pom

 

UNIT 1 – Introduction & Approaches to Management

1. McKinsey 7-S Framework

  • Developed by McKinsey consultants

  • 7 key elements of an organization:

    • Strategy

    • Structure

    • Systems

    • Shared Values (core)

    • Style

    • Staff

    • Skills

  • Used for organizational analysis and change management

2. Henry Fayol (Administrative Theory)

  • Father of Administrative Management

  • 14 Principles of Management:

    1. Division of work

    2. Authority & responsibility

    3. Discipline

    4. Unity of command

    5. Unity of direction

    6. Subordination of individual interest

    7. Remuneration

    8. Centralization

    9. Scalar chain

    10. Order

    11. Equity

    12. Stability of tenure

    13. Initiative

    14. Esprit de corps

3. F.W. Taylor (Scientific Management)

  • Father of Scientific Management

  • Main principles:

    • Science, not rule of thumb

    • Harmony, not discord

    • Cooperation, not individualism

    • Development of workers

  • Techniques:

    • Time & motion study

    • Differential wage system

    • Functional foremanship

4. Approaches to Management

  • Classical Approach

  • Behavioural (Human Relations) Approach

  • Quantitative Approach

  • Systems Approach

  • Contingency Approach

  • Modern Approach

UNIT 2 – Planning & Decision Making

1. Types of Planning

  • Strategic planning

  • Tactical planning

  • Operational planning

  • Standing plans

  • Single-use plans

  • Short-term & Long-term planning

2. Management by Objectives (MBO)

  • Introduced by Peter Drucker

  • Features:

    • Goal-oriented

    • Participative management

    • Performance evaluation

  • Steps:

    1. Set objectives

    2. Develop action plans

    3. Monitor performance

    4. Evaluate results

  • Advantages & limitations (important for exams)

3. Decision Making

  • Meaning: Choosing best alternative

  • Types:

    • Programmed

    • Non-programmed

    • Strategic

    • Tactical

  • Steps in decision making:

    1. Identify problem

    2. Collect information

    3. Evaluate alternatives

    4. Select best option

    5. Implement & review

4. Management by Information (MBI)

  • Decision making based on accurate information

  • Relies on:

    • MIS (Management Information System)

    • Timely and relevant data

  • Improves planning & control

UNIT 3 – Organising

1. Centralisation

  • Concentration of authority at top level

  • Advantages:

    • Uniform decisions

    • Better control

  • Disadvantages:

    • Delay in decisions

    • Overburdened top management

2. Decentralisation

  • Systematic delegation of authority

  • Advantages:

    • Faster decisions

    • Management development

  • Disadvantages:

    • Costly

    • Difficult coordination

3. Delegation

  • Assignment of work to subordinates

  • Elements:

    • Authority

    • Responsibility

    • Accountability

  • Importance:

    • Reduces workload

    • Improves efficiency

UNIT 5 – Company & Consumer Protection

1. Types of Company

  • Private company

  • Public company

  • One Person Company (OPC)

  • Government company

  • Multinational company

  • Holding & subsidiary company

2. Types of Shares

  • Equity Shares

  • Preference Shares:

    • Cumulative

    • Non-cumulative

    • Participating

    • Redeemable

    • Convertible

3. Consumer Protection Act

  • Protects consumer rights

  • Consumer Rights:

    • Right to safety

    • Right to information

    • Right to choice

    • Right to be heard

    • Right to redressal

    • Right to consumer education

  • Redressal forums:

    • District Forum

    • State Commission

    • National Commission

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