principles of management · management by different authors 3 f.w. taylor - “art of knowing what...
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Principles of Management
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Unit 1 - Introduction
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Management by Different Authors
3
F.W. Taylor - “Art of knowing what you want to do and then seeing that it is done the best and cheapest way”.
Henry Fayol – “To Manage is to forecast, to plan, to organize, to command, to co-ordinate and to control”.
Peter F.Drucker – ”Management is work and as such it has its own skills, its own tools and its own techniques”.
Mary Parker Follet - “Management is the art of getting things done through and with people”.
George R.Terry – “Consisting of planning, organizing, actuating and controlling”.
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Management Contd….
4
Management – Process of designing and maintaining an
environment in which individuals, working together in
groups, effectively accomplish selected aims.
Business organizations
Non – Business organizations
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Characteristics of Management
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Is a Process /a function.
Is a Social Process.
Involves Group Effort.
Aims at achieving predetermined objectives.
Required at all levels of management.
Is a profession.
Is an art and science.
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Management functions/The process of
Management
6
Newman and Summer – organizing, planning, leading and
controlling.
Henri Fayol and Koontz and O’Donnell – Planning,
organising, commanding, coordinating and controlling.
Gulick – POSDCORB
Warren Haynes and Joseph Massie – Decision making and
communicating.
“External element affect the operation”
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Functions Of Management
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Planning
Look ahead and chart out future course of operation
Formulation of Objectives, Policies, Procedure, Rules, Programmes and
Budgets
Organizing
Bringing people together and tying them together in the pursuit of
common objectives.
Enumeration of activities, classification of activities, fitting individuals
into functions, assignment of authority for action.
Human organisation and Material Organisation.
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Functions Of Management
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Directing
Act of guiding, overseeing and leading people.
Motivation, leadership, decision making.
Financial and Non-financial.
Controlling
Laying standards, comparing actuals and correcting deviation-achieve
objectives according to plans.
Co-ordination
Synchronizing and unifying the actions of a group of people.
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Functions of Management
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Innovation
Finding new uses for old ones.
Representation
Various outside groups.
“Blend into each other”
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Functions@different Organisational
levels
10
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Skills and Management levels
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Roles of a Manager
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Achieve objectives through and with people.
Identify and Utilize resources – optimum.
Types
Interpersonal Roles
Figurehead, leader and Liaison
Informational Roles
Monitor, Disseminator, Spokesman
Decisional Roles
Entrepreneur, Disturbance Handler, Resource allocator and
Negotiator
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Management – A Science or an ART?
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Art
Practical know how
Technical skills
Concrete results
Creativity
Personalized nature
Science
Empirically Derived
Critically tested
General principles
Cause and effect relationship
Universal applicability
“MANAGEMENT AS A SCIENCE PROVIDES PRINCIPLES AND AS AN ART HELPS IN
TACKLING SITUATIONS”.
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Development of Management Thought
14
Early Management Approaches
Scientific Management
Administrative Management Theory
Human Relations Movement
Modern Management Approaches
Behavioral Approach
Quantitative/Management Science Approach
Systems Approach
Contingency Approach
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Early Management Approaches
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Scientific Management
“F.W.Taylor(1856-1915) – Father of scientific Management”
His Contributions are
1. Time and Motion study
2. Differential Payment
3. Drastic Reorganization of Supervision
4. Scientific recruitment and training
5. Intimate friendly cooperation between management and workers
“Gantt introduced new features in Taylor’s scheme”
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Early Management Approaches contd…
16
Administrative Management
“Henri Fayol(1841-1925) – Father of scientific Management”
He laid down 14 Principles
Division of work
Authority and Responsibility
Discipline
Unity of Command
Unity of Direction
Subordination of Individuals Interest to general Interest
Remuneration
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Early Management Approaches contd….
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Principles Contd….
Centralization
Scalar Chain
Order
Equity
Stability
Initiative
Esprit de corps
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Early Management Approaches contd…
18
Human Relations Movement
“Prof, Elton Mayo(1927-1932) – Father of Human Relations”
His Contributions are
1. Social System
2. No Correlation
3. Not by Time and Motion study
4. Employee Centered
5. Non-financial rewards
6. Informal group
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Modern Management Approaches
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1. Empirical or Case Approach
2. Managerial Roles Approach
3. Contingency or Situational Approach
4. Mathematical or Management Science Approach
5. Decision theory Approach
6. Re-Engineering Approach
7. Systems Approach
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Modern Management Approaches contd…
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8. Socio-technical Systems
9. Co-operative social Systems
10. Group Behavior Approach
11. Interpersonal Behavior Approach
12. McKinsey’s 7-S Frame work
13. TQM Approach
14. Management Process or Operational Approach
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Modern Management Approaches contd…
Empirical Managerial Roles
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Modern Management Approaches contd…
Contingency Mathematical
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Modern Management Approaches contd…
Decision Theory Re-Engineering
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Modern Management Approaches contd…
Systems Operational
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Modern Management Approaches contd…
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Modern Management Approaches contd…
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Modern Management Approaches contd…
Socio-Technical Systems Co-Operative Social Systems
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Modern Management Approaches contd…
Group Behavior Interpersonal behavior
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Modern Management Approaches contd…
McKinsey’s 7-S Framework TQM Approach
30
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Management and Administration
31
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Business Organization
32
Definition
Process of identifying and grouping the work to be performed,
defining and delegating responsibility and authority and establishing
relationship for the purpose of enabling people to work most
effectively together in accomplishing objectives
Types of Business organizations
Individualistic Institutions – Sole traders, Joint stock company,
Co – operative and Multinational companies
Government Institutions – Departmental undertaking, Public
corporation, Government company and Board organization
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Individualistic Institutions
33
Sole Trading
Sole proprietorship is that form of business organization which is
owned and controlled by a single individual. He receives all the profits
and risks all of his property in the success or failure of the enterprise
Characteristics
One man ownership and control, Unlimited liability, Enjoyment of
entire profit, No separate legal entity, Simplicity, Self employment and
Secrecy
Advantages
Easy to form the business, Take decision making, full control and so on
Disadvantages
Short life, Risks and Uncertainity
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Individualistic Institutions Contd…
34
Partnership
Group of men who have joined capital or serves for the prosecution
of some enterprise
Features of Partnership
Agreement, Multiplicity of person, Lawful business, sharing of profits,
Contractual relations, Mutual agency, Unlimited liability, Registration,
Common management, Utmost good faith
Kinds of partners
Active partner, Sleeping partner, Normal partner, Partner in profit only,
Sub partner, Secret partner and Minor as a partner
Rights of a partner
Rights to express his option, participation, Share profits, Get interest
on the capital etc.,
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Individualistic Institutions Contd…
35
Partnership Contd…
Advantages
Easy to form
Registration is not compulsory
Larger financial resources
Promptness in decision making
Growth and expansion of business
Disadvantages
Unlimited liability increases
Lack of harmony
Limited resources
Difficulties in expansion
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Individualistic Institutions Contd…
36
Joint Stock Company
Association of many persons who contribute money to a common
stock and employ it in some trade or business and also share the
profit and loss as the case may be arising there from. Two types are
Private Limited Company
Has a minimum paid up capital as may be prescribed
It restricts the rights to transfer the shares
Can work with only two directors
Public Limited Company
Capital is collected from the public by issuing shares
No restriction on the transfer of shares
Maximum number of members is unlimited
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Individualistic Institutions Contd…
37
Joint Stock Company Contd….
Advantages
More stable
Limited liability
Shares are freely transferable
Company can easily expand
Large financial resources
Disadvantages
Time consuming
Lack of motivation
Difficult to maintain secrets
Delayed decision and actions
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Individualistic Institutions Contd…
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Co – operative Organization
Voluntary association of persons for mutual benefit and its aims are
accomplished through self help and collective effort
Mutual help i.e., one for all and all for one
Characteristics of Co – operatives
Voluntary association, Equal voting rights, service motive, separate
legal activity, open membership, state control, liability, No share
transfer, Statuary audit and cash trading
Merits
Easy formation, Low operation cost, exempts from income tax
Demerits
Lack of motivation, Lack of secrecy and non – transferability of shares
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Government Institutions
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Public Enterprises or State Enterprises
Autonomous or semi autonomous corporations controlled by the
state and engaged in industrial and commercial activities
Characteristics
Financed by government, Government management, Public services,
Legislative control and monopoly enterprises
Merits
Complete government control
Proper use of funds
Demerits
Inefficiency
Tax burden to public
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Government Institutions Contd…
40
Public Corporation Autonomous body corporate created by a special statue of a state or
central government
It has separate legal entities created for specific purpose
Merits Finance from government
Internal autonomy
Protect public welfare
Flexibility
Demerits Limited autonomy
Inefficient operation
Misuse of power