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MANAGEMENT AND BUSINESS ADMINISTRATION Management and Business Administration are the two terms that are used interchangeably and synonymously. Management refers to the art of getting things done through others. Administration refers to the function of determining the corporate policy and supervising the overall functioning of the concern. Various viewpoints discussed regarding these two terms are…
FUNCTIONAL AREAS OF MANAGEMENT Management is universal in nature. It is used everywhere. Its scope is not limited to the business only, wherever there is group of persons, management automatically comes into existence. The functional areas of management are as follows: PRODUCTION MANAGEMENT Production management is also known as Operations Management. Production means the creation…
POLICY AND PLANNING Policy and Planning are complementary to each other. Policy formulation is an important aspect of the planning. The smooth working of an organization requires the formulation of the policies. A well thought exercise is essential to formulate the sound and effective policy. The following is the procedure to formulate the policies: DEFINING…
TYPES OF POLICIES The following are the various types of policies: ORGANIZATIONAL POLICIES These refer to the overall policies of the organization. These policies decide the goals of the activities of the organization as a whole. FUNCTIONAL POLICIES Functional Policies are prepared for different functions such as production, marketing, finance, personnel etc. Functional policies are…
POLICIES IN BUSINESS Policies in Business are the general statements which are formulated by the organization for the guidance of its personnel. It is a guide to thinking and action on the part of the executives. Policies indicate the manner in which a particular situation should be handled. ACCORDING TO EDWIN B FLIPPO “A policy…
MANAGEMENT BY OBJECTIVES Management by Objectives is a systematic and organized approach that allows management to focus on achievable goals and to attain the best possible results from available resources. The concept of MBO was coined by Peter F Drucker in 1954. ACCORDING TO HAROLD KOONTZ “MBO is a comprehensive managerial system that integrates many…
SMART TEST Objectives are the ends for the achievement of which managerial activities are directed. Objectives are the pre-requisites of planning. It constitutes the purpose, the attainment of which is necessary for the business. These are the standing plans of the business. These are not only helpful in planning but also in other managerial functions…
MEANING Objectives are the ends for the achievement of which managerial activities are directed. These are the pre-requisites of planning. It constitutes the purpose, the attainment of which is necessary for the business. These are the standing plans of the business. These are not only helpful in planning but also in other managerial functions like…
SETTING OBJECTIVES IN MANAGEMENT Objectives are the ends for the achievement of which managerial activities are directed. Objectives are the pre-requisites of planning. It constitutes the purpose, the attainment of which is necessary for the business. These are the standing plans of the business. These are not only helpful in planning but also in other…
TYPES OF PLANNING IN BUSINESS Planning is an intellectual process of thinking resorted to decide a future course of action regarding: What to do? How to do? Who will do it? When to do? Planning is first and foremost function of the management of ‘THINKING BEFORE DOING’. It is a bridge between the present situations…
