Welcome

NAME:TAMBE DADASAHEB
BHARAT

SUBJECT :- Business Management

TOPIC:-SHORT NOTES ON
 Shorts note on -
1. Management –
 Management is the art of maximizing efficiency, as a social process, a method of
getting things done through others a plan of action and its direction by a co-
operative group moving towards a common goal.

 Management can be defined as a process of getting the work or the task done that
is required for achieving the goals of an organization in an efficient and effective
manner. Process implies the functions of the management.

 Management is the coordination and administration of tasks to achieve a goal. Such

administration activities include setting the organization's strategy and coordinating
the efforts of staff to accomplish these objectives through the application of available
resources
.
2. F.W. Taylor or Fredrick Winslow Taylor-
F.W. Taylor or Fredrick Winslow Taylor was born on March 20,1856. It is also
known as the ‘Father of scientific management’ proved with his practical theories
that a scientific method can be implemented to management. Taylor gave much
concentration on the supervisory level of management and performance of
managers and workers at an operational level. Let’s discuss in detail the five
principles of management by F.W Taylor.
• Science, not the Rule of Thumb-
• Harmony, Not Discord-
• Mental Revolution-
• Cooperation, not Individualism-
• Development of Every Person to his Greatest Efficiency-
3.PLANNING-
- Planning is the process of thinking regarding the activities required to
achieve a desired goal. Planning is based on foresight, the fundamental
capacity for mental time travel.
- The evolution of forethought, the capacity to think ahead, is considered to
have been a prime mover in human evolution.
- In organizations, planning can become a management process,
concerned with defining goals for a future direction and determining on the
missions and resources to achieve those targets. To meet the goals,
managers may develop plans such as a business plan or a marketing plan.
- Planning always has a purpose. The purpose may involve the
achievement of certain goals or targets: efficient use of resources, reducing
risk, expanding the organisation and its assets, etc.
 4.Decision making-
- Decision making is the process of making choices by identifying a
decision, gathering information, and assessing alternative resolutions.
- Using a step-by-step decision-making process can help you make more
deliberate, thoughtful decisions by organizing relevant information and
defining alternatives
- The decision-making process includes the following steps: define, identify,
assess, consider, implement, and evaluate
- A decision is an act of selection or choice of one action from several
alternatives.
- The process of choosing a correct and successful course of action from
two or more alternatives in order to achieve a desired outcome is known as
decision-making. Management is all about making decisions
 5.ORGANIZING-
• - Organizing, is the management function that follows after planning, it involves the
assignment of tasks, the grouping of tasks into departments and the assignment of
authority with adequate responsibility and allocation of resources across the
organization to achieve common goals
• - Organizing involves the establishment of an intentional structure of roles through
determination and enumeration of the activities required to achieve the goals of an
enterprise.
• - These roles include, the grouping of these activities, the assignment of such groups
of activities to managers, the delegation of authority to carry them out, and the
provision for coordination of authority and informal relationships.
• - Organising is the process of identifying and grouping the work to be performed,
defining and delegating responsibility and authority, and establishing relationships for
the purpose of enabling people to work most effectively together in accomplishing
objectives’.
 6.STAFFING-
• Staffing is the process of hiring eligible candidates in the organization or
company for specific positions. In management, the meaning of staffing is an
operation of recruiting the employees by evaluating their skills,
knowledge and then offering them specific job roles accordingly.
• Staffing is the process of finding the right worker with appropriate
qualifications or experience and recruiting them to fill a job position or
role.
• Through this process, organizations acquire, deploy, and retain a
workforce of sufficient quantity and quality to create positive impacts on
the organization’s effectiveness.
• In management, staffing is an operation of recruiting the employees by
evaluating their skills and knowledge before offering them specific job
roles accordingly.
 7.DIRECTION-
• Direction is telling people what to do and seeing that they do it to the best
of their ability.
• Direction is an aspect of management that deals directly with influencing,
guiding, supervising, and motivating staff for the achievement of
organizational goals.
• Direction is defined as the path that something takes, the path that must
be taken to reach a specific place, the way in which something is starting
to develop or the way you are facing.
• Directing provides stability and balance in the organisation: Stability and
balance are maintained in an organisation with the help of directing
because it fosters cooperation and commitment amongst employees,
and helps to achieve balance amongst various groups, departments,
units.
 8.Teamwork-
 Teamwork is when a group of individuals works together toward a collective
goal in an efficient manner.
 Teamwork is one of the most important tools when it comes to organizational
efficiency .
 Teamwork is the collaborative effort of a group to achieve a common goal or to
complete a task in an effective and efficient way.
 Teamwork is seen within the framework of a team, which is a group of
interdependent individuals who work together towards a common goal.
 A team allows for shared responsibility, observation of each other's work, and
the ability to aid in improving performance when needed.
 A team that works efficiently can self monitor without the need for
management intervention. The importance of teamwork cannot be stressed
enough