Presentation on theme: "Introduction to Business Chapter :7 Management and Leadership 1 BRAC University BRAC Business School Spring, 2016."— Presentation transcript:
Introduction to Business Chapter :7 Management and Leadership 1 BRAC University BRAC Business School Spring, 2016
2 Summary BRAC University BRAC Business School What is Management? Goal And Objectives Functions of Management
Management 3 BRAC University BRAC Business School Management is the process used to accomplish organizational goals through planning, organizing, leading and controlling people and other organizational resources. Different goals of any organization: Profit (Beximco Textiles Ltd.), Learning knowledge (BRAC University), Social security (Police)
4 basic and distinct kinds of resources are available in any organization 4 BRAC University BRAC Business School 1. Human Resources (Managerial talent, labor) 2. Financial Resources (Capital in operations) 3. Physical Resources (Raw materials, equipment) 4. Information Resources (Information used for decision-making)
Difference between Goal and Objective 5 BRAC University BRAC Business School Goals are the broad, long term accomplishments an organization wishes to attain. Objectives are specific, short term statements detailing how to achieve the organization’s goals.
Goals Objectives To Improve ProfitabilityTo achieve an increase in annual net income of 22% To Improve Market Share To achieve 43% of market share for the first half of the year To Improve Employee Relation To achieve a 20% improvement in annual employee attitude survey To Complete Project As Soon As Possible To deliver the project report by June 01
Four functions of Management 7 BRAC University BRAC Business School 1. Planning 2. Organizing 3. Leading 4. Controlling
Management Functions 8 BRAC University BRAC Business School Planning and Decision Making Setting organization’s goals and decisions for actions from alternate ways Planning and Decision Making Setting organization’s goals and decisions for actions from alternate ways Organizing Determining to use resources in best possible way Organizing Determining to use resources in best possible way Leading Motivate/influence the employees to work Leading Motivate/influence the employees to work Controlling Comparing the estimated and actual results and correct actions for effectiveness Controlling Comparing the estimated and actual results and correct actions for effectiveness
PLANNING 9 BRAC University BRAC Business School Planning Setting the organization goal Developing strategies to reach those goals Determining the resources needed Setting the precise standards 3 reasons for planning To establish an overall direction for the organization’s future To identify and allocate organization’s resources To decide which tasks must be done for achieving the goals Disadvantages It is costly It is difficult
Planning answers fundamental questions 10 BRAC University BRAC Business School What is the situation now? SWOT Analysis -- Analyzes the organization’s Strengths, Weaknesses, Opportunities and Threats. How can we get to our goal from here? -Strategic planning -Tactical planning -Operational planning -Contingency planning
Strategic and Tactical planning 11 BRAC University BRAC Business School Strategic Planning -- Done by top management and determines the major goals of the organization and the policies, procedures, strategies and resources it will need to achieve them. Tactical Planning -- The process of developing detailed, short-term statements about what is to be done, who is to do it and how.
Operational and Contingency Planning 12 BRAC University BRAC Business School Operational Planning -- The process of setting work standards and schedules necessary to implement the company’s tactical objectives. Contingency Planning -- The process of preparing alternative courses of action the firm can use if its primary plans don’t work out.
Planning Functions 13 BRAC University BRAC Business School
ORGANIZING 14 BRAC University BRAC Business School Allocating the resources, assigning tasks, and establishing the procedures to accomplishing the goal Preparing a structure (organization chart) showing lines of authority and responsibility Recruiting, hiring, motivating and retaining the best people available to accomplish the company’s objectives (staffing)
Organizational Charts 15 BRAC University BRAC Business School Organization Chart -- A visual device that shows relationships among people and divides the organization’s work; it shows who reports to whom.
Levels of Management/Manager 16 BRAC University BRAC Business School
17 BRAC University BRAC Business School Top Management Executive Level Mid-Level Management Junior Level
Levels of Management/Manager 18 BRAC University BRAC Business School Top Managers Consists of small group of executives Common title used—CEO, President, MD etc. They set goals, strategy and operating policies Top Management/Managers Middle Management/ Managers First line Management/ Managers
Levels of Management/ Manager 19 BRAC University BRAC Business School Middle Managers Generally, largest group in any organization Common title used— plant manager, operation manager, division head etc. Major responsibilities— implementing the policies and plans, supervising and coordinating operations of lower level managers First line Managers Last level of managers Supervise and coordinate the activities of operating/ non management employees Common title used— supervisor, coordinator etc. Spend little or no time on planning and organizing
Tasks and Skills at Different levels of Management 20 BRAC University BRAC Business School Skills/Tasks – Technical- are the ability to perform tasks in specific discipline or department – Human relation- involve communication and motivation; they enable the managers to work through and with people – Conceptual- the ability to picture the org. as a whole. They are needed in planning, organizing, controlling, problem analysis, decision making, coordinating and delegating
LEADING 21 BRAC University BRAC Business School Guiding and motivating employees to work effectively to accomplish organizational goals -Giving assignments -Explaining routines -Clarifying policies -Providing feedback on performance
Leadership 22 BRAC University BRAC Business School Leaders must: -Communicate a vision and rally others around that vision. -Establish corporate values. -Promote corporate ethics. -Embrace change. -Stress accountability and responsibility
Leadership Styles 23 BRAC University BRAC Business School Autocratic Leadership -- Making managerial decisions without consulting others. Participative or Democratic Leadership -- Managers and employees work together to make decisions. Free-Rein Leadership -- Managers set objectives and employees are free to do whatever is appropriate to accomplish those objectives.
Leadership Styles 24 BRAC University BRAC Business School Other concepts: Directing Empowerment Enabling Knowledge management
CONTROLLING 25 BRAC University BRAC Business School Set standards for time, quality, quantity and so on Measure performance (results) Compare performance to standards Communicate the result Make necessary modifications
Five steps of Controlling 26 BRAC University BRAC Business School
A key criterion for measurement: Customer Satisfaction 27 BRAC University BRAC Business School External customers include dealers, who buy products to sell to others, and ultimate customers such as you and me, who buy their products for their own personal use. Internal customers are individuals and units within the firm that receive services from other individuals or units. One goal today is to go beyond simply satisfying customers to “delighting” them with unexpectedly good products and services.
28 BRAC University BRAC Business School Sample Questions What are the functions of Management? Give examples Discuss the roles of a manager while planning. Discuss the types of planning in an organization with examples. Mention the different levels of management. What kind of skills are required in each of these levels? Give examples. What is leadership? What should a leader must do? Discuss and give examples for each type of leadership. Discuss the importance of controlling and process of implementing it. What is the new criterion for measurement? How is it one of the most effective criteria.