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PRINCIPLES AND PRACTICES OF MANAGEMENT

References
Essenials of management-Harold Koontz Principles and practice of management-LM Prasad Principles of Management- T. Ramasamy Management-Coutler

Definition of Management
Management is the process of designing and maintaining an environment in which individuals, working together in groups, efficiently accomplish selected aims. 1 As managers, people do managerial functions. 2 It applies to all kind of organization and at all levels. 3 Managing is concerned with productivity(effectiveness and efficiency). 4 Working for surplus. F.W.Taylor Management is the art of knowing what you want to do and then seeing that it is done in the best and cheapest way Stanley Vance Management is simply the process of decision making and control over the action of human beings for the expressed purpose of attaining pre-determined goals Koontz Management is the art of getting things done through and with people in formally organized groups. It is the art of creating environment in which people can perform and individuals could co-operate towards attaining of group goals. It is the art of removing block to such performance, a way of optimising efficiency in reaching goals.

NATURE OF MANAGEMENT
1 Organised activities 2 Existence of objectives 3 Relationship among resources 4 Working with and through people 5 Decision making 6 Multidisciplinary 7 Dynamic nature of principles 8 Relative, not absolute principles 9 Management-Science or art 10 Universality of management.

Importance
1 Meet the challenge of change 2 Accomplishment of group goals 3 Effective utilisation of business-man, money, materials, machine, methods, motivation, markets and management. 4 Effective functioning of business 5 Resource development. 6 Sound organisation structure 7 Management direct the organisation 8 Integrates various interest 9 stability 10 Innovation 11 co-ordination and team spirit 12 Tackling problems 13 A tool for personality development.

Scope
1 Management is a functional process which involves the function of planning, organisation, direction and control. 2 It has various functional areas like financial management, personnel management, production management, marketing management and material management. 3 Because of its inter-disciplinary approach study of commerce, economics, sociology, psychology, mathematics and ethics is very essential. 4 Management principles are of universal application. 5 The techniques of management can be improved by proper research and development. This has been testified by the history of human development.

FUNCTIONS
Planning

Controlling

Organizing

Directing

Staffing

Hierarchy
BOD, Chairman, CEO Departmental heads, Divisional heads, Sectional heads Top level Management

Middle level Management

Senior supervisors Intermediate supervisors Front line supervisors

Lower Level Management

Difference between effectiveness and efficiency


Organisation effectiveness is the degree to which operative goals have been attained while concept of efficiency represent the cost/ benefit rate incurred in the pursuit of these goals.

Becoming a Manager
1 Keep up with current business news 2 Read books about good and bad examples of managing 3 Remember that one of the things good manager do is discover what is unique about each person. 4 Keep in mind the simple advice of late Peter Drucker Management is about people 5 Work on your soft skills-work ethically, communications, information gathering and people skills. These are what employers look as the most important factors for getting jobs. 6 Observe managers and how they handle people and situations. 7 Talk to actual managers about their experiences-good or bad. 8 Get experience in managing by taking on leadership roles in student organisations. 9 Start thinking about whether youd enjoy being a manager.