This document provides an overview of management fundamentals taught by Professor M. Muzahidul Islam. It defines management as the process of planning, organizing, leading, and controlling resources to achieve organizational goals efficiently and effectively. The nature of management involves using factors of production, applying to any organization, and directing efforts towards common objectives. Management is both a science and an art that teaches skills and utilizes scientific approaches. Excellent companies are oriented towards action, learn customer needs, promote autonomy, and focus on productivity through employee needs.

1. Management Fundamentals
Course Teacher
Professor M. Muzahidul Islam
Chairman
Dept. of Banking, D.U.

2. Definition of Management
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Management is the process of
planning, organizing, leading and
controlling of an organization’s
human, financial, physical and
information resources to achieve
organizational goals in an efficient
and effective manner.
In short, Management is “getting
things done by other people in an
efficient manner”

3. Nature of Management
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It comprises of planning, organizing,
staffing, leading and controlling.
Factors of production like labor, capital
and land are efficiently and effectively
used by Management.
It applies to any types of organization.
It directs the efforts and activities of the
people concerned towards common
objectives.
It has to pay attention to fulfilling the
objectives of the interested parties

4. Nature of Management (contd)
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Management is gradually turning
towards professionalization.
It has to render social
responsibilities.
Management is both science and
art.
Management is concerned with
productivity through efficiency and
effectiveness

5. Features of Management
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Management is usually associated with
group efforts
Management is purposeful
It is accomplished through the efforts of
others
Management is action oriented
Management is indispensable
Management is intangible
Management can ensure better life

6. Organization, Administration and
Management
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Organization means the collection,
preservation and coordination of the
elements of an enterprise in an integrated
manner.
Administration is the driving force of an
enterprise that sets the objectives,
formulates plans and determines the
guiding principles.
Management is entrusted with the
responsibility of executing the plans and
policies set by the administration for
achieving goals and objectives

7. Management : Art or Science
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Science teaches us to know while art
teaches us to do. In that sense
Management is both science and art.
Management is the ‘art of arts’ as it
teaches us the best accomplishment of a
job that needs skill in performance.
Management is science as the managers
can improve their skill of management by
studying the scientific approaches to their
practice of management.

8. Types of Managerial Skills
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1. Technical Skill
Technical Skill is the ability to use the specialized
knowledge, procedures and techniques of a field
of activities. (Accountants, Engineers)
It is required to perform a particular job in
prescribed ways.
It is important for first line managers who are in
the fields and address work-related problems
2. Human Skill
Human skill is the ability to work with, understand
and motivate other people as individuals or in
groups.
It is cooperative effort, it is team work .

9. Types of Managerial Skills (contd.)
It is the creation of an environment in
which people feel secure and free to
express their opinion
• Human skill is needed by managers at all
levels but specially needed buy mid-level
managers.
Conceptual Skill
• Conceptual Skill is the ability to
coordinate and integrate all of an
organization’s interest and activities
• Conceptual skill is needed by the top level
managers.
•

10. Types of Managerial Skills (contd.)
Design Skill
• Design skill is the ability to solve
problems in ways that will benefit the
enterprise.
• Managers should not be a mere ‘problem
watcher’ rather should have the skill of a
design engineer in working out a practical
solution to a problem.
• Design skill is specially needed for top
management.

11. Management Process
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Planning: It reflects the management’s
future course of action with a view to
achieving the objectives and goals of the
organization.
Organizing: It includes arranging and
distributing work, authority and resources
among the members of the organization
in order to accomplish the goals in the
best possible way.
Organizing produces a structure of
relationship in an organization that makes
sure that all the tasks necessary to
accomplish the goals are assigned to
people who can do them best.

12. Management Process (contd.)
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Staffing is related to organizing that
involves determining the positions to be
filled, identifying the requirement for
manpower, filling the vacancies and training
the employees to accomplish the assigned
task effectively and efficiently.
Leading: It involves directing, influencing
and motivating employees to perform
essential tasks.
Efficient managers needs to be effective
leaders
Coordination is essential in leading as it
helps achieving harmony among individual
effort towards accomplishing group targets.

13. Characteristics of Excellent
Companies
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Profitability is considered as the primary
criteria for measuring the excellence of a
company. Other criteria that are used also
frequently coincide with financial
performance.
In their book ‘ In search of Excellence’
Thomas Peters and Robert Waterman
recognized 43 companies as excellent
having the qualities stated below:
Management Process (contd.)

14. Characteristics of Excellent
Companies
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Were oriented towards action
Learned about the need of their
customers
Promoted managerial autonomy
and entrepreneurship
Achieved productivity by paying
attention to the needs of their
people

15. Characteristics of Excellent
Companies
5. Were driven by a company
philosiophy often based on the
values of their leaders.
6. Focused on the business thay new
best
7. Had a simple organization structure
with a lean staff.
8. Were centralized as well as
decentralized, depending on
appropriateness.