,thereremainstheneedfordifferenttypesofmanagers
Need of Managers

8. Topmanagersareresponsiblefordevelopingtheorganization’s
strategyandbeingastewardforitsvisionandmission.
Functionalmanagersareresponsiblefortheefficiencyand
effectivenessofanarea,suchasaccountingormarketing.
Supervisoryorteammanagersareresponsibleforcoordinatinga
subgroupofaparticularfunctionorateamcomposedofmembers
fromdifferentpartsoftheorganization.

9. Linemanagerleadsafunctionthatcontributesdirectly
totheproductsorservicestheorganizationcreates.For
example,alinemanager(oftencalledaproduct,or
servicemanager)isresponsiblefortheproduction,
marketing.
Staffmanager,incontrast,leadsafunctionthatcreates
indirectinputs.Forexample,financeandaccountingare
criticalorganizationalfunctionsbutdonottypically
provideaninputintothefinalproductorservicea
customerbuys,suchasaboxofTidedetergent.Instead,
theyserveasupportingrole.

10. Project managerhas the responsibility for the planning, execution, and closing
of any project. Project managers are often found in construction, architecture,
consulting, computer networking, telecommunications, or software development.
Generalmanagerissomeonewhoisresponsibleformanagingaclearly
identifiablerevenue-producingunit,suchasastore,businessunit,orproductline.
Generalmanagerstypicallymustmakedecisionsacrossdifferentfunctionsand
haverewardstiedtotheperformanceoftheentireunit(i.e.,store,businessunit,
productline,etc.).Generalmanagerstakedirectionfromtheirtopexecutives.
Theymustfirstunderstandtheexecutives’overallplanforthecompany.Then
theysetspecificgoalsfortheirowndepartmentstofitinwiththeplan.General
managersmustdescribetheirgoalsclearlytotheirsupportstaff.
Supervisorymanagersseethatthegoalsaremet.

11. Leadership, Entrepreneurship, and Strategy
Theprinciplesofmanagementaredrawnfromanumberof
academicfields,principally,thefieldsofleadership,entrepreneurship,
andstrategy.

12. Leadership
Mydefinitionofaleader…isamanwhocanpersuadepeopleto
dowhattheydon’twanttodo,ordowhatthey’retoolazytodo,
andlikeit.HarryS.Truman(1884–1972),33rdpresidentofthe
UnitedStates
Ifmanagementisdefinedasgettingthingsdonethroughothers,
thenleadershipshouldbedefinedasthesocialandinformal
sourcesofinfluencethatyouusetoinspireactiontakenby
others.Greatleadershelpbuildanorganization’shumancapital,
thenmotivateindividualstotakeconcertedaction.Leadership
alsoincludesanunderstandingofwhen,where,andhowtouse
moreformalsourcesofauthorityandpower,suchaspositionor
ownership.

13. Entrepreneurship
Entrepreneurshipisdefinedastherecognitionofopportunities(needs,wants,problems,
andchallenges)andtheuseorcreationofresourcestoimplementinnovativeideasfornew,
thoughtfullyplannedventures.Wedescribeentrepreneurshipasaprocessbecauseitoften
involvesmorethansimplycomingupwithagoodidea—someonealsohastoconvertthat
ideaintoaction.
Entrepreneursidentifyandcreatenewmarkets,aswellasfosterchangeinexistingones.

14. Strategy
Whenanorganizationhasalong-termpurpose,articulatedin
cleargoalsandobjectives,andthesegoalsandobjectivescan
berolledupintoacoherentplanofaction,thenwewould
saythattheorganizationhasastrategy.
Ithasagoodorevengreatstrategywhenthisplanalsotakes
advantageofuniqueresourcesandcapabilitiestoexploita
bigandgrowingexternalopportunity.
Strategythen,isthecentral,integrated,externally-oriented
conceptofhowanorganizationwillachieveitsobjectives.
Strategicmanagementisthebodyofknowledgethatanswers
questionsaboutthedevelopmentandimplementationof
goodstrategies.

15. Strategic management
Strategicmanagementisimportanttoallorganizationsbecause,
whencorrectlyformulatedandcommunicated,strategyprovides
leadersandemployeeswithaclearsetofguidelinesfortheirdaily
actions.Thisiswhystrategyissocriticaltotheprinciplesof
managementyouarelearningabout.
Simplyput,strategyisaboutmakingchoices:
WhatdoIdotoday?Whatshouldn’tIbedoing?What
shouldmyorganizationbedoing?Whatshoulditstop
doing?

16. Leadership, Entrepreneurship, and
Strategy
Intermsofprinciplesofmanagement,youcan
thinkofleadership,entrepreneurship,andstrategic
managementasansweringquestionsabout
“who,”“what,”and“how.”
Leadershiphelpsyouunderstand:
Whohelpsleadtheorganizationforward
Whatthecriticalcharacteristicsofgood
leadershipmightbe.
Entrepreneurialfirmsandentrepreneursingeneral
arefanaticalaboutHow toidentify
opportunitiesandsolvingproblems

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