MBA and class notes

Tuesday, 25 December 2012

Nature of Management and MBA class notes

Discuss the nature of the management.

Nature of Management
The nature of management has the following features.

Universal process: - Management is universal in nature; it is applied in all types of process like commercial, social or political. Management exists everywhere in universe. The basic principles of management can be applied everywhere, whether they are business or non-business organization.

Continuous Process: - Management is a never ending process. Management is a continuous process because it always carries the past decisions for the future course of action to achieve organization goals.

Multi-disciplinary method: - Management is basically multi-disciplinary; it depends on the proper knowledge and skill of various disciplines such as economics statistics, anthropology, psychology, sociology etc.

Group activity: - Management requires the use of group-efforts to achieve their goal. Management is a vital part of group activities. Management unites with their goal what they cannot achieve individually.

Intangible force: - Management is intangible. It is an unseen force, but its presents seem in the form of results.

Social Management: - Management is a social process in nature, it essentially involves managing people, it concern to developing, retaining and motivating people at work place and also care of their satisfaction.

Coordinating force: - Management cannot do anything by them. They should get their work done by organization’s member. In the any organization, management coordinates the efforts of human recourse through orderly.

 Goal oriented: - Management is a goal oriented in nature. It works only to achieve particular goal which decide by the organization.

Relative, not absolute principles: - Management principles are relative not absolute, because they should be applied according to need and condition of the organization.

An integrative method: - Management integrated the living and non-living resources to achieve the desired goal.

  Notes- this post shared here are base on my study in case you find anything wrong and missing points than please bring it to my notice.

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Monday, 24 December 2012

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Thursday, 20 December 2012

Importance of management and MBA class notes

Importance of Management

Management is the catalyst and brain of industry without which no any organization can established or survive in the business environment. But, management was not know in old times as it presently seems, it became this world at the beginning of the industrial revolution when the  scale of production became vary large and need to control  its various stage of production and distribution problems in the industries. This problem required an immediate action and attention for the coordinate of work. Thus management was born in industries to solve and manage industrial conditions. Now management is worldwide in the modern industry. It becomes essential part of modern industrial world.

According to Trucker, "management is the dynamic life-giving element in every business. Without it the resources of production remain resources and never become produc­tion. Management is the catalyst without which no organization can survive and grow”.

According to Peter Druker,” management is the crucial factor in economic and social development.”

Thus the importance of management can be summarized as below-
  • Formulate objectives and goals: - Management determines the objectives and main goals for the organization.
  • Innovation: - Management encourages to using new technology and ideas. Innovation makes the organization more efficient.
  • Guidance: - Management provides guidance to the workers to work properly and efficiently.
  • Motivation: - Management motivates the workers to work hard by providing them various incentives. They also solve their personal problems.In this way they can boost the productivity and profitability of the organization.
  • Reducing cost by increasing output: - Management does work through planning, organizing and controlling; thus, it reducing the cost and increasing the output.
  • Optimum utilization of resources: - Management utilizes all the physical and human resource effectively; this leads to efficiency in organization. Management provides maximum utilization of scare resources by selecting its best possible alternate. It avoids wastage to utilize proper resources.
  • Selection of well qualified human power: - Management selects well qualified and expert human power for different works.
  • Establishes Equilibrium:- Management helps in serving an organization in its dynamic environment. It enables the organization to survive in changing environment. The environment of organization changes due to external complexities and hence management has to deal with it. To establish sound organizational structure is one of the objectives of management.
  • Useful for society: - Management provided good standard of living to his workers. And management provides useful and quality products to the consumers.

At the last, in the word of Peter Druker,
          “Management is the dynamic life giving element in every business without it the resources of production remains resources and never become production”.

Saturday, 15 December 2012

Objectives of Management- in principles of management..- MBA first year class notes.

 MBA and class notes

Principles of Management 

Objectives of management

Managing an organization effectively requires the formulation of clear objectives. The objective is well defined, and the objective points (question) of making necessary efforts to achieve it. Objects and aims direct a man to proceed in a certain way for achieving organizational aims.

Objective serves as guidelines or landmarks or road lines for action and efforts to achieve managerial goal. Well defined objective steers an organization to success.
According to George R. Terry, "A managerial objective is the goal which prescribes definite scope and suggests the efforts of a manager."
In the words of Peter F. Drucker, "Objectives in the key areas are the 'instrument panel' necessary to pilot the business enterprise. Without them the management flies by the 'seat of the pants' without landmarks, without maps and without having flow route before."
According to Heinz Weihrich and Harold Koontz defined objectives of management as, “A systematic manner and that is consciously directed toward that effective and efficient achievement of organizational and individual objectives”.
Objective provides a direction for the organization goal and quality of work to be accomplished within a given period of time.
Objectives are the values which are to be achieved by the organization. These objectives set by the higher management; and every level of management, a supervisor of a team sets the objectives and also decides the process to achieve them. For achieving the objectives, it is essential that the managerial objectives are clear and definite.

The main objectives of management:-
  • To increasing organizational effectiveness.
  • To achieve optimum utilization of various resources.
  • To have co-ordination between various department in the organization.
  • To have co-ordination between various agencies, and company.
  • To control the material quality.
  • To reduces the execution time for various activities of the organization.
  • To control the quality of workmanship.
  • To manage and control economy execution. 

 Notes: this post shared here are base on my knowledge and study in case you find anything wrong and missing points than bring it to my notice.

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