Management in Action-Social Issues and Ethics
Q1. (a) CITE NEW AND USEFUL SKILLS TO BECOME EFFICIENT AND EFFECTIVE IN BUSINESS
Frenchman Henri Fayol describes management as a composition of five functions namely planning, organizing, leading, coordination and control.
Planning: Planning involves identification of your business goal and finding the way to reach it. It involves the estimation of various costs that will be incurred and evaluation of the time required to attain the business goal. A business plan has to be documented and reviewed on a regular basis. A plan is worth it if the attainment of the business goal is feasible with the planned resources. You need to communicate your plan to your employees and accept their feedback.
Organizing: It involves the assignment of tasks and allocation of resources throughout the business organization. It includes determining the primary goals of the business and strategies to reach them. Divide the activities into tasks and assign the tasks to suitable and deserving employees.
Leading: Leadership is a management skill in itself. A true leader inculcates feelings of confidence, admiration in the followers and a sense of commitment towards their business. A leader influences others to follow him. Transformation is the need of the day and so, leaders need to be flexible, adaptable to change and encourage these qualities in the team members too. Being innovative is important for business growth. Innovation is a skill in itself. Leaders need to be open to new ideas, they need to innovate, bring in positive change as and when needed and progress. Rather, progress is hardly possible without innovation. A leader not only dreams but also provides his employees with a framework to fulfill those dreams. Innovation involves both imagination and action in accordance with it. Delegation is another important aspect of leading. It refers to allocation of tasks to the right people. It involves entrusting deserving candidates with work that they can do best.
Coordination and
Frenchman Henri Fayol describes management as a composition of five functions namely planning, organizing, leading, coordination and control.
Planning: Planning involves identification of your business goal and finding the way to reach it. It involves the estimation of various costs that will be incurred and evaluation of the time required to attain the business goal. A business plan has to be documented and reviewed on a regular basis. A plan is worth it if the attainment of the business goal is feasible with the planned resources. You need to communicate your plan to your employees and accept their feedback.
Organizing: It involves the assignment of tasks and allocation of resources throughout the business organization. It includes determining the primary goals of the business and strategies to reach them. Divide the activities into tasks and assign the tasks to suitable and deserving employees.
Leading: Leadership is a management skill in itself. A true leader inculcates feelings of confidence, admiration in the followers and a sense of commitment towards their business. A leader influences others to follow him. Transformation is the need of the day and so, leaders need to be flexible, adaptable to change and encourage these qualities in the team members too. Being innovative is important for business growth. Innovation is a skill in itself. Leaders need to be open to new ideas, they need to innovate, bring in positive change as and when needed and progress. Rather, progress is hardly possible without innovation. A leader not only dreams but also provides his employees with a framework to fulfill those dreams. Innovation involves both imagination and action in accordance with it. Delegation is another important aspect of leading. It refers to allocation of tasks to the right people. It involves entrusting deserving candidates with work that they can do best.
Coordination and