...Principles and Practices Of Management PART - A Q1. “Management is a combination of Arts, Science & Profession” Explain fully. Ans. Before writing a write up on “Management is a combination of Arts, Science & Profession” I would like to write something about the management. Management Management is to create a team which accomplishes pre-determined goals with more efficiently in a prescribed time period as planned/decided. Management actually is planning, organizing, directing, controlling & coordinating supported by leadership, communication, motivation and morale. Now I would like to start Management as Art and afterwards I will write about management as science and profession in detail. Management as an Art 1. It requires conceptual, technical, human relationship & decision-making skills. a) Conceptual Skills: Ability to see the “big picture” to recognize significant elements & to understand relationship among the elements. b) Technical Skills: Is knowledge of & proficiency in activities involving methods, procedures & pressures e.g., Mechanic works with tools & Superior show knows how to use these tools to teach them. c) Human Relations: is ability to work with people; it is a cooperative effort; teamwork; create an environment where people feel secure & free to express their opinions. d) Decision: Ability to solve problems in ways that will benefit the enterprise. 2. It requires knowledge: Learning & acquiring...
Words: 14060 - Pages: 57
...CASE I NAVEEN FISHERIES LTD. The managing director of Naveen Fisheries Ltd. (NFL) received a message from one of the members of the crew that their mechanized boats had sunk at sea off Paradeep Port Trust due to unfavorable weather. The other directors of NFL ascertained the detailed information regarding the incident. All the promoters were fresh graduates. Naveem, Praveen, Nagain, Ravi and Chandra were the promoters of the organization (NFL at Vishakhapattanam) with a capital contribution of Rs. 25 lakh each. Three of them had an engineering background. The other two were commerce graduates. They had thought of designing the vessels themselves so that the cost each mechanized boat would be reduced from Rs. 30 lakhs (if they bought them) to Rs. 22 Lakh. They designed three boats and these were sent out with a newly – appointed crew. Two vessels were sent to Paradeep and the third to Kakinada. Unfortunately, the weather was unfavourable. All the vessels sank. The crew also did not have experience. Two workers were injured and the rest arrived sagely. There was significant damage to the vessels and the residue was considered scrap. The cost of scrap of the vessels was nominal. As their working capital was scarce, and they were unable to invest more capital, they were in a dilemma whether to continue the business or not. Case I Questions: 1. What were the reasons for the sinking of the vessels? 2. How could they reorganize the businesses? CASE II MNC CORPORATION ...
Words: 2046 - Pages: 9
...performance and if necessary applying corrected measures so that the performance takes place according to plan.” Based on the definition of control, its following features can be identified: 1. Control is forward looking because one can control future happenings and not the past. However on control process always the past performance is measured because no one can measure the outcome of a happening which has not occurred. 2. Control is both an executive process and, from the point of view of the organizations of the system a result. 3. Control is a continuous process. 4. A control system is a co-ordinated integrated system. Control and other functions Control is closely related with other functions of management because control may be affected by other functions and many affect the functions too. Often it is said ‘Planning is the basis, action is the essence, delegation is the key, and information is the guide for control.’ 1. Planning as the Basis Planning is the basis for control in the sense that it provides the entire spectrum on which control functions is based. In fact, these two terms are often used interchangeably in the designation of the department which carries production planning, scheduling, and routing. It emphasizes that there is a plan which directs the behavior and activities in the organization. Control measures these behavior and activities and suggests measures to remove deviation, if any. Control further implies the...
Words: 486 - Pages: 2
...CONTRACT MANAGEMENT – PRINCIPLES & BEST PRACTICES Strategies and Techniques to ensure successful contract management and administration. ” This course will teach you how to effectively manage all aspects of project procurement. You'll discover the terms, techniques and tools of how to convert project needs into outsourced goods and services. In this skills-building course, you will spend 70% of class time working on contracting activities from requirements documentation through to contract closure. Exercises include the development of a procurement strategy, contract selection, revising and updating SOW’s, risk management, negotiated claims settlement and collection of lessons learned. The emphasis of lectures is on how to work with the many and varied stakeholders involved in the procurement chain. Successful procurements come from working with both internal and external stakeholders. Doing this well requires an understanding of everyone’s roles, responsibilities and expectations. “Know what they do to know what you need to do”. Steps and stages of contract management from needs analysis to closure Terms and terminology of contracting and procurement Legal requirements of contracts and their implications Ingredients for contracting success Stakeholder mapping and expectations analysis Converting project objectives to contract requirements Applications and weaknesses of contract types Risk transfer through...
Words: 287 - Pages: 2
...Lean Supply Chain Management Principles and Practices Professor Deborah Nightingale October 3, 2005 Lean Supply Chain Management Learning Points • Lean supply chain management represents a new way of thinking about supplier networks • Lean principles require cooperative supplier relationships while balancing cooperation and competition • Cooperation involves a spectrum of collaborative relationships & coordination mechanisms • Supplier partnerships & strategic alliances represent a key feature of lean supply chain management ESD.61J / 16.852J: Integrating the Lean Enterprise Page 2 © Deborah Nightingale, 2005 Massachusetts Institute of Technology Theory: Lean Represents a “Hybrid” Approach to Organizing Interfirm Relationships • “Markets” (Armʼs Length): Lower production costs, higher coordination costs • • • Firm buys (all) inputs from outside specialized suppliers Inputs are highly standardized; no transaction-specific assets Prices serve as sole coordination mechanism • “Hierarchies” (Vertical Integration): Higher production costs, lower coordination costs • • Firm produces required inputs in-house (in the extreme, all inputs) Inputs are highly customized, involve high transaction costs or dedicated investments, and require close coordination • “Lean” (Hybrid): Lowest production and coordination costs; economically most efficient choice-- new model • • • Firm buys both customized...
Words: 3888 - Pages: 16
...Need Answer Sheet of this Question paper, contact aravind.banakar@gmail.com www.mbacasestudyanswers.com ARAVIND – 09901366442 – 09902787224 PRINCIPLES & PRACTICE OF MANAGEMENT 1. How should Mr. Durant assess the opportunities in various countries around the world? 2. Should Carrefour adopt Wal-Mart's strategy of "low prices everyday"? What would be the advantage or disadvantage of such a strategy? 3. How could Carrefour differentiate itself from Wal-Mart? 4. Identify cultures in selected countries that need to be considered in order to be successful? 1) The reengineering efforts of P&G focused on the business process system. Do you think other processes, such as the human system, or other managerial policies need to be considered in a process redesign? 2) What do you think was the reaction of the brand managers, who may have worked under the old system for many years, when the category management structure was installed? 3) As a consultant, would you have recommended a top-down or a bottom-up approach, or both, to process redesign and organizational change? 4) What are the advantages and disadvantages of each approach. 1) What is your assessment of Daimler-Benz's operations in many different fields? 2) Should the various groups operate autonomously? What kinds of activities should be centralized? 3) Daimler-Benz is best known for its Mercedes-Benz cars. Why do you think Daimler bought AEG in the first place and why did it venture into the...
Words: 357 - Pages: 2
...Explain How Social, Political and Economic Forces Have Influenced Organization and the Practice of Management Basic Leadership Principles Colonel Royal Mortenson Colonel United States Marie Corps 1. Be a good person, a person of character and strength, and you will always be a good firefighter. 2. Never be afraid to take a moral or ethical stand on something you believe in your gut to be right. Stand up and be counted. 3. Someone has to lead, in the absence of authority---take Charge. 4. “Band of brothers” is not just a line from Shakespeare’s Henry the V. We are a “Band of brothers,” so, like a brother, never turn your back on a fellow firefighter. 5. Always strive to be tactically and technically proficient in all you do. The price of anything less is far too costly. Our environment is uncertain and lethal. Never let it be said that you lost a man or a woman because you failed to do your homework. 6. I will listen to and help any person, anytime. I expect my subordinate leaders to do the same; however, every member of our team must reach out and grab the “offered hand.” 7. Everything I do must prepare myself and my team for mission success and survival. Our enemies must understand that they have but two choices---“make peace or die.” 8. Take care of our families. Stress at home tears at the fiber of our organization. 9. I will hold myself accountable for all I do and don’t do. I will hold others accountable for their actions commensurate...
Words: 340 - Pages: 2
...Human Resource Management Human resource management is a very important department within an organization therefore; it should be conducted effectively to achieve company’s success within the organization. The human resource management department is mandated with the employees’ management directly and dealing with the human beings is a challenging task in firm since the organization success is directly related to the motivation and happiness of the employees (Dessler, 2005). The HR department applies specific theories and philosophies to assist them in managing their employees. Some of these philosophies include the utilitarianism principle and the happiness principle as explained below. HR management is concerned with recruiting, training, and directing the human capital within the organization (Baker & Doran, 2007). The HR department deals with the compensation, hiring, communication, employee motivation, benefits, performance, safety, administration, and training of the employees of the organization. The HR management is a strategic approach used in managing the firm’s human capital and the workplace culture. HR management is a key unit in the organization that has a direct effect on the organization success. Effective management of the employees results to better and effective performance of the business (Sims, 2007). Effective management of the employees’ wins their loyalty thus leading to motivation of the employees. The HR management practices are evolving from...
Words: 1236 - Pages: 5
...Introduction: The Theory behind Scientific Management The definition of Scientific Management is that it is “the management thought concerned primarily with the physical efficiency of an individual worker.” (Business Dictionary, 2011) Though the famous economist Adam Smith, with his division of labour hypothesis is credited with using scientific management principles, it is widely believed that the father of scientific management is the management theorist, Frederick Taylor. Scientific Management and Taylorism are near synonymous due to the fact that the field of Scientific Management was pioneered by Frederick Taylor in the late 19th century. With the adoption of scientific management in virtually every aspect of management practice, the field of scientific management took off in a big way in the 20th century. This resulted in greater efficiencies and more productivity of the workforce as the application of scientific management theories meant that production processes were standardized and the principle of division of labour was applied leading to mass production of goods (Taylor, 2011, 80). An interesting aspect of the scientific management approach pioneered by Taylor is his emphasis on increasing efficiency from the “bottom up” where he concentrated on the shop floor to maximize productivity. When contrasted with the theories by Henri Fayol and Max Weber who favoured a top down approach, we find that Taylor’s approach is better suited to the rigours of modern day manufacturing...
Words: 2545 - Pages: 11
...Henri Fayol: Contributions to the classical stream of Management Theory Present management practices and theories have evolved from classical management theory created by organisation pioneers, and one such influential pioneer was Henri Fayol. Henri began his career as an engineer in a large French mine and eventually succeeded to become the director, here he realised the lack of resources available to managers for developing management practices. Fayol’s did not believe in the old ideas of an individual born to rule, he believed that an employee needs to be motivated and among many other things, money is an important variable in motivation. He also said that managers should keep the morale of his employees high and keep them motivated so they can perform at their best. Fayol believed that by focusing on management practises he would minimise misunderstanding and increase efficiency in organisations and started synthesising his 14 principles of management, which are considered as the foundation and essential references for present management practices and theories. Fayol’s principles of management are still widely used in organisations by management to perform day to day tasks and other functions. His 14 principals acknowledged the importance of management hierarchy and key management process in any organisation. These principles are as follows (Study mode, 2013): 1) Specialisation of labour. Specialising encourages continuous improvement in skills and the development...
Words: 1090 - Pages: 5
...Common Principles and Practices Used to Successfully Manage the 21st Century Technology-Intensive Organization. VIJENDRA KALYAN CHAKRAVARTHI NANDURI CWID: 50116137 Assignment #1 TMGT 599 01W Management of Technology in Organizations Presented to: Dr. Jerry D. Parish, Professor of Technology Management October 8 Abstract Effective use of Technology provides a competitive edge. Technology is a means, not an end. People are the most important resources. Most projects fail due to poor management. The lessons learned from the traditional business management practices and principles which lead for the today’s technology – intensive organizations are * Imbalance between technology generation and technology diffusion in the Industries * Requirements of international facility location and technology transfer * Technology will be useful only when it is used. * More emphasis needs to be placed on adoption, adaptation, and exploitation of technology. Technology refers to the theoretical and practical knowledge, skills, and artifacts that can be used to develop products and services as well as their production and delivery systems...
Words: 2601 - Pages: 11
...2008 Sunshine Coast Airport: Project Charter Project Management: Principles, Processes and Practice Sunshine Coast Airport Project Charter Project Management Practice: Assessment 1 Team Name: JETTS Group: Simpson Chang, Thomas Le, Trung Huu Nguyen, Safi Ayoush, Edi Ofori Project Management Practice: Assessment 1 1 Page 1/1/2008 Sunshine Coast Airport: Project Charter Project Management: Principles, Processes and Practice CONTENTS Document Management .......................................................................... 4 Distribution List ............................................................................................................................................. 4 Version Control .............................................................................................................................................. 5 Project Registration ....................................................................................................................................... 6 Executive Summary ................................................................................. 7 1 Rationale ..................................................................................................................................................... 7 2 Business Drivers .........................................................................................................................
Words: 4279 - Pages: 18
...Reporting Practices and Ethics Paper Teresa Lucas HCS/405 04-13-2015 Elizabeth Caissie The key to understanding finance is learning the four elements of financial management and their relationship to one another. It is important that all financial records are up to date because this helps keep track of how an organization, so they know if they have a profit or a loss. There are four elements of financial management are planning, controlling, organizing and decision making. The first one is planning it allows an organization to set goals and guidelines to ensure success and accomplishments in set goals. The second element of financial management is controlling. Controlling allows an organization to ensure that all rules and regulations within the organization are being followed. The third element of financial management is organizing. Organization is important because it guarantees that the organization is working at its best and it is organized while directing the medical office to work and fix problems that may come. The last element of financial management is decision making. All decision relies on information, and evaluation. Decision making works along with the planning, controlling and organizing...
Words: 815 - Pages: 4
...Ethical Financial Management Dana Doody HCS 405 2 Sep 2014 Working as a financial manager comes with a lot of responsibility; and a lot of standards of practice. Just like physicians and nurses, financial managers of health care organization have a set of rules and ethical guidelines they must follow in their practices. In this paper, I will what the four elements of financial management are. There will also be a summary of generally accepted accounting principles (GAAP) and financial ethical standards. Business’s mist follow these standards in order to comply with federal agencies such as the Financial Accounting Standard Board. I will also provide examples from articles that explain how corporations comply with these standards and deal with fraud or abuse. The four elements of financial management. The key to good financial management is to be well organized and have good finical discipline. Health care is a business and having a good concept of financial management will help those businesses run smoothly. “The healthcare industry is a service industry, its essential business is the delivery of healthcare services.”(Refaat, 2014) Having a good understanding of the elements of financial management can help to explain the financial management of that service industry. The first element is planning, planning helps identify the steps that must be taken in order to accomplish the organizations objectives. The second is controlling, this is in place to help ensure...
Words: 1023 - Pages: 5
...|American Health Information Management Association Code of Ethics | |Preamble | |The ethical obligations of the health information management (HIM) professional include the safeguarding of privacy and security of health information; disclosure of | |health information; development, use, and maintenance of health information systems and health information; and ensuring the accessibility and integrity of health | |information. | |Healthcare consumers are increasingly concerned about security and the potential loss of privacy and the inability to control how their personal health information is | |used and disclosed. Core health information issues include what information should be collected; how the information should be handled, who should have access to the | |information, under what conditions the information should be disclosed, how the information is retained and when it is no longer needed, and how is it disposed of in a| |confidential manner. All of the core health information issues are performed in compliance with state and federal regulations, and employer...
Words: 3524 - Pages: 15
