chapter 1

• Management


  A science as well as an art. A body of knowledge whose ideas and principles have become the basis of organizational frameworks employed by many businesses and organizations
• Management


  • It evolved from a number of theories that involved extensive studies and experiments
  • The management principles practiced by businesspeople and professionals are based on scientific principles, scholarly studies, and statistical data
  • The problem-solving nature of management benefits greatly from methods and practices adopted from scientific principles
• Management is not an exact science like mathematics
• Management


  A good manager must be able to look at situations and use creativity and imagination in coming up solutions to problems
• 5 Ms of Management

  • Man: human resources, both inside and connected with an organization
  • Materials: goods and services required to create
  • Machines: technology and expertise deployed towards the transformation process
  • Methods: systems, procedures and processes
  • Money: required for generating all these Ms
• Efficiency


  The ability to maximize the output with minimum input. It is often referred to as "doing things right", and seeks to limit the wasted which is costly for business
• Effectiveness


  The capacity to attain an intended objective or result. It is often called "doing the right thing". The intention is to meet the desired goal regardless of the amount of input required
• Efficiency and effectiveness are closely related concepts that managers apply to render excellent performance
• Management


  The process of planning, organizing, leading, and controlling the activities of an organization effectively and efficiently to achieve it goals
• Management plays a crucial role in every organization, specially in today's world that is much more complex and where constant change is the norm
• Management provides the means to maintain a firm's competitive advantage
• Management lays out the foundation of successful operations that lead to efficiency and profitability, and establishes the link between the development of strategies and their implementation and control
• Scope of Management


  • Economic Resource (as viewed by the economist)
  • A System of Authority (as viewed by the specialist in administration and supervision)
  • It is a class and status (as viewed by the sociologist)
• Types of Managers


  • The PROBLEM-SOLVING MANAGER
  • The PITCHFORK MANAGER
  • The PONTIFICATING MANAGER
  • The PRESUMPTUOUS MANAGER
  • The PERFECT MANAGER
  • The PASSIVE MANAGER
  • The PROACTIVE MANAGER
• Levels of Management


  • Top Level
  • Middle Level
  • Low Level
• Managerial Skills


  • Technical Skills
  • Human Skills
  • Conceptual Skills
• Managerial Roles


  • Informational Roles
  • Interpersonal Roles
  • Decisional Roles