By definition, management by objectives (MBO) is such a personnel management strategy in which employees and managers get together in order to plan strategy, monitor and record the process of achieving goals with respect to a specific time period. The flow of organizational planning and goals starts from the top to bottom across the organization and is transformed into selective personal goals for the members of the organization. This approach/strategy named as Management by Objectives was first introduced by an expert of management named as Peter Drucker. Eventually, the technique went over the world and become common in the early 1960’s. It is also known as Management by results.
Principle of Management
Principles of management are actually those set of rules and regulations on which probably the whole business organization layout depends upon. There are 14 principles which are probably followed by the most of business organizations. These 14 Principles of management is presented by the Henry Foyal in 1916. These principles of management are now days known as 14 principles of Henry Foyal in the business sectors.
Maslow’s Needs Theory or Maslow’s Hierarchy of Needs is known as a motivational psychological theory given by a well reputed professional known as Abraham Maslow. The theory was first found in his book “A Theory of Human Motivation” in 1940-1950. Since its introduction, the theory has been constantly remaining the top niche regarding personal development, Human motivation, and management training. Today, Maslow’s ideas and theories are termed as the most relevant strategies concerning employers to arrange better working environment for employees in order to satisfy their unique organizational needs. Maslow put extraordinary efforts in order to develop management approaches that enable the analysis of basic human needs.
Job Designs are the most needed necessities of organizational structure. It is termed as a building block of organizing. It is also known as Job Analysis. In simple words, job designs are the particular specifications for a unique task or activity which is performed on the regular basis or repeated regularly.
Effective and efficient working requires employees as well as managerial communication for the distribution of necessary and important information regarding work and tasks to get achieved within an organization. Managerial communication include the process of interpersonal communication, communication methods, hindrances in effective communication, communication networks and their flow along with existing problems and challenges with digital communication & information technology.
Before talking about the Porter five forces model of competition, lets see the levels of strategies. Strategies are developed on three levels of the organizations. These levels are distinctive from each other listed as corporate level, business level and functional level of strategy. Remember before developing and making any plan, organizations always take the care the SWOT Analysis of the market.
The strategic leadership model is basically the study of the leadership style. It describes the ways of modernizing an organization by keeping employees busy into the work for achieving targets and goals. A variety of leadership techniques are used to influence the directions and vision of growth along with possible success of an organization. Management needs tools, techniques and skills for strategy formulation and its implementation.
The Entrepreneurship Management is the most important part of management, especially for those enthusiastic people who have an idea of a start-up. It is treated as one of the most important studies because entrepreneurship is one of the top trending topics of the 21st Century. Further, the following is a brief introduction to the entrepreneurship and its definition, importance and roles in today’s business world.
Without proper planning and planning process you can’t get success in the Business Market. Planning process is a two way function used to set up goals and determine their achievement methods.
An idea to achieve organization’s goals, established strategies and to incorporate organizational work is called planning and when this plan is made for business, then its called Business Plan. The term Planning refers to formal planning for achieving high performances, targets, goals and objectives.
Managerial decision making process is not as easy as people probably think so. Managers need to analyze each and every aspect of business before reaching any decision. All the operations and the body of the organization depend on effective and logical decisions made by the management authorities. Typically, every individual who is unaware of the concept of managerial decision making and its process would like to know from starting to its present uses in today’s trends, i.e. globalization, entrepreneurship and e-business world, etc. There are a few basic questions such as what the decision and decision making is, that may clear the perception of the basic idea of decision making and eventually will lead to the concept of managerial decision making.