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Management: Concepts, Principles, and Evolution, Study notes of Business Strategy

Christ University Business Strategy

A comprehensive overview of management concepts, principles, and evolution. It covers key areas such as the definition of management, its characteristics, importance, and the process of management. The document also explores different theories of management, including the classical, neo-classical, and modern theories. It delves into the scientific management theory of f.w. Taylor, highlighting its key principles and contributions to improving efficiency and productivity in organizations.

Typology: Study notes

2024/2025

Available from 03/05/2025

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

Unit01-ConceptofManagement



Strategy military strategies are used by businesses to outsmart the

competition It is acomprehensive plan developed by acountry to

achieve longtermgoals objectives

logistics military overall processofmanaging how resources are acquired

stored transported to theirfinal destination

Conglomerate geology strategy ofgrowing afirmby acquiring other firms

forinvestment purposes Aconglomerate is alarge company that

consistsofseveral smaller companies each operating in different

unrelated industries The smaller companies are called subsidaries

Bulls Bears these are actions related metaphorically to the movement

ofthe market Bulls are optimistic players who raise stockprices

bybuilding buy pressure whereas Bears create selling pressure

prices go down

If Types of activities

Human activities are broadly classified into two categories

Economic Activities

Non Economic Activities

EconomicActivities all human activities undertakento earn aliving thus

satisfy human wants are called economic activities Their main objective

being wealth creation

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Strategy military

strategies

are used

by

businesses

to outsmart the

competition It is

a comprehensive

plan

developed

by

a

country

to

achieve

long

term

goals

objectives

logistics military

overall

process

of

managing

how

resources are acquired

stored transported to

their

final

destination

Conglomerate

geology strategy

of

growing

a

firm

by

acquiring

other

firms

for

investment

purposes

A

conglomerate

is a

large company

that

consists

of

several

smaller

companies each operating

in

different

unrelated industries The smaller companies are called subsidaries

Bulls Bears these are

actions related

metaphorically

to the movement

of

the

market Bulls are optimistic players

who raise stock

prices

by

building buy pressure

whereas

Bears create

selling pressure

prices

go

down

If

Types

of

activities

Human activities are broadly

classified into

two

living

thus

satisfy

human

wants are called economic activities Their main objective

being

wealth creation

Business

a business refers to

any

activity

that provides goods

or servi

to consumers

for

the

purpose

of

making

a

profit

It

mainly

involves

owner

employees

and

customers It is

affected

by

external factors such

as customerfast

preferences

economic

governmentalfactors as

well as the need to act as

good

corporate

citizens

The

activities needed

to run a business can be

divided

into 5

functional

areas

Management

Operations

Marketing

Finance

Accounting

Management

management

is the art

of

getting

things

done through people

in

formally

organised groups

It is the art

of

creating

an environment

where

people

can

perform

individuals

can

collaborate to attain

an

organisations goals

According

to FW Taylor Management

is the

art

of

knowing

what

to do when to

do see that

itis done in the

best cheapest

way

Characteristics Nature

of

Management

Universal

performed in all types

of

organisations

Pervasive

Goal

Oriented

performed

for

the

achievement

of

an organisation goals

Intangible force

cannot be seen but its presence

can be felt

in

the

way

an organisati

functions

Continuous

process

it is a never

ending process

Dynamic function it is

a

dynamic activity

which adjusts

itself to

changing

environment

Nothing

is eternal in management

Groupactivity

performed

by

group

of

people

not

a

single

individual

Multidimensional

Work

every

organisation

exists to perform

certain work

People work

is

done

by

people it is

imp

to manage

them

Operations purchases

R D

accounting production

etc

Evolution

of

Management

Classical

Theory

Neo Classical

Theory

Modern

Theory

of Management

of

Management

of

Management

Scientific Human

Relations Quantitative

Administrative Behavioural

Sciences

Systems

Contingency

Scientific

Management

FW

Taylor

FW

Taylor

also known

as the Father

of

Scientific

Management

presented

the

scientific

Theory

of

Management

It was formed

through

observations

experimentation in a

factory

and

applied

at the

shop

floor

level It aimed a

improving

efficiency productivity

in an organisation

Time Motion

study

it means

deciding

on

a standardised time

to

perform

a

particular

task This is done

by

using

instruments to take various

readings

set a

standant time It is done

to

determine no

of

workers

required

for

work to be done

Motion

study

means

studing

the various

actions involved in

performing

particular

work

eliminating unnecessary

movements

Differential

Piece

Wage

Taylor

advocated

separation

of

efficient inefficient

workers

through

Differential Piece

wage system

by

rewarding

the

efficient workers

Separation

of

Planning

Doing

Functional

Foremanship Taylor

advocated

this concept

to be

applied

to shop

floor

level

of

management

Under the facto

head

Production

Incharge

Speed

Boss

Repairs

Bon

Gang

Boss Inspecto

and

Planning Incharge

Instruction

Card Clerk Route Clerk Time Cost

Clerk Disciplinarian

Each

factory

worker was required

to

report

to

each head

Scientific

Recruitment

Training

of

personnel

efficiency

can

be

increased

through

selection

of right

employees

Intimate

friendly

relations between Management

workers is

required

to

bring

harmony

unity

in action Competition

shouldb

Management: Concepts, Principles, and Evolution, Study notes of Business Strategy

Related documents

Partial preview of the text

Download Management: Concepts, Principles, and Evolution and more Study notes Business Strategy in PDF only on Docsity!

Strategy military

by

by

country

of

final

of

firm

by

firms

for

A

of

metaphorically

of

by

go

If

Types

of

activities

classified into

living

satisfy

any

mainly

into 5

functional

of

of

way

of

of

way

of

individual

by

imp

R D

Evolution

Theory

Neo Classical

of Management

Management

FW

FW

Taylor

of

floor

study

of

study

of

Doing

floor

Card Clerk Route Clerk Time Cost

report

friendly

replaced with cooperation