Core Concepts and Theories of Modern Management
Module 1: Fundamentals of Management
1. Management Definition
The process of planning, organizing, directing, and controlling resources efficiently and effectively to achieve organizational objectives.
2. Characteristics of Management
- Goal-oriented
- Universal
- Continuous
- Social
- Multidisciplinary
- Coordinated
3. Management: Science Versus Art
- Science: Based on systematic knowledge and cause-effect relationships.
- Art: Requires creativity, personal skill, and is practice-based.
4. Taylor’s Scientific Management
- Scientific
Foundational Concepts in Management and Business
Definition of Management
A process of assembling and using sets of resources, in a goal-directed manner, to accomplish tasks in an organizational setting.
- F.W. Taylor: “The art of knowing what is to be done and seeing that it is done in the best possible manner.”
- Mary Parker Follett: “The art of getting things done through people.”
The concept can be traced back to Sir Thomas More (1474-1535), who described the division of work in “Utopia”.
Key Challenges in the 2000s
Managing Change, Managing Resources,
Read MoreFundamentals of Human Resource Management
Human Resource Management (HRM) is the strategic approach to managing people in an organization to achieve both individual and organizational goals. It involves recruiting, selecting, training, developing, motivating, and retaining employees while ensuring their well-being and growth. HRM views employees as valuable assets whose skills and performance are crucial for organizational success.
Definition: According to Dale Yoder, HRM is “the planning, organizing, directing, and controlling of the
Read MoreHuman Resource Planning and Development Strategies
Human Resource Planning (HRP)
Human Resource Planning (HRP) is the process of anticipating and making provisions for the movement of people into, within, and out of an organization. It helps in aligning human resources with the organization’s goals.
Benefits of HR Planning
- Optimum Utilization of Human Resources: Prevents overstaffing or understaffing.
- Better Recruitment and Selection: Supports proactive hiring strategies.
- Improved Employee Development: Identifies training and development needs.
- Succession
Management Principles and Business Concepts Summary
Foundations of Management
Management is defined as “a process of assembling and using sets of resources, in a goal-directed manner, to accomplish tasks in an organizational setting.”
- F.W. Taylor defined it as “The art of knowing what is to be done and seeing that it is done in the best possible manner.”
- Mary Parker Follett described it as “The art of getting things done through people.”
The concept of work division can be traced back to Sir Thomas More (1474-1535), who described it in “Utopia.”
Key Challenges
Read MoreEthical Principles for Business: Theories, Society, and Law
Key Theories of Ethics and Their Application
Utilitarianism
Definition: The ethical theory that suggests the best action is the one that maximizes overall happiness or well-being for the greatest number of people.
Application: In business, this could mean making decisions that benefit the majority of stakeholders, such as providing affordable products to a large customer base, even if it means lowering profit margins.
Deontological Ethics (Duty-based Ethics)
Definition: This theory asserts that actions