Principles of Management by Henri Fayol Henri Fayol is claimed to be the real father of modern management. He was a Frenchman born in 1841 and was working as an engineer with a mining company. He improved the condition of the company from virtual bankruptcy to high success. From his practical experience, he developed some … Read more
Managerial Roles Another approach to study management is to examine the roles that managers are expected to perform. These roles can be defined as the organized sets of behaviors identified with the position. These roles were developed by Henry Mintzberg in the late 1960s after a careful study of executives at work. All these roles … Read more
Management by Objectives Management by objectives (MBO) can also be referred as Management by Results or Goal Management, and is based on the assumption that involvement leads to commitment and if an employee participates in goal setting as well as setting standards for measurement of performance towards that goal, then the employee will be motivated … Read more
Functions of Management Management in some form or another is an integral part of living and is essential wherever human efforts are to be undertaken to achieve desired objectives. The basic ingredients of management are always at play, whether we manage our lives or business. “Management is a set of principles relating to the functions … Read more
Management by Objectives (MBO) The ideas behind management by objectives (MBO) were advocated and popularized by Peter Drucker, who stressed that business performance requires that each job be directed towards the objective of the whole business. Even though it is comparatively a new area, a lot of attention has been paid to it, notably by … Read more
Porter’s Five Forces Model of Competitive Industry Structure An industry is a group of firms that market product which are close substitutes of each other. Some industries are more profitable than others. But this difference cannot be totally explained by fact that one industry provides better customer satisfaction than others. There are other determinants of … Read more
What is Enterprise System (ERP)? Earlier, in large organizations, different information systems were used to serve different business functions like sales, marketing, production, manufacturing, etc., separately. An enterprise resource planning (ERP) system corporate with organizations to enhance business management and operations within a centralized database. Agencies incorporate ERP software to assimilate business processes, accumulate operational data, improve supply-chain … Read more
Five-Factor Model or ‘Big Five’ of Personality Five-Factor model follows the Traits approach to personality and experts agree that it is valid and it effectively captures the salient aspects of personality that are stable. The five-factor structure is designed to take care of cultural differences in socialization and allows self, peer, observer and stranger ratings … Read more
Edwin Locke’s Goal Setting Theory of Motivation Edwin Locke’s goal setting theory is among the most dominant theories of work motivation. Systematic and rigorous reviews and meta-analyses have found substantial support for the basic principles of the goal-setting theory. This theory emphasizes that all behavior is motivated, and motivation is a goal-directed process. So, the … Read more
Edgar Schein’s Model of Organizational Culture Edgar Schein proposed a model of an organizational culture where the basic assumptions shape values and the values shape practices and behavior, which is the visible part of the culture. Organizations do not adopt a culture in a single day and in fact learn from past experiences and start … Read more
Maslow’s Need Hierarchy Theory of Motivation Abraham Maslow’s research was actually focused on human personality, and he suggested that people differ because they differ in their needs and motivation. This came to be known as a ‘third force’ in understanding the human psyche after Freud proposed that behavior can be explained by one’s unconscious desires … Read more
