INTRODUCTION TO BUSINESS AND MANAGEMENT BUS 103 Presentation

INTRODUCTION TO BUSINESS AND MANAGEMENT BUS 103 Presentation By Dr. Roopal Shrivastava Faculty of Administrative Science and Economics TISHK INTERNATIONAL UNIVERSITY

INSTRUCTIONS FOR THE CLASSROOM • Do’s : Ask questions Supplement or complement with learning Take seats on time • Don’ts : Break silence and discipline Do not use mobile in classroom Talk to friends No eating in the classroom

Objectives • To enhance the understanding of business organizations. • • • To equip with knowledge skills and attitude required for effective business management. An understanding of the importance of management to society and individuals An understanding of the role of management An ability to define management in several different ways An ability to list and define the basic functions of management Working definitions of managerial effectiveness and managerial efficiency An understanding of basic management skills and their relative importance to managers An understanding of the universality of management Insights concerning what management careers are and how they evolve

TERMINOLOGIES • Manager • Employee • Organization • Process • Resources

MANAGEMENT DEFINED It is most commonly defined by (Certo & Certo, 2009) as: ‘ The process of reaching organizational goals by working with and through people and other organizational resources. ’ Definition of Management “Management is the process of designing and maintaining of an environment in which individuals working together in groups efficiently accomplish selected aims”. Koontz and weihrich

Management --- Science or an Art Science: • The existence of a systematic body of knowledge with array of principles. Based on scientific enquiry. Principle should be verifiable. Reliable basis for predicting future events. Art • means application of skill in finding a desired result. Art is the way of doing things skillfully. Management is an art because of the following facts. Management process involves the use of practical knowledge and personal skills. Management is creative. Application of practical knowledge and certain skills helps to achieve concrete results.

Management Levels Top level management: • The main functions of top management are • To formulate goals and policies of the company. • To formulate budgets. • To appoint top executives. • To provide overall direction and leadership of company. TOP MIDDLE LOWER

Middle level management: • The improvement functions of middle level management. • To monitor and control the operating performance. • To train, motivate and develop supervisory level. • To co-ordinate among themselves so as to integrate various activities of a department.

Lower level management: • To train and develop the efficiency of the workers. • To assign jobs to workers. • To give orders and instructions. • To maintain discipline and good human relationship among workers. • To report feedback information about workers.

The Importance of Management • To the Society • Our society neither could exist nor improve without a steady stream of managers to guide its organizations. • “ Effective management is probably the main resources of developed countries and the most needed resources of developing ones”.

Managerial Skills required of any manager are classified under three different heads • Conceptual • Human • Technical

Conceptual skills • This skill also called design and problem. Solving skill involves the ability: • To see the organization and the various components of its as a whole. • To understand how its various parts and functions mesh together. • To foresee how changes in any one of these may affect all the others. • A higher degree of conceptual skill helps in analyzing the environment and in identifying the opportunities.

Human skill • Human skill refers to the ability of manager to work effectively as a group member and to build cooperative effort in the team he leads. Human skills are concerned with understanding of „people‟. Manager‟s skill in working with others.

Technical skill • It refers to the ability to the tools, equipment, procedures and techniques. • Effective supervision and coordinating of the work of the subordinates.

The Importance of Managers • The reason managers are important is that organizations need their managerial skills and abilities. • They are critical to getting things done and they do matter in organizations. • “The productivity of work is not the responsibility of the worker but of the manager. ” Peter Drucker.

CNN’s annual report of best paid CEO’s

Managerial Roles Mintzberg a management thinker identified ten roles and classified them within three broad categories. 1. Interpersonal Roles 2. Informational Roles 3. Decisional Roles

ROLES OF MANAGER • Henry Mintzberg pointed out top managers- CEO of organizations have many roles to perform: INTERPERSONAL ROLES • As figureheads, they must represent their organizations in a variety of social, legal and ceremonial situations. • As leaders, they must ensure that organization members are properly guided toward achieving organizational goals. • As liaisons, they must establish themselves as links between their organizations and factors outside their organizations

Informational Roles: a) Monitor: • A manager scans the environment and collects internal and external information‟s. b) Disseminator: • Manager distributes the information to his subordinates in order to achieve organizational objectives. c) Spokes person: • Transmits the information‟s to the outside of the organization.

Decisional Role a) Entrepreneur: • Initiates and supervises design of organizational improvement projects. b) Disturbance handler: • Responsible for corrective action when organization faces on expected problems. c) Resource allocation: • Manager is responsible for allocation of human, monetary and material resources. d) Negotiator: • As a manager he bargains with suppliers, dealers, trade union, agents etc.

MANAGEMENT PROCESS: MANAGEMENT FUNCTIONS • Five Basic Management Functions – • Planning • Organizing • Staffing • Influencing : motivating, leading, directing • Controlling

PLANNING

PLANNING: A PLAN IS A BLUEPRINT FOR ACTION. IT SPECIFIES: RESOURCE ALLOCATIONS SCHEDULES ACTIONS NECESSARY FOR ATTAINING GOALS IT IS THE ACT OF DETERMINING THE ORGANIZATIONS GOALS AND THE MEANS FOR ACHIEVING THEM.

ORGANIZING: • Dividing the total work into various elements and getting the work done by different people which provides a collective result is the basic principle behind organizing. • It provides sequential and systematic framework in the working condition to carry out the roles and responsibilities in an effective way.

STAFFING: • Staffing is another major function in management which is related to personnel department. The main objective of staffing is to place the right person in the right job at the right time. Staffing may be processed by recruitment and selection procedures adopted by the organization.

DIRECTING: • The concept of directing in management means the proper leadership in the organization. • Unity of direction is one of the fourteen principles of Henry Fayol, who is the father of modern management theories. • The concept of directing is also called as leading which enhance the employees work in the right direction towards the mutual benefit of the organization as well as the employees.

CONTROLLING: • The concept of control confined with correcting the deviations from the fixed objectives. • The factors like performance appraisal, training and development are closely related to controlling.

Thankyou!! Contact: Room No. 421 Mail: roopal. shrivastava@ishik. edu. iq