PRINCIPLES OF MANAGEMENT About the Tutorial .......................................................................................................................................... i Audience ......................................................................................................................................................... i Prerequisites ................................................................................................................................................... i Disclaimer & Copyright ................................................................................................................................... i Table of Contents........................................................................................................................................... ii MANAGEMENT – INTRODUCTION ............................................................................................... 1 1. Management – Overview ........................................................................................................................ 2 What is Management? .................................................................................................................................. 2 Management Defined .................................................................................................................................... 3 Is Management an Art or a Science? ............................................................................................................. 4 2. Management – Role of Managers ........................................................................................................... 5 Role of Managers ........................................................................................................................................... 6 The Changing Roles of Management and Managers ..................................................................................... 7 Mintzberg’s Set of Ten Roles ......................................................................................................................... 8 Managerial Skills ............................................................................................................................................ 9 3. Management – The P-O-L-C Framework ................................................................................................ 11 Planning ....................................................................................................................................................... 11 Organizing .................................................................................................................................................... 12 Leading......................................................................................................................................................... 13 Controlling ................................................................................................................................................... 13 MANAGEMENT – EVOLUTION & TRENDS .................................................................................. 15 4. Management – Classical Schools of Thought ......................................................................................... 16 Classical School of Management Thought ................................................................................................... 16 Henry Fayol’s Universal Process Theory ...................................................................................................... 18 Behavioral and Human Relations Approach ................................................................................................ 19 5. Management – Modern Schools of Thought ......................................................................................... 21 Chester Barnard and Social Systems Theory ............................................................................................... 21 Contingency Approach and Recent Contributions ...................................................................................... 22 Quality School of Management ................................................................................................................... 23 Kaizen Approach .......................................................................................................................................... 24 Reengineering Approach ............................................................................................................................. 25 Future of Management................................................................................................................................ 26 MANAGEMENT – ECOSYSTEM .................................................................................................. 27 6. Management – The Management Environment .................................................................................... 28 The Management and Administration Inter-Relationship ........................................................................... 29 Principles of Management iii 7. Management – Factors Affecting Management .................................................................................... 30 Macro Environment (Outer Environment) .................................................................................................. 31 Micro Environment (Inner Environment) .................................................................................................... 33 8. Management – Management Organization ........................................................................................... 35 9. Management – Leadership Styles .......................................................................................................... 37 Leadership Styles ......................................................................................................................................... 38 Leadership Continuum................................................................................................................................. 39 Leadership Styles in Managerial Grid .......................................................................................................... 40 Systems of Management ............................................................................................................................. 42 MANAGEMENT – FRAMEWORK ................................................................................................ 44 10. Management – Mission, Vision, & Values ............................................................................................. 45 Role Played by Mission and Vision .............................................................................................................. 47 Values .......................................................................................................................................................... 48 Stakeholders ................................................................................................................................................ 48 Identification of Key Stakeholders ............................................................................................................... 50 11. Management – Personality & Attitude .................................................................................................. 52 Role of Personality and Attitude in Organization ........................................................................................ 52 Importance of Personality ........................................................................................................................... 52 Personality Traits ......................................................................................................................................... 52 The Big 5 Personality Traits ......................................................................................................................... 53 Other Personality Traits – Self Variables ..................................................................................................... 56 12. Management – Work Attitude and Behavior ......................................................................................... 57 Positive Work Attitude ................................................................................................................................ 57 Job Satisfaction ............................................................................................................................................ 57 Organizational Commitment ....................................................................................................................... 57 MANAGEMENT – DECISION MAKING ........................................................................................ 60 13. Decision Making – Nature and Significance ........................................................................................... 61 Types of Decisions ....................................................................................................................................... 61 14. Management – Factors Affecting Decision Making ................................................................................ 63 15. Decision Making – Styles ....................................................................................................................... 66 16. Decision Making – Tools ........................................................................................................................ 67 MANAGEMENT – PLANNING ..................................................................................................... 69 17. Planning – Introduction ......................................................................................................................... 70 What is Planning? ........................................................................................................................................ 70 Principles of Management iv Importance of Planning ............................................................................................................................... 71 18. Management – Types of Plans ............................................................................................................... 73 Strategic Plans ............................................................................................................................................. 73 Tactical Plans ............................................................................................................................................... 74 Operational Plans ........................................................................................................................................ 74 19. Management – The Planning Environment ........................................................................................... 75 Establishing Objectives and Goals ............................................................................................................... 75 Determining Alternatives............................................................................................................................. 76 Evaluating and Choosing Alternatives ......................................................................................................... 76 Creating Assignments and Timelines ........................................................................................................... 76 Formulating Derivative Plans ....................................................................................................................... 76 Budgeting ..................................................................................................................................................... 77 MANAGEMENT – ORGANIZATIONAL STRUCTURE ..................................................................... 78 20. Management – Importance of Organizing ............................................................................................. 79 Importance of Organizing ............................................................................................................................ 79 21. Management – Principles of Organizing ................................................................................................ 81 Work Specialization ..................................................................................................................................... 81 Authority ...................................................................................................................................................... 82 Chain of Command ...................................................................................................................................... 82 Delegation.................................................................................................................................................... 83 Span of Control ............................................................................................................................................ 83 22. Management – Organizational Structure .............................................................................................. 84 Common Organization Structures ............................................................................................................... 84 Functional Organization Structure ............................................................................................................... 85 Product Organizational Structure ................................................................................................................ 85 Geographic Organizational Structure .......................................................................................................... 86 Matrix Organizational Structure .................................................................................................................. 87 23. Management – The Organizational Process........................................................................................... 89 The Organizational Process Chart ................................................................................................................ 89 MANAGEMENT – CHANGE MANAGEMENT ............................................................................... 90 24. Management – Organizational Change ................................................................................................. 91 Why Organizations Need to Change ............................................................................................................ 91 25. Management – Organizational Change Factors ..................................................................................... 93 The Internal Environment ............................................................................................................................ 93 The External Environment ........................................................................................................................... 93 26. Management – Organizational Change Management ........................................................................... 95 Planning Organizational Change .................................................................................................................. 95 Principles of Management v Resistance to Changes ................................................................................................................................. 96 Impact of Change ......................................................................................................................................... 97 Overcoming Resistance to Change .............................................................................................................. 98 MANAGEMENT – GLOBALIZATION & ITS EFFECT ....................................................................... 99 27. Management – Multinational Organizations ....................................................................................... 100 What are MNCs? ........................................................................................................................................ 100 Types of Multinational Corporations ......................................................................................................... 101 28. Management – Global Ecosystem and its Impact ................................................................................ 102 Challenges Faced by International Managers ............................................................................................ 103 Overcoming Global Challenges .................................................................................................................. 103
PRINCIPLES OF MANAGEMENT
About the Tutorial .......................................................................................................................................... i
Audience ......................................................................................................................................................... i
Prerequisites ................................................................................................................................................... i
Disclaimer & Copyright ................................................................................................................................... i
Table of Contents........................................................................................................................................... ii
MANAGEMENT – INTRODUCTION ............................................................................................... 1
1. Management – Overview ........................................................................................................................ 2
What is Management? .................................................................................................................................. 2
Management Defined .................................................................................................................................... 3
Is Management an Art or a Science? ............................................................................................................. 4
2. Management – Role of Managers ........................................................................................................... 5
Role of Managers ........................................................................................................................................... 6
The Changing Roles of Management and Managers ..................................................................................... 7
Mintzberg’s Set of Ten Roles ......................................................................................................................... 8
Managerial Skills ............................................................................................................................................ 9
3. Management – The P-O-L-C Framework ................................................................................................ 11
Planning ....................................................................................................................................................... 11
Organizing .................................................................................................................................................... 12
Leading......................................................................................................................................................... 13
Controlling ................................................................................................................................................... 13
MANAGEMENT – EVOLUTION & TRENDS .................................................................................. 15
4. Management – Classical Schools of Thought ......................................................................................... 16
Classical School of Management Thought ................................................................................................... 16
Henry Fayol’s Universal Process Theory ...................................................................................................... 18
Behavioral and Human Relations Approach ................................................................................................ 19
5. Management – Modern Schools of Thought ......................................................................................... 21
Chester Barnard and Social Systems Theory ............................................................................................... 21
Contingency Approach and Recent Contributions ...................................................................................... 22
Quality School of Management ................................................................................................................... 23
Kaizen Approach .......................................................................................................................................... 24
Reengineering Approach ............................................................................................................................. 25
Future of Management................................................................................................................................ 26
MANAGEMENT – ECOSYSTEM .................................................................................................. 27
6. Management – The Management Environment .................................................................................... 28
The Management and Administration Inter-Relationship ........................................................................... 29 Principles of Management
iii
7. Management – Factors Affecting Management .................................................................................... 30
Macro Environment (Outer Environment) .................................................................................................. 31
Micro Environment (Inner Environment) .................................................................................................... 33
8. Management – Management Organization ........................................................................................... 35
9. Management – Leadership Styles .......................................................................................................... 37
Leadership Styles ......................................................................................................................................... 38
Leadership Continuum................................................................................................................................. 39
Leadership Styles in Managerial Grid .......................................................................................................... 40
Systems of Management ............................................................................................................................. 42
MANAGEMENT – FRAMEWORK ................................................................................................ 44
10. Management – Mission, Vision, & Values ............................................................................................. 45
Role Played by Mission and Vision .............................................................................................................. 47
Values .......................................................................................................................................................... 48
Stakeholders ................................................................................................................................................ 48
Identification of Key Stakeholders ............................................................................................................... 50
11. Management – Personality & Attitude .................................................................................................. 52
Role of Personality and Attitude in Organization ........................................................................................ 52
Importance of Personality ........................................................................................................................... 52
Personality Traits ......................................................................................................................................... 52
The Big 5 Personality Traits ......................................................................................................................... 53
Other Personality Traits – Self Variables ..................................................................................................... 56
12. Management – Work Attitude and Behavior ......................................................................................... 57
Positive Work Attitude ................................................................................................................................ 57
Job Satisfaction ............................................................................................................................................ 57
Organizational Commitment ....................................................................................................................... 57
MANAGEMENT – DECISION MAKING ........................................................................................ 60
13. Decision Making – Nature and Significance ........................................................................................... 61
Types of Decisions ....................................................................................................................................... 61
14. Management – Factors Affecting Decision Making ................................................................................ 63
15. Decision Making – Styles ....................................................................................................................... 66
16. Decision Making – Tools ........................................................................................................................ 67
MANAGEMENT – PLANNING ..................................................................................................... 69
17. Planning – Introduction ......................................................................................................................... 70
What is Planning? ........................................................................................................................................ 70 Principles of Management
iv
Importance of Planning ............................................................................................................................... 71
18. Management – Types of Plans ............................................................................................................... 73
Strategic Plans ............................................................................................................................................. 73
Tactical Plans ............................................................................................................................................... 74
Operational Plans ........................................................................................................................................ 74
19. Management – The Planning Environment ........................................................................................... 75
Establishing Objectives and Goals ............................................................................................................... 75
Determining Alternatives............................................................................................................................. 76
Evaluating and Choosing Alternatives ......................................................................................................... 76
Creating Assignments and Timelines ........................................................................................................... 76
Formulating Derivative Plans ....................................................................................................................... 76
Budgeting ..................................................................................................................................................... 77
MANAGEMENT – ORGANIZATIONAL STRUCTURE ..................................................................... 78
20. Management – Importance of Organizing ............................................................................................. 79
Importance of Organizing ............................................................................................................................ 79
21. Management – Principles of Organizing ................................................................................................ 81
Work Specialization ..................................................................................................................................... 81
Authority ...................................................................................................................................................... 82
Chain of Command ...................................................................................................................................... 82
Delegation.................................................................................................................................................... 83
Span of Control ............................................................................................................................................ 83
22. Management – Organizational Structure .............................................................................................. 84
Common Organization Structures ............................................................................................................... 84
Functional Organization Structure ............................................................................................................... 85
Product Organizational Structure ................................................................................................................ 85
Geographic Organizational Structure .......................................................................................................... 86
Matrix Organizational Structure .................................................................................................................. 87
23. Management – The Organizational Process........................................................................................... 89
The Organizational Process Chart ................................................................................................................ 89
MANAGEMENT – CHANGE MANAGEMENT ............................................................................... 90
24. Management – Organizational Change ................................................................................................. 91
Why Organizations Need to Change ............................................................................................................ 91
25. Management – Organizational Change Factors ..................................................................................... 93
The Internal Environment ............................................................................................................................ 93
The External Environment ........................................................................................................................... 93
26. Management – Organizational Change Management ........................................................................... 95
Planning Organizational Change .................................................................................................................. 95 Principles of Management
v
Resistance to Changes ................................................................................................................................. 96
Impact of Change ......................................................................................................................................... 97
Overcoming Resistance to Change .............................................................................................................. 98
MANAGEMENT – GLOBALIZATION & ITS EFFECT ....................................................................... 99
27. Management – Multinational Organizations ....................................................................................... 100
What are MNCs? ........................................................................................................................................ 100
Types of Multinational Corporations ......................................................................................................... 101
28. Management – Global Ecosystem and its Impact ................................................................................ 102
Challenges Faced by International Managers ............................................................................................ 103
Overcoming Global Challenges .................................................................................................................. 103
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