2. Financial management:
Financial management seeks to ensure the right amount and type of funds to business
It comprises the following activities:
Estimating the volume of funds required
Selecting the appropriate source of funds
Raising the required funds at the right time
Proper utilization and allocation of raised funds
Administration of earnings
Thus, Financial Management involves the planning, organizing and controlling of the financial resources.

3. Human resource management:
HRM involves planning, organizing and controlling the procurement, development, compensation, maintenance and integration of human resources of an organization.
It consists of the following activities:
Human resource planning
recruitments and selection
training and development
Performance appraisal

4. Compensation,
Promotions
Transfers,
Employee welfare services, and
Personnel records management
Research, etc.

5. Information management
Manages the information technology for the company.
Others,
Which could encompass many other areas depending on the type of business.

6. MANAGERIAL ROLES

7. Managerial roles

8. INTERPERSONAL ROLES 1. Figurehead role
The interpersonal roles are relations with other people arising from the manager’s status and authority.
1. Figurehead role
Managers as symbolic and ceremonial
Represents the organization in matters of formality
Example: signing of documents, participation as a social necessity, and being available for people who insist on access to the ‘top’.

9. 2. Leader role
Is among the most significant of roles and it permeates all activities of a manager.
By virtue of the authority vested in the manager there is a responsibility
for staffing,
for the motivation and
for guidance of subordinates.

10. 3. Liaison role
Involves the manager in horizontal relationships with individuals and groups outside their own unit, or outside the organization.
An important part of the manager’s job is the linking between the organization and the environment

11. Informational roles
The informational roles relate to the sources and communication of information arising from the manager’s interpersonal roles.
1. Monitor role
Seeking and receiving information.
This information enables the manager to develop an understanding of the work of the organization and its environment.
May be received from internal or external sources, and may be formal or informal.

12. 2. Disseminator role
Transmitting external information through the liaison role into the organization, and internal information through leader role between the subordinates.
The manager is the nerve center of information.
If the manager feels unable, or chooses not, to pass on information this can present difficulties for delegation.

13. 3. Spokesperson role
Formal authority in transmitting information to people outside the unit, such as
The board of directors or other superiors, and
The general public such as suppliers, customers, government departments and the press.

14. DECISIONAL ROLES
Involve the making of strategic organizational decisions on the basis of the manager’s status and authority, and access to information.
1. Entrepreneurial role
Initiate and plan change through exploiting opportunities or solving problems, and taking action to improve the existing situation.
The manager may play a major part, personally, in seeking improvement, or may delegate responsibility to subordinates.

15. 2. Disturbance handler role
Involves the manager in reacting to involuntary situations and unpredictable events.
When an unexpected disturbance occurs the manager must take action to correct the situation.

16. 3. Resource allocator role
Involves the manager in using formal authority to decide where effort will be expended, and making choices on the allocation of resources such as money, time, materials and staff.
The manager decides the programming of work and maintains control by authorizing important decisions before implementation.

17. 4. Negotiator role
Is participation in negotiation activity with other individuals or organizations, for example a new agreement with a trade union.
Because of the manager’s authority, credibility, access to information, and responsibility for resource allocation, negotiation is an important part of the job.

18. CONCLUSION:
Managers required to have powers to perform these managerial roles effectively and efficiently.

19. What are the sources and types of power for managers to discharge these roles?

20. WHAT IS POWER?

21. Is the capacity to influence others behavior.
Is used as a means for achieving goals
Person A has power over person B to the extent A can get B to do something that B would otherwise not do.
A's power over b depends on how much b needs what a controls.
Power represents capability while influence is the exercise of that capability

22. Where do powers come from
Where do powers come from? Important structural sources of power include knowledge, resources, decision making and networks

23. KNOWLEDGE AS POWER:
Organizations are information processors that must use knowledge to produce goods and services.
Intellectual capital represents the knowledge, know-how, and competency that exist in the organization which can provide an organization with a competitive edge in the marketplace.

24. CONTROL OF RESOURCES AS POWER:
Organizations need a variety of resources, including money, human resources, equipment, materials, and customers to survive.
The importance of specific resources to an organization's success and the difficulty in obtaining them vary from situation to situation

25. DECISION MAKING AS POWER:
The decision making process in an organization creates more or less power differences among individuals or groups.
Managers exercise considerable power in an organization simply because of their decision making ability.

26. NETWORKS AS POWER:
The existence of structural and situational power depends not only on access to information, resources and decision making, but also on the ability to get cooperation in carrying out tasks.
Managers and individuals that have connecting links with other individuals and managers, in the organization and beyond, will be more powerful than those who don't.

27. TYPES OF POWERS

28. LEGITIMATE POWER:
Refers to the ability to influence others because of the position one holds in the organization.
It is also called authority, or the right to command. Characteristics of organizational authority are:
It is invested in a person's position.
It is accepted by subordinates.
Authority is used vertically; flows from the top down.

29. COERCIVE POWER:
It is he power to punish.
It is based on fear of punishment.
It can come from legitimate power.

30. REWARD POWER:
Based on a person's ability to reward a follower for compliance.
It occurs when someone possesses a resource that another person wants and will exchange that resource for certain behavior.
It supports legitimate power.

31. Expert Power
This is based on a person's own experiences, superior skills and knowledge; or more precisely it is based on the followers’ perceptions of the leader’s competence – generally this has to be demonstrated.

32. REFERENT POWER
Refers to the ability of a person to influence others because of the follower's loyalty, respect, friendship, admiration, affection, desire to gain approval from, or desire to be associated with the person.

33. Part II Management Functions

34. There are four key functions that managers perform
There are four key functions that managers perform. Managers must make plans for the company.
They must organize workers and resources.
They must also lead and direct the actions of employees.
Finally, managers must constantly check on the progress of plans, employees and other goals

35. Planning

36. The Planning Process Determining firm’s goals
Developing strategy for achieving goals
Designing tactical and operational plans for implementing the strategy

37. Mission A statement of the basic purpose that makes an organization different from others.
Strategic planning The process of establishing an organization’s major goals and objectives and allocating the resources to achieve them.

38. Establishing Goals and Objectives
Goal An end result an organization is expected to achieve over a one- to ten-year period.
Set at every level of organization
Must be consistent among levels
Optimization = balancing process
Objective A specific statement detailing what the organization intends to accomplish over a shorter period of time.

39. Plan Strategic plan Tactical plans
Is an outline of the actions by which an organization intends to accomplish its goals and objectives. It can be:
Strategic plan
Is an organization’s broadest plan, developed as a guide for major policy setting and decision making.
Tactical plans
Is a smaller-scale plan developed to implement a strategy

40. Operational plan
Is a type of plan designed to implement tactical plans.

41. Contingency plan
Is a plan that outlines alternative courses of action that may be taken if an organization’s other plans are disrupted or become ineffective.