MGT503 Short Notes Chapters 1-22

Short Notes of Principle of Management (MGT 301) · Lesson-1 · Organization:-

“An entity where two or more persons work together to achieve a goal or a common purpose is called Organization.”

POLCA:-

Planning

Management function that involves the process of defining goals, establishing strategies for achieving those goals and developing plans to integrate and coordinate activities.

Organizing

Management function that involves the process of determining what tasks are to be done. Who is to do them, how the tasks are to be grouped, who reports to whom, and where decisions are to be made.

Leading

Management function that involves motivating subordinates, influencing individuals or teams as they work, selecting the most effective communication channels, or dealing in any way with employee behavior issues.

Controlling

Management function that involves monitoring actual performance, comparing actual to standard and taking corrective action, if necessary.

Assurance

Quality function which demands from every manager that he/she ensures that prior management support and management processes are in place before POLC management functions are executed.

Lesson-2

MANAGEMENT AND MANAGERS

Who are Manager?

A manager is someone who works with and through other people by coordinating their work activities in order to accomplish organizational goals.

What do managers do?

Planning (making things happen and meeting the competition and tends to be more important for top-level managers.) Organizing (how the work gets done and tends to be more important for both top and middle-level managers.) Leading (inspiring Motivating and inspiring workers and it is more important for first-line managers.) Controlling (monitoring progress towards goal achievement and taking corrective action when needed and it is important among all levels of the hierarchy.)

Management process:-

It is the set of ongoing decisions and work activities in which managers engage as they plan, organize, lead, and control.

Management:-

It is the process of coordinating and integrating work activities.

Lesson-3

MANAGERIAL ROLES IN ORGANIZATIONS

Role:- It is an organized set of behaviors that is associated with a particular office or position.

Interpersonal roles are roles that involve people (subordinates and persons outside the organization) and other duties that are ceremonial and symbolic in nature. The three interpersonal roles include being a figurehead, leader, and liaison. Informational roles involve receiving, collecting, and disseminating information. The three informational roles include a monitor, disseminator, and spokesperson. Decisional roles revolved around making choices. The four decisional roles include entrepreneur, disturbance handler, resource allocator, and negotiator.

Lesson-4 · MANAGERIAL FUNCTIONS I.E. POLCA · Efficiency:-

The difference between input and output.

Effectiveness:-

It is often described as “doing the right things” – that is, those work activities that will help the organization reach its goals.

Managers Mistakes:-

1. Insensitive to others: abrasive, intimidating, bullying style.
2. Cold, aloof, arrogant.
3. Betrayal of trust.
4. Overly ambitious: thinking of next job, playing politics.
5. Specific performance problems with the business.
6. Over managing: unable to delegate or build a team.
7. Unable to staff effectively.
8. Unable to think strategically.
9. Unable to adapt to boss with different style.
10. Over dependent on advocate or mentor.

Lesson-5 · MANAGERIAL LEVELS AND SKILLS · Level of Managers in an Organization:- · First-Line Managers:

They are those managers having the least authority and are at the lowest level in the hierarchy of the organization.

Middle Mangers:

They are those managers beneath the top-levels of the hierarchy and directly supervise other managers below them.

Top Managers:-

They are those managers at the very top levels of the hierarchy who have the most authority and who are ultimately responsible for the entire organization.

Management Skills:

Managers need three types of key skills to perform the duties and activities

1. Technical skills:-

Technical skills include knowledge of and proficiency in a certain specialized field, such as engineering, computers, accounting, or manufacturing. These skills are more important at lower levels of management since these managers are dealing directly with employees doing the organization’s work.

2. Human skills:-

Human skills are associated with a manager’s ability to work well with others both as a member of a group and as a leader who gets things done through others. Because managers deal directly with people, They know how to communicate, motivate, lead, and inspire enthusiasm and trust. These skills are equally important at all levels of management.

3. Conceptual skills:-

Conceptual skills are the skills managers must have to think and to conceptualize about abstract and complex situations. Using these skills, managers must be able to see the organization as a whole, understand the relationships among various submits, and visualize how the organization fits into its broader environment.

Four trends are likely to impact managerial work in the future:- Changes & innovation Managing diversity global perspective continuous improvement

Lesson-6 · MANAGEMENT IDEAS: YESTERDAY AND TODAY · MANAGEMENT’S CONNECTION TO OTHER FIELDS OF STUDY:-

a. Anthropology: study of societies (humans and their activities) b. Economics: to meet unlimited demands in limited resources c. Philosophy: examines nature of things (values/ethics etc)

d. Political science:

study the behavior of individual & groups within political environment e. Psychology: science that explain the behavior of humans and other animals f. Sociology: study of people in relation to their fellow human beings

Pre-classical Contributors:-

1. Robert Owen (1771-1858) was a British factory owner who advocated concern

for the working and living conditions of workers, many of them young children. Many of his contemporaries thought he was a radical for such ideas.

2. Charles Babbage (1792-1871) is considered to be the “father of modern