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Principles of Management
Lecture 1: Introduction to Management
Definition
The attainment of organizational goals in an effective and efficient manner through planning, organizing, leading and controlling organizational goals.

Four Functions of Management
Planning
* Defines where the organisations want to be and how to get there * Means defining goals for future organisational performance and deciding on the tasks and use of resources needed to attain them Organising

* Is concerned with assigning tasks, grouping tasks into departments, and allocating resources to department Leading
* Involves the use of influences to motivate employees to achieve organisational goals Controlling
* Is concerned with monitoring employees’ activities, keeping the organization on track toward its goals and making corrections as needed

Organizational Performance
Effectiveness: the degree to which an organisation achieves a stated goal Efficiency: the amount of resources used to achieve organisational goals

Management Skills
* Conceptual skills
* Human skills
* Technical skills

Management Types
* Top management
* Middle management
* First-line management

Lecture 2: The Organisational Environment & Corporate Culture External Environment
General Environment
1. International dimension
2. Technological dimension
3. Sociocultural dimension
4. Economic dimension
5. Legal-Political dimension

Task Environment
1. Customer
2. Competitors
3. Suppliers
4. Labour market

Organisational-Environment Relationship
Organisations interact with, and are influenced by their external environment. Two strageties to cpe with high environmental uncertainty: 1. Adapt organisations to changes in the environment (e.g. Restructure) 2. Influence environment to make it more compatible with company needs (e.g. Advertising, branding)

Internal Environment
Corporate Culture
Culture can be defined as the set of key values, beliefs, understandings, and norms shared by members of an organisation.

* Symbols
* Stories
* Heroes
* Slogans
* Ceremonies

Lecture 3 & 4: Planning 1 & 2
Planning 1: Mission and Goals, Planning Process and Plans
Organisational Mission
* Purpose or reason for existence
It answers:
* Who are we?
* What business are we in?
* What do we want to become?

Level of Goals
Strategic Goals - Corporate
* Set by top management
* Broad target (e.g. growth, profitability)
* Focus on whole organisation

Tactical Goals – Departments/Division
* Set by middle management
* Targets departments/units
* More specific than strategic goals

Operational Goals – Day-to-Day
* Set by lower management
* Desired results from lower levels
* Narrower in scope

Benefits of Goals
* Legitimacy to external audience
* Company’s corporate values, product quality and attitude towards employee * Legitimacy to employees
* Knows what the organisation stands for
* Made them more committed
* Source of motivation & commitment
* Helps employees identify with the organisation
* Reduce uncertainty and clarify what employees should accomplish * Guide to Action
* Provide a sense of direction
* Managers know what organisation is trying to accomplish * Standard of performance
* Determine performance criteria
* Provide standard of assessment

Characteristics of Good Goals
* Specific
* Clear about what is expected
* Measurable
* Expressed in quantitative terms, if possible
* Attainable
* Challenging but realistic, can be achieved
* Relevant
* Related to area of work or responsibility, more likely to get support * Time-limited
* Specify a deadline for achievement of goals

Benefits of Planning
1. Helps managers to be future-oriented
a. Identify...
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