# data[].attributes.body
Great 👍

# data[].attributes.body
Nice👍🙂

# data[].attributes.body
great work guyss!!

# data[].attributes.body
Great job👍🏽

# data[].attributes.body
Wow really like your work

# data[].attributes.body
Good work 👌

# data[].attributes.body
An impressive Padlet! Keep up the good work!

# data[].attributes.body
GROUP 7

(DEFINITION & THEORIES OF MANAGEMENT)                                      PRESENTERS -
1. DIVYA KOTIAN - 40307200084
2. NAISHVI VAKHARIA - 40307200087
3. ASHISH KAUR SOHAL – 40307200057
4. SHREYANSH GULECHA – 40307200082
5. PRASHANSA AGARAWAL – 40307200049
6. AYUSH KHETAN - 40307200022

# data[].attributes.body
QUIZ TIME  ON 'MANAGEMENT DEFINITION AND THEORIES'

# data[].attributes.attachment_link.description
Join a game of kahoot here. Kahoot! is a free game-based learning platform that makes it fun to learn - any subject, in any language, on any device, for all ages!

# data[].attributes.body
CASE STUDY

1. Enron

A collapse that became so synonymous that if a company goes bust from a seemingly indomitable position, it’s called “doing an Enron”. Well, I’m not entirely sure about that, but Enron went from $100 billion in “revenue” and 29,000 employees at the beginning of 2001, to filing for bankruptcy at the end of the same year.

But how could that happen? It turns out that Enron’s executives were using accounting loopholes, special purpose entities and false error reporting to hide billions of dollars of debt from failed deals and projects. If they built a power plant and it was expected to make $2 billion in revenue, that was what was reported, rather than the money it actually made. Enron’s executives didn’t just mislead the board of directors, they also pressured their auditors to shred, delete and hide any evidence.

The $63.4 billion Enron had tied up in assets made it the largest corporate bankruptcy in American history until WorldCom’s bankruptcy in 2002.

# data[].attributes.body
EXAMPLE 2

Movies:-

BAND BAAJA BARAAT

# data[].attributes.body
EXAMPLE 1

Movies:-

BADMASH COMPANY

# data[].attributes.body
EXAMPLES:-

-ORGANISATONAL CLIMATE

-NON MONETARY INCENTIVES

-COMPAY DIFFERENT IN AND OUT

# data[].attributes.body
6. SYSTEM APPROACH

Systems approach is based on the generalization that everything is inter-related and interdependent. A system is composed of related and dependent element which when in interaction, forms a unitary whole. A system is simply an assemblage or combination of things or parts forming a complex whole.

# data[].attributes.body
Examples -

Game Theory -  Pepsi and coca cola

Linear Programming -  farmers example

Regression -  sales and rain

# data[].attributes.body
5. QUANTITATIVE MANAGEMENT THEORY

DEFINITION-The quantitative approach to management involves the use of quantitative techniques, such as statistics, information models, and computer simulations, to improve decision making. Today, this view encourages managers to use mathematics, statistics, and other quantitative techniques to make management decisions.

IMPORTANCE-

Reduces time and cost

Optimum utilization of money

Correct and profitable decisions

# data[].attributes.body
Abraham Maslow, a practicing psychologist, developed one of the most widely recognized need theories, a theory of motivation based upon a consideration of human needs . His theory of human needs had three assumptions:

Human needs are never completely satisfied.

Human behavior is purposeful and is motivated by the need for satisfaction.

Needs can be classified according to a hierarchical structure of importance, from the lowest to highest.

Maslow broke down the needs hierarchy into five specific areas:

Physiological needs. Maslow grouped all physical needs necessary for maintaining basic human well‐being, such as food and drink, into this category. After the need is satisfied, however, it is no longer is a motivator.

Safety needs. These needs include the need for basic security, stability, protection, and freedom from fear. A normal state exists for an individual to have all these needs generally satisfied. Otherwise, they become primary motivators.

Belonging and love needs. After the physical and safety needs are satisfied and are no longer motivators, the need for belonging and love emerges as a primary motivator. The individual strives to establish meaningful relationships with significant others.

Esteem needs. An individual must develop self‐confidence and wants to achieve status, reputation, fame, and glory.

Self‐actualization needs. Assuming that all the previous needs in the hierarchy are satisfied, an individual feels a need to find himself.

# data[].attributes.body
The behavioral management theory is often called the human relations movement because it addresses the human dimension of work. Behavioral theorists believed that a better understanding of human behavior at work, such as motivation, conflict, expectations, and group dynamics, improved productivity.

The theorists who contributed to this school viewed employees as individuals, resources, and assets to be developed and worked with — not as machines, as in the past. Several individuals and experiments contributed to this theory.

# data[].attributes.body
Neo- classical theory                                   4. Behavioral management theory

As management research continued in the 20th century, questions began to come up regarding the interactions and motivations of the individual within organizations. Management principles developed during the classical period were simply not useful in dealing with many management situations and could not explain the behavior of individual employees. In short, classical theory ignored employee motivation and behavior. As a result, the behavioral school was a natural outgrowth of this revolutionary management experiment

# data[].attributes.body
- HERE’S HOW BUREAUCRACY WORKS

# data[].attributes.body
- However, there are huge consequences of bureaucratic management-

oWalmart CEO Doug McMillon calls it “a villain.”  Jamie Dimon, the CEO of JPMorgan Chase, agrees that bureaucracy is “a disease.” These leaders feel that bureaucracy saps initiative, inhibits risk taking, and crushes creativity. It’s a tax on human achievement.

# data[].attributes.body
SHORT CASE STUDY ON BUREAUCRACY AND CONSEQUENCES -

BUREAUCRACY becomes important at some places as the ONE OF THE main motive of bureaucratic management theory is REGULATIONS to be followed –

THE BIGGEST FLEX OF INABILITY OF IMPLEMENTING BUREAUCRACY –

oThe deregulation in banks during financial crisis was one small reason that caused the globalrecession in 2008. There were less rigid rules and regulation due to which the banks kept on lending loans to the investment banks so that they keep on lending loans further just for profitability on and on and on. That permitted banks to engage in hedge fund trading with derivatives too. Banks then demanded more mortgages to support the profitable sale of these derivatives. That created the financial crisis that led to the Great Recession. It led to a loss of more than $2 trillion in global economic growth, or a drop of nearly 4 percent, between the pre-recession peak in the second quarter of 2008 and the low hit in the first quarter of 2009 And some of the subordinates who understood the bubble in the market could do nothing due to the upper management pressure.

This tells us that the use of bureaucracy at certain cases is needed for regulation.

# data[].attributes.body
Bureaucratization and rationalization go together, because bureaucracies are organized according to rational principles.

# data[].attributes.body
Max Weber instituted the belief that an organization must have a defined hierarchical structure and clear rules, regulations and authority which governs it. Max Weber bureaucracy ideally has the following characteristics:

•Specialization of Labor – Each person’s jobs are broken down into simple, routine and well- defined tasks.

•A formal set of rules and regulations – Everything single thing will work according to set of rules.

•Well-defined hierarchy within the organization – Each lower office would be controlled and supervised by higher one.

•Impersonality in the application of rules – No personal consideration would be taken.

# data[].attributes.body
3.BUREAUCRATIC MANAGEMENT

-QUESTION -

You work in an IT company and possess all the required skills for the job you work at and are good at it. But what if you’re fired for non-organizational reasons such as religion, race or because you’re boss wants his son to be at your position?

- We call this as Favouritism but Max Weber – The father of Bureaucratic Management called this is as “PARTICULARISM”.

# data[].attributes.body
14.  PRINCIPLES OF MANAGEMENT IN A GIST

# data[].attributes.body
•So thus, The Administrative Theory focuses on improving the efficiency of management first so that the processes can be standardized and then moves to the operational level where the individual workers are made to learn the changes and implement those in their routine jobs and it follows the TOP-DOWN approach.

# data[].attributes.body
• Further he proposed the following 14 principles of management:

1.Division of work                                  2.Authority and Responsibility                3.Discipline                                                  4.Unity of Command                                    5.Unity of Direction                          6.Subordination of individual interest to general interest                                                7. Remuneration                                            8.Centralization                                      9.Scalar Chain                                                  10.Order                                                          11.Equity                                                              12.Stability of tenure                    13.Initiative                                                         14.Esprit de Corps

# data[].attributes.body
Fayol’s administrative management theories were developed after observing a work stoppage that he judged to be a management failure.                                        Here is an audio clip of an employee working in a company led by the scientific management principles has to say about the work life  -

# data[].attributes.attachment_link.title
Taylor Scientific Management Employee 1900s

# data[].attributes.body
•He is the mastermind who put forth an argument that management in their everyday routine carries our five major functions & they are a success in today's business world and our everyday world.

Planning, Organizing, Commanding, Coordinating, and Controlling.

# data[].attributes.body
2. ADMINISTRATIVE MANAGEMENT

- QUESTION?

oWould you like to work whole day by sheer hard work and very little rest and no time to look here are there also or would like to work by PLANNING your task according to your convenience at the most?

The second part is what                              FATHER OF MODERN MANAGEMENT HENRY FAYOL bought at the workplaces.

# data[].attributes.body
-Some of the core features were

•Science, not the Rule of Thumb

•Harmony, not discord

•Co-operation, not individualism

•Development of each and every person to his/her greatest efficieny & productitvity

•Maximum, not restricted output

It thus emphasizes on improving the efficiency of the workers at the operating level first which in turn improves the efficiency of the management, i.e. it follows the BOTTOM-UP approach.

# data[].attributes.body
Father of Scientific Management Frederick Winslow Taylor had thus mentioned these principles to look at each job or task scientifically to determine the “one best way” to perform the job. This is a change from the previous “rule of thumb” method where workers devised their own ways to do the job.

# data[].attributes.body
1.SCIENTIFIC MANAGEMENT

-   Let me start with an situation -

Suppose there is Manager A and Manager B of two different companies. Both deal in same products and have nominal profits. One day Manager A finds out that the employees work in a very sluggish pattern and there is a need to train and make them understand. So he starts to train them, motivate them and record their way of working to give incentives if they work hard and on the other  hand, Manager B does nothing.

# data[].attributes.body
THEORIES OF MANAGEMENT

CLASSICAL THEORY
-1880-1920-

The Classical Theory is the traditional theory, wherein more emphasis is on the organization rather than the employees working therein.

According to the classical theory, the organization is considered as a machine and the human beings as different components/parts of that machine.

# data[].attributes.body
VIDEO ON SCALAR CHAIN

# data[].attributes.attachment_link.title
PRINCIPLES OF MANAGEMENT/ HENRY FAYOL/ SCALER CHAIN/ ORDER/ ANIMATION

# data[].attributes.body
SCALAR CHAIN

# data[].attributes.body
What is The Principle Of Scalar Chain?

1.Scalar chain is the HIERARCHY of AUTHORITY from TOP LEVEL to LOWER LEVEL for COMMUNICATION.

2.Ensures orderly flow of Information & Communication.

3.Traditional Organisations  =  Large scalar chain = Time consuming .

4.For avoiding delay  in decision DIRECT COMMUNICATION  was introduced.

5.This way of DIRECT COMMUNICATION is known as “GANG PLANK”

# data[].attributes.body
Sir HENRY FAYOL has stated the 14 principles of management

Out of which One of the most important principle is the

Principle of Scalar chain.

# data[].attributes.body
SIR HENRY FAYOL

# data[].attributes.body
FAYOL’S PRINCIPLE OF SCALAR CHAIN

# data[].attributes.body
One popular definition is by Mary Parker Follett.                                                  Management, she says, is the "art of getting things done through people"

# data[].attributes.body
According to George R. Terry,                 ''Management Is a distinct process consisting of planning, organising, actuating and controlling; utilising in each both science and art, and followed in order to accomplish pre-determined objectives.

# data[].attributes.body
According to Peter Drucker,                “Management is a multipurpose organ that manage a business and manages Managers and manages Workers and work”.

# data[].attributes.body
According to F.W. Taylor,             "Management is the art of knowing what you want to do and then seeing that they do it in the best and the cheapest may."

# data[].attributes.body
According to Harold Koontz,             "Management is the art of getting things done through others and with formally organised group"

# data[].attributes.body
FIVE IMPORTANT DEFINITIONS

# data[].attributes.body
+Management as an activity-

Interpersonal: Roles that involve coordination and interaction with employees like Figurehead and leaders.

Informational: Roles that involve handling, sharing, and analyzing information like Nerve centre and disseminator

Decision: Roles that require decision-making like Entrepreneur, negotiator, allocator,etc

+Management as a team          +Management as a process

# data[].attributes.body
CONCEPT OF MANAGEMENT

# data[].attributes.body
Management is the process of getting things done effectively and efficiently , with and through the people.

Effectiveness

- “ Doing the right things” : the tasks that help an organization reach its goals

Efficiency

-“Doing things right”: the efficient use of such resources as people,money and equipments

-

-The term “management” may also refer to those people who manage an organization- Managers

# data[].attributes.body
WHAT IS MANAGEMENT?

# data[].attributes.body
The verb manage comes from the Italian maneggiare (to handle — especially tools), which in turn derives from the Latin manus (hand). The French word mesnagement (later ménagement) influenced the development in meaning of the English word MANAGEMENT in the 17th and 18th centuries