Management in Action-Social Issues and Ethics

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Q1. (a) CITE NEW AND USEFUL SKILLS TO BECOME EFFICIENT AND EFFECTIVE IN BUSINESS Frenchman Henri Fayol describes management as a composition of five functions namely planning, organizing, leading, coordination and control. Planning: Planning involves identification of your business goal and finding the way to reach it. It involves the estimation of various costs that will be incurred and evaluation of the time required to attain the business goal. A business plan has to be documented and reviewed on a regular basis. A plan is worth it if the attainment of the business goal is feasible with the planned resources. You need to communicate your plan to your employees and accept their feedback. Organizing: It involves the assignment of tasks and allocation of resources throughout the business organization. It includes determining the primary goals of the business and strategies to reach them. Divide the activities into tasks and assign the tasks to suitable and deserving employees. Leading: Leadership is a management skill in itself. A true leader inculcates feelings of confidence, admiration in the followers and a sense of commitment towards their business. A leader influences others to follow him. Transformation is the need of the day and so, leaders need to be flexible, adaptable to change and encourage these qualities in the team members too. Being innovative is important for business growth. Innovation is a skill in itself. Leaders need to be open to new ideas, they need to innovate, bring in positive change as and when needed and progress. Rather, progress is hardly possible without innovation. A leader not only dreams but also provides his employees with a framework to fulfill those dreams. Innovation involves both imagination and action in accordance with it. Delegation is another important aspect of leading. It refers to allocation of tasks to the right people. It involves entrusting deserving candidates with work that they can do best. Coordination and Control: These skills are important for the success of a business. Coordination involves effective communication between team members and across teams. It is useful in tracking activities towards goal achievement. It is crucial to taking decisions about the future lines of action. Control is better implemented in the form of able guidance given to employees by their manager. Evaluations are necessary to track business performance. Business is 'busy-ness'. In simple words, it refers to the act of being busy in productive work. Management is the process of measurement of the amount of work. It also involves assessing the quality of work and productivity. The ability of directed thinking to develop a business idea is another business management skill. One more quality that a skilled manager should possess, is the willingness to work hard towards the achievement of his business goal. Management guru Peter Drucker made a distinction between being efficient and being effective. According to him, performing an activity swiftly and economically refers to being efficient, while doing the right thing at the right time, with efficiency refers to effectiveness. Good business management skills lead you to the right goals. On the other hand doing the wrong things or doing things in the wrong direction is a waste of time and energy. In other words, it's the exercise of efficiency to no avail. A leader should know how to prioritize business activities. He should be able to understand what's important for the business and differentiate it from what is urgent. That is important for effective business management. As a leader, you should be able to understand the weaknesses of the organization and try to improve on them. You must be able to look at the threats to your business and fight them effectively. You should have the skill to endure every setback and learn from your mistakes. Successful business development strategies used by others can help you devise your own. This is when your...
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