Define Management

Management simply means making the best use of what youve got, so that you can get what you want

It is imp for the mgt to know the group members personal objectives and to relate them and fit them according to the companys objective.

Similarities business

B/w

family

as

an

organizations

and

other

organizations

1. Business needs good mgt to make a profitA family needs a good mgt to make its members happy 2. A group that works together 3. A series of decision making activities constituting the process of using family resources to reach family goals: Deciding what family has.. Deciding what family wants.. Deciding how to use what family has to get what it wants 4. Has set goals: good health, financial security, shelter, happiness, advancement.. etc. 5. Lil daily arrangements.. who needs the car next week. Who prepares meal tonight 6. Decisions- small or big: what food to cook, what sanataries to choose buying a house, changing a job 7. Resolving conflicts. 8. Returns expected: love, support, understanding, care shelter, need fulfillment, Features of organization: Management Individual objectives Communication and coordination Authority and responsibility Specialization Group identity Decision making machinery Resolution of conflict: by force; by integration. Planning Payoff

How

does

business

help

to

satisfy

human

need

The traditional or transactional leader says "I'm the leader you're the follower; I have something you need (money) and you have something I need (labor). So let's make an exchange." Transformational leaders like Steve understand that there is something bigger at stake. He not only challenged his people to grow professionally, but also personally emotionally and intellectually. 1. Basic needs are for a kit of basic survival tools such as food, shelter and clothing. Basic level needs can be met by providing employees with a good standard of living through decent pay structures. Employees can then buy the items that enable them to have their basic needs met.. The need to love and be loved.. 2. Security needs are to feel safe and secure, free from harm. Security needs can be met by providing employees with a safe working environment and appropriate training to minimize any health and safety risks. 3. Group needs involve the need to belong to a group or team, rather than to feel isolated and alone. Group needs can be met by organizing employees in appropriate team structures with good sets of communication links. 4. Self esteem needs are for a sense of prestige and self worth. Self esteem needs can be met by rewarding employees with promotion and job titles, which are commensurate with their efforts. .The need to grow. Even in a balanced ecosystem, there is either expansive, unfolding growth, or degeneration, decay and ultimately death. By creating a culture that allows our people (and ourselves) to grow, we are expanding our capacities as leaders, as employees, and as human beings. 5. Self actualization needs involve total self fulfillment through creativity, independence and doing what you enjoy. Self-fulfillment needs can be met by encouraging employees to develop themselves, using appraisal as a tool to identify ways in which individuals can meet their highest order needs. To feel fulfilled and empowered, employees must know they are contributing to the whole.

ROLE

OF

BUSINESS

IN

ECONOMIC

DEVELOPMENT

SHORT NOTES Uncertainty and risk

Risk Risk is the possibility of loss. Risk is measurable. Uncertainty Uncertainty does not always involve losses. Uncertainty is subjective and cannot be measured.

Risk and uncertainty are two terms basic to any decision making framework. Risk can be defined as imperfect knowledge where the probabilities of the possible outcomes are known, and uncertainty exists when these probabilities are not known. Before we take action, we like to feel that we have the truth. Unfortunately, this is not always possible and we may need to take action when short of the truth. This means risk. We need to design our actions to minimize the risk. There is a skill in dealing with uncertainty. It is always excellent to seek the truth, but we also need to be able to deal with half-truths and uncertainties. Uncertainties lie at the heart of business decision making in many different kinds of corporations. Should we take on a new product or business line? Will customers like the idea of using WAPenabled phones to buy our products? Will the regulators allow us to take control of our biggest competitor? Should we distribute our products directly or trust an intermediary? Will ethical, regulatory or political changes blow a hole in one of our critical assumptions? But not all business uncertainties are created equal. Some destroy while others merely damage. Some can be avoided, reduced or transferred, while others must be recognized as an inevitable part of a business activity - and risk managed at an enterprise-wide level by diversifying lines of business, or setting aside reserves or risk capital.