Explain the principlesof management?

Management Key Concepts:-

Organizations: People working together and coordinating their actions to achieve specific goals.

Goal: A desired future condition that the organization seeks to achieve.

Management: The process of using organizational resources to achieve the organizationÃs goals by... Planning, Organizing, Leading, and Controlling.

Four Functions of Management:-

Planning
Choose Goals
Organizing
Working together
Leading
Coordinate
Controlling
Monitor & measure

Planning:-

Planning is the process used by managers to identify and select appropriate goals and courses of action for an organization.

3 steps to good planning :

1. Which goals should be pursued?
2. How should the goal be attained?
3. How should resources be allocated?

The planning function determines how effective and efficient the organization is and determines the strategy of the organization.

Organizing:-

In organizing, managers create the structure of working relationships between organizational members that best allows them to work together and achieve goals.

Managers will group people into departments according to the tasks performed.

Managers will also lay out lines of authority and responsibility for members.

An organizational structure is the outcome of organizing. This structure coordinates and motivates employees so that they work together to achieve goals.

Leading:-

In leading, managers determine direction, state a clear vision for employees to follow, and help employees understand the role they play in attaining goals.

Leadership involves a manager using power, influence, vision, persuasion, and communication skills.

The outcome of the leading function is a high level of motivation and commitment from employees to the organization.

Controlling:-

In controlling, managers evaluate how well the organization is achieving its goals and takes corrective action to improve performance.

Managers will monitor individuals, departments, and the organization to determine if desired performance has been reached.

Managers will also take action to increase performance as required.

The outcome of the controlling function is the accurate measurement of performance and regulation of efficiency and effectiveness.

Management Challenges:-

Increasing number of global organizations.
Building competitive advantage through superior efficiency, quality, innovation, and responsiveness.
Increasing performance while remaining ethical managers.
Managing an increasingly diverse work force.
Using new technologies.