National Institute of Technology 2009 M.B.A Finance ESSENTIALS OF MANAGEMENT - Question Paper

ESSENTIALS OF MANAGEMENT
Q. l: A) elaborate Managerial functions?
ANS:
Management is the process of designing and maintaining an environment in which individuals working together in groups efficiently accomplish opted aims.
As managers, people carry out the managerial functions of:
Planning
Organizing
Staffing
Leading
Controlling
The concepts, principles, theory and techniques of management are grouped into tee above provided 5 functions. These functions are goal directed, interrelated and interdependent. Although the emphasis is on manager's tasks that pertain to designing an internal environment for performance within an organization, it must never be overlooked that managers must operate in the external environment of an enterprise as well. The manager's cannot perform their tasks well unless they have an understanding of and ire responsive to, the many elements of the external environment - economic, technologic^. Social, political and ethical factors - that affect their areas of operations.
Planning involves devising a systematic process for attaining the goals of the organization. It prepares the organization for the future. It involves selecting missions and objectives and the actions to achieve them. Planning requires decision making that is. Choosing future courses of action from among options. There are different kinds of plans ranging from overall purposes and objectives to the most detailed actions to be taken, such as ordering a special stainless steel bolt for an instrument or hiring are training workers for an assembly line - No real plan exists until a decision a commitment of human or material resources or reputation has been made. Before a decision is made, all that exists is a planning study, an analysis, or a proposal.
Organizing involves arranging the necessary resources to carry out the plan. It is the process of creating structure, establishing relationships and allocating resources to accomplish the goals of the organization. People working together in groups to achieve a few goal must. Have roles to play. The concept of a "role" implies that what people do have a definite purpose or objective: they know how their job objective fits into group effort and they have the necessary authority, tools and info to accomplish the task. Organizing is that part of managing that involves establishing an intentional structure of roles for people to fill an organization. The purpose of an organization structure is to help in creating an environment for human preferences. It is a management tool and not an end in itself.
Staffing involves filling and keeping filled the positions in the organization structure. This is don’t by identifying work force requirements, inventorying the people available, recruiting, selecting, placing, promoting, appraising, planning the careers, compensating and training
Leading is influencing people so that they will contribute to the organization and group goals. It is the interpersonal aspect of managing. The most important issues for managers arise from people - their desires and attitudes, their behavior as individuals and in groups. Effective managers need to be effective leaders. Leading involves motivation, leadership styles and approaches and communication

Earning:   Approval pending.