Principle of Management and Economics - Introduction to Management, Study notes of Economics

Download Principle of Management and Economics - Introduction to Management and more Study notes Economics in PDF only on Docsity! Introduction to Management Management is a process of designing and maintaining an environment in which individuals, working together in groups, efficiently accomplish selected aims. Introduction to Management Management: The process of planning, organizing, leading, and controlling the work of organization members and of using all available organizational resources to reach stated organizational goals. Goal: The purpose that an organizations strives to achieve; organizations often have more than one goal; goals are fundamental elements of organizations. Performance:  Managerial Performance- The measure of how efficient and effective a manager is- how well he or she determines and achieves appropriate objectives.  Organizational Performance- The measure of how efficient or effective an organization is- how well it achieves appropriate objectives. Significance of Management  Directed towards stated objective.  Acts as a creative, motivating & invigorating force.  Acts as a binding force.  Plays crucial role in shaping the destiny of an organization. The Management Process  Planning: is the process of establishing goals and a suitable course of action for achieving those goals.  Organizing: is the process of engaging two or more people in working together in a structured way to achieve a specific goal or set of goals. Managerial Roles Mintzberg’s Roles Decision Roles:  The Entrepreneurial Role.  The Disturbance-handler Role.  The Resource-allocator Role.  The Negotiator Role. Types of Managers: Management Levels:  First-level Managers  Middle Managers  Top Managers Functional & General Managers