The document provides an overview of business management concepts including:
- Definitions of management, its characteristics and functions such as planning, organizing, staffing, directing, controlling etc.
- The different levels of management including top, middle and lower levels and their roles.
- Forms of business organization like sole proprietorship, partnership, joint stock companies.
- Concepts like scientific management, managerial roles, and globalization.
Management involves planning, organizing, leading, and controlling organizational resources to achieve goals effectively and efficiently. The document outlines the traditional management functions and describes the types of managers (strategic, tactical, operational), skills required of managers (technical, interpersonal, conceptual), and levels of management (first-line, middle, top). Good managers focus on both effectiveness, doing the right things, and efficiency, doing things right, to accomplish organizational objectives with minimum waste of resources.
Calcutta University B.Com (H) Semester 1-Principles of Management Chapter 1 I...MAHUA MUKHERJEE
This presentation includes - Calcutta University B.Com (H) Semester 1-Principles of Management Chapter 1 Introduction
An depth study of the principles of Taylor, Fayol , Mayo and Weber
This document discusses the concept of management, what managers do, and the functions of management. It defines management as the process of reaching organizational goals by working with and through people and other organizational resources. Managers are responsible for directing efforts to help organizations achieve their goals by planning, organizing, leading, and controlling. The basic managerial functions are organizing, planning, controlling, and leading. Management involves coordinating human, financial, material, and information resources. There are different levels and types of managers, including first-line managers, middle managers, and top managers.
This document summarizes key concepts from chapters 1 and 2 of a survey of principles of management. It discusses definitions of management and the essential managerial tasks of planning, organizing, leading and controlling. It also covers management levels from top to first line managers and important skills. Additionally, it outlines theories of management thought such as scientific management, administrative management, behavioral management and organizational environment theory. Major contributors to each theory are mentioned.
1. Management is defined as the process of planning, organizing, directing, and controlling resources to achieve organizational goals. It involves functions like goal setting, performance evaluation, and developing an operating philosophy.
2. Management is a continuous process that involves getting work done through people in a formal group setting. It uses knowledge from various disciplines like economics, psychology, and sociology.
3. Management aims to utilize resources efficiently and improve performance to satisfy stakeholders like owners, employees, customers, and the public. The primary objective is to run the enterprise smoothly and earn a profit.
The document provides an overview of key management concepts including:
1) Definitions of management focus on coordinating activities to achieve objectives and includes management as a factor of production alongside money, materials, and machines.
2) The management process involves planning, organizing, staffing, leading, and controlling resources to achieve organizational goals as defined through strategic, tactical, and operational plans aligned with the organizational mission.
3) Mintzberg's 10 roles of management categorize managerial responsibilities into interpersonal, informational, and decisional roles like figurehead, leader, monitor, spokesperson, entrepreneur, and negotiator.
This document outlines the course content for MG8591 Principles of Management. It is divided into 5 units that cover the fundamental concepts of management. Unit 1 introduces definitions of management, managerial roles and skills, and types of business organizations. Unit 2 discusses the planning process and tools. Unit 3 covers organizing, including organization structures and human resource management. Unit 4 focuses on directing and addresses motivation theories and leadership. Finally, Unit 5 is about controlling and management control techniques.
Management involves planning, organizing, leading, and controlling organizational resources to achieve goals effectively and efficiently. The document outlines the traditional management functions and describes the types of managers (strategic, tactical, operational), skills required of managers (technical, interpersonal, conceptual), and levels of management (first-line, middle, top). Good managers focus on both effectiveness, doing the right things, and efficiency, doing things right, to accomplish organizational objectives with minimum waste of resources.
Calcutta University B.Com (H) Semester 1-Principles of Management Chapter 1 I...MAHUA MUKHERJEE
This presentation includes - Calcutta University B.Com (H) Semester 1-Principles of Management Chapter 1 Introduction
An depth study of the principles of Taylor, Fayol , Mayo and Weber
This document discusses the concept of management, what managers do, and the functions of management. It defines management as the process of reaching organizational goals by working with and through people and other organizational resources. Managers are responsible for directing efforts to help organizations achieve their goals by planning, organizing, leading, and controlling. The basic managerial functions are organizing, planning, controlling, and leading. Management involves coordinating human, financial, material, and information resources. There are different levels and types of managers, including first-line managers, middle managers, and top managers.
This document summarizes key concepts from chapters 1 and 2 of a survey of principles of management. It discusses definitions of management and the essential managerial tasks of planning, organizing, leading and controlling. It also covers management levels from top to first line managers and important skills. Additionally, it outlines theories of management thought such as scientific management, administrative management, behavioral management and organizational environment theory. Major contributors to each theory are mentioned.
1. Management is defined as the process of planning, organizing, directing, and controlling resources to achieve organizational goals. It involves functions like goal setting, performance evaluation, and developing an operating philosophy.
2. Management is a continuous process that involves getting work done through people in a formal group setting. It uses knowledge from various disciplines like economics, psychology, and sociology.
3. Management aims to utilize resources efficiently and improve performance to satisfy stakeholders like owners, employees, customers, and the public. The primary objective is to run the enterprise smoothly and earn a profit.
The document provides an overview of key management concepts including:
1) Definitions of management focus on coordinating activities to achieve objectives and includes management as a factor of production alongside money, materials, and machines.
2) The management process involves planning, organizing, staffing, leading, and controlling resources to achieve organizational goals as defined through strategic, tactical, and operational plans aligned with the organizational mission.
3) Mintzberg's 10 roles of management categorize managerial responsibilities into interpersonal, informational, and decisional roles like figurehead, leader, monitor, spokesperson, entrepreneur, and negotiator.
This document outlines the course content for MG8591 Principles of Management. It is divided into 5 units that cover the fundamental concepts of management. Unit 1 introduces definitions of management, managerial roles and skills, and types of business organizations. Unit 2 discusses the planning process and tools. Unit 3 covers organizing, including organization structures and human resource management. Unit 4 focuses on directing and addresses motivation theories and leadership. Finally, Unit 5 is about controlling and management control techniques.
This document provides an overview of management concepts and the evolution of management theories. It defines management as the process of planning, organizing, staffing, directing and controlling human efforts to achieve organizational goals. The key points made in the document are:
1) Management is a goal-oriented, universal, continuous process that is both an art and a science. It involves integrating individual and organizational goals.
2) The functions of management include planning, organizing, staffing, directing, and controlling. Planning involves deciding goals and courses of action, organizing is setting up the organizational structure, staffing is recruiting employees, directing is guiding employees, and controlling is monitoring progress.
3) Management occurs at multiple levels including top
Fundamentals of Management Lecture, chapter 1 Farhad Khan
This chapter discusses the key roles and responsibilities of managers. It defines management as carrying out four main functions: planning and decision making, organizing, leading, and controlling resources. Managers at different levels (top, middle, lower) focus on varied tasks. Effective management requires strong interpersonal, informational, and decisional skills. While management draws on science through analytical techniques, it is also considered an art as managers rely on experience and judgment to solve problems.
This document discusses key concepts in management. It defines organizations, goals, management, and resources. It explains the four functions of management: planning, organizing, leading, and controlling. It also discusses managerial roles, skills, and challenges. Management involves using organizational resources to achieve goals through the four functions. Managers at different levels focus on different skills. Current challenges include globalization, competition, ethics, diversity, and technology.
This document provides an overview of management essentials including the roles and responsibilities of managers. It discusses key manager functions such as planning, organizing, staffing, directing and controlling. It also distinguishes between leadership and management, noting that the most effective managers also demonstrate leadership skills. The document outlines steps to plan and build a department including establishing mission, goals and objectives. It also covers topics such as delegation, discipline, and controlling the department. The overall summary is that the document presents fundamental management concepts and best practices for planning, leading and controlling a department effectively.
This document provides an overview of management concepts including definitions, functions, approaches, theorists, and levels. It defines management as the acts of getting people together to accomplish goals and objectives using planning, organizing, staffing, leading, and controlling. The four main functions of management are identified as planning, organizing, leading, and controlling. Classical and modern approaches to management thought are described including scientific management by Taylor and administrative management principles by Fayol. Management hierarchy and skills required at different levels are also summarized.
The document discusses principles of management. It defines management as the manipulation of resources (4Ms - men, material, money, machine) to achieve organizational objectives. The four functions of management are planning, organizing, leading, and controlling. Planning involves setting goals and strategies, organizing is determining tasks and structuring roles, leading uses influence to motivate employees, and controlling monitors activities to ensure plans are followed. Competitive advantage comes from managing costs, quality, speed, and innovation effectively.
Management and entrepreneurship - introductionRajendra Prasad
The knowledge of management science is very much essential for an engineer
management science helps to brings together the technological problem-solving savvy of engineering
The document discusses the basics of management including its three main fields, functions, and definitions. It provides definitions of management from various authors that center around establishing goals, developing strategies to achieve goals, and coordinating activities. Management is described as the art of getting work done through others. The document also outlines six guidelines for effective management put forth by management professor George Miller. These guidelines focus on manager accountability, prioritizing management work, achieving coordination, unleashing employee creativity, and adjusting performance evaluations based on a company's growth stage.
UNIT - I: OVERVIEW OF MANAGEMENT: Concept – Definition; Nature - Process and
Significance of Management; Managerial Roles (Mintzberg) - Trends and challenges of
Management in Global Scenario; An Overview of Functional areas of Management –
Marketing – Finance – Production – HRM – IT and R&D.
Semester 1 PRINCIPLES OF MANAGEMENT Chapter 2 PLANNINGMAHUA MUKHERJEE
This document discusses planning concepts, the planning process, and types of plans. It defines planning as an analytical process that involves developing alternative courses of action and selecting the best option. The key steps in planning are recognizing the need for action, establishing objectives, building premises, identifying alternatives, evaluating alternatives, and choosing a course of action. Plans can be short-term, intermediate, or long-term and can include policies, programs, projects, budgets, or schedules. Planning allows for control and optimal resource utilization.
INTRODUCTION TO MANAGEMENT
PRINCIPLES OF MANAGEMENT
PPT OF THE BOOK
Kathryn M. Bartol,
David C. Martin,
Management (latest edition),
MAIN TOPICS OF THE LECTURE ARE:
Management Theory,
Management Environment,
Managerial Decision Making
This document provides an introduction to principles of management. It defines management as coordinating work through people to achieve goals efficiently and effectively. Studying management is important for understanding organizations. An organization requires people, processes, and a common purpose. Management can be viewed as both a science, with a body of organized knowledge, and an art that requires personal skills. Managers work with people to coordinate their activities and accomplish goals using interpersonal, informational, and decision-making roles. Approaches to management have evolved over time from classical approaches emphasizing efficiency to more modern approaches considering human and situational factors.
This document provides an overview of key concepts in business management including definitions of management, characteristics of management, functions of management, levels of management, and theories of management such as scientific management and McGregor's Theory X and Theory Y. It also discusses concepts such as planning, organizing, decision making, strategy and strategic planning. Specific topics covered include the planning process, types of plans, organizing formal and informal organizations, departmentation structures, and the organizing process.
Human resource management ppt by Ms.R.Kalaiselvi, NGM college pollachiKalaiselvi,NGM college
This document provides an overview of the syllabus for a Human Resource Management class. The syllabus covers 5 units: 1) an introduction to HRM including its meaning, scope, evolution and functions; 2) recruitment processes and sources; 3) performance appraisal objectives and methods; 4) motivation theories and factors; and 5) conflict management including causes and remedies. Key topics within each unit are also summarized such as recruitment factors, selection stages, and training and development methods.
The document defines key terms related to management including organization, managers, and the management process. It discusses different levels of managers from first-line to top managers. It also summarizes that management involves getting work done through others effectively and efficiently. The management processes of planning, organizing, leading, and controlling are outlined. Finally, it discusses whether the manager's job is universal and skills important for managers.
Introduction
Meaning of management
Definition of management
Importance of management
Meaning of admiration
Difference between administration and management
Functional management
Functions of management
Levels of management
Industrial Management, the new subject intorduced in the field of engineering. By looking this pptx. one can gain the overall idea of basics of management and its industrial approach.
Concept nature and principles of managementAyaz Akhtar
The document discusses the concept, nature, and principles of management. It defines management as the process of achieving organizational goals through planning, organizing, staffing, leading, and controlling resources. Some key principles discussed include: specialization of labor, unity of command, discipline, and maximizing efficiency. The document also contrasts management with administration and explains management as both an art and a science.
This document provides an overview of management as a concept and process. It discusses:
1. Definitions of management, including it being a process of achieving goals through people, integrating resources, and continuous improvement. Key functions include planning, organizing, staffing, directing, coordinating, reporting and budgeting.
2. The history and theoretical scope of management, including its multidisciplinary nature and focus on goals.
3. The main features, nature, purpose, importance and functions of management, such as utilizing resources efficiently, establishing sound organization, and planning, organizing, staffing, directing and controlling.
4. Frederick Taylor's scientific management principles and the functions of management according to various theorists like
This document contains a chapter on management and marketing from a professional marketing final paper. It begins with definitions of management, discussing it as an art, science and profession. It then covers the differences between management and administration, the functions of management including planning, organizing, leading, staffing and controlling. It discusses the nature and principles of management, outlining Henry Fayol's 14 principles. It concludes by covering types of managers based on job and competency, characteristics of natural vs professional managers, and how professional managers lead by example, build relationships and manage for results.
This document provides an overview of management concepts and the evolution of management theories. It defines management as the process of planning, organizing, staffing, directing and controlling human efforts to achieve organizational goals. The key points made in the document are:
1) Management is a goal-oriented, universal, continuous process that is both an art and a science. It involves integrating individual and organizational goals.
2) The functions of management include planning, organizing, staffing, directing, and controlling. Planning involves deciding goals and courses of action, organizing is setting up the organizational structure, staffing is recruiting employees, directing is guiding employees, and controlling is monitoring progress.
3) Management occurs at multiple levels including top
Fundamentals of Management Lecture, chapter 1 Farhad Khan
This chapter discusses the key roles and responsibilities of managers. It defines management as carrying out four main functions: planning and decision making, organizing, leading, and controlling resources. Managers at different levels (top, middle, lower) focus on varied tasks. Effective management requires strong interpersonal, informational, and decisional skills. While management draws on science through analytical techniques, it is also considered an art as managers rely on experience and judgment to solve problems.
This document discusses key concepts in management. It defines organizations, goals, management, and resources. It explains the four functions of management: planning, organizing, leading, and controlling. It also discusses managerial roles, skills, and challenges. Management involves using organizational resources to achieve goals through the four functions. Managers at different levels focus on different skills. Current challenges include globalization, competition, ethics, diversity, and technology.
This document provides an overview of management essentials including the roles and responsibilities of managers. It discusses key manager functions such as planning, organizing, staffing, directing and controlling. It also distinguishes between leadership and management, noting that the most effective managers also demonstrate leadership skills. The document outlines steps to plan and build a department including establishing mission, goals and objectives. It also covers topics such as delegation, discipline, and controlling the department. The overall summary is that the document presents fundamental management concepts and best practices for planning, leading and controlling a department effectively.
This document provides an overview of management concepts including definitions, functions, approaches, theorists, and levels. It defines management as the acts of getting people together to accomplish goals and objectives using planning, organizing, staffing, leading, and controlling. The four main functions of management are identified as planning, organizing, leading, and controlling. Classical and modern approaches to management thought are described including scientific management by Taylor and administrative management principles by Fayol. Management hierarchy and skills required at different levels are also summarized.
The document discusses principles of management. It defines management as the manipulation of resources (4Ms - men, material, money, machine) to achieve organizational objectives. The four functions of management are planning, organizing, leading, and controlling. Planning involves setting goals and strategies, organizing is determining tasks and structuring roles, leading uses influence to motivate employees, and controlling monitors activities to ensure plans are followed. Competitive advantage comes from managing costs, quality, speed, and innovation effectively.
Management and entrepreneurship - introductionRajendra Prasad
The knowledge of management science is very much essential for an engineer
management science helps to brings together the technological problem-solving savvy of engineering
The document discusses the basics of management including its three main fields, functions, and definitions. It provides definitions of management from various authors that center around establishing goals, developing strategies to achieve goals, and coordinating activities. Management is described as the art of getting work done through others. The document also outlines six guidelines for effective management put forth by management professor George Miller. These guidelines focus on manager accountability, prioritizing management work, achieving coordination, unleashing employee creativity, and adjusting performance evaluations based on a company's growth stage.
UNIT - I: OVERVIEW OF MANAGEMENT: Concept – Definition; Nature - Process and
Significance of Management; Managerial Roles (Mintzberg) - Trends and challenges of
Management in Global Scenario; An Overview of Functional areas of Management –
Marketing – Finance – Production – HRM – IT and R&D.
Semester 1 PRINCIPLES OF MANAGEMENT Chapter 2 PLANNINGMAHUA MUKHERJEE
This document discusses planning concepts, the planning process, and types of plans. It defines planning as an analytical process that involves developing alternative courses of action and selecting the best option. The key steps in planning are recognizing the need for action, establishing objectives, building premises, identifying alternatives, evaluating alternatives, and choosing a course of action. Plans can be short-term, intermediate, or long-term and can include policies, programs, projects, budgets, or schedules. Planning allows for control and optimal resource utilization.
INTRODUCTION TO MANAGEMENT
PRINCIPLES OF MANAGEMENT
PPT OF THE BOOK
Kathryn M. Bartol,
David C. Martin,
Management (latest edition),
MAIN TOPICS OF THE LECTURE ARE:
Management Theory,
Management Environment,
Managerial Decision Making
This document provides an introduction to principles of management. It defines management as coordinating work through people to achieve goals efficiently and effectively. Studying management is important for understanding organizations. An organization requires people, processes, and a common purpose. Management can be viewed as both a science, with a body of organized knowledge, and an art that requires personal skills. Managers work with people to coordinate their activities and accomplish goals using interpersonal, informational, and decision-making roles. Approaches to management have evolved over time from classical approaches emphasizing efficiency to more modern approaches considering human and situational factors.
This document provides an overview of key concepts in business management including definitions of management, characteristics of management, functions of management, levels of management, and theories of management such as scientific management and McGregor's Theory X and Theory Y. It also discusses concepts such as planning, organizing, decision making, strategy and strategic planning. Specific topics covered include the planning process, types of plans, organizing formal and informal organizations, departmentation structures, and the organizing process.
Human resource management ppt by Ms.R.Kalaiselvi, NGM college pollachiKalaiselvi,NGM college
This document provides an overview of the syllabus for a Human Resource Management class. The syllabus covers 5 units: 1) an introduction to HRM including its meaning, scope, evolution and functions; 2) recruitment processes and sources; 3) performance appraisal objectives and methods; 4) motivation theories and factors; and 5) conflict management including causes and remedies. Key topics within each unit are also summarized such as recruitment factors, selection stages, and training and development methods.
The document defines key terms related to management including organization, managers, and the management process. It discusses different levels of managers from first-line to top managers. It also summarizes that management involves getting work done through others effectively and efficiently. The management processes of planning, organizing, leading, and controlling are outlined. Finally, it discusses whether the manager's job is universal and skills important for managers.
Introduction
Meaning of management
Definition of management
Importance of management
Meaning of admiration
Difference between administration and management
Functional management
Functions of management
Levels of management
Industrial Management, the new subject intorduced in the field of engineering. By looking this pptx. one can gain the overall idea of basics of management and its industrial approach.
Concept nature and principles of managementAyaz Akhtar
The document discusses the concept, nature, and principles of management. It defines management as the process of achieving organizational goals through planning, organizing, staffing, leading, and controlling resources. Some key principles discussed include: specialization of labor, unity of command, discipline, and maximizing efficiency. The document also contrasts management with administration and explains management as both an art and a science.
This document provides an overview of management as a concept and process. It discusses:
1. Definitions of management, including it being a process of achieving goals through people, integrating resources, and continuous improvement. Key functions include planning, organizing, staffing, directing, coordinating, reporting and budgeting.
2. The history and theoretical scope of management, including its multidisciplinary nature and focus on goals.
3. The main features, nature, purpose, importance and functions of management, such as utilizing resources efficiently, establishing sound organization, and planning, organizing, staffing, directing and controlling.
4. Frederick Taylor's scientific management principles and the functions of management according to various theorists like
This document contains a chapter on management and marketing from a professional marketing final paper. It begins with definitions of management, discussing it as an art, science and profession. It then covers the differences between management and administration, the functions of management including planning, organizing, leading, staffing and controlling. It discusses the nature and principles of management, outlining Henry Fayol's 14 principles. It concludes by covering types of managers based on job and competency, characteristics of natural vs professional managers, and how professional managers lead by example, build relationships and manage for results.
Management and Organisational Behaviour.docxveena755113
This document provides information on the course "Management and Organizational Behaviour" for MBA students. It includes the course aim, learning outcomes, unit topics, and references. The course aim is to understand fundamentals of management and organizational behaviour dynamics. Key topics covered include management theories, planning and organizing, leadership and motivation theories, and group behaviour. The document defines management and its principles, functions, and levels. Classical management theories like scientific management and bureaucratic theory are also summarized.
This document provides an overview of perspective management concepts from Prof. Jairaj Kochavara in August 2010. It includes lists of recommended books on management, basic definitions of key terms like organization, management, and manager. It also discusses the responsibilities and functions of managers in managing businesses, managers, workers, and time. The document outlines goals and forces that influence organizational behavior, important managerial competencies, and definitions of management and the interrelated functions of planning and controlling.
FUNDAMENTALS OF MANAGEMENT ON ACCOUNTING - IFM2.pptxcharichamakori
Management involves planning, organizing, staffing, directing and controlling organizational resources to achieve goals. It is a universal process that occurs at multiple levels within organizations. Top-level managers focus on long-term strategy, middle managers implement plans tactically, and front-line managers oversee daily operations. Effective management requires both a scientific approach using data and a creative art involving communication and problem-solving skills. It is a professional discipline involving specialized knowledge acquired through formal education and training.
Here are the key points of scientific management according to F.W. Taylor:
- Separation of planning from execution of work. Planning is done by management and workers focus only on execution.
- Scientific selection and training of workers to match their skills to the job.
- Standardization of processes, tools and workflows to increase efficiency.
- Use of time and motion studies to determine the most efficient way of doing jobs to minimize wasted time and effort.
- Implementation of differential piece rate wages to incentivize workers to increase productivity.
- Functional foremanship with specialists focusing on planning, supervision, scheduling etc to optimize workflows.
- Emphasis on cooperation between managers and workers to increase productivity through
This document provides an introduction to management and organizations. It defines management as "an art of getting things done through and with the people in formally organized groups." The document then lists the importance and characteristics of management. It discusses the levels of management including top, middle, and lower levels. It also covers the functions of management such as planning, organizing, staffing, directing, and controlling. Finally, it examines the roles of managers and compares management as a science versus an art.
Concept of Management - Important ConceptHanshul Arya
Management is the process of getting things
done through others with the help of some basic
activities like planning ,organizing ,directing ,
coordinating and controlling.
Please Like and Comment.
Your suggestions are welcome.
If require Presentation on any topic can contact me at Email ID- aryahanshul@gmail.com
This document discusses management concepts including definitions of management, management functions, and management theories. It defines management as attaining organizational goals through planning, organizing, staffing, directing, and controlling resources. The five classic management functions are identified as planning, organizing, staffing, leading, and controlling. Several management theories are outlined, including scientific management which focuses on work efficiency, general administrative theory which emphasizes organizational structure and behavior, and total quality management which prioritizes customer satisfaction. Managers are classified into three levels - lower/first-line, middle, and top. Their roles involve performing the five core functions of planning, organizing, staffing, leading, and controlling.
This document discusses why management should be studied and provides an overview of key management concepts.
It begins by explaining that management is important to study because organizations impact our daily lives and we will all either manage or be managed. It then discusses some core management principles like the universality of management in all organizations.
The document also defines key terms like what an organization is, the different levels of managers, and operative employees. It describes management as coordinating work through people to be efficient and effective. The main functions of management that managers engage in are identified as planning, organizing, leading and controlling. Finally, it outlines important skills that successful managers possess such as conceptual, interpersonal, technical and political skills.
CHAPTER ONE
Fundamentals of Management
1.1. Definitions of Management
There is no single, comprehensive and universally accepted definition of management. This holds true due to the following major reasons among others:
Different scholars view management from different perspectives
It has many areas of applications. It is applied in profit, not for profit, private, government, social and business organizations.
Management as a discipline is recent in origin and hence there are a number of theories being added to the field.
It is so broad that it is difficult to encompass all its aspects in a single definition.
It has undergone changes because of the developments in behavioral science and quantitative techniques.
There are different approaches to management, definitions change as the environment changes. The environment of an organization changes due to changes in the political, social, economic, ethical and other factors.
The following are among the most widely accepted definitions of management:
Management is … the organ of society specifically charged with making resources productive - Peter Drucker
Management is the process of designing and maintaining an environment in which individuals, working together in groups, efficiently accomplish selected aims - Koontz and Weihrich.
Management is a distinct process consisting of activities of planning, organizing, actuating and controlling, performed to determine and accomplish stated objectives with the use of human beings and other resources - Terry and Franklin.
The work involved in combining and directing the use of resources to achieve particular purposes is called management - David R. Hampton.
Management is the process of planning, organizing, leading and controlling the work of the organization members and of using all available organizational resources to reach stated organizational goals - Stoner, Freeman and Gilbert.
Management is the art of getting things done through people effectively and efficiently - Mary Parker Follett.
Effectiveness/Quality: is a way that produces a desired result.
Efficiency/Related to minimum Cost: is being capable of achieving the desired result with the minimum use of resources, time and effort.
1.2. Significance of Management
1) Encourages Initiative: Management encourages initiative. Initiative means to do the right thing at the right time without being told or influenced by the superior. The employees should be encouraged to make their own plans and also to implement these plans. Initiative gives satisfaction to employees and success to organization.
2) Encourages Innovation: Management also encourages innovation in the organization. Innovation brings new ideas, new technology, new methods, new products, new services, etc. This makes the organization more competitive and efficient.
3) Facilitates Growth and Expansion: Management makes optimum utilization of available resources. It reduces wastage and increase efficiency.
Management involves planning, organizing, staffing, directing, and controlling organizational resources to efficiently achieve goals. It is a universal process that is applicable wherever human activity occurs. Management coordinates the factors of production - land, labor, capital, and organization - and is goal-oriented. As an art, management requires applying theoretical knowledge creatively. It is also an interdisciplinary approach that draws from various social sciences.
This document provides an overview of management and entrepreneurship for the IT industry. It discusses key concepts such as the definition, nature, and characteristics of management. It outlines the functional areas of management including production, marketing, finance, and personnel management. It also describes the different levels of management, the management functions of planning, organizing, staffing, leading, and controlling, and the roles and skills required of managers. Finally, it provides a brief history of the evolution of management thought.
This document provides definitions and explanations of key management concepts. It begins by defining management as "the art of getting things done through people" and as "a process consisting of planning, organizing, actuating and controlling." It then discusses the nature and characteristics of management, functional areas of management including production, marketing, finance, and personnel, and levels of management from top to middle to front-line managers. The document also covers management theories including scientific management, administrative management, bureaucracy, and modern approaches such as quantitative, systems, and contingency theories. Finally, it addresses concepts related to the management functions of planning, organizing, staffing, directing, and controlling.
principles and practices of management final ppt (1).pptYeziehalemDamtie
Managerial competencies are sets of knowledge, skills, behaviors, and attitudes that contribute to personal and managerial effectiveness. They include communication, planning and administration, teamwork, strategic action, multicultural awareness, and self-management abilities. Understanding managerial competencies is important for organizations to develop successful leaders, address weaknesses, and improve performance. Material management aims to obtain the right quality and quantity of materials at the right time, place, and cost through techniques like forecasting, purchasing, storage, inventory control, and supplier relationship management. It helps organizations achieve goals in a cost-effective manner.
This document provides an introduction to the fundamentals of management. It discusses management as both an art and a science, and notes it draws from various disciplines like economics, psychology, and sociology. The key functions of management are identified as planning, organizing, staffing, directing, and controlling. Planning involves deciding courses of action in advance, while organizing is about coordinating resources. Staffing relates to selecting and developing personnel. Directing includes motivating and guiding subordinates. Controlling measures performance against standards and makes corrections.
The document provides an overview of principles of management. It discusses:
1) The three levels of management - top, middle, and lower level management. It describes the roles and responsibilities at each level.
2) The five primary functions of management - planning, organizing, staffing, directing, and controlling. It briefly outlines the key aspects of each function.
3) The roles of managers according to Henry Mintzberg, which are categorized into interpersonal, informational, and decisional roles.
4) The evolution of management thought from classical, behavioral, quantitative, systems, and contingency approaches. It provides a brief description of scientific management, administrative management, and bureaucratic management under the classical approach.
This document provides an overview of basic management principles and processes for school management. It defines management and lists its key features and importance. It outlines different management styles, levels of management (top, middle, low), and management functions. Principles of management are defined, and principles of school management and Henri Fayol's 14 principles are briefly introduced. The document serves as an introductory presentation on fundamental management concepts for schools.
The document discusses management from several perspectives - as an art, science, process, profession and discipline. It defines management as the process of getting work done through others involving planning, organizing, staffing, directing, and controlling. The key functions of management are explained as planning, organizing, staffing, directing and controlling. Management takes place at three levels in organizations - top level management which determines objectives and policies, middle level management which implements plans and coordinates departments, and lower level management which provides supervision.
Similar to Business management 2017 18 unit no 1 (20)
Understanding Inductive Bias in Machine LearningSUTEJAS
This presentation explores the concept of inductive bias in machine learning. It explains how algorithms come with built-in assumptions and preferences that guide the learning process. You'll learn about the different types of inductive bias and how they can impact the performance and generalizability of machine learning models.
The presentation also covers the positive and negative aspects of inductive bias, along with strategies for mitigating potential drawbacks. We'll explore examples of how bias manifests in algorithms like neural networks and decision trees.
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Business management 2017 18 unit no 1
1. Business Management
COURSE CODE:- 304188
(WITH EFFECT FROM ACADEMIC YEAR 2017-18)
Prof. P. M. Dahale
BUSINESS MANAGEMENT PROF. P. M. DAHALE 1
2. Unit I :Basics of Business Management
Introduction, Definition of management, characteristics of management, functions of management -
Planning, Organizing, Staffing, Directing, Co-ordination, Controlling, Motivating, Communication,
Decision Making, Principles of management – F.W.Taylor, Henry Fayol, Elton Mayo,
Administration and management, Nature of management, levels of management, scientific
management, managerial roles, Forms of Organization- Line , Line –staff,committee etc, Dist
Business sectors & forms of business organizations- private sector,Cooperative sectors, public sector,
joint sector, Services sector, Various forms of business organizations – Sole Proprietorship,
Partnership firms, Joint stock companies -their features, relative merits, demerits & suitability.
Concept of globalization
BUSINESS MANAGEMENT PROF. P. M. DAHALE 2
3. Introduction of Management
• Management is one of the most imperative and
interesting disciplines of business.
• Coordinating work activities so that they are
completed efficiently and effectively with and
through other people
• Every product we use, every service we receive
and every action we take is provided or affected
by organizations. These organizations require
managers.
BUSINESS MANAGEMENT PROF. P. M. DAHALE 3
4. Definition of Management
• Management refers to all those
persons who are concerned with
management of the organization.
Such persons are given
responsibilities with authority to
execute policies of business.
• Management is art of getting
things done through and with
people in formally organized
groups.
BUSINESS MANAGEMENT PROF. P. M. DAHALE 4
5. Continue…….
It defines aims and objectives of a business
It set down plans, policies,procedures,programms,objectives of business
It brings together various factors like: men, money, machine, methods, market
It makes the best possible use of all resources and factors of production
It provides conditions in which persons who are associated with the organization derive
maximum benefit and satisfaction.
BUSINESS MANAGEMENT PROF. P. M. DAHALE 5
6. Characteristics of Management
Management Is Goal Oriented
Management Integrates Human, Physical& Financial Recourses
Management Is Continuous
Management Is Time Oriented
Management Is all Pervasive
Management Is a Group Activity
Management Is Linked With other Fields of Study
BUSINESS MANAGEMENT PROF. P. M. DAHALE 6
7. Management Is Goal Oriented
• Management is highly goal oriented activity.
• Success is measured in terms of the
achievements of predetermined goals or
objectives.
• Example: If an organization decides to provide
better quality products to their consumers, then
management directs the required manpower
and resources in the proper direction to get the
expected results.
BUSINESS MANAGEMENT PROF. P. M. DAHALE 7
8. Management Integrates Human,
Physical & Financial Resources
In any organization the different resources used are humans, machines, materials,
financial assets ,buildings etc.
Humans have to work with non human resources to perform their jobs.
Management Integrates human efforts to those non human resources. It brings
harmony among available resources.
BUSINESS MANAGEMENT PROF. P. M. DAHALE 8
9. Management Is Continuous
• Management involves continuous
handling of problems and issues.
• It is an ongoing process.
• It includes the problem identification and
finding out the solution by taking
appropriate steps.
• Management is not only concerned with a
particular department like production or
human resources, it even involves
marketing, advertisement and so on
BUSINESS MANAGEMENT PROF. P. M. DAHALE 9
10. Management Is Time Oriented
• Management has to always ensure that the production
schedules are met and the targets are achieved.
• All targets are always set in accordance with the time
and the results are also measured in terms of time.
• The management has to ensure that it manages
particular features properly and is always relates it to the
other features of management.
BUSINESS MANAGEMENT PROF. P. M. DAHALE 10
11. Management Is all Pervasive
Management is required in all types of organizations including political, social,
cultural or business as it assist and directs various efforts towards a definite goal.
Thus colleges, hospitals, business firms, clubs, government organizations require
management.
Irrespective of the size or type of organization where more than one person is
involved needs management.
BUSINESS MANAGEMENT PROF. P. M. DAHALE 11
12. Management Is a Group Activity
Management is concerned with the group
activity rather than an individual’s
performance.
The efforts are measured in terms of groups
to achieve predetermined goal or
objectives.
To accomplish the objectives of an
organization every individual from the
organization needs to work in the team
BUSINESS MANAGEMENT PROF. P. M. DAHALE 12
13. Management Is Linked With Other
Fields of Study
1. Anthropology
2. Economics
3. Philosophy
4. Political Science
5. Psychology
6. Sociology
BUSINESS MANAGEMENT PROF. P. M. DAHALE 13
14. Continue…….
1. Anthropology:
- Anthropology is the study of societies. It helps to learn about humans and their activities.
- It also elucidates the differences in fundamental values, attitudes and behavior among people in
different countries as well as even within different organizations
BUSINESS MANAGEMENT PROF. P. M. DAHALE
2. Economics:
-This is a study of the allocation, distribution of scarce resources.
-It helps us to understand the changing economy and the role of competition and free markets
across the globe.
14
15. 3. Philosophy:
-It describes the nature of things, specially values and ethics
4. Sociology:
-Sociology deals with the study of people in relation to their fellow human beings
5. Political Science:
- Political science is the study of behavior of individuals and groups within a political environment.
- It also involves structuring of conflict, allocating power in an economic system , and manipulating
power for individual self-interest
BUSINESS MANAGEMENT PROF. P. M. DAHALE 15
16. 6. Psychology :
-This is thee study of human behavior. It seeks to measure, explain, and sometimes change the
behavior of humans and other animals.
BUSINESS MANAGEMENT PROF. P. M. DAHALE 16
19. Top Level Managers
Risto Siilasmaa
Nokia
Indra K. Nooyi
PepsiCo, Inc
BUSINESS MANAGEMENT PROF. P. M. DAHALE 19
20. Role of Top Level Managers
Sets the goals, objectives, policies etc
Approving annual budgets
Setting the salaries
Responsible for shareholders for the performance of business
BUSINESS MANAGEMENT PROF. P. M. DAHALE 20
21. Middle Level Management : The Role
Top level managers set goals & plans and according to that middle level managers make
plan
Middle level managers executive plan
They give training to the lower level managers
Middle level managers interpret and explain policies from top level to lower level
Take a care about departmental activity
They take a feedback from low level managers and present towards the top level
managers which help in decision making process
They motivate and inspires the lower level managers
BUSINESS MANAGEMENT PROF. P. M. DAHALE 21
22. Lower Level Management : The Role
Guide and instruct workers for day to day activities
They are responsible for quality and quantity of production
Take a feedback from employees and present the employees problems,
suggestions in front of middle level managers
They motivates and inspire the workers
They provides practical skills and training to workers
Making a list and arrangement of machine, tools, raw materials
BUSINESS MANAGEMENT PROF. P. M. DAHALE 22
24. Planning
-Planning means what has to be done to achieve a particular goal. In other words
we can say that it is set of exact steps to be taken to accomplish organization’s
goal.
-A good plan always gives good results.
Example: If company decides to boost the sale. The necessary steps could be
inventory management, advertisement or increase in sales staff etc. Once the
proper plan gets ready manager has to execute it step by step.
BUSINESS MANAGEMENT PROF. P. M. DAHALE 24
25. • Goals
• Objectives
• Strategy
• Policy
• Procedure
• Rules
• Program
• Method
• Budget
BUSINESS MANAGEMENT PROF. P. M. DAHALE 25
26. Continue…
Planning is highly goal oriented
Planning is a continuous processes
Planning is pervasive
“ Planning is the preparation of tomorrow and it an activity which allows managers to determine
what they want and how they will achieve it ”
BUSINESS MANAGEMENT PROF. P. M. DAHALE 26
27. Organizing
• It is distributing or allocating
the activities of business among
different personnel
• The manager has to divide the
work in activities and assign
tasks to various groups of people
BUSINESS MANAGEMENT PROF. P. M. DAHALE 27
28. Purpose Of Organizing
Match The Employees To The Task
Communicate Properly
Transfer Authority
Prevents Corruption
BUSINESS MANAGEMENT PROF. P. M. DAHALE 28
29. Staffing
Staffing is another important
function which manager needs to
perform.
Determining the human resource
requirement from the plan, manager
has to speed up the process of
staffing by selecting, recruiting,
training and developing the
employees.
Manager has to work with the
human resource department to
execute this function
BUSINESS MANAGEMENT PROF. P. M. DAHALE 29
30. Directing
• Directing includes the work
guiding and supervising
subordinates.
• Each and every manager is
responsible for his / her
department and he/ she should
provide necessary guidelines
to his/ her subordinates.
BUSINESS MANAGEMENT PROF. P. M. DAHALE 30
31. Importance Of Directing
It Initiates Actions
It Integrates Efforts
Efficient Utilization Of Resources
Coping With The Changes
BUSINESS MANAGEMENT PROF. P. M. DAHALE 31
32. Controlling
• Controlling means to check the
functioning of all the works.
• It is following up what is being
done.
• Controlling consist of basic steps
viz. setting standards of
performance.
• Comparing actual with these
standards and taking corrective
steps whenever deviations are there.
BUSINESS MANAGEMENT PROF. P. M. DAHALE 32
33. Steps In Controlling Functions
1. Set Standards To Measure Performance
2. Measure Real Performance
e.g. Sales growth is target of organization. The organization should have a means
of gathering and reporting sales data
3. Contrast Performance With The Standards
4. Take Corrective Actions
e.g. In a productivity or quality department workers and managers often
empowered to evaluate their own work
BUSINESS MANAGEMENT PROF. P. M. DAHALE 33
34. Summary……….
………. Planning includes the predetermined course of action
………Organizing concerned with the allocation of task responsibilities within employees
….staffing include selection of proper personnel for proper job in an organization.
Staffing includes manpower planning, recruitment, training, promotion etc.
…… Directing guidelines to subordinates to provide them suggestion and instruction
wherever needed
…….. Controlling include setting standards and comparing the actual performance with
standards performance.
BUSINESS MANAGEMENT PROF. P. M. DAHALE 34
35. Communication
• Communication is the process of
passing information and
understanding from one person
• Communication is a the process
of meaning full interaction among
human beings
• it involves a systematic process
of telling, listening and
understanding
BUSINESS MANAGEMENT PROF. P. M. DAHALE 35
36. Decision Making
• Generally all managers take decision. They take decision
based upon some data and their analysis.
• Decision are the choice of management from of several
alternatives for that they use several technical methods.
• Example: sales manager takes decision for sale,
marketing manger for marketing.
BUSINESS MANAGEMENT PROF. P. M. DAHALE 36
37. Managerial Skills
Managers ,to effectively run an organization, must
possess certain skills that will enable them to perform
their tasks successfully
Poor managerial skills can defect the most successful
activities and in many cases can lead to the downfall of
the organization
Managerial Skills divided into 3 category:
-- Technical Skills
-- Human Skills
-- Conceptual Skills
BUSINESS MANAGEMENT PROF. P. M. DAHALE 37
43. Organization
A social unit of people that is structured and managed to meet a need or to
pursue collective goals
All organizations have a management structure that determines relationships
between the different activities and the members and subdivides and assigns
roles, responsibilities, and authority to carry out different tasks
BUSINESS MANAGEMENT PROF. P. M. DAHALE 43
45. Advantages of Line Organization
Structure of line organization is easy to understand is simple as well as easy to
execute
It is flexible and easy to expand and contract. Easily we can add or remove
member from this type of organization
Due to simple structure the division of authority becomes clear and simple
Even communication among superiors as well as subordinates is easy as there is
no confusion among members
This structure allows fast or speedy work as there is no conflicts
Due to perfect fixation of responsibilities the degree of discipline is very high
and thus very useful for an organization
BUSINESS MANAGEMENT PROF. P. M. DAHALE 45
46. Disadvantages of Line Organization
It is very simple and small so it does not cover the complicated relationship
between people
Line of organization is not able to focus on the work specialization. People may
have to do the job though they are not specialized in that area
Because of lack of specialization there is more wastage of materials and man
hours
In this type of organization working is monotonous that only superiors dictate
the work to the subordinates
In line organizations provisions are not frequently made to train, develop and
replace top executives as well as the subordinates
It may overload the subordinators
BUSINESS MANAGEMENT PROF. P. M. DAHALE 46
47. Applications of Line Organization
Textile Industry Paper IndustrySugar Industry
BUSINESS MANAGEMENT PROF. P. M. DAHALE 47
49. Advantages of Functional Organization
In this type of organization considered the work specialization. Since a foreman
is responsible for one function, he can perform his duties in a better manner and
produces the better results
Due experts advice there is reduction in the number of accidents and wastage of
materials, men and machine hours.
Expert person like a foreman can give work related advice to the workers so the
workers so that they again perform better and thus their productivity is also better
Quality of work gets improved because of concentration in only one specialized
area of the concern person
BUSINESS MANAGEMENT PROF. P. M. DAHALE 49
50. Disadvantages of Functional
Organization
In this type of organization the exposure given to the worker is very less. There is
no opportunity to the worker to show their ingenuity, initiative or drive
Due to number of foremen, workers may get confuse about the activities and
authorities of these numbers of foremen
As there are various foremen working on the same level who handles different
activity, the coordination among these foremen becomes a difficult task
BUSINESS MANAGEMENT PROF. P. M. DAHALE 50
51. Line and Staff Organization
BUSINESS MANAGEMENT PROF. P. M. DAHALE 51
52. Advantages of Line- Staff
Organization
Required expert advice can be taken from the specialist staff executive
To concentrate on the production the line executives are made free from the load
by allocating work to the staff
Due to proper work division there is less wastage of material, men power
,machine
Due to specialization the quality of product is improved
The chance of confusion among the people are very less because duties are clear
to each and every person
Line-Staff organization have all the advantages of functional and line
organization
BUSINESS MANAGEMENT PROF. P. M. DAHALE 52
53. Disadvantages of Line –Staff
Organization
Due to increase in staff members and due their high salaries and other official
expenses the cost of the product gets increased
If functions are not properly cleared by line and staff, organization may get
confused
If line executives are fully dependant on the staff member or staff executive then
they may lose their initiative, drive and ingenuity
If jealousies are developed between line and staff executive it may cause harm to
the enterprise
BUSINESS MANAGEMENT PROF. P. M. DAHALE 53
54. Business Organization
Business organization refers to all those steps that need to be undertaken for
establishing relationship between men, material and machine to carry on business
efficiently with the intension of earning profits.
In short, it is what all is required to get a business rolling with the underlying
intension of making profits.
BUSINESS MANAGEMENT PROF. P. M. DAHALE 54
55. Characteristics of Business Organization
Ownership: Refers to the
right of an individuals or a
group of individuals to acquire
legal title to assets or
properties for the purpose of
running the business
A business firms firm may be
owned by one individual or a
group of individuals jointly
BUSINESS MANAGEMENT PROF. P. M. DAHALE 55
56. Lawful Business
• The business activity that is
undertaken by the business
enterprise must be lawful.
• This implies that illegal
activities should not be
undertaken and the enterprise
should comply with the law of
the land
BUSINESS MANAGEMENT PROF. P. M. DAHALE 56
57. Separate Entity and Management
• Every enterprise is an
independent entity and has its
own assets and liabilities and a
separate way of functioning
•Separate entity is that the
profit or losses of one entity
cannot be passed to another
entity
BUSINESS MANAGEMENT PROF. P. M. DAHALE 57
58. Continuity
• The business
operations undertaken
by the entity should be
on a continuous basis
and cannot have one
single operation or
transaction
BUSINESS MANAGEMENT PROF. P. M. DAHALE 58
59. Risk
• Business is directly
associated with risk and
uncertainty
• The greater the risk the
greater has to be the profit
BUSINESS MANAGEMENT PROF. P. M. DAHALE 59
60. Scope of Management
1. Subject-matter of management
2. Functional area of management
- Financial
- Personal
- Purchasing
- Production
- Maintenance
- Transport
- Distribution
- Office
- Development
60BUSINESS MANAGEMENT PROF. P. M. DAHALE
61. 3. Management is an inter-disciplinary approach
4.The principles of management are of universal application
5. Modern management is an agent of change
61BUSINESS MANAGEMENT PROF. P. M. DAHALE
62. Frederick Winslow Taylor
American mechanical engineer
Sought to improve industrial efficiency.
Father of scientific management
(Taylorism)
First management consultants
62BUSINESS MANAGEMENT PROF. P. M. DAHALE
63. Scientific Management
Frederic Winslow Taylor National efficiency was a more significant issue than conserving
natural resources.
Principle of Scientific Management Efficiency
Significant waste in human effort Soldering: Workers at a deliberately slow pace
1. Social incentives avoiding abuse from co-workers for raising bar on performance.
2. Economic incentives paid same day wage regardless of how much is produced
Primary objective of management maximum prosperity
1. development of business to highest stat of excellence
2. development of each worker to state of maximum Efficiency
63BUSINESS MANAGEMENT PROF. P. M. DAHALE
64. Scientific Management….
Greater assumption of responsibilities by Management: Observe workers to identify
preferred method of performing tasks.
Principles of scientific management
1. Establish clear rules on how work was to be performed:-
2. Select, train, and develop workers
3. co-operate with workers and insure work is consistent with rules identified.
4. Equal division of work and responsibility between management and workers.
64BUSINESS MANAGEMENT PROF. P. M. DAHALE
65. Fundamental principles
Replacing rule of thumb with science.
Working for maximum output, rather than restricted output.
Developing all workers as maximum as possible for their own and their
company’s highest prosperity.
Obtaining harmony in group action, rather than discord.
Achieving cooperation of human being, rather than chaotic individualism.
65BUSINESS MANAGEMENT PROF. P. M. DAHALE
66. Limitations of Scientific Management
Focuses problems from engineering point of view.
Fails at operational level and not at management level.
Economic and physical needs are emphasized.
Social needs are overlooked.
Totally ignored the human desire for job satisfaction, working conditions, job
contents.
66BUSINESS MANAGEMENT PROF. P. M. DAHALE
67. Henry Fayol’s Administrative Theory (1841-1925)
Henri Fayol (Istanbul, 29 July 1841–Paris, 19
November 1925) was a French mining engineer and
director of mines who developed a general theory of
business
Business Operations of an Organization:
Technical
Commercial
Financial
Security
Accounting
Managerial
67BUSINESS MANAGEMENT PROF. P. M. DAHALE
68. Fayol’s fourteen principles of management
Division of work based on
specialization.
Authority and responsibility.
Discipline.
Unity of command.
Unity of direction.
Subordination of individual
interest to general interest.
Remuneration.
Centralization.
Scalar chain.
Order.
Equity.
Stability of tenure.
Initiative.
Union is strength.
68BUSINESS MANAGEMENT PROF. P. M. DAHALE
69. Elton Mayo
George Elton Mayo (26 December 1880 - 7 September
1949) was an Australian psychologist, sociologist and
organization theorist.
Founder of the Human Relations Movement
The Human Problems of an Industry.
People's work performance is dependent on both social
issues and job content.
A tension between workers' 'logic of sentiment' and
managers' 'logic of cost and efficiency' which could lead
to conflict within organizations.
69BUSINESS MANAGEMENT PROF. P. M. DAHALE
70. Individual workers cannot be treated in isolation, but must be seen as
members of a group.
Monetary incentives and good working conditions are less important to the
individual than the need to belong to a group.
Informal or unofficial groups formed at work have a strong influence on
the behaviour of those workers in a group.
Managers must be aware of these 'social needs' and cater for them to
ensure that employees collaborate with the official organization rather than
work against it.
70BUSINESS MANAGEMENT PROF. P. M. DAHALE
71. Mayo's simple instructions to industrial interviewers:-
1. Give your full attention to the person interviewed, and make it evident that you are doing
so.
2. Listen - don't talk.
3. Never argue; never give advice.
4. Listen to: what he wants to say; what he does not want to say; what he can not say without
help.
5. As you listen, plot out tentatively and for subsequent correction the pattern that is being set
before you. To test, summarize what has been said and present for comment. Always do this
with caution - that is, clarify but don't add or twist.
71BUSINESS MANAGEMENT PROF. P. M. DAHALE
72. Formsof ownerships
Introduction:
Every business activity is initiated by a person called an
‘Entrepreneur’ or a ‘Promotor’.
Business activities are undertaken by Government and private
individuals, sometime they jointly promote or undertake some
business activity.
Primary consideration for undertaking any business activity by private
individual is to earn
“Profit”.
72BUSINESS MANAGEMENT PROF. P. M. DAHALE
73. Formsof ownerships….
Forms of
Organization
Private Ownership
Individual
ownership/sole
proprietary firm
Collective
Ownership
State or
Government
ownership
1. Department under control of ministry
2. Corporation created
3. Government Company
73BUSINESS MANAGEMENT PROF. P. M. DAHALE
74. 1. Sole proprietorship
These are business units owned by one individual or person.
It also includes self-Employed individuals.
74BUSINESS MANAGEMENT PROF. P. M. DAHALE
75. Sole proprietorship……
Advantages:
Formation is easy, least expensive and least time consuming.
Ideal for small volume of business.
No sharing of profits with others.
Personal supervision of the proprietor helps reducing wastages and undesirable
expenditure.
Quick decision making to suit the changing environment.
Flexibility and freedom in operations.
Secrecy in respect of important matters can be maintained.
75BUSINESS MANAGEMENT PROF. P. M. DAHALE
76. Sole proprietorship……
Dis-Advantage:
Limited sources of capital restrict investment and hence no economies of large
scale operations.
Absence of statutory requirements regarding maintenance of records and account
may lead to indiscipline in business.
Limitation for having good counsel or advice from professionals.
Unlimited liability may ruin the proprietors personal property and assets.
76BUSINESS MANAGEMENT PROF. P. M. DAHALE
77. Partnership firms
Partnership means, an arrangement between two or more persons to carry on
some business on joint ownership basis.
In India, partnership firms are governed by the Indian partnership Act 1932.
Partnership firm springs from an agreement. The Agreement may be express (oral
or written ) or implied.
Registration of firm is not compulsory but in view of the dis-advantage or limitation
in respect of unregistered firms.
Registration when so desired is not possible unless contract is written.
The document or Contract between the partners is known as ‘partnership deed’.
77BUSINESS MANAGEMENT PROF. P. M. DAHALE
78. Contents of partnership deed :
The nature and the principal place of business.
The name of the firm.
The names and addresses of the partners.
Capital of each partner.
Profit sharing ratio.
Rights and duties of each individual partner.
Name of the managing partner or partners.
Mode or method of calculating goodwill on dissolution.
Duration of the agreement.
Procedure for appointment of an arbitrator in the event of any disputes
among the partner's.
Maintenance of books of accounts and financial year.
78BUSINESS MANAGEMENT PROF. P. M. DAHALE
79. Partnership firms…..
Advantages:
1. Pooling of physical resources (including capital) and expertise or
competence of two or more persons is possible.
2. Formation is easy, less expensive and less time consuming.
3. Business may not suffer in the absence of one or few partners.
4. Personal contacts of each partner help quick development of business
and establishment of goodwill/reputation.
5. Division of work among partners can improve quality of supervision or
management.
6. Economies of large scale.
79BUSINESS MANAGEMENT PROF. P. M. DAHALE
80. Partnership firms…..
Dis-Advantages:
1.Divergent views of different partners delay decisions.
2.In the absence of clear division of work, two or more working partners give
different instruction to the employees and follow different systems. This leads to
chaos and confusion in organization.
3.Death or retirement of one partner results in dissolution of firm.
4.Firm has no separate legal entity. It can not invest in its own name, can not be sued
in its own name.
5.When the business grows and profitability improves, partners often fight for
acquiring substantial control and the whole business gets ruined.
80BUSINESS MANAGEMENT PROF. P. M. DAHALE
81. joint stock company
Its very popular form of business organization
JSC in india are governed by the companies Act, 1956.
There are different kinds of companies such as companies limited
by share capital, companies limited by guarantee without share
capital, companies not for profit etc.
81
Companies
limited by shares
Private Limited
Companies
Public Limited
Companies
BUSINESS MANAGEMENT PROF. P. M. DAHALE
82. joint stock company…
Formation of joint stock company:-
The procedure for formation of a company is expensive and time consuming.
Steps:
1.Obtaining approval for the proposed name of the company.
2.Drafting memorandum of association and articles of Association the company.
3.Stamping and signing of memorandum of Association and Articles Association by the promoters in
the prescribed manner.
4.Consents of the individuals named as directors, particulars of their directorships in other companies,
address of the registered office are required to be furnished.
5.Payment of registration fees.
6.Declaration that all legal requirements of the companies Act 1956 in formation of the company are
complied with all the above document with fees must be submitted to the registrar of the companies
of the state in which the registered office will be situated.
82BUSINESS MANAGEMENT PROF. P. M. DAHALE
83. joint stock company…
Advantages:
1. It is possible to raise large amount of capital from number of small investors.
2. Volume of business justifies appointment of qualified and experienced personnel.
This helps reducing cost of supervision.
3. Because of broad capital base, borrowing capacity is increased.
4. Experts can be invited as directors of the company without any financial
commitment on their part.
5. Because of perpetual entity or existence large organizations prefer dealings with
bodies incorporate like companies.
6. In case of losses in business, directors and shareholders are not held personally liable
unless such losses have resulted from willful negligence or fraud committed by them.
Their personal assets are secured.
83BUSINESS MANAGEMENT PROF. P. M. DAHALE
84. joint stock company…
Dis-Advantages:
1.Formation is expensive and time consuming.
2.Proper record keeping etc. increases cost of administration.
3.Large number of shareholders spread over large geographical area increases
administrative costs.
4.Directors who may not have substantial stake in the company virtually enjoy
absolute control over the affairs of the company.
5.As directors may not have stake in the company, they may not take proper care
while investing the funds of the company in any business.
84BUSINESS MANAGEMENT PROF. P. M. DAHALE
85. Co-Operative
Development of co-operative societies is phenomenal in Maharashtra.
Most of sugar factories in Maharashtra are co-operative societies formed
by collective efforts of sugarcane growers/cultivators and social leaders.
Co-operative societies do not primarily aim at profit.
The main objective or primary consideration in forming co-operative s is
prosperity and progress through co-operation.
85BUSINESS MANAGEMENT PROF. P. M. DAHALE
87. Co-Operative….
Advantages:
1.They help weaker sections of the society in fulfilling their primary needs.
2.Substantial assistance in the form of loans is available from the government.
3.There is fair and equitable distribution of wealth.
4.Economies of scale are possible.
5.Being voluntary organizations, members render voluntary services. There is
saving of administrative and management costs.
87BUSINESS MANAGEMENT PROF. P. M. DAHALE
88. Co-Operative….
Dis-Advantages:
1.Co-operative are more commonly found in rural areas where people are
less educated. The societies are used for personal gain at the cost of poor
people.
2.Democratic style of functioning is not suitable in all type of situations.
3.It is generally found that persons in-charge of affairs do not possess the
requisite administrative/managerial competence.
4.Because of limited financial resources appointment of qualified and
experienced personnel may not be possible.
88BUSINESS MANAGEMENT PROF. P. M. DAHALE
89. State or government ownership
organizations
In India, government has assumed the role of welfare state.
Government is therefore looking after manufacture, distribution and
supplies of various goods and services like post and telegram, insurance,
banking, broadcasting, energy, transport, communication, etc.
Primarily aim at development of physical infrastructure for overall
economic development.
These Govt. activities are undertaken through the medium of three
forms of organisations.
89BUSINESS MANAGEMENT PROF. P. M. DAHALE
90. State or government
ownership organizations…
1. Department form:
These are controlled by the concerned ministry and have no separate entity
different from the government.
Departmental chief is appointed by the minister concerned and works directly
under the superior vision of the minister concerned.
Employs working in these departments are public government servants.
Department do not have own capital but they get their finance from annual
budgets of the Govt.
Examples: Post, telegram department & Indian railways.
90BUSINESS MANAGEMENT PROF. P. M. DAHALE
91. State or government
ownership organizations…..
2. Autonomous Corporations:
These are constituted by separate act or legislation of parliament.
They enjoy separate entity and have their own boards of directors. Directors are
appointed by Govt.
Employees of the corporation are not public servants.
These corporations are financed by grant-in-aid of Govt.
They also get revenue by selling their products(i.e goods & Services)
Examples: Industrial Finance corporation of India, Industries Development Bank
of India, Indian Airlines corporation, LIC of India etc.
91BUSINESS MANAGEMENT PROF. P. M. DAHALE
92. State or government
ownership organizations….
3. Government Company:
A Govt. company means any company in which not less than 51% of the paid up
share capital is held by the Central Govt. and / or by any State Govt.
These companies are governed by the companies Act, 1956.
These constitute a special class of companies and certain provisions of the
companies Act do not apply to government companies.
Employees of these companies are not public servants or agents of the
government.
These companies are managed by boards of directors.
Capital of such companies is subscribed entirely by government or partly by govt.
and partially by private individuals.
Examples: Indian oil corporation ltd., Bharat petroleum corporation ltd., Bharat
heavy Electrical ltd. Hindustan Machine Tools ltd.
92BUSINESS MANAGEMENT PROF. P. M. DAHALE
93. State or government
ownership organizations….
Advantages:
1.Govt. can retain control over the manufacture and supply of essential goods or critical
items.
2.As such enterprises are not guided by profit motive, essential goods, become available to
economically weaker sections of the society at substantially low prices.
3.Because of monopoly position marketing costs are minimum.
4.There are no financial constraints.
5.Economies of scale because of very large volume of business.
93BUSINESS MANAGEMENT PROF. P. M. DAHALE
94. State or government
ownership organizations….
Dis-Advantages:
1.Those who manage these enterprises draw their remuneration regardless of quality of
performance.
2.In reality management of state enterprises becomes politically motivated.
3.Changes in government or ministry are generally followed by changes in senior managers
of such organizations.
4.As compared to the remuneration paid by private organizations, remuneration paid to the
employees in such organization being less getting competent people becomes difficult.
5.Because of political pressures some individuals do not like to join these organizations.
94BUSINESS MANAGEMENT PROF. P. M. DAHALE
96. Concept of Globalization
Definition of Globalisation
Globalization is a social change, an increase in connections among
societies and their elements. The term is applied to many social,
commercial and economic activities.
Development of a global financial system .
History of Globalization
Europeans discover the Americas
Industrial Revolution
Inventions
◦ Transportation
◦ Telephone
◦ Telegraph
96BUSINESS MANAGEMENT PROF. P. M. DAHALE
97. What is Globalization:
Globalization is the flow across national boundaries of goods and
services, capital, people, technology, ideas, and culture. Flow of
People, Goods, Ideas Flow of Insects, Disease Vectors, Viruses,
Economic, Political, Cultural, Social & Health Impacts
97BUSINESS MANAGEMENT PROF. P. M. DAHALE
99. “Globalization in its current phase has been
described as an extraordinary compression of time
and space reflected in the tremendous intensification
of social, political, economic, and cultural
interconnections and interdependencies on a global
scale.”
99BUSINESS MANAGEMENT PROF. P. M. DAHALE
100. 100
What is Globalization Process?
• Domestic company export to foreign countries directly on its own
• Domestic company export to foreign countries through the dealers
• Domestic company becomes an international company by establishing
production and marketing operations in foreign countries
• Company becomes a true foreign company by serving the needs of
foreign customers
BUSINESS MANAGEMENT PROF. P. M. DAHALE
101. Advantages of globalization
• Technological advances
• Expansion of international commerce (exports and imports)
• Rising importance of private capital flows (stock markets and
multinational corporations)
• Increasing travel and migration (international tourism and
domestic diversity)
• Increased communication and interaction between peoples
(through all sorts of media)
101BUSINESS MANAGEMENT PROF. P. M. DAHALE