Revision management

1. REVISION –
Chapter 1 - 7
Principles of Management : MGT 4014
By : Ms Noor Fadillah Binti Jaafar

2. Chapter 1
• Principles of Taylor's
Scientific Management
Theory
-

3. Chapter 1 :
Fayol’s
Principles

4. Chapter 2 : In Informational
roles, managers are known
as Spokesperson. *example:
Employee Demonstration /
Rally / Strike / Walkout –
what should they do to fulfill
this role

5. Chapter 2 : In decisional roles, managers are known as a Negotiator.
*example: Employee Demonstration / Rally / Strike / Walkout –
what should they do to fulfill this role

6. Chapter 2 - The
reasons why Global
Managers require
more knowledge
and skills compared
to other type of
Managers
• Managing a global business differs from managing a domestic
business because of :
• Countries and cultures are different.
• International business operations are more complex than
domestic operations.
• PEST Analysis is required.
• From one country to another, a company’s relative
competitiveness will vary because of the differences in the local
and foreign competitors that are present.
• This the reasons they needed these skills :
• 1. Cross-cultural communication skills
• 2. Excellent networking abilities
• 3. Collaboration
• 4. Interpersonal influence
• 5. Adaptive thinking
• 6. Emotional intelligence
• 7. Resilience
Please be aware that we
covered this in chapter 8 –
An extension of Chapter 2

7. Chapter 2 - The
importance of
having
International
Management
in the
organization
❑ In the current day and age, countries take a more democratic
approach in nurturing relationships with other countries, in order
to support one another, fair business/trade opportunities open up
where foreign businesses are welcomed.
❑ These opportunities can broaden the market scope severely,
thereby developing how the product/service is judged upon in
various countries and the fulfilment the customer gets by
obtaining the said organization's services or products.
❑ Management students and businesses should give into the idea of
a 'globalization' strategy, this approach reduces the risk an
organization has when they are operating in one organization, in
one country. If in case they fail in one market they always have
the chance of succeeding in another, this provides endless
opportunities for businesses.
❑ Globalization/Internationalization can provide a good competitive
edge for organizations, the exposure to markets can adapt
shorter/cheaper/efficient strategies for the organization's to
adapt and help revolutionize with the times.

8. Chapter 3 -
Benefits of
Planning for
the
organization
1.Business is full of uncertainties.
2.There are risks of various types due to uncertainties.
3.Planning helps in reducing uncertainties of future as it involves
anticipation of future events.
4.Although future cannot be predicted with 100 percent
accuracy, but planning helps management to anticipate future
and prepare for risks by necessary provisions to meet
unexpected turn of events.
5.Therefore, with the help of planning, uncertainties can be
forecasted which helps in preparing standbys as a result,
uncertainties are minimized to a great extent.
Planning minimizes uncertainties.
1.Planning revolves around organizational goals.
2.All activities are directed towards common goals.
3.There is an integrated effort throughout the enterprise in
various departments and groups.
4.It avoids duplication of efforts. In other words, it leads to
better co-ordination.
5.It helps in finding out problems of work performance and aims
at rectifying the same.
Planning facilitates co-ordination.

9. Chapter 3 -
Benefits of
Planning for
the
organization
Planning improves employee’s moral.
1.Planning creates an atmosphere of order and discipline in organization.
2.Employees know in advance what is expected of them and therefore
conformity can be achieved easily.
3.This encourages employees to show their best and earn reward for the
same.
4.Planning creates a healthy attitude towards work environment which helps
in boosting employees moral and efficiency.
Planning facilitates controlling.
1.Planning facilitates existence of certain planned goals and standard of
performance.
2.It provides basis of controlling. We cannot think of an effective system of
controlling without existence of well thought out plans.
3.Planning provides pre-determined goals against which actual performance
is compared.
4.In fact, planning and controlling are the two sides of a same coin. If planning
is root, controlling is the fruit.
Planning encourages innovations.
1.In the process of planning, managers have the opportunities of suggesting
ways and means of improving performance.
2.Planning is basically a decision-making function which involves creative
thinking and imagination that ultimately leads to innovation of methods and
operations for growth and prosperity of the enterprise.

10. Chapter 3 -
Planning
help
organization
achieve
efficiency
and
effectiveness

11. Chapter 4 -
Factors that
persuade
organization to
apply
centralization

12. Chapter 4 -
Factors that
affect
organization to
apply
decentralization

13. Chapter 4 -
Characteristics
of formal
structures for a
company

14. Chapter 4 -
Characteristics
of informal
structures for
a company

15. Chapter 5 :
Differences of
Transformational
and
Transactional
leaders

16. Chapter 5 : Ideas
of what Leader
must do to
upgrade, improve,
revive the
organization

17. Chapter 6 –
Definition of
Control

18. Chapter 6
- Types of
Control
process

19. Chapter 6 -
Benefits of
Controlling
for the
organization

20. Chapter 7 -
Steps in the
decision-
making
process

21. Chapter 7 : Types of common decision-making errors
1. Overconfidence:
Overconfidence of one’s
“correctness” can lead to poor
decision making. Interestingly,
studies have also shown that those
individuals with the weakest
intelligence and interpersonal skills
are the most likely to exhibit
overconfidence in their decision
making, so managers should watch
for overconfidence as a bias when
they’re trying to make decisions or
solve problems outside their areas
of expertise.
2. Randomness:
If you are certain your lucky tie will help
you earn a client’s business at a meeting
later today, you’re committing a
randomness error. A tie does not bring you
luck, even if you once wore it on a day
when you closed a big deal. Decisions can
become impaired when we try to create
meaning out of random events. Consider
stock prices. Financial advisors feel they
can predict the flow of stock prices based
on past performance, but on any given day,
those stock prices are completely random.
These advisors were able to predict the
direction of stock prices about 49 percent
of the time, or about as well as if they’d
just guessed.
3. Anchoring:
Anchoring bias is a heuristic or mental
shortcut that relies on the first information
you receive concerning a subject. This
initial information serves as a basis or
anchor to inform your choice, regardless of
subsequent information.
Errors in judgment occur if we assume that
the first data is correct and disregard other
data sources that confirm or deny it.
Anchoring bias is a confirmation bias
common to all of us because it helps us
make decisions faster. However, it also
makes us vulnerable to skewed
assumptions and expectations.

22. Chapter 7 : Types of common decision-making errors
4. Selective Use Of Information /
Perception:
Selective perception is the unconscious process by
which people screen, select, and notice objects in their
environment. During this process, information tends to
be selectively perceived in ways that align with existing
attitudes, beliefs, and goals.
Although this allows us to concentrate only on the
information that is relevant for us at present, it can also
lead to perception bias.
5. Confirmation Bias:
The rational decision-making process assumes that we
gather information and data objectively, but
confirmation bias represents the gathering of
information that supports one’s initial conclusions. We
seek out information that reaffirms our past choices
and tend to put little weight on those things that
challenge our views.

23. THE END.