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Management Concept

ITFT - PRINCIPLE OF MANAGEMENT

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Page 1: ITFT - PRINCIPLE OF MANAGEMENT

Management Concept

Page 2: ITFT - PRINCIPLE OF MANAGEMENT

Definition of Management

• Management is the art and science of organising and directing human efforts applied to control the forces and utilise the materials of nature for the benefit of man.

—American Society of Mechanical Engineers

Page 3: ITFT - PRINCIPLE OF MANAGEMENT

Nature and Characteristics of Management

Page 4: ITFT - PRINCIPLE OF MANAGEMENT

Management is goal-oriented

• The success of management is measured by the extent to which the established goals one achieved. Thus, management is purposeful.

Page 5: ITFT - PRINCIPLE OF MANAGEMENT

Management is universal

• The fundamental principles of management are applicable in all areas of organised effort. Managers at all levels perform the same basic functions.

Page 6: ITFT - PRINCIPLE OF MANAGEMENT

Management is a continuous Process • Management is a dynamic and an on-going

process.

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Management is an Art as well as Science • It contains a systematic body of theoretical

knowledge and it also involves the practical application of such knowledge.

Page 8: ITFT - PRINCIPLE OF MANAGEMENT

Management is Intangible Management is an unseen or invisible force. It

cannot be seen but its presence can be felt everywhere in the form of results.

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Scope of Management

• Production Management

• Marketing Management

• Financial Management

• Personnel Management

Page 10: ITFT - PRINCIPLE OF MANAGEMENT

Production Management

It includes the following activities:

• Designing the product

• Location and layout of plant and building

• Planning and control of factory operations

• Operation of purchase and storage of materials

• Repairs and maintenance

• Inventory cost and quality control

• Research and development etc

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Page 12: ITFT - PRINCIPLE OF MANAGEMENT

Marketing Management:

It involves the following activities:

• Marketing research to determine the needs and expectation of consumers

• Planning and developing suitable products

• Setting appropriate prices

• Selecting the right channel of distribution, and

• Promotional activities like advertising and salesmanship to communicate with the customers.

Page 13: ITFT - PRINCIPLE OF MANAGEMENT
Page 14: ITFT - PRINCIPLE OF MANAGEMENT

Financial Management:

It comprises the following activities:

• Estimating the volume of funds required for both long-term and short-term needs of business

• Selecting the appropriate source of funds

• Raising the required funds at the right time

• Ensuring proper utilisation and allocation of raised funds so as to maintain safety and liquidity of funds and the creditworthiness and profitability of business, and

• Administration of earnings

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Personnel Management:

It consists of the following activities: • Manpower planning • Recruitments, • Selection, • Training • Appraisal, • Promotions and transfers, • Compensation, • Employee welfare services, and • Personnel records and research, etc

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Page 18: ITFT - PRINCIPLE OF MANAGEMENT

Management By Objectives

• Management by objectives (MBO) is a process of defining objectives within an organization so that management and employees agree to the objectives and understand what they need to do in the organization in order to achieve them.

• The term "management by objectives" was first popularized by Peter Drucker in his 1954 book 'The Practice of Management'.

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