Principles of Management

Management

Management is the art of getting things done through people

Management as a process consists of planning, organizing, actuating and controlling, performed to determine and accomplish the objectives by the use of people and resources.

Management is the process of designing and maintaining an environment in which individuals, working together in groups, efficiently accomplish selected aims.

Importance of Management

1)   Management is a critical element in the economic growth of a country

2)   Management is essential in all organized efforts, be it a business activity or any other activity

3)   Management is the dynamic, life-giving element in every organization

Management Functions

1)   Planning

2)   Organizing

3)   Directing

4)   Controlling

5)   Innovating

6)   Representation

Planning

Determination of what is to be done, how and where it is to be done, who is to do it and how results are to be evaluated

Function which is performed by managers at all levels – top, middle and bottom

Organizing

To provide a business with everything useful: majorly human organization and material organization

According to Allen, Organization refers to the structure which results from identifying and grouping work, defining and delegating responsibility and authority, and establishing relationships’.

Directing

Function can also be called leading, directing, motivating, actuating, etc.

Directing involves 3 sub-functions:

1)   Communication

2)   leadership

3)   motivation

Two broad categories of motivation

1)   Financial

2)   non-financial

Controlling

Function of controlling involves

1)   Establishing standards of performance

2)   Measuring current performance and comparing it against the established standards

3) Taking action to correct any performance that does not meet those standards

Innovation

   Creating new ideas which may improve a product, process or practice

1)   Innovation in packaging: HUL’s shampoo sachets

2)   Innovation in distribution: Eureka forbes’ DTH salesforce

3)   Innovation in business model: ITC’s e-choupal

Representing

A manager is required to spend a part of his time in representing his organization before various outside groups which have some stake in the organization

Retail Service Layout

Service facilities can be costly, like hospitals, resort hotels, universities, and company headquarters, or less costly than other types of facilities, like groceries, department stores, restaurants, banks, hotels, cleaners, clinics and low offices.

Factor influence location of retail and service facilities.

A.-Dominant factors

1)   Proximity of customers

2)  Integration with other parts of organization.

3)  transportation costs and proximity to market

4)  Location of competitors

B.-Secondary factor

A.  Dominant factors

The factors considered for manufactures are also applied to service provides, with one important additions- the impact of location on the sales and customers satisfaction. Customers usually look about how close a service facility is, particularly if the process require considerable customers contact.

Proximity of customers

Location is key factor in determining how conveniently customers can carry on business with firm for examples.- few peoples would like to go to remotely located dry cleaner or supermarket if another is more convenient. Thus the influence of location on revenues tends to be the dominant factor

Integration with other parts of organization

If the new plant or facility is one of a number owned operated by a single organization or group, it should so situated that its work can be integrated with that of the associated units.

Transportation costs and proximity to market

For warehousing and distribution operations, transportation costs and proximity to market are extremely important. With a warehouse nearby, many firms can hold inventory closer to be customers, thus reducing delivery time and promoting sales.

Location of competitors

One complication in estimating the sales potential at different location is the impact of competitors management must not only consider the current location of competitors but also try to anticipate their reaction  to the firms locations. Avoiding areas where competitors are already well established often pays.

B.-Secondary factor

Retailer also consider level of retail activity, residential density, traffic flow and site visibility. Retail activity in the area important, a shoppers often diced on impulse to go shopping or to it in a restaurant. Traffic flow and visibility are important because businesses customer arrives in car. Visibility involes distant from the street and size of near by buildings in sings. High residential density insure nighttime and we can business when the population in the area fits the firms competitive priorities and target market segment.

Dividend Policy

Dividend policy is the set of guidelines a company uses to decide how much of its earnings it will pay out to shareholders. Some evidence suggests that investors are not concerned with a company's dividend policy since they can sell a portion of their portfolio of equities if they want cash.

Dimensions of Dividend Policy

1) Funds requirement

The funds required for forecasting prepares context of long range planning and consequently considerable funding needs tend to keep their payout ratio rather low to conserve resources for growth.

2) Liquidity

Dividend entitles cash payment. Hence, the liquidity position of the firm has a bearing on its dividend decision. A firm may be unable to distribute more than a small fraction of its earning, despite to do so, because of insufficient liquidity.

3) Access to external sources of financing.

The firm which has difficulty in raising finance externally is likely to lean heavily on internally generated funds.

4) Shareholder preference

The preference of shareholders may influence the dividend payout ratio of the firm.

5) Difference in the cost of external equity & retained earnings

The cost of external equity, expecting that which is raised by way of rights issue, is higher than the cost of retained earnings. Two factors cause this difference: Issue cost & under pricing.

6) Control

External finance, unless it is through a right issue, involves dilution of control. If the finance is raised by public, the existing shareholders will have to share control with new shareholders.

7) Taxes

Presently dividend income is tax exempt in the hands of investors.

Transaction Process System

A transaction process system is an information processing system for business transactions involving the collection, modification and retrieval of all transaction data. Characteristics of a TPS include performance, reliability and consistency.

TPS is also known as transaction processing or real-time processing.

A transaction process system and transaction processing are often contrasted with a batch process system and batch processing, where many requests are executed all at one time. The former requires the interaction of a user, whereas batch processing does not require a user to be present. Also, in batch processing the results of each transaction are not immediately available. Additionally, there is a delay while the many requests are being organized, stored and eventually executed. In transaction processing there is no delay and the results of each transaction are immediately available. During the delay time for batch processing, errors can occur. Although errors can occur in transaction processing, they are infrequent and tolerated, but do not warrant shutting down the entire system.

To achieve performance, reliability and consistency, data must be readily accessible in a data warehouse, backup procedures must be in place and the recovery process must be in place to deal with system failure, human failure, computer viruses, software applications or natural disasters.

Organization Behavior

OB refers to the behavior of individual & Group with in the organization and their interaction b/w Organization members and their external environment.

Organization Behavior is the subset of Management activity concerning with Understanding, Predicting and Influencing individual behavior in the organization setting.

Positive OB

Positive prospective of OB emphasis on the needs to recognize and built strength rather them attempting weakness and to cure them .

Categories of Positive approach

1)   Internality

2)   Self –Management

3)   Optimism

4)   Trust

5)   Collaboration

Indian Organizational Setting

Organizational Structure

1)   Work Specialization

2)   Departmentalization

3)   Chain Of Command (Authority, Unity Of Command)

4)   Span Of Control

5)   Centralization & Decentralization

6)   Formalization

Organizational Design

1)   Simple Structure

2)   Bureaucracy

3)   Matrix

Contemporary Organization

1)   Team Structure

2)   Virtual Organization

3)   learning Organization

4)   Boundaries Organization

5)   Empowered Organization

Reasons for Paying Dividend

Plausible

1) Investors preference for dividends

If taxes & transactions costs are ignored, dividends and capital receipts should be perfect substitute.

2) Self control and dividend

Individual often lacks self control so rely on rules & programmes which check their temptations.

3) Aversion to regret & dividend.

These suggest that many people sell stock before time as the prices goes up than before and then they feel regret of selling shares at lower price.

4) Information signaling.

Management often has significant information about the prospect of the firm that it cannot disclose to investor. The information gap between management and shareholders generally causes stock prices to be less than what they would be under condition of information symmetry.

5) Clientele effect.

Investors have diverse preferences some want more dividend income other want more dividend capital, still other want a balanced mix of dividend income and capital gains.

6) Agency cost.

If the shareholders have complete faith in the integrity and rationality of management there is no reason why the company that has profitable investment opportunities should pay and dividend.

Dubious 

1) Bird in hand fallacy

It mainly talks about the high dividend policy is beneficial to shareholders because it reduce uncertainty. As long as capital spending and borrowing remain unchanged, the dividend policy cannot change the firm’s overall cash flows and its risk, which truly determine the firm’s value.

2) Temporary excess cash

If the firm has excess cash then the firm should not ignore long term investment needs if the excess cash is non-recurring factors like windfall gain or sale of firm is likely to have shortfall in future needs.

Plant layout

A layout essentially refers to the arranging and grouping of machines which are meant to Produce goods.

The following are the types of plant layout

1)   Product layout

2)   Process layout

3)   Fixed position layout

4)   Cellular layout

A. Product layout

Product layout is suitable when products having standard features production Process involves repetitive task to be perform, specialized achines and equipments are Arranged one after other in the order of sequence this production of and call assembly line .

Advantages

1)   1 Less supervision

2)   2 High output so low cost of item per unit

3)   3 High efficiency of labor and equipment

4)   4 No need of routing of scheduling one the line is operation

5)   5 Easier material handling

Disadvantages

1)   1 Repetitive take lease to frustration

2)   2 Break down of a machine to half in the production

3)   3 Maintenance of an assembly line required hightechnical skills

4)   4 scheduling of assembly line required high skill

5)   5 inflexibility in design because change in line use very expensive

Example

A car is arranged in on the conveyers one after another at equal distances in figure 1, the Conveyer has brought car in front of the work station from 1 to 3 like head light, tail light, Steering wheel and then comes as a finish product.

U-shape assembly layout

U-shaped assembly lines are useful particularly when there is a single worker in the line Taking care of all the work stations. The U-shape of the line reduces the walking distance Of the worker almost half.

B. Process layout

Process layout

General purpose machine are arranged in no particulars sequence as the processing Requirement are different type of product.

Required machines

1)   Drilling machine

2)   Grinding machine

3)   Mixture machine

4)   Milling machine

5)   Mixer

C. Fixed Position layout

Fixed Position layout

Fixed position layout involves the movement of men and machines to the product

Example

1)   Construction of building

2)   Construction of clan

3)   Drilling of a refinery oil

4)   Power plant

5)   Construction of aircraft

6)   Ship broker

7)   Aircraft

D. Cellular layout or group techniques

Cellular layout uses advantages of both product layout and process layout.Cellular Manufacturing machines are grouped into cells and the cells function somewhat Like a product layout within a larger shop or process layout.

Each cell in the cellular manufacturing layout is formed to produce a single parts Family a few parts all with common characteristics which usually means that they Require the same machines and have similar machine settings.

Cellular layouts allocate dissimilar machines into cell to work on products that Have similar shapes and processing requirements.

Manufacturing cell layouts are now widely used in metal fabricating, computer Chip manufacture and assembly work. The overall objective is to gain the benefits to product layout in job shop kinds of Production.

Biography of Bill Gates

Childhood

1)   Born October 28, 1955 to William H. Gates II & Mary Gates

2)   Grew up in Seattle, WA.

3)   2 sisters- Kristi (older) and Libby (younger).

4)   Father was a Seattle attorney

5) Mother was a schoolteacher, University of Washington regent, & chairman of United Way International.

6)   His real name is William H. Gates III.

School Days

1)   Enrolled into Lakeside Prep at age 13.

2)   Wrote his first computer program in 8th grade.

3) Graduated from Lakeside and registered at Harvard College in the fall of 1973.

4)   SAT score: 1590 out of 1600.

College

1)   Lived down the hall from Steve Ballmer his freshman year at Harvard. Steve is now Microsoft’s chief executive officer.

2)   His sophomore year, he developed a solution to one of a series of unsolved problems that was later published in a paper with Harvard scientists.

3)   Solution held record as the fastest version in over thirty years.

Moving On

1)   Gates, and long-time friend Paul Allen, began Microsoft in 1975.

2)   Left Harvard his junior year  to devote his life to Microsoft.

3)   Had a passion for computers and creating software.

4)   Believed that the computer would soon be a valuable tool in every home

5)   Created software for personal computers.

Now

1)   Chairman of Microsoft Corp.

2) Has brought the company to continually advance and improve software technology.

3) He has made it easier, more cost-effective and more enjoyable to use computers.

4) Microsoft is now the worldwide leader in software  services, and solutions that help people and businesses  reach full potential.

Other

1)   Currently employs over 78,000 people in 105 countries and regions.

2)  Had revenues of $52.12 billion for the year ending in June 2007.

3)  Gates has been responsible for the company’s strategies until 2006.

4)  He has vigorously broadened the company’s range of products.

5)   Gates and his wife, Melinda, created a foundation called the Bill & Melinda Gates Foundation

6)   It has over $28.8 billion to support charitable initiatives in the areas of global health and education.

7)  He has written two books, The Road Ahead (1995) and Business @ the Speed of Thought (1999).

World Heritage Site

The World Heritage List includes 962 properties. These include 745 Cultural site, 188 Natural site and 29 Mixed site properties in 157 Countries.

World Heritage Site programmed was founded with the “Convention Concerning the Protection of World Cultural and Natural Heritage” which was adopted by the General Conference of UNESCO on 16 November 1972.

Italy has the highest number of World Heritage Site with 47

In the Year 2000, total 61 Number of Properties Inscribed which is highest in any year till now.

The Arabian Oryx Sanctuary in Oman is the first site deleted from World Heritage Site list.

In India

Agra Fort and the Ajanta Caves are the first two sites that come under World Heritage Site in 1983.

Till now total 30 sites are included under World Heritage Sites. Of these 30 sites, 24 are cultural sites and the other 6 are natural sites.

The Latest site inscribed in 2013 being the Hill Forts, Rajasthan.

Cultural

Year    Site

1983 - Agra Fort, Ellora Caves, Ajanta Caves, Taj Mahal

1984 -  Monuments at Mahabalipuram, Sun Temple at Konarak

1986 - Fatehpur Sikri , Churches and Convents of Goa,

1987 - Great Living Chola Temples, Elephanta Caves,

1989 - Buddhist Monuments at Sanchi

1993 - Humayun's Tomb, Qutb Minar

1999: - Mountain Railways of India

2002 - Mahabodhi Temple Complex at Bodh Gaya  

2003 - Rock Shelters of Bhimbetka

2004 - Champaner-Pavagadh Archaeological Park

2007 - Red Fort Complex

2010 - The Jantar Mantar

2013 - Hill Forts, Rajasthan

Natural

Year    Site

1985 - Kaziranga National Park, Keoladeo National Park

1987 - Sundarbans National Park.

1988 - Nanda Devi and Valley of Flowers National Parks.

2012 - Western Ghats

Story Behind Your Date Of Birth

Story Behind Your Date Of Birth

Hey this is really true and see it will work for you too

If U were born on the 1st, 10th, 19th, 28th of any month U r number 1.

If U were born on the 2nd, 11th, 20th, 29th of any month then U r number 2.

If U were born on the 3rd, 12th, 21st, 30th of any month then U r number 3.

If U were born on the 4th, 13th, 22nd, 31st of any month then U r number 4.

If U were born on the 5th, 14th, 23rd of any month then U r number 5.

If U were born on the 6th, 15th, 24th of any month then U r number 6.

If U were born on the 7th, 16th, 25th of any month then U r number 7.

If U were born on the 8th,17th,26th of any month then U r number 8.

If U were born on the 9th,18th,27th of any month then U r number 9.

Number 1

You are smart, straight talking, funny, stubborn, hardworking, honest, Jealous on competing basis, kind hearted, angry, friendly, authorities, Famous person... always want to be and regarded as first on people position, they are often like to be independent, will never be under others, self confident people!

You are most likely to fall in love in the younger age, but will get marry when you mature! You are likely to have problems with people who have opposite views

And you are most likely to take revenge over your enemies in a long time basis. You are a spender, but you will have a good profession in the future.

If you are guy you will be very popular that everybody will have mental attraction and respect at you. You can go anywhere from the local shop to the heart of the parliament because you are positive and well talented in numerous issues!! But in your life you will always have some people who will work hard to bring you & your name down. This is undercover!! Coz of your smart behavior you will be hated by some people too...

Your family life is very cool, you will have a very nice partner & wonderful children... You are pioneer, independent & original...

Your best match is 4,6,8 good match is 3,5,7 !!!

Number 2

No matter what, you will be loved by every one coz your ruler is the moon and every one loves the Moon. Well.. You are a person who day dream a lot, you have very low-self confidence, you need back up for every move in your life, you are very much unpredictable. Means you do change according to time and circumstances, kind a selfish, have a very strong sense of musical, artistic talent, verbal communication.

Your attitudes are like the Moon, comes to gloom and fade away so everybody can expect changes in you. You can be a next Mahatma Gandhi who does peace love or you can be a Hitler who wants to destroy the man kind and peace (I mean in the community and your own home).

If you really have a deep thought about your own believe in God you can feel the difference which will make you stronger! Most of the time your words are a kind of would be happening true! So without any knowledge you can predict the situation. You will become poets, writers, any Artistic business people!

You are not strong in love, so you will be there and here till you get marry.. If U r a girl you will be a responsible woman in the whole family. If U r a man you will involve in fights & arguments in the family or Vice-versa. Means you will sacrifice your life for the goodness sake of Your family...You are gentle , intuitive with a broad vision, a power behind the scenes, well balanced People!!!

Your best match is 2 ,5 ,9 no other people can put up with you !!!

Number 3

You are a person of hard hearted, selfish most of the times, religious, loves to climb up in your life. You always tend to have lots of problems within your family in the early stages but you will put up with everything.. You have the strong word power, pretty happy face.. So wherever you go always you have got what you wanted!!! And from the birth always wanted to work hard in order to achieve something.. You will not get anything without hardwork! When you reach a man/ woman age you want other younger once to listen to you because you want younger people to respect people older than them. You do set so many examples to others.

Generally you are not a cool person. It's not easy thing dealing with you. A tough player you are! But once you like someone's attitude then here you go, what can I say? It will be a lasting friendship. You always have respect from others.

Your life seems to have lots of worries and problems but sure they won't be long.. you will always have brilliant kids!!! You love the money a bit too much so temptation will push you to endless trying and trying.. If you are a guy then it's over. Looking after your family and help friends, so you will spend a life time just being generous and kind (except 21st born men). And number 3s you will

be such an example of how to be in the culture & life!!! If you are girl then you have good character and culture & hardworking attitude. You always follow.

You are a freedom lover, creative, ambition focused, a person who brings beauty , hope & joy to this world!!!

Your best match 6 ,9. Good match 1 ,3 ,5 !!!

Number 4

You are very stubborn too, very hard working but unlucky in important matters in life, very cool, helpful, you have rough word power.. Might put lots of people away from you, you may cause nuisance to others if you are a man, and you often understands others and their problems well. If you are a girl you are very good with studies and arts. If you are a guy you spend most of the time after girl friends (almost) at times, you will have sort of too much fun life with mates & girls. Your friends will spend your time & money and get away with their life and you will become empty handed and don't know what to do... So be careful!! You love to spend anyway!!!

Your good will is you are always there to help family and friends. Tell you what you people are little gem! s, specially the girls.. You always fall in love in younger age as well. You often live with disappointments, for an example you have got a degree in some thing... but you will be unemployed.. or will do very ordinary jobs.

But you will take care of your family very well...All you need to be careful of people who will take advantage of your kind heart. And beware of your relations too..

You are radical, patient, persistent,a bit old-fashioned, you live with foundation & order...

Your best Match 1, 8. Good match 5 ,6 , 7 !!!

Number 5

You are very popular within the community, you can get things done by just chatting..to even enemies! You have a pretty good business mind, you are often have no-idea what is today is like, or tomorrow is like, you are a person who does anything when your head thinks "lets do this". You will be famous if you open up a business, get involve in share dealings, music etc.. Very popular with sense of humor ,you are the one your friends and families will always ask for help, and you are the one actually get money on credit and help your friends. You will have more than 1 relationship, but when u get settle down you will be a bit selfish anyway. Coz your other half will have a pretty good amount of control in you, be careful! You tend to go for other relationships! Contacts even you are married at times 'coz your popularity..

You are someone who get along with anyone coz the number 5 is the middle number.. Changes & freedom lovers you are! You are an explorer with magic on your face. You learn your life through experience and it's your best teacher!!!

Your best match 1 ,2 ,9. Good match 6 ,8 !!!

Number 6

Ooopppss..you are born to enjoy.. You don't care about others. I mean you are always want to enjoy your life time, you are a person.. You will be very good in either education or work wise or business management! You are talented, kind (but with only people who you think are nice), very beautiful girls and guys, popular and more than lucky with anything in your lives. All the goodness does come with you. Your mind and body is just made perfect for love.

You are lovable by any other numbers. But if you are a number 6 man, you will experience kind of looks from most girls and will involve in more than few relationships until you get married. If you are girl, most of you will get marry/engaged early. You are a caring person towards your family & friends .

If you miss the half-way mark then you are about to suffer physically and mentally. Generally you will lead a very good inner-home happiness with nothing short of. You are a person of compassion, comfort & fairness, domestic responsibility, good judgment, and after all you can heal this world wounds to make peace for every life coz you have the great power of caring talent to make this world of love one step further...

Your best match 1, 6, 9. Good match 4, 5 !!!

Number 7

You have got the attraction to anyone out there, you are realistic, very confident, happy, such a talented individual with your education, music, arts, singing, and most importantly acting too. You have real problems with bad temper! If you are a girl, you are popular with the subjects listed above.

You give up things for your parents. I mean you value your family status a lot, you will be in the top rank when you reach a certain age. If you are a guy you are popular with girls, you are a very talented too. Most of the number 7s face lots of problems with their marriage life.

Only a very few are happy. You have everything in your life, but still always number 7s have some sort of unfullfilness, such worries all their lifetime.

It's probably the Lord given you all sort of over the standard humans talents and you are about to suffer in family life. So you need to get ready looking for a partner rather than waiting. If you don't, then you might end-up single. So take care with this issue, ok?

You are wonderful, friendly, artistic, happy person.. You are born to contribute lots to this world!!!

Your best match is 2. Good matches are 1,4 !!!

Number 8

You are a very strong personality, there's no one out there will understand you. You are very good at pointing your finger at some thing and say "this is what".

You are more likely to suffer from the early ages. I mean poverty. If your times are not good you might lose either of your parent and end up looking after your entire family. You often suffer all the way in life.

The problems will not allow you to study further, but you will learn the life in a very practical way. You are the one who will fight for justice and may die in the war too. You are normally very reserved with handful of friends and most of the time live life lonely and always prepared to help others.

Well. once you get married (which is often late) then your bad lucks will go away a bit and you! u become safe. You will face un-expected problems such as :

the error, government, poisonous animals, accidents.

You are some one with great discipline, persistence, courage, strength which will take you to success. You are a great part of a family team. You are a fighter!

Your Best match 1 ,4, 8. Good match 5 !!!

Number 9

Hey...you guys are the incompatibles people in the world. You are so strong, physically and mentally... You are often have big-aims. You will work hard and hard to get there. Normally you suffer in the early age from family problems and generally you will have fighting life.. But when you achieve what you have done, it's always a big task you have done! You are so much respected in the community, you are a person who can make a challenge and successfully finish the matter off.

You are very naughty in your younger age, often beaten up by your parents and involve in fights and you seemed to have lots of injuries in your life time. But when u grow you become calm and macho type.

Love is not an easy matter for you. You are good in engineering or banking jobs because people always trust you.

Your family life is very good, but will have worries over your children.

Your such qualities are humanitarian, patient, very wise & compassionate.

You are born to achieve targets and serve every one all equally without any prejudice.

You are totally a role model to anybody in the world for a great inspiration.

Your Best match 3, 5, 6, 9. Good match 2