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Fundamentals of Management
Definition of Management
Management in business and human organization activity is simply the act of getting people together to accomplish desired goals According to the management guru Peter Drucker, Organization and coordination
of the activities of an enterprise in accordance with certain policies and in achievement of clearly defined objectives
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WHAT IS MANAGEMENT?
Lead to thinking about profit-maximization as the major goal of enterprise Failed to account for the social nature of business/economics -- inaccurate based on new science
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Fundamentals of Management
FOUR FUNCTIONS
First stated by Henri Fayol(1841-1925)-French CEO Now stated as 1. 2. 3. 4. Planning Organizing Directing Controlling
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Fundamentals of Management
Fundamentals of Management
Scientific Management
Pioneers tried to find more efficient methods and procedures for control
Aims at investigating every problem and find best possible way to solve the problems using the scientific methods or research
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Administrative Management
Henry Fayol aimed at developing a science of administration for management He believed managers, at higher levels, are less dependent on technical knowledge and more on a knowledge of administration
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Hawthorne Experiments
Focused toward psychological and behavioral side of employees at work Psychological Experiments of Elton Mayo disclosed or revealed components of the job and work satisfaction Experiments were divided into three phases
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Elements of a system
Sensing system Information coding system Physical processing system Regulating and controlling system Information and storage system Goal setting or policy making system
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Todays Manager
Responsible for others and their own work Managers are also:
Mediators of disputes Politicians: Persuade and motivate Diplomats: Representative of companies
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In-class exercise
1. List five desired qualities a manager should have 2. List five desired qualities an employee should have
3. Lets say you are a Businessman or a Business woman, what objectives or goals will you set for your business?
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