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Management Science Introduction UNIT-I PPT

  2. Definition: “Management is knowing exactly what you want to do and then seeing that they do it the best and cheapest ways”. -F.W.Taylor Nature of Management: •Multidisciplinary •Dynamic nature of principle •Relative, not absolute principles •Management - Science or Art •Management as profession
  3. Characteristics of Management: •Management is Goal-Oriented: •Management integrates Human, Physical and Financial Resources: •Management is Continuous: •Management is all Pervasive: •Management is a Group Activity:
  4. Importance of Management: •Effective utilization of resources: •Development of resources: •To incorporate innovations: •Integrating various interest groups: •Stability in the society:
  5. Levels of Management
  6. Taylor’s Scientific Management: Definition: “Scientific management may be defined as the “Art of knowing exactly what is to be done and the best way of doing it”. Principles of Scientific Management: • Development of Science for each part of men’s job (replacement of rule of thumb) • Scientific Selection, Training & Development of Workers • Co-operation between Management & workers or Harmony not discord • Division of Responsibility • Mental Revolution • Maximum Prosperity for Employer & Employees
  7. Administrative Management Theory Henry Fayol Principles There are 14 Principles of Management described by Henry Fayol. 1. Division of work 2. Authority & Responsibility 3. Discipline 4. Unity of Command 5. Unity of Direction 6. Sub-Ordination of Individual Interest to General Interest 7. Remuneration 8. Centralization & De-Centralization 9. Scalar Chain 10. Order 11. Equity 12. Stability of Tenure 13. Initiative 14. Espirit De’ Corps (can be achieved through unity of command)
  8. MOTIVATION Maslow’s Hierarchy of Needs Theory
  9. Theory X and Theory Y Assumptions of Theory X • Employees escape the work it whenever possible • does not want to work • does not have any aspiration/ambition • Employees dislike responsibility • Employees Resist Change • Employees need formal direction Assumptions of Theory Y • Employees can perceive their job as relaxing and normal • Employees can use self-direction and self-control • Employees loyalty towards work • Employees recognize the responsibility • Employees have skills and capabilities
  10. System Approach to the management : Evaluation of System Approach: Limitations of System Approach:
  11. Herzberg’s Two-factors Theory : Herzberg classified these job factors into two categories a. Hygiene factors •Pay •Company Policies and administrative policies •Fringe benefits •Physical Working conditions •Status •Interpersonal relations •Job Security
  12. b) Motivational factors : •Recognition •Sense of achievement •Growth and promotional opportunities •Responsibility •Meaningfulness of the work