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Syllabus:
● M anagement Principles & Practices Principles of management (Planning,
organizing, Directing & Control etc.),
● Job analysis,Job description Job specification, Job design, Job change
● Recruitment
● Communication
● Leadership
● Motivation
● Negotiations
● Financial Management
● Delegation
● Working & Networking
● Project Appraisal
● Career Advancement
● Procurement
S
● tores
● Inventory Management
● Facilities & Infrastructure Management
eel free to send me feedback via direct message on Twitter/X if you'd like to share any
F
thoughts on errors, omissions, misunderstandings of concepts, formatting, or any other
aspects.
Note:[I'm sharing my notes and will update them assoon as I discover any
important facts or theories,concepts etc.]
[You can add more information/facts from your reference sources]
one from my side... I’ll keep updating the docs. So please read online, or
D
you can visit this document after some time.
Management Principles & Practices
hileNewman and Summerhave identified four functionsnamely, organising, planning,
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leading and controlling,Henry Fayolhas recommendedfive basic functions namely,
planning, organizing, commanding, coordinating and controlling.
uther Gulick and L. Urwickhave coined an acronymfor seven functions namely
L
POSDCORB which stands for Planning, Organising, Staffing, Directing, Coordinating,
Reporting and Budgeting.
1.Planning:
● D efinition:The process of setting goals, definingtasks, and outlining the steps to
achieve objectives.
● Key Aspects:
● Goal setting.
● Identifying tasks and resources.
● Creating timelines.
● Steps in Developing a Plan:
● Awareness and SWOT Analysis:Identify opportunities and conduct a
SWOT analysis
● Establish Clear Objectives
● Premising: Acknowledge planning assumptions.
● Alternative Courses of Action
● Systematic Evaluation
● Derivative Plans:
■ Formulate smaller derivative plans.
● Numberizing the Plan:
■ Convert plans into budgetary figures
● Influential Theorist:
● Peter Drucker introduced Management by Objectives (MBO),
emphasizing setting specific, measurable, achievable, realistic, and
time-bound (SMART) goals aligned with organizational vision.
Management and project team
2.Organizing:
D
● efinition:Structuring tasks, roles, and resourcesto achieve planned objectives.
● Key Aspects:
● Role definition.
● Division of labor.
● Resource allocation.
● Pioneer of Organizational Theory:
● Max Weber proposed the idea of bureaucracy with six characteristics:
specialization, hierarchy, rules and regulations, impersonality,
competence, and record-keeping.
3.Directing:
D
● efinition:Guiding and leading individuals to accomplishorganizational goals.
● Key Aspects:
● Leadership.
● Communication.
● Motivation.
● Influential Theorist:
● Douglas McGregor introduced contrasting assumptions about human
nature and motivation with Theory X and Theory Y.
4. Staffing:
Definition:
● Staffing is the process of ensuring that the organization has qualified
workers available at all levels to meet its objectives.
Key Aspects of Staffing:
● Human Resource Planning:Assessing current and futureorganizational
needs in terms of personnel.
● Recruitment and Selection:Attracting, assessing,and hiring suitable
candidates.
● Training and Development:Enhancing the skills andknowledge of
employees.
● Rewards and Compensations:Establishing fair and competitivesalary
structures and benefits.
5.Controlling:
● D efinition:Monitoring, evaluating, and adjustingactivities to ensure goal
attainment.
● Key Aspects:
● Performance measurement.
● Feedback mechanisms.
● Adjusting strategies.
● Strategic Management Tool:
● Balanced Scorecard, introduced by Robert Kaplan and David Norton,
evaluates performance based on financial, customer, internal process, and
learning and growth perspectives.
●
6.Coordination:
● D efinition:Harmonizing and aligning activities andefforts across the
organization.
● Key Aspects:
● Communication.
● Collaboration.
● Integration of tasks.
● Contributor to Coordination Theory:
● Mary Parker Follett advocated for integrating individual and group
interests through conflict resolution and participative decision-making,
emphasizing horizontal communication and cross-functional teams.
7.Decision-Making:
D
● efinition:Choosing among alternatives to make effectivechoices.
● Key Aspects:
● Identifying alternatives.
● Evaluating options.
● Making informed choices.
● Prominent Decision-Making Model:
● Herbert Simon's model involves three stages: intelligence, design, and
choice.
8.Delegation:
● D efinition:Assigning authority and responsibilityto others to achieve specific
tasks.
● Key Aspects:
● Empowering individuals.
● Ensuring accountability.
● Monitoring progress.
● Delegation Framework:
● Situational Leadership Theory by Kenneth Blanchard and Paul Hersey
emphasizes adjusting delegation style based on followers' competence
and commitment levels.
9.Leadership:
D
● efinition:Inspiring and influencing others to worktowards common goals.
● Key Aspects:
● Vision setting.
● Motivation.
● Decision-making.
● Transformational Leadership Theory:
● James MacGregor Burns and Bernard Bass introduced transformational
leadership, inspiring followers for higher performance and personal
growth.
10.Communication:
D
● efinition:Transmitting information and ideas clearlyand effectively.
● Key Aspects:
● Clarity.
● Active listening.
Feedback mechanisms.
●
Communication Process Model:
●
● Claude Shannon and Warren Weaver's model outlines sender, encoder,
message, channel, decoder, receiver, feedback, and noise elements.
11.Ethical Practices:
● D efinition:Upholding moral and ethical standardsin decision-making and
actions.
● Key Aspects:
● Integrity.
● Fairness.
● Social responsibility.
● Ethical Decision-Making Framework:
● Four-Way Test by Herbert J. Taylor: Is it the truth? Is it fair to all
concerned? Will it build goodwill and better friendships? Will it be
beneficial to all concerned?
//////// Terms related to Management:
- M anagement inventory. A management inventory is a database of the skills,
qualifications, and experience of the current and potential managers in an
organisation
- It helps in identifying the existing and future management needs and
developing suitable succession plan
- Management staff are the employees who perform managerial functions such as
planning, organizing, leading, and controlling.
- Management cadre is a group of managers who share a common level of
authority, responsibility, and status in an organization.
- Management personnel are the employees who are involved in the management
process, regardless of their position or rank.
///////////
Managerial roles refer to the specific behaviors and responsibilities that
managers undertake to achieve organizational goals. These roles are
categorized into three main groups:
● Interpersonal Roles:
● Figurehead: Symbolic leader and representative.
● Leader: Motivator,team builder, and decision-maker.
● Liaison: Establishes and maintains networks and relationships.
● Informational Roles:
● Monitor: Gather relevant information.
● Disseminator: Shares information within the organization.
● Spokesperson: Represents the organization to external entities.
● Decisional Roles:
● Entrepreneur: Innovates and explores new opportunities.
● Disturbance Handler: Resolves conflicts and addresses disruptions.
● Resource Allocator: Distributes resources effectively.
● Negotiator: Engages in agreements and negotiations.
he specific roles of a figurehead, a leader, and a liaison form part of a
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managerial role called Interpersonal Role.
Schools of Management Thought
Classical Management Theory (1880’s-1920’s):
● Organization-centered approach.
● Focused on the economic "rational man."
● Included scientific management (Taylor), administrative management
(Fayol, Barnard, Urwick), and bureaucratic organization (Weber).
Neoclassical Theory (1920’s-1950’s):
● Person-centered and human-oriented.
● Emphasized the needs, behaviors, and attitudes of individuals.
● Included human relations schools (Mayo, Roethlisberger, Dickson) and
behavioral schools (Maslow, McGregor, Argyris, Herzberg, Lickert, Lewin).
Modern Management Theory (1950’s-):
● Emphasizes a complete employee view.
● Revisionist researchers like Litchfield contributed.
● Includes systems theory, contingency theory, organizational humanism,
and management science.
ore generic:
M
Management Schools of Thought:
Classical Management Theory:
● Focus on:
● Increasing efficiency and productivity.
● Scientific analysis and organizational design.
Human Relations Theory:
● Emphasis on:
● Human factors in the workplace.
● Worker motivation, satisfaction, and communication.
Systems Theory:
● Views organizations as:
● Complex systems with interrelated parts.
● Managers responsible for maintaining overall system balance.
Contingency Theory:
● Argues:
● No single "best" way to manage.
● Effective practices vary based on specific situations.
Management Theorists and Schools of Thought: Key Points
Henri Fayol (1841-1925):
● "Father of Modern Management"
● Identified 14 Principles of Management:
● Division of Work:
● Specialization enhances efficiency and productivity.
● Unity of Command:
● Employees should have only one direct supervisor to avoid
confusion.
● Unity of Direction:
● Common goals and objectives for unified effort.
● Scalar Chain:
● Clear and unbroken communication and authority lines.
● Centralization:
● Degree of authority concentration at the top.
● Order:
● Organized workplace contributes to efficiency.
● Equity:
● Fair treatment fosters employee loyalty and commitment.
● Initiative:
● Encouraging creativity and proactive behavior.
● Discipline:
● Respect for rules ensures organizational order.
● Remuneration:
● Fair compensation for employees' efforts.
● Stability and Tenure:
Long-term employment promotes expertise and loyalty.
●
Subordination of Individual Interest:
●
● Organizational goals over individual interests.
● Esprit de Corps:
● Team spirit fuels success.
● Authority and Responsibility:
● Corresponding authority for assigned responsibilities.
●
Frederick Winslow Taylor(1856-1915):
● Scientific Management Pioneer
● Focused on efficiency and productivity through:
● Scientific Knowledge over Intuition:
● Cooperative Work Environment:
● Achieving cooperation of human beings, rather than chaotic
individualism
● Working for maximum output, rather than restricted output
● Developing all workers to the fullest extent possible for their own
and their company’s highest prosperity
Mary Parker Follett (1868-1933):
● Human Relations Management Pioneer
● Emphasized:
● Cooperation, teamwork, and shared decision-making.
● Viewed employees as partners, not subordinates.
Peter Drucker (1909-2005):
● Contributions:
● Extensive writings on leadership, marketing, innovation, and
globalization.
● Coined terms "knowledge worker" and "management by
objectives."
Elton Mayo (1880-1949):
● Hawthorne Studies
● Demonstrated:
● Social and psychological factors influence worker productivity.
● Contributed to the foundation of organizational behavior.
Barnard’s Principles:
Context:
● B arnard's principles emerged alongside scientific management,
focusing on industrial psychology and social theory.
Cooperative Systems:
● Executives maintain cooperative systems in formal organizations,
considering physical, biological, psychological, and social factors.
Continuation of Cooperation:
● Corporation's success depends on effectiveness and efficiency,
minimizing dissatisfaction and costs to members.
Formal vs. Informal Organization:
● Formal: Deliberate, joint purpose interactions. Informal:
Uncoordinated social interactions without a joint purpose.
Elements of Formal Organization:
● Functionalization for specialization, effective incentives, authority
acceptance, and logical decision-making.
Executive Functions:
● Executives integrate, balance conflicting forces, and make logical
decisions for the entire organization.
Leadership Importance:
● Cooperation is the creative process, but leadership is indispensable
for its culmination, emphasizing responsible leadership.
Social Systems Approach:
● Barnard's thesis focuses on major managerial elements, offering
insights into decision-making and leadership in a social systems
context.
Human Resource Management (HRM) Notes: Key Pointers
Definition of HRM:
● Involves managing people within an organization, encompassing
recruitment, training, development, performance management, and
employee relations.
HRM Objectives:
● Achieve organizational goals through effective utilization and development
of human resources.
Strategic HRM:
● Align HR practices with overall business strategies for organizational
success.
It involves various functions:
● Recruitment and Selection:
■ Attracting, assessing, and hiring the right talent for organizational
needs.
● Job Analysis and Design:
■ Systematically analyzing and structuring roles for optimal efficiency
and productivity.
● Employee Training and Development:
■ Enhancing skills and knowledge through programs to meet current
and future job requirements.
● Performance Management:
■ Monitoring, evaluating, and improving employee performance
through feedback and goal-setting.
● Compensation and Benefits:
■ Determining fair and competitive salary structures, incentives, and
employee benefits.
● Employee Relations:
■ Managing relationships, resolving conflicts, and promoting a
positive workplace culture.
● Workplace Diversity and Inclusion:
■ Embracing and leveraging differences for a more innovative and
inclusive work environment.
● Legal Compliance:
■ Ensuring HR practices adhere to labor laws, regulations, and
ethical standards.
● HR Metrics and Analytics:
■ Using data to assess HR effectiveness, make informed decisions,
and improve processes.
● Employee Engagement:
■ Fostering a sense of commitment and involvement among
employees for increased productivity.
● Talent Management:
■ Identifying and nurturing high-potential individuals for leadership
roles.
● Succession Planning:
■ Preparing for the smooth transition of key roles within the
organization.
● Health and Safety:
■ Ensuring a safe and healthy work environment for employees.
● HR Technology:
■ Integrating technology for efficient HR processes, such as HRIS
(Human Resource Information System) and ATS (Applicant
Tracking System).
● Change Management:
■ Managing transitions and organizational change effectively to
minimize resistance.
● Global HRM:
■ Addressing HR challenges in a global context, including cultural
differences and international workforce management.
● Ethical HR Practices:
■ Upholding ethical standards in HR decision-making and
interactions.
● Employee Well-being:
■ Promoting initiatives that contribute to the physical and mental
well-being of employees.
● Continuous Learning and Development:
■ Emphasizing a culture of ongoing learning and skill development to
adapt to evolving business landscapes.
● HR Leadership:
■ Developing HR leaders who contribute strategically to
rganizational success.
o
Employee Recognition and Rewards:
●
■ Acknowledging and rewarding outstanding contributions to boost
morale and motivation.
PAYROLL:
● Payroll is a major function of the human resource (HR) department of any
business.
● It involves calculating and processing employee salaries, withholding taxes,
administering benefits and maintaining payroll records.
● Payroll also ensures compliance with relevant laws and regulations
Various methods are employed in performance appraisal:
● R ating Scales: Utilizes numerical or descriptive scales to evaluate performance
across criteria like quality, quantity, timeliness, and accuracy.
● Essay: Requires a narrative description of performance, highlighting strengths,
weaknesses, achievements, and areas for improvement.
● Management by Objectives (MBO): Sets specific, measurable, achievable,
relevant, and time-bound goals, evaluating performance based on goal
attainment.
● 360-Degree Feedback:Gathers input from diverse sources(peers,
subordinates, customers, and supervisors) for a comprehensive performance
assessment.
● Behaviorally Anchored Rating Scales (BARS): Utilizes a scale anchored by
specific behavioral examples to illustrate different performance levels for each
criterion.
○ 360 degrees appraisal
ob analysis,Job description Job specification, Job
J
design, Job change
[theorists mentioned under each headings are for just references, their contributions are very
broad. Don't form boundaries like they are strictly under the category of above mentioned
heading.]
job is a collection of tasks, duties, responsibilities, which as a whole comprise the
A
established assignment to an individual employee.
1.Job Analysis:
● D efinition:The systematic process of gathering, documenting,analyzing, and
evaluating information about a job, including its duties, responsibilities, and
requirements.
● Job analysis is sometimes called Job Study, suggesting the care with
which, tasks, processes, responsibilities and personnel requirements are
inquired into(Yoder, 1969)
● Wendell French (1997) defines job analysis as thesystematic investigation
and delineation of job content, including the physical circumstances in
which a particular job is carried out and the qualifications needed to carry
out job responsibilities.
● Key Aspects:
● Task identification.
Skills and qualifications.
●
● Work environment.
Methods to Obtain Data for Job Analysis
●
● I. Interview and Questionnaire
● II. Observation and Collection of Data
● III. Participation
● IV. Technical Conference
● V. Self-recording or Dairy
● VI. The Position Analysis Questionnaire (PAQ)
● VII. Management Position Analysis Questionnaire (MPAQ)
● Purpose:
● Supports HR processes, such as recruitment, performance appraisal, and
compensation.
● Ensures alignment of job roles with organizational goals.
● Theorists:
● Frederick Winslow Taylor (Scientific Management): Taylor introduced the
concept of scientific management, emphasizing the analysis of work
methods and measurement of productivity. His work laid the foundation for
structured job analysis, focusing on efficiency and task optimization.
● Edgar Schein (Critical Incident Technique): Schein's development of the
Critical Incident Technique involves collecting and analyzing specific
examples of effective and ineffective job behaviors, contributing to a
deeper understanding of job roles and behaviors.
2.Job Description:
● D efinition:A detailed account of a job’s responsibilities,tasks, reporting
relationships, purpose, and scope.
● Key Components:
● Job title
● Duties and responsibilities
● Reporting structure
● Qualifications and skills
● Purpose:
● Communicates job expectations to employees.
● Aids in recruitment and performance evaluation.
● Role specificity and clarity
● According to Wendell French (1995), a job description is useful for the following
processes of personnel administration: -
● Recruitment, Interviewing, and Selection
Orientation and Training
●
● Setting Performance Standards and Goal Statements
● Designing Performance Appraisal Forms
● Job Evaluation
● Clarification and Renegotiation of Roles
● Career Progression Ladders
Theorists:
●
● Henry Fayol (Principles of Management): Fayol proposed the 14 principles
of management, including the unity of direction. This principle aligns with
job description by emphasizing a clear hierarchy and single plan for each
objective.
● George R. Terry (Functions of Management): Terry's definition of the four
functions of management, including planning and organizing, contributes
to the comprehensive nature of job descriptions.
3.Job Specification:
● D efinition:A document outlining the skills, qualifications,characteristics, physical
and mental demands required for successful job performance.
● Key Components:
● Education and experience.
● Skills and abilities.
● Personal attributes.
● Purpose:
● Guides recruitment and selection processes.
● Assists in matching individuals with suitable job roles.
● Theorists:
● David McClelland (Competency-based Approach): McClelland's
competency-based approach focuses on identifying underlying
characteristics of successful performers. This aligns with job specification
by emphasizing qualities beyond observable skills.
● John Holland (RIASEC Model): Holland's RIASEC model classifying
people and work environments into six types helps shape job
specifications based on individual preferences and traits.
4.Job Design:
● D efinition:Structuring and organizing tasks, responsibilities,roles, methods, and
techniques within a job to enhance employee performance and satisfaction.
● Key Aspects:
● Task variety.
● Autonomy.
● Feedback.
● Purpose:
● Optimizes employee productivity and engagement.
● Aligns job roles with employee skills and interests.
● There are two major components of job design.
● Job contentis the set of activities to be performedon the job, including
the duties, tasks, and job responsibilities to be carried out; the equipment,
machines, and tools to be used and required interactions with others.
● The other major aspect of the responsibility established through job design
is the set oforganisational responsibilitiesattachedto a job, that is,
responsibilities relating to the overall organisation such as complying with
rules and regulations and work schedules. Examples are filling out time
sheets, following safety procedures, and adhering to the established
schedule of the workday.
● Theorists:
● Frederick Herzberg (Two-factor Theory,Motivation- Hygiene theory):
Herzberg's two-factor theory distinguishes between hygiene factors and
motivators affecting job satisfaction. Job design incorporates motivators
like achievement and recognition to enhance employee well-being.
● J. Richard Hackman and Greg Oldham (Job Characteristics Model): Their
job characteristics model identifies core dimensions influencing
psychological states and work outcomes, providing a framework for
effective job design.
■ Core Job Dimensions:
● Skill Variety:
○ Variety of skills required.
● Task Identity:
○ Completion of identifiable work.
● Task Significance:
○ Impact on others.
● Autonomy:
○ Independence and control.
● Feedback:
○ Clear information on performance.
5.Job Change:
● D efinition:Modifications made to an existing job,either in terms of its tasks,
responsibilities, reporting relationships, reasons, and outcomes.
● Common Types:
● Horizontal change (job enlargement).
● Vertical change (job promotion).
● Lateral change (job rotation).
● Purpose:
● Adapts jobs to evolving organizational needs.
● Supports employee development and growth.
● Theorists:
● Kurt Lewin (Three-stage Model of Change): Lewin's three-stage model
aligns with job changes, involving unfreezing, moving, and refreezing. It
provides a structured approach to implementing and adapting changes
within jobs.
● John Kotter (Eight-step Process of Change): Kotter's eight-step process
emphasizes creating a sense of urgency, communicating vision, and
consolidating improvements, providing a comprehensive guide for
successful job change implementation.
Other Terms:
Job Design Evolution:
Job design gained significance during the scientific management era led by
Taylor and Gilbrith, initially emphasizing cost savings but negatively impacting
human relations.
Introduction of Motivational Approaches:
In the 1950s, job enrichment, job enlargement, and job rotation were introduced
to enhance employee motivation and address the drawbacks of traditional job
design.
Contemporary Innovations:
In the modern context, jobs are creatively designed to attract and retain talent,
incorporating elements like work teams, autonomous groups, and quality circles
for enhanced productivity.
Key Motivational Factors:
chieving better work performance necessitates providing employees with
A
interesting, worthwhile, and challenging jobs to prevent frustration from mundane
tasks.
Horizontal vs. Vertical Expansion:
● J ob Enlargement: Involves adding more tasks horizontally to a job, treating it as a
whole rather than individual tasks.
● Job Enrichment: Implies adding responsibilities vertically, emphasizing delegation,
decentralization, and motivational factors.
Criteria for Job Enrichment:
Job enrichment is achieved when:
T
● he work is meaningful.
● Workers possess knowledge of their tasks.
● They are entrusted with appropriate responsibilities through effective
delegation and job structuring.
Efficiency and Responsibility:
ob enrichment treats work holistically, improving efficiency and making
J
employees accountable for the entire job. It incorporates motivational factors like
achievement, recognition, responsibility, and advancement.
- ob descriptionis a formal, written explanation ofa specific job, usually including the
J
job title, tasks, relationship with other jobs, physical and mental skills required, duties,
responsibilities, and working conditions; a part of the job evaluation process wherein a
r eview of the nature of work occurs in relation to other jobs, working conditions, the
degree of responsibility required, etc.
- Job evaluationis most often used to arrive at a rationalsystem of wage differentials
between jobs or classes of jobs. A system wherein a hierarchy of jobs is created based
on such factors as skill level, responsibility, experience level, time and effort expended,
etc.
- Job classificationis cataloging of jobs based onan analysis of each job’s
requirements. It is achieved through information garnered through the job analysis
process.
Taylor’s framework for organization was:
● lear delineation of authority
C
● Responsibility
● Separation of planning from operations
● Incentive schemes for workers
● Management by exception
● Task specialization
Recruitment
Definition:
ecruitment in management refers to the systematic process of identifying, attracting,
R
and hiring qualified individuals to fill job vacancies within an organization.
It is a critical function that aims to build a pool of potential candidates, ensuring a match
between the skills and qualifications of applicants and the requirements of available
positions.
Key Components:
Job Analysis:
● Context:Recruitment starts with a thorough job analysisto understand the
skills, qualifications, and responsibilities associated with a particular
position.
● Importance:Accurate job analysis ensures that therecruitment process
aligns with the organization's strategic goals and the specific requirements
of each role.
Sourcing Strategies:
● Context:Organizations employ various sourcing strategies,such as
internal promotions, employee referrals, job portals, social media, and
recruitment agencies.
● Importance:Effective sourcing strategies help inreaching a diverse pool of
candidates and tapping into different talent channels.
Screening and Shortlisting:
● Context:Screening involves reviewing resumes andapplications to
identify candidates who meet the initial criteria. Shortlisting further narrows
down the pool based on specific qualifications.
● Importance:Rigorous screening and shortlisting processesensure that
only the most suitable candidates move forward in the recruitment
process.
Interviews and Assessments:
● Context:Interviews, both technical and behavioral,along with
assessments, provide opportunities to evaluate candidates' skills,
competencies, and cultural fit.
● Importance:Thorough interviews and assessments helpin selecting
candidates who not only have the required qualifications but also align
with the organization's values and work culture.
Offer and Negotiation:
● Context:Once a suitable candidate is identified,a job offer is extended,
and negotiations may take place regarding salary, benefits, and other
terms.
● Importance:Clear communication and fair negotiationscontribute to the
successful onboarding and retention of the selected candidate.
Onboarding:
● Context:Onboarding involves integrating the new hireinto the
organization, providing necessary training, and facilitating a smooth
transition into their new role.
● Importance:Effective onboarding sets the stage forlong-term success and
engagement, ensuring that the new employee quickly becomes productive
and acclimates to the organizational culture.
Theorists and Models:
● Peter Drucker (Management by Objectives): Drucker's management
philosophy emphasizes setting specific, measurable, achievable, realistic,
and time-bound (SMART) goals. In recruitment, this aligns with defining
clear job objectives and criteria.
● Henry Mintzberg (Organizational Configurations): Mintzberg's work on
organizational configurations highlights the importance of aligning
r ecruitment strategies with the overall structure and strategy of the
organization.
John Kotter (Eight-step Process of Change): Kotter'schange
●
management model can be applied to recruitment processes,
emphasizing the need for a structured approach to implement changes
and improvements in the recruitment strategy.
■
Edwin B. Flippo (Recruitment Process): Flippo defined recruitment as “the
●
process of searching for prospective employees and stimulating them to
apply for jobs in the organization”. He also proposed a four-stage model of
recruitment, which consists of identification of manpower requirements,
locating and developing sources of manpower, stimulating candidates to
apply, and screening candidates.
● William B. Werther and Keith Davis (Recruitment Sources):Werther
and Davis classified recruitment sources into two categories:internal and
external. They also discussed the advantages and disadvantagesof each
source, such as cost, speed, quality, and diversity.
● Gary Dessler (Recruitment Methods): Dessler identified three types of
recruitment methods:direct, indirect, and third-party.He also explained
the features, benefits, and drawbacks of each method, such as reach,
effectiveness, and reliability
Communication
Definition:
● Communication in managementinvolves the exchangeof information,
ideas, and feedback within an organization to ensure shared
understanding and effective decision-making.
Key Components:
● Sender and Receiver:Involves a sender who encodesthe message and a
receiver who decodes it.
● Message:Information or instructions conveyed throughvarious channels.
● Channel:Medium used for transmitting the message(e.g., verbal, written,
electronic).
● Feedback:Response or reaction to the message, closingthe
communication loop.
Communication Models:
● Shannon-Weaver Model:Sender transmits a message througha channel
to a receiver.
● Transactional Model:Emphasizes simultaneous communicationbetween
sender and receiver, with both influencing each other.
Barriers to Communication:
● Semantic Barriers:Differences in language and interpretation.
● Perceptual Barriers:Varied perspectives affectingunderstanding.
● Cultural Barriers:Diverse cultural backgrounds impactingcommunication
styles.
Communication Styles:
● Formal Communication:Official channels within theorganizational
structure.
● Informal Communication:Unofficial, spontaneous exchangesamong
employees.
Communication Networks:
● Wheel Network:Central figure serves as the hub forcommunication.
■ Structure: Leader at the center, radial information flow.
■ Pros: Fast decision-making, control, crisis suitability.
■ Cons: Limited creativity, leader reliance.
■ Example: Emergency response teams, early-stage startups.
● Circle Network:Team members communicate with neighbors.
■ Structure: Circular connections, no central figure.
■ Pros: High participation, consensus, creativity.
■ Cons: Slow for large groups, needs facilitation, may lack direction.
■ Example: Project teams, self-managed teams.
● Chain Network:
Structure: Vertical hierarchy, "sender-receiver" pattern.
●
● Pros: Clear authority, efficient for routine tasks.
● Cons: Limited information flow, low engagement.
● Example: Traditional hierarchies, military structures.
● All-Channel Network:Open communication channels amongall team
members.
■ Structure: Open communication channels, no position restrictions.
● Pros: Collaborative, agile, maximizes information sharing.
● Cons: Potentially chaotic, requires strong skills.
● Example: Innovative companies, adaptive project teams.
● Y Network:
● Structure: Mix of chain and wheel, sequential, centralized.
● Pros: Efficiency, clear authority, direct communication.
● Cons: Limited information flow, potential bottlenecks.
● Additional Info: Sequential and centralized, follows formal chain of
authority
● Kite Network:
● Structure: Like Y network, with a prominent subordinate.
● Pros: Sharing expertise, efficient for specialized areas.
● Cons: Information overload for subordinate, isolation risk.
● Example: Project teams with lead engineer, cross-functional teams.
● Additional Info: Similar to Y network, prominent subordinates act as
a liaison.
● Informal Networks:
○ Structure: Unstructured, based on social ties or shared interests.
○ Pros: Facilitate information exchange, promote camaraderie.
○ Cons: Difficult to manage, diffusion of responsibility.
○ Example: Watercooler conversations, social connections, informal
mentoring.
○ Additional Info: Also known as the grapevine, arises from employee
needs for unmet information.
● External Networks:
○ Structure: Connections outside formal boundaries.
○ Pros: Access to external knowledge, resources, expertise.
○ Cons: Requires careful management for confidentiality.
○ Example: Partnerships with suppliers, industry associations.
Communication Strategies:
● A ctive Listening:Engaging fully in the conversation to understand and
respond appropriately.
● Clarity and Conciseness:Clear and concise messagesreduce the risk of
misunderstanding.
● Feedback Mechanisms:Establishing channels for continuousfeedback
fosters improvement.
Types of Communication:
Verbal Communication:
D
● escription: Involves the use of spoken or written words.
● Examples: Face-to-face conversations, phone calls, meetings,
presentations.
Non-Verbal Communication:
● Description: Conveying messages without words, using body language,
facial expressions, gestures, and symbols.
● Examples: Eye contact, hand movements, emojis, signs, and visual cues.
Written Communication:
● Description: Transmitting information through written words, letters,
emails, reports, or memos.
● Examples: Business emails, official letters, project reports, documentation,
dak etc.
■
■ 4 . it does not include e-mail. This is because “dak” is a term used
for the physical mail or correspondence that is received in a
government office or ministry.
■ It includes letters, documents, parcels, etc. that are delivered by
post or courier. Dak is usually sorted, registered, and distributed to
the concerned officials or departments for further action
●
■ ‘Immediate’ or ‘Priority’. This is because urgent dak is a term used
for the written communication that is received in a government
office or ministry and requires immediate or priority attention.
Urgent dak includes telegrams, wireless messages, telex
messages, fax, etc
Visual Communication:
● Description: Communicating through visual elements like graphs, charts,
images, and videos.
● Examples: Infographics, presentations, instructional videos, data
visualization.
Interpersonal Communication:
● Description: Exchange of information between two or more people.
● Examples: Team discussions, one-on-one conversations, social
interactions.
Intrapersonal Communication:
● Description: Internal dialogue and self-reflection within an individual.
● Examples: Personal goal setting, decision-making processes, self-talk.
Formal Communication:
● Description: Official communication channels established by the
organization's structure.
● Examples: Company policies, job descriptions, official announcements.
Informal Communication:
● Description: Unofficial communication that occurs spontaneously among
employees.
● Examples: Watercooler chats, social gatherings, unofficial emails.
Upward Communication:
● D escription: Flow of information from lower levels of the hierarchy to
higher levels.
● Examples: Employee feedback, suggestions, performance reports.
Downward Communication:
● Description: Transmission of information from higher levels to lower levels
of the organizational hierarchy.
● Examples: Management directives, policy updates, task assignments.
Horizontal/Lateral Communication:
● Description: Exchange of information between individuals or departments
at the same organizational level.
● Examples: Team collaborations, inter-departmental meetings.
Mass Communication:
● Description: Dissemination of information to a large audience through
media channels.
● Examples: Television broadcasts, radio shows, press releases.
Diagonal Communication:
● Definition: Communication between individuals or groups from different
levels and departments, cutting across the hierarchical structure.
● Examples: Executive team interacting with lower-level employees,
interdepartmental collaborations.
Cross-Communication:
● Definition: Communication between individuals or groups from different
departments or areas.
● Examples: Interdepartmental meetings, cross-functional teams.
●
Key Words:
Communicatee:
● Definition: Person who receives the communication.
● Importance: Understanding the needs and perspectives of the
communicatee is essential for effective communication.
Grapevine:
● Definition: An informal method of communicating information from
person to person.
● Significance: The grapevine can spread both accurate and
inaccurate information, impacting organizational culture.
House Journal:
● Definition: A periodical publication issued by an organization or business
firm to inform its employees or patrons of news and activities.
● Purpose: Enhances internal communication, keeping stakeholders
informed about the organization's developments.
Insignia:
● Definition: Badges or distinguishing marks of office, honor, or membership.
● Symbolism: Insignia often represents authority, achievements, or affiliation
within an organization.
Pragmatism:
● Definition: A concern for and emphasis on practical matters.
● Application: Pragmatism in communication involves focusing on solutions
and actions to address real-world issues.
Socialization:
● Definition: To participate in friendly interchange with people.
● Importance: Socialization fosters a positive organizational culture,
encouraging open communication and collaboration.
Leadership theories:
Great Man Theory:
G
● iven by: Thomas Carlyle
● Description: Leaders are born with inherent traits that make them superior and
destined for greatness.
● Keywords: Innate qualities, born leaders.
Trait Theory:
● T his theory emerged as a response to the Great Man Theory, and that it has also
faced criticism for being too vague and inconsistent
● Description: Leaders have specific characteristics that distinguish them from
followers, such as intelligence, confidence, and determination.
● Keywords: Specific traits, effective leadership.
●
Situational Leadership Theory:
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● iven by: Paul Hersey, Kenneth Blanchard
● Description: Leaders adjust their style according to the readiness level of their
followers, ranging from directing to delegating.
● Keywords: Readiness level, adaptive leadership.
Contingency Theory:
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● iven by: Fred Fiedler
● Description: Leaders match their style to the situation and the degree of control
they have, based on the leader-member relations, task structure, and position
power.
● Leadership Style:
○ Refers to the leader's inherent approach and preference in dealing with
tasks and relationships within a team.
a) Least Preferred Co-worker Scale (LPC):
● Purpose: Identifies leadership style by assessing the leader's
feelings toward a person they least enjoy working with.
● Procedure:
Think about the least preferred co-worker.
Rate feelings about this person on relevant factors.
High LPC scores indicate a relationship-oriented leader.
Low LPC scores indicate a task-oriented leader.
b) Situational Favourableness:
■ Definition: Determines the favorableness of a specific situation based
on three factors.
■ Factors Influencing Situational Favourableness:
● Leader-Member Relations:
○ Definition: Measures the level of trust the team has in
the leader.
○ Effect: Greater trust increases situational
favorableness; less trust reduces it.
● Task Structure:
○ Definition: Evaluates the clarity and structure of tasks.
○ Effect: Clear and structured tasks are favorable;
vague and unstructured tasks are unfavorable.
● Leader’s Position Power:
○ Definition: Reflects the leader's authority to reward or
punish subordinates.
○ E ffect: More authority increases situational
favorableness; weak authority decreases it.
○ Power Types: Identified as either strong or weak
based on the leader's ability to influence.
● Keywords: Situational dependence, effective leadership.
●
●
Transactional Leadership:
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● iven by: Max Weber, Bernard Bass
● Description: Leaders motivate their followers through rewards and punishments,
based on their performance and compliance.
● Keywords: Exchanges, rewards, punishments.
Transformational Leadership:
G
● iven by: James MacGregor Burns
● Description: Leaders inspire their followers to achieve extraordinary results, by
providing a compelling vision, intellectual stimulation, and individualized
consideration.
● Keywords: Inspiration, motivation, compelling vision.
●
Servant Leadership:
G
● iven by: Robert K. Greenleaf
● Description: Leaders serve and prioritize the needs of their followers, by fostering
their personal growth and well-being.
● Keywords: Service, follower well-being.
Charismatic Leadership:
G
● iven by: Max Weber, Robert House
● Description: Leaders attract and influence their followers through their personal
charm and charisma, creating a strong emotional bond.
● Keywords: Charisma, influence, inspiration.
Leader-Member Exchange Theory:
LMXTheory Concept:
● L MX explores how leaders and followers form relationships based on
mutual trust, respect, and influence.
● Leaders create unique dyads with each follower, leading to in-group and
out-group categorizations.
In-Group vs. Out-Group:
● In-Group: High-quality relationships with leaders, characterized by strong
support, communication, and involvement.
● Out-Group: Low-quality relationships with leaders, marked by limited
support, communication, and involvement.
Evolutionary Stages:
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● ole Taking: Initial stage where leader and follower establish expectations.
● Role Making: Collaboration and negotiation to shape the roles and
relationship.
● Role Routinization: Established and predictable patterns in the
leader-follower dynamic.
Behavioral Theory:
In the 1950s and 1960s, research shifted from trait-based leadership to a focus on
behavior, driven by the quest to understand what makes an effective leader. This shift
occurred in response to criticism of the trait theory, redirecting attention toward
observable patterns of behavior rather than inherent traits.
Key Points:
Definition of Leadership Style:
● N ewstorm's Definition:"The total pattern of explicit and implicit leaders’
actions as seen by employees."
● Implications:
● The pattern includes philosophies, traits, skills, and attitudes.
● Emphasizes the subjective perception of leaders by employees.
Nature of Behavioral Style:
● Development:Unlike the innate nature of traits, behavioralstyles can be
developed, changed, or cultivated over time.
● Interconnected with Traits:Behavior is a combinationof philosophies,
traits, skills, and attitudes, indicating an interconnected relationship
between traits and behavior.
Major Studies Under Behavioral Theory Paradigm:
niversity of Iowa State Studies
U
Ohio State Studies on Leadership Behavior
University of Michigan Studies
Managerial Grid by Robert Blake and Jane Mouton
Findings of Iowa Studies on Effective Leadership
In 1939, Kurt Lewin and colleagues explored three leadership styles concerning
decision-making:
1. Autocratic Leadership Style
● Characteristics:
● Centralization
● Strict controlling
● No delegation of authority
● Description: Leaders make decisions independently and unilaterally, with
little or no consultation or involvement of their followers.
● Keywords: Authoritarian, control, independent decision-making.
● Application:Useful in conditions where followerslack maturity or skills.
2. D
emocratic Leadership Style
● Characteristics:
● Decentralization
● Delegation
● Lesser control
● Description: Leaders encourage group participation and collaboration in
decision-making, valuing the input and opinions of their followers.
K
● eywords: Participation, collaboration, shared decision-making.
● Application:Effective where employees are skilledand mature enough to
participate in decision-making.
3. L
aissez-Faire (Free-Reins Leadership Style)
● Characteristics:
● Followers have complete autonomy on work-related decisions.
● Decentralization
● Delegation
● Autonomy
● Description: Leaders adopt a hands-off approach and delegate most of the
decision-making to their followers, providing minimal guidance and
supervision.
● Keywords: Hands-off, autonomy, freedom.
● Application:Suitable where followers are skilled,able, and professional,
and the organization is in a stable phase without a cris
Major Findings of University of Ohio State Studies (1964):
he Ohio State studies, conducted from the mid-1940s to mid-1950s, identified key
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behaviors of effective leaders:
Consideration:
● T
he degree of mutual trust, respect, warmth, camaraderie, liking between
leaders and followers, and involvement of subordinates in
decision-making.
Initiating Structure:
● T
he degree to which a leader defines and structures roles in work
activities, including planning, organizing, and scheduling—essentially task
behavior
eaders high in both consideration and initiating structure are considered
L
high-high leaders, achieving both high group task performance and satisfaction.
Findings of University of Michigan Studies:
esearchers at the University of Michigan concluded that effective leaders
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exhibit two behaviors that distinguish them from followers:
Employee Orientation:
● D escription: Humanistic orientation, viewing subordinates as individuals
with unique needs, valuing their individuality, and taking care of their
personal needs.
● Supportive and facilitates employees.
Production Orientation:
● D escription: Focused on production or technical aspects of the job,
emphasizing goal accomplishment with work facilitation.
● Workers treated as means to an end.
hese two behaviors were initially conceptualized as opposite ends of a single
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continuum but were later reconceptualized as two independent constructs, suggesting
leaders should strive to be both production and employee-centric.
Managerial Grid:
eveloped by Robert Blake and Jane Mouton, the Managerial Grid is a widely
D
used model for leadership training. It explains leadership styles based on two
orientations: concern for production and concern for people.
This grid assesses leadership styles based on two behavioral dimensions:
Concern for Production:
● Emphasizes concrete objectives, high productivity, and
organizational efficiency.
Concern for People:
● Considers team members' interests, needs, and personal
development
Leadership Styles:
Impoverished Management (1, 1):
● Low concern for both production and people.
Task Leadership (9, 1):
● High concern for production and low concern for people.
● Authority-oriented leadership.
Middle of the Road Management (5, 5):
● Moderate and equal concern for both production and people.
Country Club Management (1, 9):
● Low concern for production and high concern for people.
Team Management (9, 9):
● High concern for both production and people.
● Desired leadership style, emphasizing both employees and
production.
Types of Behavioral Leadership:
People-Oriented Leaders:
● Prioritize interpersonal connections and communication.
● Focus on collaboration, success recognition, progress observation, and
mentoring.
● Keywords: Relationships, well-being, positive environment.
Task-Oriented Leaders:
● E mphasize goal setting, project initiation, process organization, and
instruction clarity.
● Thrive in well-structured environments, prioritizing final results.
Participative Leaders:
● Engage the entire team in decision-making.
● Encourage communication, collaboration, feedback, and fair task
delegation.
Status-Quo Leaders:
● Balance productivity and employee satisfaction.
● Distribute tasks evenly, request progress reports, enforce policies, and
neutrally respond to feedback.
Indifferent Leaders:
● Lack of interaction and communication with the team.
● Focus on personal success, exhibiting behaviors like avoiding questions
and procrastinating.
Dictatorial Leaders:
● Prioritize results over interpersonal relationships.
● Set inflexible deadlines, disregard excuses, and achieve short-term goals.
Country Club Leaders:
● Prioritize team members' happiness and satisfaction.
● Respond to feedback, focus on well-being, defend employee interests,
and support decisions.
Sound Leaders:
● Prioritize both productivity and team morale.
● Encourage open communication, allow independent work, listen to
feedback, and provide training.
Opportunistic Leaders:
● Adapt leadership style based on the situation.
● Goal-oriented, may exhibit lack of consistency and pursue results
regardless of cost.
Paternalistic Leaders:
● Stern yet fair leadership style.
● Set lofty goals, reward success, discipline failure, and offer leadership
opportunities.
or more detail reading, CLICK on this link → Theoriesof leadership – Development of
F
Management Thoughts,Principles and Types (inflibnet.ac.in)
Financial Management
1. Liquidity Ratios:
Current Ratio:
■ Measures a company's ability to cover short-term obligations.
■
Quick Ratio (Acid-Test Ratio):
● A more stringent measure of liquidity excluding inventory.
●
○ Quick Assets=Cash+CE+MS+NAR
ere, CE represents Cash Equivalents, MS stands for Marketable
H
Securities, and NAR is Net Accounts Receivable. Quick assets are
those easily convertible to cash, providing insight into a company's
ability to meet its short-term obligations.
Cash Ratio:
● The ratio of cash and marketable securities to current liabilities.
● It shows how well a company can meet its current obligations with
its cash reserves.
2. Profitability Ratios:
Net Profit Margin:
Indicates the percentage of profit earned from total revenue.
●
● It shows how much a company earns after paying all expenses and taxes.
●
Return on Assets (ROA):
● Measures how efficiently a company uses its assets to generate profit.
●
Return on Equity (ROE):
● Measures the return generated on shareholders' equity.
○
Gross Profit Margin:
○ Indicates the percentage of sales revenue retained as profit after
subtracting the cost of goods sold.
Operating Profit Margin:
○ R eflects the efficiency of core operations in generating profit,
excluding interest and taxes.
Cash Flow Margin:
○ Indicates the proportion of sales revenue converted into cash
through operational activities.
enerally, higher profitability ratios indicate that a company is more successful at
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converting revenue into profit and value for shareholders
3. Efficiency Ratios:
Asset Turnover Ratio:
● The ratio of sales revenue to total assets.
● It gauges how effectively a company utilizes its assets to generate sales.
Inventory Turnover Ratio:
● The ratio of cost of goods sold to average inventory.
● It measures how quickly a company sells and replenishes its inventory.
Accounts Receivable Turnover Ratio:
● The ratio of net credit sales to average accounts receivable.
● It assesses how efficiently a company collects credit sales from
customers.
Accounts Payable Turnover Ratio:
● The ratio of cost of goods sold to average accounts payable.
● It indicates how promptly a company pays its suppliers for purchased
goods.
Cash Conversion Cycle:
● The time between inventory payment and cash collection from sales.
● It reveals how long a company takes to convert inventory into cash.
enerally, higher efficiency ratios indicate that a company is more productive and
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profitable, while lower efficiency ratios indicate that a company is less efficient and may
face liquidity or solvency issues.
4. Solvency Ratios
olvency ratios are crucial financial metrics that assess a company's ability to meet its
S
long-term debt obligations and overall financial health. These ratios play a significant
role in evaluating creditworthiness, leverage, and profitability. Here are key solvency
ratios:
Debt-to-Equity Ratio:
● Definition: The ratio of total liabilities to shareholders’ equity. It indicates
the proportion of debt a company uses to finance its operations relative to
its own funds.
Debt Ratio:
● Definition: The ratio of total liabilities to total assets. It reveals the
percentage of a company’s assets financed by debt.
Interest Coverage Ratio:
● Definition: The ratio of earnings before interest and taxes (EBIT) to
interest expenses. It gauges how easily a company can cover its interest
costs from its earnings.
Equity Ratio:
● Definition: The ratio of shareholders’ equity to total assets. It demonstrates
the proportion of a company’s assets owned by shareholders.
ower solvency ratios generally indicate higher risk and less financial stability due to
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increased debt and reduced equity. However, it is essential to interpret solvency ratios
in the context of industry benchmarks and historical trends to gain a comprehensive
understanding of a company's performance and financial standing
Investment Analysis:
● Net Present Value (NPV):
● Measures the profitability of an investment by comparing present value of
cash inflows to outflows.
● Internal Rate of Return (IRR):
● The discount rate makes the NPV zero.
● Payback Period:
● The time it takes for an investment to generate cash inflows equal to its
initial cos
Risk and Return:
● Beta:
● Measures a stock's volatility compared to the market.
● Risk Premium:
● The excess return expected over the risk-free rate.
● Capital Asset Pricing Model (CAPM):
● Calculates the expected return on an investment.
● Formula:Expected
Return=Risk-Free Rate+Beta×(Market
eturn−Risk-Free Rate)
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7. Valuation Methods:
● Discounted Cash Flow (DCF):
● Estimates the value of an investment based on its expected future
cash flows.
● Earnings Per Share (EPS):
● Measures a company's profit per outstanding share.
● Price-Earnings (P/E) Ratio:
● Compares a company's stock price to its earnings per share.
Terms from PYQs Questions & Options:
1. Break-even Analysis:
● Determines the point where total revenue equals total costs.
● Formula:
■
2. Financial Analysis:
● Evaluates a company's performance, stability, and viability.
● Involves financial statements, trend analysis, and benchmarking.
3. Ratio Analysis:
● Utilizes ratios like liquidity, profitability, and debt-equity to gauge
financial health.
4. Marginal Cost Analysis:
● Assesses the additional cost incurred by producing one more unit.
■ The purpose of marginal cost analysis is to determine the optimal
level of production that maximizes profit.
■ This is achieved when the marginal cost is equal to the marginal
revenue, which is the additional income from selling one more unit.
■ M
arginal cost analysis can also help a firm decide whether to
increase or decrease its output, depending on the market
conditions and the demand for its product
5. Collaboration:
● Joint efforts between entities for shared benefits, cost reduction, and
market expansion.
6. Amalgamation and Merger:
● Amalgamation combines companies;
● Merger forms a new entity for synergy and efficiency.
7. Partnership:
● Business structure with shared management and responsibilities.
8. Debt-Equity Ratio:
● Measures financial leverage.
●
9. Liquidity Ratio:
● Indicates short-term solvency.
●
10. Debt-Turnover Ratio:
● Evaluates efficiency in using debt for revenue generation.
●
11. Profitability Ratio:
● Measures profit generated from operations.
●
12. Financial and Management Accounting:
F
● inancial: Records, summarizes, and reports financial transactions.
● Management: Provides internal information for decision-making.
13. Working Capital:
● Represents short-term liquidity.
● Working Capital=Current Assets−Current Liabilities
14. Capital Budgeting:
● E
valuates long-term investment opportunities aligned with strategic
goals.
Keywords:
1. Time Value of Money:
● Recognizes the changing value of money over time.
2. Cost of Capital:
● The cost a company pays to finance operations.
3. Dividend Policy:
● Decides on profit distribution versus retention for reinvestment.
4. Risk Management:
● Identifies and mitigates financial risks.
5. Derivatives:
● Financial instruments derived from underlying assets.
6. Cash Flow Statement:
● Tracks cash inflows and outflows for liquidity assessment.
7. Earnings Per Share (EPS):
● Measures profitability per outstanding share.
●
8. Financial Leverage:
● Uses debt to amplify returns.
● Using debt to increase the return on equity.
9. Solvency:
● Assesses the ability to meet long-term financial obligations.
Motivation:
Key Differences:
● C ontent Theories:Explore what individuals need ordesire, progressing through
hierarchical levels.
● Process Theories:Investigate cognitive processesand behaviors influencing
motivation.
A Brief Overview:
Process theories:
Maslow’s Hierarchy of Needs:
● Proposed by:Abraham Maslow.
● C oncept:Hierarchy of human needs, from basic survival to
self-actualization.
● Application:Individuals prioritize lower-level needsbefore advancing to
higher-level ones.
Herzberg’s Two-Factor Theory:
● Proposed by:Frederick Herzberg.
● Factors:Hygiene factors (minimum satisfaction conditions)and motivators
(enhance satisfaction).
● Impact:Identifies elements influencing job satisfactionand dissatisfaction.
●
●
McClelland’s Theory of Needs:
● Proposed by:David McClelland.
● Needs:Achievement, affiliation, and power.
● Insight:People are motivated by different dominantneeds.
McGregor’s Theory X and Theory Y:
● Proposed by:Douglas McGregor.
● Contrast:
■ Theory X assumes people dislike work and need control;
■ Theory Y assumes self-motivation and enjoyment of work.
●
● Impact:Shapes management approaches based on assumptionsabout
human nature.
Alderfer’s ERG Theory:
● Categories:Existence (physiological needs), relatedness(social needs),
and growth (development needs).
● Simplification:Condenses Maslow’s hierarchy intothree core elements.
Key Studies by Elton Mayo:
● The Philadelphia Spinning Mill Studies:
■ Focus:Examined the impact of various workplace factors,including
lighting, on employee productivity.
■ Significance:Laid the groundwork for understandingthe complex
interplay betweenenvironmental conditions and worker
performance.
● The Hawthorne Experiments:
■ Objective:Investigated the relationship between lightingconditions
and worker productivity at the Western Electric Hawthorne Works.
■ Discovery:Surprisingly, changing lighting conditionsdid not
significantly affect productivity. Instead, the experiments highlighted
theimportance of social and psychological factorsin influencing
worker behavior.
■ Legacy:Led to the formulation of theHuman RelationsMovement,
emphasizing the significance of social dynamics in the workplace
Content theories
Vroom’s Expectancy Theory:
● Proposed by:Victor Vroom.
● Variables:Expectancy, instrumentality, and valence.
● Focus:Examines the belief in effort-performance-outcomerelationships.
Adams’ Equity Theory:
● Proposed by:John Stacey Adams.
● Concept:Motivation is influenced by the perceivedfairness of outcomes
relative to inputs.
● Principle:Individuals seek to restore equity if imbalancesare perceived.
Locke’s Goal Setting Theory:
● Proposed by:Edwin Locke.
● Principle:Motivation is enhanced by setting specific,challenging, and
attainable goals.
● Effect:Goals direct attention, increase effort, andfoster persistence.
Bandura's Social Cognitive Theory:
T
● heorist: Albert Bandura
● Key Concepts:
● Learning Dynamics:
● Explains how individuals acquire and exhibit behaviors.
● Triadic Reciprocal Causation:
● Interaction of personal, behavioral, and environmental
factors in shaping behavior.
● Self-Efficacy:
● Motivational factor based on one's belief in their ability to
achieve specific goals or tasks.
● Outcome Expectations:
● Belief that actions will yield desired results, influencing
motivation.
● Motivational Drivers:
● Self-Efficacy:
● Individuals driven by confidence in their capabilities.
● Outcome Expectations:
● Motivation fueled by the anticipation of achieving desired
outcomes.
Skinner's Reinforcement Theory:
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● heorist: B. F. Skinner
● Key Concepts:
● Behavioral Conditioning:
● Focuses on the relationship between behavior and
consequences.
● Operant Conditioning:
● Learning based on consequences (reinforcement or
punishment).
● Reinforcement:
● Consequences that increase the likelihood of a behavior.
● Punishment:
● Consequences that decrease the likelihood of a behavior.
● Reinforcement Types:
● Positive Reinforcement:
● Addition of a positive stimulus to strengthen behavior.
● Negative Reinforcement:
● Removal of an aversive stimulus to strengthen behavior.
● Punishment Types:
● Positive Punishment:
● Addition of an aversive stimulus to weaken behavior.
● Negative Punishment:
● Removal of a positive stimulus to weaken behavior.
● Behavior Modification:
● Manipulating Consequences:
● Use of reinforcement or punishment to modify behavior.
● Contingency Management:
● Creating conditions where desired behaviors are reinforced.
he carrot and stick approach is not a specific motivation theory, but rather a
T
general term for using rewards and punishments to influence behavior. However,
some motivation theories that incorporate the carrot and stick concept are:
- Reinforcement Theory
- Expectancy Theory
WHAT IS A NEGOTIATION?
Negotiation can be defined as a process for resolving conflict between two or more
parties where both or all modify their demands to achieve a mutually acceptable
solution.
Negotiation Steps:
i)Preparing:
● Objectives:
● Decide and prioritize objectives realistically.
● Consider the opponent's objectives.
● Information:
● Gather data on buyer attitudes, personalities, and assumptions.
● Ensure a simple and flexible strategy.
● Group Preparation:
● Define tasks clearly for each group member.
ii)Discussion:
● Communication:
● Avoid interruptions, excessive talking, sarcasm, and threats.
● Practice active listening and summarizing.
iii)Signaling:
● Movement:
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● nsure signals prompt movement.
● Reword signals if ignored.
● Attend opponents' signals attentively.
iv)Proposing:
● Language and Clarity:
● Use clear language for proposals.
● Itemize proposals.
● Allow uninterrupted reception of proposals.
v)Offer:
● Objective Review:
● Review objectives before making an offer.
● Align offers with opponents' inhibitions/objectives.
● Consider all possible variables.
vi)Bargaining:
● Conditionality:
● Keep everything conditional.
● Link unsettled issues.
● Decide on concessions in exchange.
vii)Closing and Agreeing:
● Decision Point:
● Decide where to stop trading.
● Closing Style:
● Choose the type of close.
● Document Agreement:
● List agreement details.
● Follow-Up:
● Send a written note after oral agreements.
Deadlock Handling:
● Definition: A deadlock can occur at any negotiation step, halting the process.
● Impact: Deadlocks incur a cost, especially if irresolvable, as time becomes a
dead loss.
● Types: Some deadlocks are temporary, others can be permanent.
● R esolution Approach: Keep emotions and prejudices aside, work toward
common objectives.
● Objective: Restart the negotiation process to find an acceptable solution for both
parties.
Negotiation Strategies:
Reactions during Negotiation:
● Common Reactions:
● During negotiations, 3 common reactions are observed:
1. Strike Back:
● Description:
● Respond in the same tone and language as the other party.
● Purpose:
● Show the ability to play the same game, potentially making the
other party stop.
● Caution:
● May lead to a futile and costly confrontation.
2. Give In:
● Scenario:
● When the customer makes negotiations uncomfortable.
● Outcome:
● Results in an unsatisfactory outcome, establishing a reputation for
weakness.
● Long-Term Impact:
● Weakness may be exploited by the opponent and others in the
future.
3. B
reak Off:
● Applicability:
● When negotiations reach a stage where avoidance is appropriate.
● Consideration:
● S ometimes ending a business relationship is better to prevent
ongoing exploitation or repetitive conflicts.
Costs:
●
● Breaking off carries high costs and can be a hasty decision with
potential regrets.
Effective Communication Types:
● Objective:
● Aim for a 'win-win' solution through effective communication and empathy.
● Communication Types:
● Type 1 – High Pressure Communicator:
● Overly aggressive and insensitive, self-defeating due to low
empathy.
● Type 2 – Little Interest Communicator:
● Shows little interest, a 'take it or leave it' attitude, lacks
commitment.
● Type 3 – Weak Communicator:
● Overly sensitive, sides with the other person excessively, lacks
persuasion and commitment.
● Type 4 – The Ideal/Assertive Communicator:
● Understands the other person's ideas, firm about his own, achieves
agreement and commitment to satisfy both sides.
Note:
● Negotiation Objective:
● Strive for a 'win-win' solution, emphasizing empathy and effective
communication.
Delegation:
ccording to O.S. Miner, ‘Delegation takes place when one person gives another the
A
right to perform work on his behalf and in his name and the second person accepts a
corresponding duty or obligation to do that is required on’.
● Definition:
○ Delegation is the process of assigning tasks, responsibilities, and authority
to subordinates.
● Purpose:
○ Distributes workload efficiently.
○ Empowers and develops team members.
● Key Elements:
○ Assignment:
■ Clearly defined tasks and expectations.
○ Authority:
■ Grants necessary decision-making power.
○ Accountability:
■ Holds individuals responsible for outcomes.
● Benefits:
○ Fosters skill development.
○ Enhances organizational efficiency.
○ Allows leaders to focus on strategic tasks.
● Effective Delegation:
● Consider team members' strengths and skills.
● Maintains open communication.
● Ensures clarity in instructions.
Working & Networking
- " Networking is consistently identified as the number one way to find a new job"
(Riley, 2012)
- Networking is "the exchange of information or services among individuals,
groups, or institutions; specifically: the cultivation of productive relationships for
employment or business" (Merriam-Webster Dictionary, 2012)
Types of Networks:
Formal Network:
● Professional groups designed to promote networking.
● Associations of social work at state, regional, national, and international
levels.
● Facilitates networking among social work professionals.
Informal Network:
● Personal relationships developed over time with experts and
organizations.
● Provides dependable support to professionals when serving clients.
● Relies on personal connections for networking.
Internal Network:
● Relationships and contacts developed within the workplace.
● Networking within the same organization or school of social work.
● Alumni associations as potential groups for internal networking.
External Network:
● Relationships and contacts developed outside the workplace.
● Formed through participation in international conferences, seminars, etc.
● Involves invitations to social work professionals in various governmental
and non-governmental agencies.
Hermania Ibarra's Professional Networks:
● Operational Network:
● Directly working with people to get the job done.
● Essential for enhancing professional intervention.
● Personal Networks:
● Alumni, professional, social, and affinity groups.
● Allows social workers to meet diverse like-minded professionals.
● Strategic Networks:
● Maintaining contacts with peers and seniors in one's professional
field.
● Crucial for professional development.
● F
acilitates sharing of best practices, learning new approaches, and
staying informed about developments in business and technology.
Project Appraisal Techniques
What is project appraisal?
roject appraisal is the process of evaluating the feasibility and profitability of a project.
P
It involves:
● hecking the data, assumptions and methods used in project planning
C
● Reviewing the work plan, costs and financing options
● Assessing the organizational and management aspects of the project
● Measuring the viability of the project using various criteria
What are the types of project appraisal techniques?
here are two main types of project appraisal techniques: non-discounting and
T
discounting.
Non-discounting techniques
on-discounting techniques do not consider the time value of money. They are based
N
on the cash flows or profits of the project without adjusting them for inflation or interest
rates. Some examples of non-discounting techniques are:
● U rgency: This technique prioritizes the projects that are urgent or have a
deadline.
● Payback period: This technique measures how long it takes for the project to
recover its initial investment.
● Accounting rate of return: This technique calculates the average annual profit of
the project as a percentage of the initial investment.
● Debt service coverage ratio: This technique compares the cash flow available to
service the debt with the debt obligations of the project.
Discounting techniques
iscounting techniques consider the time value of money. They adjust the cash flows or
D
profits of the project for inflation or interest rates. They use a discount rate to convert
the future values into present values. Some examples of discounting techniques are:
● N et present value: This technique calculates the difference between the present
value of the cash inflows and the present value of the cash outflows of the
project.
○ Calculate the present value of expected cash inflows and outflows.
○ Positive NPV indicates a potentially viable project.
● Cost-Benefit Analysis (CBA):
○ Weigh the project's costs against its expected benefits.
○ Quantify both tangible and intangible costs and benefits to make informed
decisions.
● Internal rate of return: This technique calculates the discount rate that makes the
net present value of the project zero.
● Annual capital charge: This technique calculates the annual amount that the
project should earn to cover its capital costs and provide a target return
Other Related Terms:
roject reviewis the process of monitoring and evaluatingthe progress and
P
performance of a project against its objectives and plans
erformance managementis the process of setting goals,providing feedback,
P
and rewarding performance for employees or teams
roject selectionis the process of choosing the bestproject among a set of
P
alternatives based on various criteria, such as strategic alignment, return on
investment, risk, etc
Career Advancement
● Concept:
○ Progression within your chosen career path.
○ Movement towards challenging roles, increased responsibilities, and/or
higher financial rewards.
○ Can involve promotions, lateral moves, new skills and training, or even
changing companies.
● Key Aspects:
○ Goal-oriented: Defined by your vision and aspirations for your career.
○ Continuous learning: Requires ongoing development of skills and
knowledge.
○ Performance-driven: Excellent work ethic and exceeding expectations are
crucial.
○ Visibility and communication: Demonstrating your value and building
relationships are essential.
○ Adaptability and resilience: Willingness to embrace change and learn new
things is key.
Internal vs. External Advancement:
Internal:
● Climbing the ladder within your current organization.
● Advantages include familiarity and established networks, but promotions
might be limited.
External:
● Jumping ship to a new company or industry.
● Offers fresh challenges, potentially faster growth, and higher salaries, but
requires adapting to new cultures and rebuilding networks.
Strategic Skill Development:
● Identify in-demand skills: Research your industry and target roles to
understand what skills are valued.
● Go beyond technical skills: Focus on soft skills like communication,
leadership, and collaboration, which are increasingly crucial.
● Formal vs. informal learning: Mix traditional courses with on-the-job
experiences, mentoring, and networking to gain diverse perspectives.
Building Strategic Relationships:
● M entors and sponsors: Find experienced individuals who can guide and
advocate for you within your organization.
● Networking: Build connections with colleagues, industry leaders, and
potential employers through conferences, events, and online platforms.
● Visibility within your organization: Contribute actively, volunteer for
high-profile projects, and present your work effectively to raise your profile.
The term "dual career" can have two main interpretations:
. Dual-career couples: This refers to a couple where both partners have demanding
1
careers. It can present unique challenges but also offers potential rewards in terms of
personal and professional fulfillment. Key aspects include:
● B alancing demanding schedules: Communication, flexibility, and shared
household responsibilities are crucial.
● Negotiating career moves: Job location, relocation, and career priorities must be
considered jointly.
● Supporting each other's ambitions: Encouragement, understanding, and
celebrating each other's successes are essential.
● Seeking external support: Childcare, eldercare, and household help can alleviate
pressures.
. Dual career paths: This refers to an individual pursuing two distinct careers, either
2
simultaneously or one after the other. Examples include:
D
● octor and musician: Combining a medical profession with an artistic passion.
● Engineer and entrepreneur: Using technical skills to launch a business venture.
● Teacher and writer: Balancing educational work with creative pursuits.
Stores
TORES FUNCTIONS
S
The major functions of the stores are as follows:
a) Receipt: Receiving and accounting of raw-materials, bought out parts, spares,
tools, equipment and other items.
b) Storage: Provision of right and adequate storage and preservations to ensure
that the stocks do not suffer from damage, pilferage or deterioration.
c) Retrieval: Facilitating easy location and retrieval of materials keeping optimum
space utilization.
) Issue: Fulfilling the demand of consumer departments by proper issue of items
d
on the receipt of authorized purchase requisitions.
) Records: To maintain proper records and update receipt and issue of
e
materials.
f) Housekeeping: Keeping the stores clean and in good order so that the
handling, preservation, stocking, receipt and issue can be done satisfactorily.
g) Control: Keeping a vigil on the discrepancies, abnormal consumptions,
accumulation of stocks etc., and enforcing control measures.
h) Surplus Management: Minimisation of scrap, surplus and obsolescence
through proper inventory control, and effective disposal of surplus and obsolete
items.
i) Verification: Verifying the bin card balances with the physical quantities in the
bins and initiating the purchasing cycle at appropriate time so as to avoid the out
of stock situations.
j) Coordination and cooperation: To coordinate and cooperate with the interfacing
departments such as purchasing, manufacturing, production planning and
control, inspection, etc
Procurement 👍
Functions Typically Covered Under Manufacturing:
● OM(Bill of Materials): Lists materials for production.
B
● Workflow: Optimizes task sequences.
● Quality Control: Ensures product quality.
● Production Planning: Strategizes output levels.
● Procurement: Manages material supply.
● Maintenance: Upkeeps machinery.
● Lean Practices: Minimizes waste.
● Inventory Management: Controls stock efficiently.
● Technology Integration: Adopts advanced tools.
● Sustainability: Focuses on eco-friendly processes.
7 R’s of Procurement:
1) Right Price
2) Right Quantity
3) Right Quality
4) Right Time
5) Right Place
6) Right Source
7) Right Service
A typical procurement process can involve the following steps:
a) Surveying the market
b) Identifying potential suppliers
c) Creating an approved list of vendors
d) Assessing internal needs
e) Preparing a purchase order
f) Requesting proposals and evaluating quotations
g) Selecting the right supplier and negotiating
h) Receiving goods and performing quality checks
i) Developing and managing contracts
j) Obtaining invoice approvals and fulfilling payment terms
k) Establishing a good supplier relationship
Procurement Activities:
a)Direct Spend:
● Definition:
● Production-related procurement involving items incorporated into finished
products.
● Focus:
● Encompasses raw materials, components, and parts.
● Critical for supply chain management affecting the manufacturing process.
● Example:
● Purchasing raw materials for the production of goods.
b)Indirect Procurement:
● Definition:
● Non-production-related acquisition of "operating resources" for enabling
operations.
● Encompasses:
● Wide variety of goods and services beyond production needs.
● Includes both standard items (e.g., office supplies) and complex
products/services (e.g., consulting services).
● Examples:
● Procuring office supplies, machine lubricants, heavy equipment, consulting
services, and outsourcing services.
Procurement Cycle: Key Steps
1. Identification of Need and Requirements:
● Objective:
● Establish short-term (3-5 years) strategy aligned with business objectives.
● Define technical direction and specific requirements.
2. External Macro-level Market Analysis:
● Objective:
● Assess the overall marketplace.
● Understand competitiveness and trends impacting the organization.
3. Cost Analysis:
● Objective:
● Accumulate, examine, and manipulate cost data for comparisons and
projections.
● Inform planning and decision-making processes.
4. Supplier Identification:
● Objective:
● Identify potential suppliers capable of providing required products or
services.
● Explore diverse sources for procurement.
5. Entering into Non-Disclosure Agreement (NDA):
● Objective:
● Request vendors to sign NDA to protect sensitive information.
● Ensures confidentiality when sharing information with potential vendors.
6. Supplier Communication:
● Objective:
● Conduct competitive bidding processes (RFQ, RFP, tender, etc.).
● Make direct contact with suppliers, examine samples, and assess value.
7. Negotiations and Contracting:
● Objective:
● Negotiate terms including price, availability, customization, and delivery
schedules.
● Formalize agreements in purchase orders or contracts.
8. Logistics and Performance Management:
● Objective:
● Complete supply process based on contract terms.
● Review supplier performance for reorder decisions.
● Consider continuing with the same suppliers or exploring alternatives.
9. Supplier Management and Liaison:
● Objective:
● Use supplier relationship management for strategic supplies.
● Follow a formal governance process for effective collaboration.
Key Considerations:
● Strategic Alignment:
● Align procurement with business objectives and strategies.
● Confidentiality:
● Ensure protection of sensitive information through NDAs.
● Continuous Improvement:
● Regularly review and optimize procurement processes.
● Performance Evaluation:
● Assess and manage supplier performance for ongoing relationships.
● Flexibility:
● Be adaptable to market changes and emerging trend
Bill of
material,Workflow, quality control
Inventory Management
● Definition:
● Tracking inventory from sourcing to order fulfillment.
● Involves obtaining, storing, and optimizing raw materials and finished
goods.
● Components:
● Sourcing: Identifying and obtaining materials efficiently.
● Storage: Safe and organized storage of inventory items.
● Profit Optimization: Strategically managing inventory for profitability.
● Demand Management: Aligning inventory levels with customer demand.
● Movement of Materials: Efficient flow of goods within the supply chain.
● Objectives:
● Safe Storage: Preventing damage or loss.
● Efficient Control: Implementing monitoring systems.
● Demand Forecasting: Anticipating market needs.
● Cost Optimization: Balancing holding costs and profits.
● Supply Chain Integration: Collaborating for seamless coordination.
● Key Processes:
● Replenishment Planning: Determining when and how much to reorder.
O
● rder Fulfillment: Timely and accurate fulfillment of customer orders.
● Inventory Tracking: Monitoring location and status using technology.
INVENTORY CONTROL TECHNIQUES:
1. ABC Analysis:
O
● bjective: Exercise control over inventory based on value.
● Classification:
● Group 'A': High consumption items (10-20% of items, 50% of total value).
● Group 'B': Medium consumption items (20-30% of inventory).
● Group 'C': Low consumption value items (70-80% of items, 20% of total
value).
● Control Emphasis:
● Group 'A': High degree of control for proper usage.
● Group 'B': Reasonable control needed.
● Group 'C': Basic controls due to low consumption value.
● Benefits:
● Identifies key items for focused control.
2. Economic Order Quantity (EOQ):
● Decision Focus:
● Determines how much inventory to order at any given time.
● Decides when the order should be placed.
● Objective:
● Minimize total inventory costs, including ordering and holding costs.
● Calculation:
● Balances ordering costs and holding costs for optimal order quantity.
● Benefits:
● Ensures cost-effective inventory management.
3. Just in Time (JIT):
● Principle:
● Keep only the necessary inventory during the production process.
● Ordering Strategy:
● Inventory ordered when the current stock reaches replenishment stage.
● Risks:
● Considered risky due to the potential for out-of-stock situations.
● Requires precise timing in inventory replenishment.
● Benefits:
● Reduces holding costs and minimizes excess inventory.
● Enhances efficiency by synchronizing production with demand.
4. Materials Requirements Planning (MRP) Method:
● Definition:
● Inventory control method where manufacturers order based on sales
forecasts.
● Reordering is triggered by data analysis and market demand predictions.
5. Vital Essential and Desirable (VED) Analysis:
● Application:
● Primarily used for controlling spare parts inventory.
● Classifies items into Vital, Essential, and Desirable categories.
● Vital Items:
● Critical for organizational functions; absence causes severe
adverse effects.
● Essential Items:
● Necessary for long-term performance; absence doesn't cause
immediate interruption.
● Desirable Items:
● Necessary but their absence doesn't immediately impact
production.
6. Reorder Point:
D
● etermining the inventory level at which new orders should be placed.
● Prevents stockouts by initiating replenishment before inventory is depleted.
Inventory Cost/valuation Methods: Overview
FIFO (First-In, First-Out):
● Assumes that the first items added to inventory are the first ones sold.
● Reflects current market prices more accurately during inflationary periods.
● Commonly used for perishable goods.
LIFO (Last-In, First-Out):
● Assumes that the last items added to inventory are the first ones sold.
● Often results in lower taxable income during inflationary periods.
● Prohibited under International Financial Reporting Standards (IFRS).
Weighted Average Cost:
● Calculates the average cost of all units in inventory.
● Provides a blended cost for both old and new inventory.
● Suitable for industries with homogeneous products.
Specific Identification:
● Identifies and tracks the cost of each specific item in inventory.
● Commonly used for high-value items with unique characteristics.
● Offers precise cost matching.
Standard Costing:
● Predetermined cost estimates are set for each inventory item.
● Variances are calculated by comparing standard costs with actual costs.
● Provides a basis for performance evaluation.
Retail Method:
● Applicable in retail businesses.
● Calculates the cost of goods sold based on the ratio of the cost of
merchandise available for sale to the retail price.
KEY WORDS
● A BC Analysis: Arranging items according to annual usage value in three
categories A, B, and C to identify significant few and insignificant many.
● Annual Usage Value: Annual demand multiplied by unit price.
● Backlogging: Process of accumulating unsatisfied demand till fresh
replenishment of stock is made available.
● Buffer Stock:Extra safety stock needed to absorbvariation in demand and
supply to provide cushion.
● Carrying Cost: Cost associated with holding one unit in inventory for one time
period (year).
● D ead Stock: Material not demanded for a very long period due to obsolescence,
etc.
● Exchange Curve: A curve indicating optimal trade-off between total inventory and
total number of orders (also called optimal policy curve.)
● EOQ: Economic Order Quantity; the quantity for procurement which will result in
the minimum total system cost associated with carrying, ordering, and
backlogging.
● FSN Analysis: Classification of items according to frequency of usage in Fast,
Slow and Non-moving groups.
● Inventory: Usable but idle resource having economic value.
● Inventory Turnover Ratio: Annual demand divided by average inventory.
Inventory Turnover:
● D efinition: Inventory turnover is the rate at which inventory stock is
sold, used, and replaced within a specific period.
● Calculation: The inventory turnover ratio is obtained by dividing the
cost of goods by the average inventory for the same period.
● Significance:
● Higher Ratio: Indicates strong sales performance.
● Lower Ratio: Suggests weak sales and slower inventory
turnover.
● Formula:
● Inventory Turnover Ratio = Cost of Goods Sold / Average
Inventory
● Lead Time: Time that elapses between placement of an order and actual receipt
of materials.
● MRP: Materials Requirement Planning; a system of order scheduling for
dependent demand situations.
● Multi-echelon Inventory System: A system of inventory control where the stock is
located at different levels (echelons) at different locations.
● Optional Replenishment Policy: An operating policy based on maximum and
minimum stock levels with periodic review, popularly known as (s,S) policy.
● Ordering Cost: Cost associated with placing a purchase order expressed as
Rs./order.
● Quantity Discount: A sales promotion strategy by vendors in which bulk
purchases can be made at lower unit prices.
● ROP: Reorder point; the stock level when the action for replenishment of stock
be initiated by placing an order.
● Service Level: Percentage of times an item is available in stock when demanded.
S
● low Moving Item: Items which are very occasionally demanded.
● VED Analysis: Process of grouping items into Vital, Essential, and Desirable
categories depending upon the criticality of the item.
● Skills inventory. A skills inventory is a database of the skills, qualifications, and
interests of the current employees in an organization.
○ It helps in identifying the existing human resources and their potential for
meeting the present and future needs of the organisation
Buffer Stock:
● D efinition: Buffer stock refers to the additional units of inventory kept above the
minimum level required to maintain production levels.
● Purpose:
● Prevention of Stock-Outs: Buffer stock helps prevent stock-outs or
interruptions in production caused by unforeseen fluctuations in
demand or supply.
● Comparison with Other Inventory Terms:
● Closing Stock:
● Definition: Inventory left at the end of an accounting period.
● Also known as ending inventory or final inventory.
● Opening Stock:
● Definition: Inventory available at the beginning of an accounting
period.
● Also known as beginning inventory or initial inventory.
● Ideal Stock:
● Definition: Optimal inventory level minimizing total holding and
ordering costs.
● Also known as economic order quantity (EOQ).
Facilities & Infrastructure Management
Facilities & Infrastructure Management Notes:
Definition:
● F
acilities & Infrastructure Management is a profession dedicated to supporting
the functionality, comfort, safety, sustainability, and efficiency of the built
environment, encompassing buildings, grounds, infrastructure, and real estate
within an organization.
Basic Areas:
Hard Facilities Management (Hard FM):
● Involves the management of physical assets like plumbing, wiring,
elevators, and HVAC systems.
Soft Facilities Management (Soft FM):
● Focuses on tasks performed by people, including custodial services, lease
accounting, catering, security, and groundskeeping.
Key Functions:
Lease Management:
● Includes lease administration and accounting.
Capital Project Planning and Management:
● Involves planning and overseeing major projects.
Maintenance and Operations:
● Ensures the ongoing functionality and upkeep of facilities.
Energy Management:
● Focuses on optimizing energy usage for sustainability and cost-efficiency.
Occupancy and Space Management:
● Involves optimizing the utilization of space within facilities.
Employee and Occupant Experience:
● Aims to enhance the overall experience of individuals within the facilities.
Emergency Management and Business Continuity:
● Prepares for and manages emergencies to ensure business continuity.
Real Estate Management:
● Involves strategic management and optimization of real estate assets.
Access Control Models:
● F
acilities & Infrastructure Management can utilize different access control
models, including:
● Attribute-based Access Control (ABAC)
● Discretionary Access Control (DAC)
● History-Based Access Control (HBAC)
● Mandatory Access Control (MAC)
● Role-based Access Control (RBAC)
● Each model operates based on factors such as user attributes, owner
discretion, access history, security clearance, and role assignment.
Role of Technology:
● T
echnology, including software and systems, plays a crucial role in Facilities &
Infrastructure Management:
● Utilizes Internet of Things (IoT) sensors, Wi-Fi, meters, gauges, and smart
devices.
● Enhances operational efficiencies, space optimization, energy
management, maintenance, workplace experience, and sustainability.
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