Principles And Practices Of Management

PRINCIPLES AND PRACTICES OF MANAGEMENT

MANAGEMENT “Art of getting things done through and with people in formally organized groups” Management involves judicious deployment of resources for the achievement of certain goals.

CONCEPT Management as a discipline  Management as a group of people  Management as a Process 

IMPORTANCE OF MANAGEMENT Effective utilisation of resources  Development of resources  Stability in the society  Incorporating innovations  Integrating interest groups 

FEATURES OF MANAGEMENT   

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Management is Universal: applicable in all the areas. Management has an existence of objectives Management is a unifying area: reconciles individual goal with organizational goal. Management is a social process: it is by the people, through and for the people. Management is organised. Management is intangible:is an unseen or invisible force. Management is situational:different ways of doing things. Management is an art as well as science:contains theoretical and practical knowledge.

NATURE OF MANAGEMENT PROCESS Multi disciplinary  Dynamic Nature of Principles  Relative , not absolute Principles  Management : Science or Art  Management as Profession  Universality of Management 

LEVELS OF MANAGEMENT 

Top management : consists of board of directors and chief executives. Broadly it performs the following functions:

To analyze and interpret changes in management  To establish long term corporate plans  To formulate and approve master budget and departmental budgets.  To design broad organization structure 

LEVELS OF MANAGEMENT 

Intermediate management : comprises of departmental and divisional heads e.g. marketing manager. its broad functions include:

Accountable for the performance of his division  He coordinates and controls the activities of all personnel working in different branches or sections of his particular department. 

LEVELS OF MANAGEMENT 

Lower level management. consists of supervisors,foremen,sales officers. Its functions include:

Planning day to day production within the goals laid down  To assign jobs to workers  Ordering an instructing  Advising and assisting workers by explaining work procedures. 

SCOPE OF MANAGEMENT Production Management : Managing the production so as to produce right goods in right quantity at the right cost and at the right time.  Marketing Management : Identification of consumers needs and supplying them goods which can satisfy those wants.  Financial Management : Ensuring right amount and funds to business at right time at a reasonable cost.  Personnel Management : Selecting , compensating etc human resources at right time in the enterprise. 

SKILLS OF A MANAGER 

Technical skills: ability and knowledge in using the equipment and the inter relation.

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Human skills: ability to work effectively with other people

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Conceptual skills: ability to see the whole organization.

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Diagnostic skills: getting quickly to the root cause of the problem

FUNCTIONS OF A MANAGER Formulation of Plans : Short and Long  Providing direction  Combining the efforts  Forming PR  Analysing / Researching  Controlling  Motivating 

OTHER FUNCTIONS Performance appraisal  Acting as a Linking Pin  Handling disturbances 

EFFECTIVE MANAGER The person  The process  The result 