Making decision for the unknown state is decision under uncertainty.
Making decisions without considering the consequence is decision under risk.
Leadership is the ability to influence others and enthusiastically making them to achieve the desired results.
The different types of budgets are:
The different types of Modern controlling techniques are:
Identification of required activities, grouping of related activities together and forming departments and coordinating various departments with the established goals and objectives.
The advantages of preventive control are:
Organizations are used to give training to their employees to enhance their skills and abilities. Those trainings are broadly classified into two types. They are:
Planning and executing all those activities are associated with recruitment, selection, training, and Performance appraisal and career development in known as human resource management.
It is tool used for the strategy formulation. It analysis Industry growth rate and market share of the company and indicates different business positions and strategies like cash, cow, dog, Question mark, star.
The basic control process are:
Based on delegation of authority organizations are classified into two types:
Centralization: Entire Power is vested in the hands of few selected persons, normally top managers are holding the power of the organization.
Decentralization: Organizational authority is shared one. All the members are having some amount of freedom in their work based on their position in the organizational structure.
Decision making for the future is called Planning.
Steps in Planning :
Power is capacity to command.
Authority is the right to command.
It is the act of instructing, guiding, inspiring people in an organization to achieve organizational results.
The different types of selection tests are:
Planning is a process by which a manager looks to the future and discovers alternative courses of action. In other words, planning is anticipatory decision making. Planning is the process used by managers to identify and select goals and courses of action of the organisation.
Decision making is defined as the selection of a course of action among alternative courses of action. Decision making should be rational. Decision making involves a choice among alternatives.
The principles of preventive control are:
Ratio between input and output during a specified period with the due consideration of quality.
Strategy is defined as the determination of long-term objectives of an organisation. Making the best choices for the future and allocating the resources necessary to accomplish the objectives.
Career development is the programmes designed by the organizations for the Growth in Job Position and Personal Life of the employees.
The functions of management are:
The 14 principles of management are:
Making a job with its detailed description on duties and authorities are known as job design.
MBO is a Comprehensive management System. It is used for goal setting, Motivation and performance appraisal.
Organization is created for personal interest and satisfaction of the people.
Policy is the prevailing condition and understating.
Procedure is the sequence of a proposed activities.
Decision making involves selection of best course of action among different alternatives courses of action.
JIT is the Japanese Manufacturing technology. It works based on the concept of inventory less operations.
Doing business without geographical boundaries are known as globalization.
The speed of communication flow through the informal channels is faster than formal channels. Many tasks which cannot be accomplished by formal organisation can be completed by informal organisation. Informal orgtanisation encourages cooperation between people. Informal organisation provides job satisfaction, personal attachment and status to workers. Thus, informal organisation is needed for any organisation.
Performance appraisal is the system of measuring Employee performance and giving feedback to the employee regarding his performance.
Planning, organising, staffing, directing and controlling are the functions of management.
Employees, Union, Gate Hiring, Deputation.
Formulation of business plans with the due consideration of environmental analysis and organizational appraisal is know as strategic planning.
Dynamic, Goal oriented one, Process, Primary to other management functions.
Advertisement, Employment Agencies, Campus Recruitment, Websites.
It is used for taking key business decision like stability, growth, retrenchment and divestment decisions are arrived. It is the top management function. These plans are used for long term decision making.
In France, All business units will follow the centralized plan of the government. Such plans are formulated with the view of Maximization of national resources and avoidance of uneconomical areas.
The methods available to resolve conflict are:
Business has the responsibility to fulfill its stake holders interest, such a obligation is know as social responsibility of business.
Goals are specific and short term oriented one.
Objectives are general and long term oriented one.