Principles of Management Learning Session # 4 Dr. A. Rashid Kausar

Recap Session # 3

Managers perform Management in the Organizations

perform these POLCA functions with Good Managers perform these POLCA functions with Efficiency and Effectiveness

POLCA Functions Planning Organizing Leading Controlling

Management Functions Planning Controlling Organizing Assurance Leading

Management Functions Assurance Planning: setting goals and deciding how best to achieve them Controlling: regulating activities to reach goals Organizing: allocating and arranging resources Assurance Leading: influencing others to work towards goals

Planning Mangement Functions The process of setting goals and deciding how best to achieve them.

Organising Mangement Functions The process of allocating human and non-human resources so that plans can be carried out successfully.

Leading Mangement Functions The process of influencing others to engage in the work behaviours necessary to reach organisational goals.

Controlling Mangement Functions The process of regulating organisational activities so that actual performance conforms to expected organisational standards and goals.

Effectiveness (Ends) Efficiency (Means) Resource Usage Goal Attainment Low Waste High Attainment Management Strives For: Low resource waste (high efficiency) High goal attainment (high effectiveness)

Efficiency - getting the most output from the least amount of inputs “doing things right” concerned with means

Effectiveness - completing activities so that organizational goals are attained “doing the right things” concerned with ends

Management Henri Fayol Peter Drucker Edward Deming Henry Mintzberg

While performing Managers use various Skills !

Characteristics of Entrepreneurs Key Personal Attributes Technical Proficiency Successful Entrepreneur Managerial Competencies

Business Plan ? Questions: 1.What are my motivations for owning a business? 2.Should I start a business? 3.What and where is the market for my product or service? 4.How much will it cost to own the business, where will I get the money? 5.Can I get help from relatives or friends? 6.Should my company be domestic or global? 7.How will growth be managed?