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Process of Management
Roles of a manager
Levels of Management Managerial Skills Management - an art or a profession Professional versus family management Thats been one of my mantras focus and simplicity. Simple can be harder than complex. You have to work hard to get your thinking clean to make it simple. But its worth it in the end because once you get there, you can move mountains."
Importance of Management
Management is a critical element in the economic growth of a country- By bringing together the four factors of production (viz., men, money, material and machines), management
A country with enough capital, manpower and other natural resources can still be poor if it does not have competent managers to combine and coordinate these resources.
Poor economic growth of many Asian and African countries very well illustrates this point.
Without management, a country's resources of production remain Resources and never become Production. Peter Drucker
India
Plentiful in Land Minerals Water Manpower Soil Sunlight Forests
Switzerland
Plentiful only in Water Forest lands
$1.8728 trln
$659.3 bln
Indias GDP?
So, much should you pay if you were to buy all the good and services produced in India in the year 2011-2012???
101,639,010,000,000
That is more than 1 crore crore!!!
$83,325
$1,508
Defining Management
Management is the art of getting things done through people.
Mary Parker Follett
A manager is one who contributes to the organisation's goals indirectly by directing the efforts of others and not by performing the task himself.
Management is process consisting of planning, organising, actuating (motivating) and controlling, performed to determine and accomplish the objectives by the use of people and resources. George R Terry
Planning - Managers think of their actions in advance. Their actions are usually based on some method, plan, or logic, rather than on a hunch.
Organising - Managers coordinate the human and material resources of the organisation.
Actuating - Managers motivate and direct subordinates. Controlling - Managers attempt to ensure that there is no deviation from the norm or plan. If some part of their organisation is on the wrong track" managers take action to remedy the situation.
Jhootta Satyam
Satyam
Satyam was established in 1987. 4th fastest growing IT company in India. 9 % market share 40,000 employees Revenue $2.1 billion It is the first company of India listed in three International Exchanges i.e. NYSE, DOW and EURONEXT Raju was awarded CNBCs Asian Business Leader Corporate Citizen award Satyam was the 2008 winner of the coveted Golden Peacock Award for corporate Governance ;)
Satyam Shock!
Bse - Share prices fell down from Rs 544 in 2008 to Rs 11.50 on 10th Jan 2009 NYSE - $ 29.10 in 2008 to $ 1.80 in March 2009
Board Members Resigned. On 7th Jan., 09, Chairman resigned after announced involvement in fraud.
PwC was Satyams satutory auditor during the time. The Indian arm of PwC was fined $6 million by U.S. Securities and Exchange Commission for not following the code of conduct and auditing standards. They paid a total of $50 million in fine and related expenses
The image of PwC took a major dent with no company wanting to associate their name with the Auditing and consulting firm The next year 17 partners and 170 employees left to join rival KPMG.
PwC transformation
The People
Ketan Dalal, Micael Surface, Deepak Kapoor, Shyamlal Mukherjee, Mark Driscoll, Bharti Ramola
It did take us by surprise at that time, but a lot of water has flowed under the bridge since then. While it may be construed as a professional lapse, investigations by the regulators have revealed that there was no connivance, no complicity. Satyam gave us an opportunity to transform ourselves and we are doing so at a rapid pace
PwC transformation
The Result
ln 2011-12, one of the most challenging years globally for audit firms, the total income of PwC India mirrored a top line growth of 16 per cent, the fastest amongst all the other BRICS countries, where PwC has a presence.
Life @ Google
This creative problem solving is accomplished through the functions of management: planning, organizing, leading and controlling. The intended result is the use of an organization's resources in a way that accomplishes its mission and objectives.
Functions of Management
Different experts have classified functions of management.
According to George & Jerry, There are four fundamental functions of management i.e. planning, organizing, actuating and controlling .
According to Henry Fayol, To manage is to forecast and plan, to organize, to command, & to control. Whereas Luther Gullick has given a keyword POSDCORB where P stands for Planning, O for Organizing, S for Staffing, D for Directing, Co for Co-ordination, R for reporting & B for Budgeting.
Functions of Management
But the most widely accepted are functions of management given
by KOONTZ and ODONNEL i.e. Planning, Organizing, Staffing, Directing and Controlling.
For theoretical purposes, it may be convenient to separate the function of management but practically these functions are overlapping in nature i.e. they are highly inseparable. Each function blends into the other & each affects the performance of others.
Planning
Determination of courses of action to achieve desired goals. Systematic thinking about ways & means for accomplishment of pre-determined goals. Necessary to ensure proper utilization of human & non-human resources. It is all pervasive, it is an intellectual activity and It also helps in avoiding confusion, uncertainties, risks, wastages
organize a business is to provide it with everything useful or its functioning i.e. raw material, tools, capital and personnels.
According to Kootz & ODonell, Managerial function of staffing involves manning the organization structure through proper and effective selection, appraisal & development of personnel to fill the roles designed un the structure.
Recruitment, selection & placement Training & development Remuneration (salary) Performance appraisal Promotions & transfer
According to Koontz & ODonell Controlling is the measurement & correction of performance activities of subordinates in order to make sure that the enterprise objectives and plans desired to obtain them as being accomplished.
Functions of Management
SUCCESS
Process of Management
A model is a simplification of the real world, used to convey complex relationships in more understandable terms. The relationships described above are by no means as straightforward as our model implies.
Interpersonal Roles
1. Figurehead 2. Leader 3. Liaison
Informational Roles
1. Monitor 2. Disseminator 3. Spokesperson
Decisional Roles
1. Entrepreneur (Innovator) 2. Disturbance handler 3. Resource Allocator 4. Negotiator
Entrepreneur Entrepreneur Trouble Trouble shooter shooter Trouble shooter Resource Resource allocator allocator Resource allocator Negotiator Negotiator Negotiator
Levels of Management
First-line managers Responsible for day-to-day operations. Supervise people performing activities required to make the good or service. Ex - Crew leader, supervisor, head nurse, or office manager Middle managers Supervise first-line managers. Are responsible to find the best way to use departmental resources to achieve goals. Ex - Sales manager, branch manager, or department head Top managers Responsible for the performance of all departments and have crossdepartmental responsibility. Ex - CEO, president, or vice president Individual Contributors (ICs) Non-management operative employees. Workers in the organization who are supervised by first-line managers. Ex Shopfloor workers, Specialists/Technicians
Relative Amount of Time That Managers Spend on the Four Managerial Functions
Managerial skills
A Skill is an individual's ability to translate knowledge into action. Hence, it is manifested in an
Conceptual Skills Diagnostic Skills Communication Skills Technical Skills Interpersonal Skills
Decision-Making Skills
Management Skills
Time-Management Skills
Managerial Skills
Technical Skills:
Application of specialized knowledge or expertise acquired though formal training & its use.
Skills Needed
Top mgnt
Human Skills:
Ability to work with people, understand and motivate groups & individuals.
Middle mgnt
Conceptual Skills:
Mental ability to recognize, analyze, diagnose and think through complex situations. Supr. level
2. information can be ordered and specified; and 3. results are cumulative and communicable.
We place management in the category of Behavioral Science. BUT A theoretical body of lessons and principles which a manager has learnt in a classroom will not secure the aimed results unless he/ she also has the skill( or art) of applying such principles and body of knowledge to his/ her special problem.
solve problems.
Management A professsion?
Mcfarland gives following characteristics of a profession: Existence of an organized and systematic knowledge.
This view is not totally correct because there is nothing basically wrong in
perpetuating a family dynasty so long it also continues to be dynamic. A study covering 30 nations around the world points out that : 75%of all firms in the world are family firms. In some of these firms inheritance has been continuing for centuries.