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Topics - Md. Alamgir Hossan

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46
Business Administration / Three Types of Managerial Skills
« on: May 23, 2017, 04:56:09 PM »
Three Types of Managerial Skills
Robert Katz identifies three types of skills that are essential for a successful management process:
•   Technical,
•   Conceptual and
•   Human or interpersonal management skills.

47
Business Administration / Financial management:
« on: May 23, 2017, 04:55:41 PM »
Financial management can be looked upon as the study of relationship between the raising of funds and the deployment of funds. The subject matter of financial management is: capital budgeting cost of capital, portfolio management, dividend policy, short and long term sources of finance. Financial management involves mainly three decisions pertaining to:
1. Investment policies:
It dictates the process associated with capital budgeting and expenditures. All proposals to spend money are ranked and investment decisions are taken whether to sanction money for these proposed ventures or not.
2. Methods of financing:
A proper mix of short and long term financing is ensured in order to provide necessary funds for proposed ventures at a minimum risk to the enterprise.
3. Dividend decisions:
This decision affects the amount paid to shareholders and distribution of additional shares of stock.
5. Marketing management:
Philip Kotler views marketing as a social and managerial process by which individuals and group obtain what they need and want through creating and exchanging products and values with others. American Marketing Association defines market¬ing management as the “process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchange that satisfy individual and organizational objectives.”
The course content of marketing management generally includes: marketing concept, consumer behavior, marketing mix, market segmentation, product and price decisions, promotion and physical distribution, marketing research and information, international marketing etc.
Modern marketing management is bridging the gap of demand and supply through de-marketing, re marketing, over-marketing and meta- marketing. Modern marketing, from societal point of view, is the force that harnesses a nation’s industrial capacity to meet the society needs and wants.
The main function of modern management is to organize human and physical resources and direct them toward efficient performance and higher productivity at the minimum costs. The same line of thinking can be applied in various functional areas viz., personnel, production, office finance and marketing. Modern managers are the harbinger of cooperation, fellow feeling, mutual understanding and growth.
Business Management Ideas.com is a comprehensive idea publishing site specially developed for school and college students, teachers, and learners. The entire article published on this website is contributed by users like you with a single vision to spread knowledge.

48
Business Administration / Office management:
« on: May 23, 2017, 04:55:01 PM »
Office management can be defined as, “the organization of an office in order to achieve a specified purpose and to make the best use of the personnel by using the most appropriate machines and equipment, the best possible methods of work and by providing the most suitable environment.”
The main topics of office management are: office accommodation, layout and environment, communication, handling correspondence and mail, typing and duplicating, record management and filing, indexing, forms and stationary, machines and equipments, O & M, office reporting, work measurement and office supervision.

49
Business Administration / Production management:
« on: May 23, 2017, 04:54:41 PM »
Production management refers to planning, organization, direction, coordination and control of the production function in such a way that desired goods and services could be produced at the right time, in right quantity, and at the right cost. Some authors treat material, purchase and inventory management as part of production management. Production management involves the following functions:
(a) Product planning and development,
(b) Plant location, layout and maintenance,
(c) Production systems and machines,
(d) Management of purchase and storage of materials,
(e) Ensuring effective production control.

50
Business Administration / Human resource management:
« on: May 23, 2017, 04:54:14 PM »
Human resource development or personnel management or manpower management is concerned with obtaining and maintaining of a satisfactory and satisfied work force i.e., employees. It is a specialized branch of management concerned with ‘man management’.
The recruitment, placement, induction, orientation, training, promotion, motivation, performance appraisal, wage and salary, retirement, transfer, merit-rating, industrial relations, working conditions, trade unions, safety and welfare schemes of employees are included in personnel management. The object of personnel management is to create and promote team spirit among workers and managers.

51
It is also called operational management or functional areas of management. As being management, a social and universal process, its area is very wider. Inter disciplinary approach of management widens the functional areas.
Image Courtesy: business2community.com
There are five main functional areas of management viz., human resource, production office, finance and marketing; which have been discussed below.
Nowadays, some new and emerging dimen¬sions are also considered areas of management as: time management, environment management, transport management, international management, for ex management.
In time management, the emphasis is given on achieving the target in minimum time. By the nature, only one thing time is allotted equally to every creature as 24 hours in a day. But the person, who knows the art of time management, ranks first. Japanese time management is regarded best in the world.
In environment management, the efforts are made to check the different types of industrial pollution viz., air, water and noise. It is the responsibility of general manager to plan for congenial ecology to plant, animal and human being. Transport management is the specialized branch for arranging efficient and cheaper transport facility.
In the age of multinational corporations (MNCs), the primary concern of international management is with the management of people, material and money of the international environment.
It is the extension of simple management process itself, but across national frontiers. A manager while dealing with different nations must take into account the legal, political, social, economic and technical aspects in the global perspective. Forex (foreign exchange) management is the application of management principles for earning more and more foreign money.

52
Business Administration / Lower Level of Management
« on: May 23, 2017, 04:53:16 PM »
Lower level is also known as supervisory / operative level of management. It consists of supervisors, foreman, section officers, superintendent etc. According to R.C. Davis, “Supervisory management refers to those executives whose work has to be largely with personal oversight and direction of operative employees”. In other words, they are concerned with direction and controlling function of management. Their activities include -
a.   Assigning of jobs and tasks to various workers.
b.   They guide and instruct workers for day to day activities.
c.   They are responsible for the quality as well as quantity of production.
d.   They are also entrusted with the responsibility of maintaining good relation in the organization.
e.   They communicate workers problems, suggestions, and re commendatory appeals etc to the higher level and higher level goals and objectives to the workers.
f.   They help to solve the grievances of the workers.
g.   They supervise & guide the sub-ordinates.
h.   They are responsible for providing training to the workers.
i.   They arrange necessary materials, machines, tools etc for getting the things done.
j.   They prepare periodical reports about the performance of the workers.
k.   They ensure discipline in the enterprise.
l.   They motivate workers.
m.   They are the image builders of the enterprise because they are in direct contact with the workers.

53
Business Administration / Middle Level of Management
« on: May 23, 2017, 04:52:38 PM »
The branch managers and departmental managers constitute middle level. They are responsible to the top management for the functioning of their department. They devote more time to organizational and directional functions. In small organization, there is only one layer of middle level of management but in big enterprises, there may be senior and junior middle level management. Their role can be emphasized as -
a.   They execute the plans of the organization in accordance with the policies and directives of the top management.
b.   They make plans for the sub-units of the organization.
c.   They participate in employment & training of lower level management.
d.   They interpret and explain policies from top level management to lower level.
e.   They are responsible for coordinating the activities within the division or department.
f.   It also sends important reports and other important data to top level management.
g.   They evaluate performance of junior managers.
h.   They are also responsible for inspiring lower level managers towards better performance.

54
Business Administration / 1.Top Level of Management
« on: May 23, 2017, 04:52:11 PM »
It consists of board of directors, chief executive or managing director. The top management is the ultimate source of authority and it manages goals and policies for an enterprise. It devotes more time on planning and coordinating functions.
The role of the top management can be summarized as follows -
a.   Top management lays down the objectives and broad policies of the enterprise.
b.   It issues necessary instructions for preparation of department budgets, procedures, schedules etc.
c.   It prepares strategic plans & policies for the enterprise.
d.   It appoints the executive for middle level i.e. departmental managers.
e.   It controls & coordinates the activities of all the departments.
f.   It is also responsible for maintaining a contact with the outside world.
g.   It provides guidance and direction.
h.   The top management is also responsible towards the shareholders for the performance of the enterprise.

55
Business Administration / Controlling
« on: May 23, 2017, 04:51:34 PM »
Controlling is the final function of management. Once a plan has been carried out, the manager evaluates the results against the goals. If a goal is not being met, the manager must also take any necessary corrective actions to continue to work towards that goal.

56
Business Administration / Leading
« on: May 23, 2017, 04:51:00 PM »
The third function of management is leading. In this step, Melissa spends time connecting with her employees on an interpersonal level. This goes beyond simply managing tasks; rather, it involves communicating, motivating, inspiring, and encouraging employees towards a higher level of productivity. Not all managers are leaders. An employee will follow the directions of a manager because they have to, but an employee will voluntarily follow the directions of a leader because they believe in who he or she is as a person, what he or she stands for, and for the manner in which they are inspired by the leader.

57
Business Administration / Organizing
« on: May 23, 2017, 04:50:35 PM »
The second of the managerial functions is organizing. This step requires Melissa to determine how she will distribute resources and organize her employees according to the plan. Melissa will need to identify different roles and ensure that she assigns the right amount of employees to carry out her plan. She will also need to delegate authority, assign work, and provide direction so that her team of sales representatives can work towards higher sales numbers without having barriers in their way.

58
Business Administration / Planning
« on: May 23, 2017, 04:50:05 PM »
The first of the managerial functions is planning. In this step, the manager will create a detailed action plan aimed at some organizational goal.
For example, let's say Melissa the marketing manager has a goal of increasing sales during the month of February. Melissa needs to first spend time mapping out the necessary steps she and her team of sales representatives must take so that they can increase sales numbers. These steps might include things like increasing advertisements in a particular region, placing some items on sale, increasing the amount of required customer-to-sales rep contact, or contacting prior customers to see if they are interested in purchasing additional products. The steps are then organized into a logical pattern so that Melissa and her team can follow them.
Planning is an ongoing step, and can be highly specialized based on organizational goals, division goals, departmental goals, and team goals. It is up to the manager to recognize which goals need to be planned within his or her individual area.

59
Business Administration / Functions of Management
« on: May 23, 2017, 04:49:12 PM »
Management involves far more than just telling others what to do. Before any of you decide that you think you can do your boss's job, let's take a look into more of what a manager does.
The major functions that a manager completes can be categorized into four different functions known as planning, organizing, leading, and controlling. For some of us, we only see the final two - leading and controlling - but you should know that for every managerial behavior you do see, there is an equal amount that you do not. Behind the manager's closed door, he or she spends a good deal of his or her time planning and organizing, so that he or she can effectively carry out the functions of leading and controlling.

60
Business Administration / What is Management
« on: May 23, 2017, 04:48:35 PM »
The word “Management” is the combination of three components including Manage + Men + T (Tactfully)

So, Managing man tactfully is called Management.

According to Mary Parkar Fullet, “Management is getting things done through other”

Finally, Management is the set of activities such as planning, organizing, leading and controlling to achieve organizational goals with the utilization of scarce resources (6M) Man, Machine, Material, Method, Money and Market effectively and in efficient manner.

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