SUBJECT- Engineering Economics and Management

TOPIC- Production Management and HR Management BRANCH :- E.C PREPARED BY:- HIMALI SHAH( ) GUIDE BY:-  SHEETAL MADAM

Product management:- - Product Marketing -Product Development -Inbound and Outbound Product Management Human resource management:- 1. Introduction 2. Human Resource Management Functions 3. Importance of Human Resource Management 4. HR Planning 5. Recruitment 6. Selection 7. Training and Development

Product naming and branding Product positioning and outbound messaging Promoting the product externally with press, customers and partners Conducting customer feedback and enabling (pre-production, beta software) Launching new products to market Monitoring the competition

Testing Identifying new product candidates Gathering the voice of customers Defining product requirements Determining business-case and feasibility Scoping and defining new products at high level

Evangelizing new products within the company Building product roadmaps, particularly technology roadmaps Developing all products on schedule, working to a critical path Ensuring products are within optimal price margins and up to specifications Ensuring products are manufacturable, and optimizing cost of components and procedures

Many refer to inbound (product development) and outbound (product marketing) functions. Inbound product management (aka inbound marketing) is the "radar" of the organization and involves absorbing information like customer research, competitive intelligence, industry analysis, trends, economic signals and competitive activity as well as documenting requirements and setting product strategy.

In comparison, outbound activities are focused on distributing or pushing messages, training sales people, go to market strategies and communicating messages through channels like advertising, PR and events. In many organizations the inbound and outbound functions are performed by the same person.

Human resource management (HRM, or simply HR) is a function in organizations designed to maximize employee performance in service of their employer’s strategic objectives. HR is primarily concerned with how people are managed within organizations, focusing on policies and systems. HR departments and units in organizations are typically responsible for a number of activities, including employee recruitment, training and development, performance appraisal, and rewarding (e.g., managing pay and benefit systems).HR is also concerned with industrial relations, that is, the balancing of organizational practices with regulations arising from collective bargaining and governmental laws.

HR is a product of the human relations movement of the early 20th century, when researchers began documenting ways of creating business value through the strategic management of the workforce. The function was initially dominated by transactional work, such as payroll and benefits administration, but due to globalization, company consolidation, technological advancement, and further research, HR now focuses on strategic initiatives like mergers and acquisitions, talent management, succession planning, industrial and labor relations, and diversity and inclusion.

In startup companies, HR's duties may be performed by trained professionals. In larger companies, an entire functional group is typically dedicated to the discipline, with staff specializing in various HR tasks and functional leadership engaging in strategic decision making across the business. To train practitioners for the profession, institutions of higher education, professional associations, and companies themselves have created programs of study dedicated explicitly to the duties of the function.

The role of human resource management is to plan, develop, and administer policies and programmes designed to make expeditious use of an organisation’s human resources. It is that part of management which is concerned with the people at work and with their relationship within an enterprise. Its objectives are: 1. Desirable working relationships among all members of the organization; and 2. Maximum individual development. 3. The major functional areas in human resource management are: Planning, 4. Staffing, 5. Employee development, and 6. Employee maintenance.

These four areas and their related functions share the common objective of an adequate number of competent employees with the skills, abilities, knowledge, and experience needed for further organizational goals. Although each human resource function can be assigned to one of the four areas of personnel responsibility, some functions serve a variety of purposes.

An organization cannot build a good team of working professionals without good Human Resources. The key functions of the Human Resources Management (HRM) team include recruiting people, training them, performance appraisals, motivating employees as well as workplace communication, workplace safety, and much more. The beneficial effects of these functions are discussed here: 1. Recruitment and Training 2. Performance Appraisals 3. Maintaining Work Atmosphere 4. Managing Disputes 5. Developing Public Relations

FOM 9.15 Human Resource Planning Assessing Future Human Resource Needs Assessing Current Human Resources Developing a Program to Meet Needs

This is one of the major responsibilities of the human resource team. The HR managers come up with plans and strategies for hiring the right kind of people. They design the criteria which is best suited for a specific job description. Their other tasks related to recruitment include formulating the obligations of an employee and the scope of tasks assigned to him or her. Based on these two factors, the contract of an employee with the company is prepared. When needed, they also provide training to the employees according to the requirements of the organization. Thus, the staff members get the opportunity to sharpen their existing skills or develop specialized skills which in turn, will help them to take up some new roles

Process of locating, identifying, and attracting capable candidates Can be for current or future needs Critical activity for some corporations. What sources do we use for recruitment

FOM 9.18 Recruitment Sources Internal Searches Employee Referrals Employee Leasing Temp Services Employment Agencies Advertisements School Placement

Prediction exercise Thus, Not Perfect Decision-making exercise Purpose is to hire the person(s) best able to meet the needs of the organization Tied Back to Strategy FOM 9.19

The training and development function gives employees the skills and knowledge to perform their jobs effectively. In addition to providing training for new or inexperienced employees, organizations often provide training programmes for experienced employees whose jobs are undergoing change. Large organisations often have development programmes which prepare employees for higher level responsibilities within the organisation. Training and development programmes provide useful means of assuring that employees are capable of performing their jobs at acceptable levels.

FOM 9.21 What deficiencies, if any, does job holder have in terms of skills, knowledge, abilities, and behaviors? What behaviours are necessary? Is there a need for training? What are the strategic goals of the organization? What tasks must be completed to achieve goals?