​Unit 1

Nature and Concept of Management

​

​Management

1. Tibon 2016 - it is the process of using resources to reach organizational goals.

2. To achieve specific goals

   1. effectively - doing the right things

   2. efficiently - doing things right

​Types of Effective Management

1. FBL - Financial Bottom Line Mgt

   Focuses on maximizing the organization's financial well being.

2. TBL - Triple Bottom Line Mgt

   It seeks to enhance the company's financial well being through an improved CSR (Corporate Social Responsibility on people, planet, profit)

3. SET - Socio-Ecological Thought Mgt

   Enhances the socio-ecological well being while maintaining financial viability.

​Organizing land, labor and capital to achieve the business goal by guessing and suggesting plans of action

​​Early Mgt Thought (Pre-Scientific Method)

​Frederick Taylor

A method to improve efficiency by reducing waste, simplifying jobs and increased productivity.

​​Scientific Mgt Era

​Evolution of Mgt Theories

​Elton Mayo

It presupposes that PURPOSE is a better motivation than money. His theory states that people's productivity is dependent on relation, attention and camaraderie rather than monetary rewards.

​​Social Person Era

​Henry Fayol

Employees work for various reasons like achieving satisfaction, happiness and desired lifestyle. Managers need to understand what motivates employees to implement strategies to support skill development over time.

​​Modern Era

​Evolution of Mgt Theories