Course Content
Definition and importance of management Functions of management Managerial roles Evolution of management thought Types of management environment
Meaning and importance of planning Principles of planning Purpose of planning Types of plans Planning tools Process of planning Planning challenges Making plans effective Management by objectives
Meaning and Importance of Organizing Structure and Designs of Organizations Principles of Organizing Process of Organizing Delegation Coordination Centralization and Decentralization Informal Organizations
Meaning and Importance of Staffing Human Resource Planning Recruitment and Selection Training and Development Performance Management Reward Management Separation
Meaning and Importance of Directing Leadership Motivation Communication Group Dynamics Conflict Management
Meaning and Importance of Controlling Elements of Control Characteristics of Effective Controls Control Process Role of Control in an Organization Tools of Controlling
Overview of Strategic Management SWOT Analysis Strategy Formulation Strategy Implementation Strategy Evaluation
Organization Culture Ethics and Social Responsibility Managing Innovation and Change Diversity and Inclusion Corporate Governance Globalization
Principles and Practices of Management
About Lesson
  1. Reasonable and intellectual process: Planning is a rational and intellectual process that requires creativity, forethought, and excellent judgment. The ability of managers to collect all relevant facts, analyze them, and correctly interpret them is critical to the quality of planning. The planner goes through an intellectual process when considering objectives, alternative courses of action, and, most importantly while making decisions on which alternatives to choose.
  2. Goal-oriented– All planning is based on specific goals and objectives. As a result, every plan must contribute in some way to the achievement of group goals. Planning is meaningless if it isn’t linked to goals and objectives.
  3. Primary Function: The most basic and primary function of management. It takes precedence over all other management functions that are aimed at achieving the objectives set out in the plan. Only when the manager has created the essential planning can the manager fulfill the other responsibilities of management: organizing, direction, coordination, and control.
  4. Pervasiveness: Planning pervades all aspects of management. It is the responsibility of all managers in all types of businesses. It is carried out at all levels and parts of the company, from the general manager to the foreman.
  5. Uniformity: Separate plans may be developed at various levels within the organization, but all sub-plans must be combined with the main plan to form a comprehensive plan for operation at any given time.
  6. Continuity: To keep the business operating without interruption, planning must be a continual process. As a result, the first plan must be followed by the second, the second plan by the third, and so on in a never-ending sequence.
  7. Flexibility: Plans should be fluid rather than inflexible: They should be as adaptable as feasible to handle any potential changes in the business to keep up with changing market conditions. Planning is, in fact, a dynamic process.
  8. Simplicity: The language used in planning should be simple. Employees at all levels, particularly at the lower level, can understand every component of it.
  9. Accuracy: Accuracy is the lifeblood of planning. Any inaccuracy or omission in planning would undoubtedly disrupt other management responsibilities. Therefore precision is critical in all types of planning.
  10. Feasibility: It is realistic because it is based on facts and experience. It denotes software that can be executed with available resources to some extent.
  11. The choice among Alternative Courses: Planning entails identifying multiple options, estimating the feasibility and profitability of each, and selecting the best prospect among them.
  12. Efficiency: Planning is done with efficiency in mind. A plan is a path of action that can maximize return with the least amount of input.
  13. Interdependence: Different departments may develop their plans and programs for integration into the overall plan. Planning is an organized procedure in which many plans are arranged in a hierarchy. Every lower-level plan is a stepping stone to the completion of higher-level plans.
  14. Forecasting: Above all, no planning can move forward without forecasting, which is assessing the future and developing plans to prepare for it.
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