Principles Of Management

Nabiha fatima

2K20/IT/83
Q1 : what are benefits of management? And briefly Describe the role and function of Effective
manager?

Ans: Management:
Management defined as all the activities and tasks undertaken for archiving goals by continuous
activities like; planning, organizing, leading and controlling. Benefits of Management: many benefits
of management but here we are discuss some benefits of management.

1 : Achievement of Goals:
Efficient management is necessary for the fulfillment of the objectives of the enterprise. Proper
management arranges for the production of socially desirable and essential goods and services by
utilizing the resources of the country fruitfully and effectively. It is through the managers ’
endeavour that an organisation realizes its objectives and serves the society.

2 : Creativity:
Good management provides creativity to an enterprise infusing day to day in it fresh imagination,
thoughts, idea s, and knowledge to make it dynamic and to lead the enterprise to its success and
survival.

3 : Establishment of Industrial Peace:

Peace in industry can be maintained by good management. Selection and appointment of right and
efficient pers onnel, placing them in right positions after proper training, making provisions for their
promotion, paying adequate and reasonable remuneration to them and encouraging t hem by
human behaviour are possible through proper management

4 : Co-ordination of Various Interests:

The manager tries to harmonies the different interests existing in the organisation. A business
enterprise has diverse group of interested parties and the interest of one group often collides with
the other. The manager tries to coordinate all the divergent interests. As P. F. Drucker says, “To
manage a business is to balance a variety of needs and goals.

Roles performed by managers:

A manager is Not only a manager , a team leader, but he or she is also a planner, organizer,
cheerleader, coach, problem solver, and decision maker — all rolled into one. And these are just a
few of a manager's roles. In addition, managers' schedules are usually jampacked. W hether they're
busy with employee meetings, unexpected problems, or strategy sessions, managers often find little
spare time on their calendars. (And that doesn't even include responding to email!)

Functions of Managers:

Planning:
This step involves mapping out exactly how to achieve a particular goal. Say, for example, that the
organization' s goal is to improve company sales. The manager first needs to decide which steps are
necessary to accomplish that goal. These steps may include increasing advertising, inventory, an d
sales staff. These necessary steps are developed into a plan. When the plan is in place, the manager
can follow it to accomplish the goal of improving company sales.

Organizing:
After a plan is in place, a manager needs to organize her team and materials according to her plan.
Assigning work and granting authority are two important elements of organizing.

Staffing:
After a manager discerns his area's needs, he may decide to beef up his staffing by recruiting,
selecting, training, and developing employees. A manager in a large organization often works with
the company's human resources department to accomplish this goal.

Leading:
A manager needs to do more than just plan, organize, and staff her team to achieve a goal. She must
also lead. Leading involves motivating, communicating, guiding, and encouraging It requires the
manager to coach, assist, and problem solve with employees.

Controlling:
After the other elements are in place, a manager's job is not finished. He needs to continuously
check results against goals and take any corrective actions necessary to make sure that his area's
plans remain on track.

Q2 : what is Benchmarking and why is it useful?

Ans : Benchmarking:
Benchmarking is a process where you measure your company’s success against other similar
companies to discover if there is a gap in performance that can be closed by improving your
performance. Studying other companies can highlight what it takes to enhance your company’s
efficiency and become a bigger player in your industry. Benchmarking is a way of discovering what is
the best performance being achieved – whether in a particular company, by a competitor or by an
entirely different industry. This information can then be used to identify gaps in an organization’s
processes in order to achieve a competitive advantage.

Useful :
Benchmarking helps organizations overcome complacency. They continuously strive to improve their
performance standards in order to stay relevant in the market.

Benchmarking helps organizations to identify the areas where the gap between their standard and
that of the industry is the largest. This helps organizations to prioritize the areas that they need to
work on.

Q3 : define strategic management? and why is it important?

Ans : Strategic management:

The term ‘strategic management’ is used to denote a branch of management that is concerned with
the development of strategic vision, setting out objectives, formulating and implementing strategies
and introducing corrective measures for the deviations (if any) to reach the organization ’s strategic
intent. It has two-fold objectives.

* To gain competitive advantage, with an aim of outperforming the competitors, to achieve

dominance over the market.

* To act as a guide to the organization to help in surviving the changes in the business environment.

Importance of strategic management :

* It guides the company to move in a specific direction. It defines organization’s goals and fixes
realistic objectives, which are in alignment with the company’s vision.

* It assists the firm in becoming proactive, rather than reactive, to make it analyse the actions of the
competitors and take necessary steps to compete in the market, instead of becoming spectators.

* It acts as a foundation for all key decisions of the firm. * It assists in the development of core
competencies and competitive advantage, that helps in the business survival and growth.

Q4 : what is the best leadership style for successful managers today?

Ans : A transformational leadership style best fits where many companies are trying to go now –
perpetual change towards a vision. This is why it’s so popular. The most popular “token”
transformational leader is Steve Jobs. It’s the best style to use as a base for how you approach your
and your team’s work
Q5 : How does risk management Helps in any organization?

Ans : Risk Management

Risk management is the process of identifying, assessing and controlling threats to an organization's
capital and earnings. These threats, or risks, could stem from a wide variety of sources, including
financial uncertainty, legal liabilities, strategic management errors, accidents and natural disasters.

Risk management is helps in an organisation because without it, a firm cannot possibly define Its
objectives for the future. If a company defines objectives without taking the risks into consideration,
chances are that they will lose direction once any of these risks hit home

Q6 : define the nature and purpose of directing?

Ans : The purpose of directing is to get various activities coordinated for achieving common goals.
Co-ordination involves the integration of various parts of the organization. In order to achieve goals
of an enterprise, both physical as well as mental co-ordination should be secured.