Assignment no. 2

Accounting for Management (MB 103)

MBA 1st Semester Aug-Nov 2011

Topic – “Introduction to Management”

Team Name: “Flying Birds”

Team Members: 113- Richa Patial(B) covered – Introduction

54 – Nikhil Sharma(A) covered – Discussion

180 – Tarun (C) covered – Conclusion

INRODUCTION TO MANAGEMENT

Introduction:

What Is Management?

Management focuses on the entire organization from both a short and a long-term perspective. Management is the managerial process of forming a strategic vision, setting objectives, crafting a strategy and then implementing and executing the strategy.

The key emphasis is on issues related to environmental scanning and industry analysis, appraisal of current and future competitors, assessment of core competencies, strategic control and the effective allocation of organizational resources.

Definition of management?

1. Mary Parker Follet,
"management is the art of getting things done through others"

2. ‘Henry Fayol'
"to manage is to forecast and to plan,organize,to command,to co-ordinate and to control"

3. Louis allen,
"management is what a manager does"

Discussion:

Nature of management?

Management as an Art

Just like other arts it has practical application. The knowledge of management should be learned and practiced by managers, just as medical or legal practitioners practice their respective sciences. In this sense, management is an art.

The manager gains experience by Management as an art has the following characteristics:

continuous application of management knowledge. This experience helps them to develop more skills and abilities for translating management knowledge into practice.

§ Application of management knowledge calls for innovativeness and creativity.

§ The fourth reason to consider management as an art is that in many situations, theoretical knowledge of management may not be adequate or relevant for solving the problem. It may be because of complexity or unique nature of the problem.

Management as a Science

Management as a science has the following characteristics:

Its principles, generalizations and concepts are systematically . In this case the manager can manage the situation or organization in a systematic and scientific manner.

§ Its principles, generalizations and concepts are formulated on the basis of observation, research, analysis and experimentation, as is the case with the principles of other sciences.

§ Like other sciences, management principles are also based on relationship of cause and effect. It states that same cause under similar circumstance will produce same effect. Suppose if workers are paid more (cause), the produce more (effect).

§ Management principles are codified and systematic, and can be transferred from one to another and can be taught.

§ Management principles are universally applicable to all types of organizations.

IMPORTANCE OF MANAGEMENT

It Helps In Achieving Group Goals- It arranges the factors of production, assembles and organizes the resources, integrates the resources in effective manner to achieve goals. It directs group efforts toward achievement of pre-determined goals. Management converts resources of men, machine, money etc. into useful enterprise.

Optimum Utilization Of Resources- Management utilizes all the physical & human resources productively. It provides maximum utilization of scarce resources by selecting its best possible alternate use in industry from out of various uses. It makes use of experts, professional and these services leads to use of their skills, knowledge & proper utilization & avoids wastage.

Reduces Cost- It gets maximum results through minimum input by proper planning & by using minimum inputs & getting maximum output. Management uses physical, human & financial resources in such a way which results in best combination. This helps in cost reduction.

Establishes Equilibrium- It enables the organization to survive in changing environment. It keeps in touch with the changing environment. With the change is external environment, the initial co –ordination of organization must be changed. It is responsible for growth and survival of organization.

CONCLUSION

The ability of organisations to manage change effectively has become more important because of the rapid advances in technology and the increasing uncertainty and risk associated with the business environment. Managing change requires flexibility, good planning, an effective decision making system and an efficient management information system, as well as effective communication systems and channels.

Managers must show leadership, have behavioural knowledge, especially with regards to the management of teams, demonstrate analytical skills in basic economic reasoning, be agents of change, proactive rather than reactive; be able to tolerate ambiguity and uncertainty, and understand why change is so often perceived as threatening.

The possibility of change tends to provoke resistance among the employees that the change will affect. This is due to a very natural fear and mistrust of the unknown. This resistance will manifest itself in different ways, ranging from outright refusal to cooperate through to a covert undermining of proposals. This mistrust can be best overcome by a deliberate policy of keeping people informed about what is being proposed and getting them involved as far as possible in the discussions and decision making.

REFERENCE:

From Wikipedia, the free encyclopedia

Submitted to:

Gurdeepak sir