BADM 21

• Management


  The attainment of organizational goals in an effective and efficient manner through planning, organizing, leading, and controlling organizational resources
• Resources

  • Human
  • Financial
  • Raw materials
  • Technological
  • Information
• Management Functions

  1. Planning

  2. Organizing

  3. Leading

  4. Controlling
• Planning


  Select goals and ways to attain them. Where does the organization want to be in the future and how to get there?
• Organizing


  Assign responsibility for task accomplishment
• Leading


  Use influence to motivate employees
• Controlling


  Monitor activities and make corrections. By nature, business is a risk but risks have to be taken in the best interest of clients
• Efficiency


  Amount of resources used to achieve an organizational goal
• Effectiveness


  The degree to which an organization achieves a stated goal
• Categories of Management Skills

  • Technical Skills
  • Human Skills
  • Conceptual Skills
• Technical Skills


  Proficiency in the performance of a specific task
• Human Skills


  Ability to work through other people and to work effectively as a group member
• Conceptual Skills


  Ability to see the organization as a whole system and the relationship among its parts. Knowing where the team fits to the total organization and how the organization fits to the industry, community, and the broader business and social environment
• Management Levels

  • Top Management
  • Middle Management
  • Supervisory Management
  • R & F
• Top Management has a little bit of technical skills but more on conceptual skills because these people see the organization as a whole
• Supervisory Management has technical and human skills to make sure that the work being done by those under them is correct
• R & F (Rank and File) have more focus on Technical Skills
• Classical Perspective

  • Scientific Management
  • Bureaucratic Management
  • Administrative Management
• Scientific Management


  Efficiency and labor productivity
• Frederick Winslow Taylor emphasized that workers can be retooled like machines, their physical and mental gears recalibrated for better productivity
• In the pre-Taylor era, an employee himself used to choose or plan how he had to do his work and what machines and equipment would be necessary to perform the work. But Taylor divided the two functions of planning and doing
• Henry Gantt developed the Gantt chart, and Frank B. and Lillian M. Gilbreth pioneered time and motion study
• Bureaucratic Management


  Based on rational authority
• Max Weber devised a theory of bureaucratic management that emphasized the need for a firmly defined hierarchy governed by clearly defined regulations and lines of authority
• Administrative Management


  Focused on the total organization
• Henri Fayol is known as the father of Modern Management. Some of his principles are: Division of Work, Authority & Responsibility, Discipline, Unity of Command
• Mary Parker emphasized the importance of people rather than engineering techniques
• Management Science


  The study of problem-solving and decision-making in organizations, applying the scientific method to management to enable managers to make decisions and improve performance
• Management science is interdisciplinary, involving disciplines such as engineering, game theory, psychology, project management, data science, and supply chain management
• Probability


  The likelihood of an event happening
• Types of Probability

  • Classical Approach (Theoretical Probability)
  • Empirical Probability (Experimental or Relative Frequency Probability)
  • Subjective Probability
• Classical Approach to Probability (Theoretical Probability)


  P(A) = Number of ways A can occur / Number of different outcomes in S
• Subjective Probability


  The probability of event A estimated using previous knowledge and someone's opinion
• Probability Rules


  • Restricted Conjunction Rule
  • General Conjunction Rule
  • Restricted Disjunction Rule
  • General Disjunction Rule
• Restricted Conjunction Rule


  P(A and B) = P(A) x P(B), where A and B are independent
• General Conjunction Rule


  P(A and B) = P(A) x P(B given A), where A and B are dependent
• Restricted Disjunction Rule


  P(A or B) = P(A) + P(B), where A and B are mutually exclusive
• General Disjunction Rule


  P(A or B) = P(A) + P(B) - P(A and B), where A and B are not mutually exclusive and independent
• Restricted Disjunction Rule


  P(A or B) = P(A) + P(B), where A and B must be mutually exclusive
• General Disjunction Rule


  P(A or B) = P(A) + P(B) - P(A and B) = P(A) + P(B) - [P(A) X P(B)], where A and B are not mutually exclusive and independent