ESSENTIALS OF MANAGEMENT ➢ The need / scope / meaning & definition / process of management / managerial hierarchy
MANAGERIAL FUNCTIONS ➢ Planning / Organizing / Staffing / Directing / Controlling
MANAGERIAL SKILLS ➢ Technical / Conceptual / Human
TYPES OF MANAGERS ➢ Functional / Specialists / Generalists / Line & Staff managers
DECISION MAKING ENVIRONMENT ➢ Open & closed system / decision making under certainty, uncertainty & risk
DECISION MAKING TYPES ➢ Structured / unstructured decisions ➢ Programmable / non-programmable ➢ Classical & Administrative Models
DECISION MAKING STYLES ➢ Autocratic / Participative / Consultative

Essentials of Management
An International Perspective
Harold Koontz & Heinz Weihrich

Lesson 1
Characteristics of the term Organization: ➢ Social unit with a purpose

Characteristics of the term Management ➢ Process of optimum utilization of the resources of the Organization to accomplish its goals

Functions of Management ➢ Planning ➢ Organizing ➢ Leading ➢ Controlling ➢ Coordination

Characteristics of the term Productivity ➢ A ratio of Output to Input ➢ It can be improved by o Increasing output with same inputs o Decreasing inputs, but maintaining the same output

Characteristics of the term Effectiveness: ➢ Accomplishing of Objectives of the Organization

Characteristics of the term Efficiency ➢ How Objectives are accomplished. ➢ Is determined by process ➢ Measured against standard time / quantity

Management: Science or Art ➢ Practice is called Art ➢ The Knowledge underlying the Practice is Science ➢ Hence it is both: Science & Art

Managerial Hierarchy ➢ The levels of management in the organization ➢ Levels are established to accomplish the organizational goals