Tag: Definition

Definition!

What is a Definition? It is a statement of the meaning of a term (a word, phrase, or other set of symbols). As well as, Descriptions can classify into two large categories, intentional purposes (which try to give the essence of a term) and extensional purposes (which proceed by listing the objects that a term describes).

Another important category of definitions is the class of ostensive illustrations, which convey the meaning of a term by pointing out examples. Also, A term may have many different senses and multiple meanings and thus require multiple reports.

  • A statement of the meaning of a word or word group or a sign or symbol dictionary definitions. The statement expresses the essential nature of something, a product of defining.
  • The action or process of stating the meaning of a word or word group.
  • What are the Features of Controlling Functions?

    What are the Features of Controlling Functions?

    Features of Controlling Functions; Controlling is the last function of the management process which is performed after planning, organizing, staffing and directing. On the other hand, management control means the process to be adopted in order to complete the function of controlling.

    Here are explain; What are the Features of Controlling Functions?

    Following are the characteristics of controlling functions of management

    • Controlling is an end function: A function which comes once the performances are made in-Conformities with plans.
    • It is a pervasive function: which means it is performed by managers at all levels and in all type of concerns.
    • Controlling is forward-looking: because effective control is not possible without past being controlled. Control always look to the future so that follow-up can make whenever to require.
    • Controlling is a dynamic process: since controlling requires taking reviewal methods, changes have to be made wherever possible.
    • It is related to planning: Planning and Controlling are two inseparable functions of management. Without planning, controlling is a meaningless exercise and without controlling, planning is useless. Planning presupposes controlling and controlling succeeds in planning.

    Controlling has got two basic Process of Controlling:

    • It facilitates coordination.
    • It helps with planning.

    Also, know about; What is Controlling?

    Controlling consists of verifying whether everything occurs in conformities with the plans adopted, instructions issued and principles established. Control ensures that there is effective and efficient utilization of organizational resources so as to achieve the planned goals. Controlling measures the deviation of actual performance from the standard performance discovers the causes of such deviations and helps in taking corrective actions.

    What are the Features of Controlling Functions
    What are the Features of Controlling Functions? #Pixabay.

    Lets reading Definitions about Controlling; According to Brech,

    “Controlling is a systematic exercise which is called as a process of checking actual performance against the standards or plans with a view to ensuring adequate progress and also recording such experience as is gained as a contribution to possible future needs.”

    According to Donnell,

    “Just as a navigator continually takes reading to ensure whether he is relative to a planned action, so should a business manager continually take reading to assure himself that his enterprise is on the right course.”

    According to Henry Fayol,

    “Control consists of verifying whether everything occurs in conformity with the plan adopted, the instructions issued, and the principles”.

    Important Features of Controlling:

    Features of controlling could describe in the following analytical manner:

    • The unique feature of controlling, and.
    • Other features of controlling.

    Now, explain each;

    Unique Feature of Controlling:

    The unique feature of control is that it is the “central-tendency point” in the performance of managerial functions i.e. a point where all other managerial functions come together and unite with one another. This is so because, while contemplating corrective action, sometimes it might be necessary to modify plans or effect changes in the organizational setting. At some other times, changes in the staffing procedures and practices might be thought fit by management for remedial reasons.

    While at some junctures, management might plan to effect changes in the directing techniques of leadership, supervision or motivation, to bring performance on the right track. That is to say, that the remedial action comprised in the controlling process might embrace one or more managerial functions. Hence, controlling is designated as the central tendency point, in management theory.

    Other Features of Controlling:

    Some important basic features of controlling could state as under;

    • Controlling makes for a bridge between the standards of performance and their realistic attainment.
    • Planning is the basis of controlling; in as much as, the standards of performance are laid down in plans.
    • Controlling is a pervasive management exercise. All managers, at different levels in the management hierarchy, perform this function, in relation to the work done by subordinates under their charge-ship.
    • As controlling is the last managerial function, it is true to assert that it gives a finishing or final touch to the managerial job, at a particular point of time.
    • Controlling is based on information feedback i.e. on the reports on actual performance done by operators. In specific terms, it could say that information is the guide to controlling; as without information feedback made available to management, analysis of the causes of deviations and undertaking remedial action are not possible.
    • Action is the soul of controlling. In fact, controlling would be a futile activity; if after analyzing deviations – suitable remedial action is not undertaking by management, to bring performance, in conformity with plan standards.
    • Controlling is a continuous managerial exercise. It has to undertake on a regular and continuous basis, throughout the currency of the organizational operational life.

    Significances of Controlling:

    The significances of the controlling function in an organization are as follows:

    • Accomplishing Organisational Goals: Controlling helps in comparing the actual performance with the predetermined standards, finding out deviation and taking corrective measures to ensure that the activities are performing according to plans. Thus, it helps in achieving organizational goals.
    • Judging Accuracy of Standards: An efficient control system helps in judging the accuracy of standards. It further helps in reviewing & revising the standards according to the changes in the organization and the environment.
    • Improving Employee Motivation: Employees know the standards against which their performance will be judged. Systematic evaluation of performance and consequent rewards in the form of increment, bonus, promotion, etc. motivate the employees to put in their best efforts.

    Boundaries of Controlling:

    The defects or boundaries of controlling are as following:

    • Difficulty in Setting Quantitative Standards: It becomes very difficult to compare the actual performance with the predetermined standards if these standards are not expressing in quantitative terms. This is especially so in areas of job satisfaction, human behavior and employee morale.
    • No Control on External Factors: An organization fails to have control of external factors like technological changes, competition, government policies, changes in the taste of consumers, etc.
    • Resistance from Employees: Often employees resist the control systems since they consider them as curbs on their freedom. For example, surveillance through CCTV (closed-circuit television).
  • What is Controlling? Introduction, Meaning, and Definition

    What is Controlling? Introduction, Meaning, and Definition

    What is Controlling? Introduction; Controlling is the last step of the management process but plays a crucial role without which the whole management process is incomplete. It can define as a function through which the actual and desired output are measuring. All organizations, business or non-business, face the necessity of coping with, problems of control. The relationship of Controlling with other Functions of Management.

    Here are explain; What is Controlling? Introduction, Meaning, and Definition.

    Like other managerial functions, the need for control arises to maximize the use of scarce resources and to achieve purposeful behavior of organization members. In the planning stage, managers decide how the resources would utilize to achieve organizational objectives; at the controlling stage; managers try to visualize whether resources are utilizing in the same way as planned.

    Thus control completes the whole sequence of the management process. If the actual output differs from the desired output, the deviations are altogether removing or minimizing. There are basically two types of control mechanisms, viz. pro-active and reactive. The pro-active mechanism tries to predict future hurdles and solves them then and there. The reactive approach tries to rectify the damage done to prevent any similar loss in the future.

    Definition of Controlling:

    Control is any process that guides activity towards some predetermined goals. Thus control can apply in any field such as price control, distribution control, pollution control, etc. However, control as an element of management process can define as the process of analyzing whether actions are being taken as planned and taking corrective actions to make these to conform to planning. Thus control process tries to find out deviations between planned performance and actual performance and to suggest corrective actions wherever these are needed.

    For example,

    According to Henry Fayol,

    “Control consists of verifying whether everything occurs in conformity with the plan adopted, the instructions issued, and the principles.”

    Terry has defined control as follows;

    “Controlling is determining what is being accomplished, that is evaluating the performance and, if necessary, applying corrected measures so that the performance takes place according to plan.”

    The Main Steps in Control Function Include;

    • Establishing performance standards.
    • Measuring actual performance.
    • Determining the gap between set standards and achieved performance.
    • Taking corrective measures.

    An integral activity in the controlling function is feedback. Without appropriate and valid feedback, no control measures can be successfully implemented. Feedback about a particular plan can help in identifying areas of improvement.

    The Controlling Function Involves Following Activities;

    • Bringing actual results nearer to the desired results.
    • Improving the performance level of all activities being performed.
    • Regulating the use of all the resources for achieving planned objectives and goals.
    • The regulating working behavior of employees for maintaining order and discipline.
    • Checking distortions and deviations taking place in occurs in conformity the system to make it more cost-effective.

    If in the controlling step, there is a huge gap in the actual and desired performance, the whole management process is revising.

    What is Controlling Introduction Meaning and Definition
    What is Controlling? Introduction, Meaning, and Definition, #Pixabay.

    Features of Controlling:

    Based on the definition of control, its following features can identify:

    1. Control is forward-looking because one can control future happenings and not the past. However, on the control process always the past performance is measuring because no one can measure the outcome of a happening which has not occurred. In light of these measurements, managers suggest corrective actions for the future period.
    2. Control is both an executive process and, from the point of view of the organizations of the system, a result. As an executive process, each manager has to perform the control function in the organization. It is true that according to the level of a manager in the organization, the nature, scope, and limit of his control function may different as compare to a manager at another level. The word control is also preceding by an adjective to designate a control problem, such as quality control, inventory control, production control, or even administrative control. In fact, it is administrative control, which constitutes the most comprehensive control concept. All other types of control may subsume under it.
    3. Control is a continuous process. Though managerial control enables the manager to exercise control at the point of action, it follows a definite pattern and timetable, month after month and year after year on-a continuous basis.
    4. A control system is a coordinated-integrated system. This emphasizes that, although data collected for one purpose may differ from those with another purpose, these data should be reconciled with one another. In a sense, the control system is a single system, but it is more accurate to think of it as a set of interlocking sub-systems.

    Notes: You will come to know the definitions of all the seven Processes of Scientific Management; Planning, Organizing, Staffing, Directing, Coordinating, Motivating, Controlling.

  • Motivating

    Processes of Scientific Management Motivating

    The objectives and goals are achieved by motivation. Motivation includes increasing the speed of performance of a work and developing a willingness on the part of workers. This is done by a resourceful leader.

    The workers expect favorable climate conditions to work, fair treatment, monetary and non-monetary incentive, effective communication and gentleman approach.

    According to Earl P. Strong, “Motivating is the process of indoctrinating personnel with the unity of purpose and need to maintain a continuous and harmonious relationship”.

    Here are 14 unique motivational techniques from other entrepreneurs that you can try with your employees by Inc.com

    1. Gamify and Incentivize

    Although we haven’t implemented it yet, we’re developing a feedback system that rewards employees for engaging with our wiki and for learning how to use our application via our training videos. We further reward performance based on meeting certain goals. A proven motivator for students and employees alike is earning a “badge” or points for committing to certain tasks.

    2. Let Them Know You Trust Them

    If you let them know you trust and depend on them, they will fill those shoes sooner than you think. A vote of confidence can go a long way. Let them know you trust them to do the best job possible and they will rarely disappoint you. Try it.

    3. Set Smaller Weekly Goals

    You want lofty ambitions but set up smaller goals along the way to keep people in it. Rather than make a billion this year, focus on getting 100 new customers this week something that will get you to that billion. Then reward the team for achieving the goal with an afternoon off, a party, etc. They will see that your goals are realistic and everyone benefits from working hard.

    4. Give Your Employees Purpose

    I am able to motivate my employees by giving them a purpose. When you accomplish that, they understand the vision better and are able to execute more strongly. In addition, by understanding their purpose and the purpose of the business, an employee is better able to understand how they fit into the big picture.

    5. Radiate Positivity

    I’m always pumping energy through the office. I’m really enthusiastic and want my staff to feed off that positive energy. Because culture is so important to me, I play music, have fun, joke around, and play games. We work hard, but we play hard too. You have to be in the moment and high-energy all the time!

    6. Be Transparent

    I am very open with employees about what’s happening at the highest level so there are no surprises and everyone has a chance to ask questions and give feedback. I want employees to feel included in big decisions and committed to the direction our company takes. This has helped to sustain motivation and increased company loyalty and pride.

    7. Motivate Individuals Rather Than the Team

    Aligned incentives are the only true way to ensure everyone on a team is working toward a common goal. Framing the strategy in multiple ways ensures each stakeholder has a clear, personal understanding of how working together benefits himself and the team. This technique allows you to motivate the team to accomplish amazing things.

    8. Learn What Makes Each Employee Tick

    Ask what they do and don’t like working on, share the big picture company goals, and respond to their questions. Discern their goals and then invest in their professional growth. During one-on-one check-ins, listen to their ideas, because they’re the best at what they do. Respect their personal schedules and non-work time, and don’t ever pit their goals/timelines against each other.

    9. Reward Based on Feedback

    We developed Value bot-an app for Slack that calculates how many times each employee was praised in order to send daily and monthly summaries. Whoever garners the most kudos wins various awards and recognition. Value bot has helped us to visualize our culture and reiterate how much we support one another. The positive energy we create in the office helps us to attract and retain talent.

    10. Prioritize Work-Life Balance

    We have a few fun incentives, like an in-office “phone booth” style machine that lets you grab dollar bills. It’s a fun little motivator that the sales team uses on a smaller scale. Otherwise, it’s also important to encourage employees to take vacation time. A culture that prioritizes work-life balance, yields increased productivity and overall happiness in the workplace.

    11. Have an Open-Door Policy

    It’s amazing how a simple “please” and “thank you” fares with employees. We simply speak to staff the way we would want to be spoken to. We also have an open-door policy when it comes to suggestions and ideas. When employees feel that their voice matters, they, in turn, feel confident about their positions in the company and that they have more at stake than just a paycheck.

    12. Let Them Lead

    Motivating employees is not just about giving them vacation time it is about showing them they make a difference and are valued. Every time we have a meeting, whether large or small, we let a different team member lead the conversation and the topics discussed. Not only can they share their opinions and be heard this way, but they are motivated to make their words and ideas happen afterward.

    13. Show Them the Bigger Picture

    It’s important that employees understand the bigger picture and can see how what they are doing at the moment will eventually contribute to an end goal. Give them tasks and projects to work on and make sure they understand how this fits into the big picture. Talented employees will go above and beyond what you expect of them.

    14. Create Recognition Rituals

    At Convene, every management and executive meeting starts off with each department lead recognizing someone from their team who has gone above and beyond for the company or a client. This positive feedback loop motivates team members, and it holds management accountable for staff recognition.

    Notes: You will come to know the definitions of all the seven Processes of Scientific Management; Planning, Organizing, Staffing, Directing, Coordinating, Motivating, Controlling.

  • Coordinating Definition Examples Advantages

    Coordinating Definition Examples Advantages

    Coordinating is a horizontal function. It creates linkages between different verticals. Coordination is a choice whereas directing is a compulsion of the job.

    Processes of Scientific Management Coordinating

    All the activities divided group-wise or section-wise under organizing function. Now, such grouped activities coordinated towards the accomplishment of organizational objectives and goals. The difficulty of coordination depends upon the size of the organization. It increases with the increasing size of the organization.

    According to Knootz and O’Donell, “The last coordination occurs when individuals see how their jobs contribute to the dominant goals of the enterprise. This implies knowledge and understanding of enterprise objectives”.

    Coordination is the management of interdependence in work situations. It is the orderly synchronization or fitting together of the interdependent efforts of individuals. For example, in a hospital, the activities of doctors, nurses, ward attendants, and lab technicians must properly synchronized if the patient is to receive good care.

    Similarly, in a modern enterprise, which consists of a number of departments, such as production, purchase, sales, finance, personnel etc., there is a need for all of them to properly time their interdependent activities and to effectively reunite the subdivided work. To coordinate is to keep expenditure proportional to financial resources; equipment and tools to production needs; stocks to the rate of consumption; sales to production. It is to build the house neither too big nor too small; adapt the tool to its use; the road to the vehicle; the safety precaution to the risks.

    In a well-coordinated enterprise, the following facts observed

    • Each department works in harmony with the rest. Stores know what has to supplied and at what time; production knows its target; maintenance keeps equipment and tools in good order.
    • Each department, division, and subdivision is precisely informed about the share it must take in the common task.
    • The working schedule of the various departments is constantly tuned to the circumstances.

    The example of the process: Coordinating is a horizontal function. It creates linkages between different verticals. Coordination is a choice whereas directing is a compulsion of the job. Not many people like to coordinate the activities between various sections. It involves talking to persons across the line to get certain things done. It creates linkages between dissimilar functions, It unifies the work of one section with some other section.

    Meaning and Definition

    Coordination refers to the process of organizing people or groups so that they work together properly and efficiently. It involves aligning and synchronizing the activities of different sections or departments to achieve the overall objectives of the organization.

    Definition: According to Knootz and O’Donnell, “The last coordination occurs when individuals see how their jobs contribute to the dominant goals of the enterprise. This implies knowledge and understanding of enterprise objectives.”

    Examples

    • Healthcare: In a hospital, the coordination between doctors, nurses, ward attendants, and lab technicians ensures that patients receive timely and comprehensive care.
    • Manufacturing: Coordination between the production, purchasing, sales, and maintenance departments ensures smooth operations and timely delivery of products.

    Importance

    1. Efficiency: Proper coordination improves operational efficiency by ensuring that different parts of the organization work together seamlessly.
    2. Resource Utilization: It helps in the optimal utilization of resources by avoiding duplication of work and reducing wastage.
    3. Goal Achievement: Coordination aligns the activities of various departments with the overall goals of the organization, making it easier to achieve these goals.
    4. Conflict Reduction: Provides clarity of roles and responsibilities, thus reducing misunderstandings and conflicts between departments.
    5. Adaptability: Enhances the organization’s ability to adapt to changes and uncertainties in the business environment.

    Advantages

    1. Improved Performance: Coordinated efforts lead to better performance as the collective efforts are aligned with the goals.
    2. Enhanced Communication: Facilitates better communication among different departments, leading to a clearer understanding of tasks and responsibilities.
    3. Synergy: Creates synergy by combining the strengths of different departments and making the whole greater than the sum of its parts.
    4. Flexibility: Increases the organization’s ability to respond to changes quickly and efficiently.
    5. Employee Morale: Boosts employee morale as everyone understands their role and how it contributes to the organization’s success.

    Disadvantages

    1. Complexity: The need for coordination increases with the size and complexity of the organization, making it a challenging task.
    2. Time-Consuming: Effective coordination requires time and effort, which can be resource-intensive.
    3. Resistance to Change: Employees or departments may resist changes that are necessary for better coordination.
    4. Cost: Implementing coordination mechanisms, such as meetings, software tools, and communication systems, can increase operational costs.
    5. Over-Reliance: Too much focus on coordination can lead to over-reliance on structure, potentially stifling creativity and innovation.

    By understanding and implementing effective coordination, organizations can enhance efficiency, achieve their objectives, and foster a harmonious working environment. Nonetheless, it is crucial to acknowledge and address the potential challenges to maintain a balanced approach.

    Notes: You will come to know the definitions of all the seven Processes of Scientific Management; Planning, Organizing, Staffing, Directing, Coordinating, Motivating, Controlling.

  • Staffing Definition Examples Advantages

    Staffing Definition Examples Advantages

    Staffing is the important function of management that involves employing the right number of people at the right place with right skills and abilities.

    Processes of Scientific Management Staffing

    It also involves training and development of the people so that organizational objectives and goals can achieved successfully. It comprises the activities of selection and placement of competent personnel.

    Definition

    “Staffing is the process of hiring, positioning and overseeing employees in an organization”.

    In addition to selection, training, development of personnel, it also comprises of promotion of best persons, a retirement of old persons, performance appraisal of all the personnel, and adequate remuneration of personnel. The success of any enterprise depends upon the successful performance of the staffing function.

    Meaning

    Staffing is the process within an organization that involves the careful selection, training, development, and placement of competent individuals in appropriate roles. This ensures that the organization achieves its objectives efficiently and effectively.

    Examples

    1. Recruitment: Finding suitable candidates and encouraging them to apply for positions within the organization. This can be done through advertisements, referrals, and placement agencies.
    2. Training Programs: Offering training programs to new hires to help them understand their roles and enhance their skills.
    3. Performance Appraisals: Regularly evaluating employees’ performance to ensure they meet the organization’s standards and identifying areas for improvement.
    4. Promotion and Transfers: Moving employees to higher positions or different roles within the organization based on their performance and skills.

    Importance

    • Efficient Operations: By placing the right people in the right roles, organizations can ensure smooth and effective operations.
    • Employee Development: Ongoing training and development help employees stay current with industry standards and improve their performance.
    • Retention: Proper staffing measures can help retain talented employees by providing growth opportunities and fair remuneration.
    • Organizational Success: Successful staffing practices lead to an overall improvement in organizational performance and help achieve business goals.

    Advantages

    • Talent Acquisition: Effective staffing helps in acquiring skilled and competent employees that add value to the organization.
    • Better Productivity: Well-staffed organizations typically experience higher productivity levels as employees are well-trained and motivated.
    • Reduced Turnover: By selecting and nurturing the right candidates, staffing can significantly reduce turnover rates.
    • Enhanced Employee Morale: Adequate staffing and fair promotion practices contribute to high employee morale and job satisfaction.

    Disadvantages

    • High Costs: The staffing process, which includes recruitment, training, and development, can be costly.
    • Time-Consuming: Finding the right candidates and adequately training them is a time-consuming process.
    • Potential for Bias: Improper staffing practices can lead to biases in hiring and promotions, which may affect the organization’s diversity and inclusivity.
    • Mismatch: There is always a risk of hiring individuals who do not fit well with the organizational culture or their roles, which could lead to inefficiencies.

    Understanding the intricacies of staffing can help organizations optimize their human resources for improved performance and longevity.

    The staffing function involves

    • Determining human resource requirements of the organization.
    • Recruiting individuals with required skills and competence.
    • Providing placement and orientation to individuals
    • Providing training and development programs to individuals.
    • Evaluating the performance of individuals.
    • Transferring, promoting, laying off individuals.

    The example of the process: Recruitment is the process of finding proper candidates and inducing them to apply for the jobs in the organization. The recruitment should be sound one. If it is not so, the morale of the staff will be very low and the image of the company will tarnished.

    Recruitment is done through advertisements, word of mouth publicity and with the help of placement agencies.

    The success of any recruitment depends upon policies and procedures followed by the company while recruiting the staff members.

    Jobs with low salary, uninteresting and difficult jobs are challenging to be filled up easily.

    Recruitment means the discovery of the staff members for the present and future jobs.

    Notes: You will come to know the definitions of all the seven Processes of Scientific Management; Planning, Organizing, Staffing, Directing, Coordinating, Motivating, Controlling.

  • Five M’s in the Business

    Five M’s in the Business

    Learn how the five M’s – Man, Machines, Materials, Money, and Method – are crucial resources in effective business management.

    Five M’s in the Business

    Efficient management is the lifeboat of any developed business. The five M’s, which can be considered the resources of the business, are Man, Machines, Materials, Money, and Method.

    1. Man

    Management is the art of getting things done by a group of people. Thus, the availability of qualified, trained, skilled, experienced, and competent people is the most crucial factor in any management.

    Advantages:

    • Innovation: Qualified, skilled, and experienced individuals can bring in new ideas and innovations.
    • Productivity: Competent staff enhance productivity and efficiency.

    Disadvantages:

    2. Machines

    Management involves knowing what needs to be done and ensuring it’s done in the best and most cost-effective way. Thus, having capable machines and equipment is essential to achieve this.

    Advantages:

    • Efficiency: Machines can perform tasks faster and more accurately than humans.
    • Consistency: Machines provide consistent output quality.

    Disadvantages:

    • Cost: High initial investment and maintenance costs.
    • Obsolescence: Technological advancements can make existing machinery outdated.

    3. Materials

    Quality, quantity, availability, cost/market price, and the transportation of raw materials, semi-finished goods, and finished products are critical components to the success of management.

    Advantages:

    • Quality Control: High-quality materials lead to high-quality products, increasing customer satisfaction.
    • Availability: Timely availability of materials ensures continuous production.

    Disadvantages:

    • Cost Fluctuation: Material costs can fluctuate due to market conditions.
    • Supply Chain Risks: Disruptions in the supply chain can affect the availability of materials.

    4. Money

    Financial capital is utilized by businesses to acquire what they need to produce their products or provide their services. The availability of funds is extremely important for procuring capital goods, raw materials, tools, consumables, and working capital.

    Advantages:

    • Resource Acquisition: Adequate funds allow businesses to acquire necessary resources and expand operations.
    • Stability: Financial stability ensures smooth operations and the ability to withstand economic downturns.

    Disadvantages:

    • Debt: Excessive borrowing can lead to high-interest obligations and financial distress.
    • Mismanagement: Poor financial management can lead to inefficient use of funds.

    5. Method

    The process or method by which work is accomplished is crucial. The proper method ensures the required quality, quantity, and timely delivery, achieving the management objectives.

    Advantages:

    • Standardization: Proper methods ensure consistent quality and efficient production.
    • Competitive Edge: Innovative methods can differentiate a company from its competitors.

    Disadvantages:

    • Inflexibility: Overly rigid methods can stifle creativity and adaptability.
    • Implementation Cost: Developing and implementing new methods can be costly and time-consuming.

    Methods can create a competitive edge. For example, consider two girls preparing a cup of tea each with the same raw materials: milk, sugar, tea powder, etc.

    • Girl A: Puts milk in the utensil and boils it, then adds water, sugar, and tea powder, and boils it again.
    • Girl B: Boils water and sugar, then adds tea powder, and lastly adds milk.

    The two cups of tea taste different despite having the same ingredients because the method used makes the difference. Standardized methods ensure consistent results. That’s why the quality of idli sambar in an Udipi restaurant is always the same and why McDonald’s offers the same taste of French Fries worldwide. Standardized methods address these needs.

    Companies can also differentiate through methods. For example, Shampoo produced by Company A is in high demand. Company B, seeing this, researches Company A’s methods, improves upon them, and adds extra benefits to capture more market share.

    Similarly, among four bhelwalas, the one in demand might be successful due to a better preparation method and additional customer advantages like cleanliness, better presentation, extra quantity, etc., offering better value for money to the customers.

    By understanding and effectively managing these five M’s, businesses can optimize their operations and achieve their objectives. However, it is equally important to be aware of the potential drawbacks and address them proactively.

  • Leadership Explained by the Internet

    Leadership Explained by the Internet

    If management is defined as getting things done through others, then leadership should be defined as the social and informal sources of influence that you use to inspire action taken by others. It means mobilizing others to want to struggle toward a common goal. Great leaders help build an organization’s human capital, then motivate individuals to take concerted action. Leadership also includes an understanding of when, where, and how to use more formal sources of authority and power, such as position or ownership. Increasingly, we live in a world where good management requires good leaders and leadership. While these views about the importance of leadership are not new (see “Views on Managers Versus Leaders”), competition among employers and countries for the best and brightest, increased labor mobility (think “war for talent” here), and hyper competition puts pressure on firms to invest in present and future leadership capabilities.

    P&G provides a very current example of this shift in emphasis to leadership as a key principle of management. For example, P&G recruits and promotes those individuals who demonstrate success through influence rather than direct or coercive authority. Internally, there has been a change from managers being outspoken and needing to direct their staff, to being individuals who electrify and inspire those around them. Good leaders and leadership at P&G used to simply having followers, whereas, in today’s society, good leadership means followership and bringing out the best in your peers. This is one of the key reasons that P&G has been consistently ranked among the top ten most admired companies in the United States for the last three years, according to Fortune magazine. Ranking of Most Admired Firms for 2006, 2007, 2008. http://www.fortune.com (accessed October 15, (2008).

    Whereas P&G has been around for some 170 years, another winning firm in terms of leadership is Google, which has only been around for little more than a decade. Both firms emphasize leadership in terms of being exceptional at developing people. Google has topped Fortune’s 100 Best Companies to Work for the past two years. Google’s founders, Sergey Brin and Larry Page, built a company around the idea that work should be challenging and the challenge should be fun. http://www.google.com/intl/en/corporate/tenthings.html (accessed October 15, 2008). Google’s culture is probably unlike any in corporate America, and it’s not because of the ubiquitous lava lamps throughout the company’s headquarters or that the company’s chef used to cook for the Grateful Dead. In the same way, Google puts users first when it comes to online service, Google espouses that it puts employees first when it comes to daily life in all of its offices. There is an emphasis on team achievements and pride in individual accomplishments that contribute to the company’s overall success. Ideas are traded, tested, and put into practice with a swiftness that can be dizzying. Observers and employees note that meetings that would take hours elsewhere are frequently little more than a conversation in line for lunch and few walls separate those who write the code from those who write the checks. This highly communicative environment fosters a productivity and camaraderie fueled by the realization that millions of people rely on Google results. Leadership at Google amounts to a deep belief that if you give the proper tools to a group of people who like to make a difference, they will; What is a Leadership?.

    Successful Leaders around the World

    • My definition of a leader…is a man who can persuade people to do what they don’t want to do, or do what they’re too lazy to do, and like it.
      – Harry S. Truman (1884–1972), 33rd president of the United States.
    • You cannot manage men into battle. You manage things; you lead people.
      – Grace Hopper (1906–1992), Admiral, U.S. Navy.
    • Managers have subordinates—leaders have followers.
      – Chester Bernard (1886–1961), former executive and author of Functions of the Executive.
    • The first job of a leader is to define a vision for the organization…Leadership is the capacity to translate vision into reality.
      – Warren Bennis (1925–), author and leadership scholar.
    • A manager takes people where they want to go. A great leader takes people where they don’t necessarily want to go but ought to.
      – Rosalynn Carter (1927–), First Lady of the United States, 1977–1981. 

    Leadership Explained by the Internet? Leadership is both a research area and a practical skill encompassing the ability of an individual or organization to “lead” or guide other individuals, teams, or entire organizations. The literature debates various viewpoints: contrasting Eastern and Western approaches to leadership, and also (within the West) US vs. European approaches. US academic environments define leadership as “a process of social influence in which a person can enlist the aid and support of others in the accomplishment of a common task”. Leadership seen from a European and non-academic perspective encompasses a view of a leader who can be moved not only by communitarian goals but also by the search for personal power. In a holistic perspective, as the European researcher Daniele Trevisani highlights: “Leadership is a holistic spectrum that can arise from; (1) higher levels of physical power, need to display power and control others, force superiority, ability to generate fear, or group member’s need for a powerful group protector (Primal Leadership), (2) superior mental energies, superior motivational forces, perceivable in communication and behaviors, lack of fear, courage, determination (Psychoenergetic Leadership), (3) higher abilities in managing the overall picture (Macro-Leadership), (4) higher abilities in specialized tasks (Micro-Leadership), (5) higher ability in managing the execution of a task (Project Leadership), and (6) higher level of values, wisdom, and spirituality (Spiritual Leadership), where any Leader derives its Leadership from a unique mix of one or more of the former factors”.

  • Functions of Management by Henri Fayol

    Elements of Management by Henri Fayol

    Writer’s regarded the elements of management as the functions of management. He said that management should be viewed as a process consisting of five elements. You will Know about “14 Principles of Management by Henri Fayol” & also read “Nature and Characteristics of Management”.

    Fayol’s five Elements They are;

    • Planning.
    • Organising.
    • Commanding.
    • Coordination.
    • Controlling.

    He has regarded planning as the most important managerial function. Creation of organization structure and commanding function is necessary to execute plans. Coordination is necessary to make sure that everyone is working together, and control looks whether everything is proceeding according to the plan.

    These are Fayol’s five functions of management;

    Planning:

    Planning is looking ahead. According to Henri Fayol, drawing up a good plan of action is the hardest of the five functions of management. This requires an active participation of the entire organization. With respect to time and implementation, planning must be linked to and coordinated on different levels. Planning must take the organization’s available resources and flexibility of personnel into consideration as this will guarantee continuity.

    Organizing:

    An organization can only function well if it is well-organized. This means that there must be sufficient capital, staff, and raw materials so that the organization can run smoothly and that it can build a good working structure. The organizational structure with a good division of functions and tasks is of crucial importance. When the number of functions increases, the organization will expand both horizontally and vertically. This requires a different type of leadership. Organizing is an important function of the five functions of management.

    Commanding:

    When given orders and clear working instructions, employees will know exactly what is required of them. Return from all employees will be optimized if they are given concrete instructions with respect to the activities that must be carried out by them. Successful managers have integrity, communicate clearly and base their decisions on regular audits. They are capable of motivating a team and encouraging employees to take initiative.

    Coordination:

    When all activities are harmonized, the organization will function better. Positive influencing of employees behavior is important in this. Coordination, therefore, aims at stimulating motivation and discipline within the group dynamics. This requires clear communication and good leadership. Only through positive employee behavior management can the intended objectives be achieved.

    Controlling:

    By verifying whether everything is going according to plan, the organization knows exactly whether the activities are carried out in conformity with the plan.

    Control takes place in a four-step process:

    • Establish performance standards based on organizational objectives.
    • Measure and report on actual performance.
    • Compare results with performance and standards.
    • Take corrective or preventive measures as needed.

    Each of these steps is about solving problems in a creative manner. Finding a creative solution is often more difficult than discovering what the problem is than making choices or the decision-making process. It starts with creating an environmental analysis of the organization and it ends with evaluating the results of the implemented solution.

  • 14 Principles of Management by Henri Fayol

    14 Principles of Management by Henri Fayol

    Explain, What is 14 Principles of Management by Henri Fayol?

    Meaning; Business administration is the management of a business. It includes all aspects of overseeing and supervising business operations and related field which include Accounting, Finance, and Marketing. Management consists of the interlocking functions of creating corporate policy and organizing, planning, controlling, and directing an organization’s resources in order to achieve the objectives of that policy. Definition of Management “To manage is to forecast and to plan, to organize to command, to coordinate and to control; by Henri Fayol.” Read Many Definition of Management. Also learn, 14 Principles of Organization, 14 Principles of Management by Henri Fayol!

    Following the 14 Principles of Management by Henri Fayol are:

    • Division of Work: Specialization allows the individual to build up experience, and to continuously improve his skills. Thereby he can be more productive.
    • Authority: The right to issue commands, along with which must go the balanced responsibility for its function.
    • Discipline: Employees must obey, but this is two-sided employees will only obey orders if management plays their part by providing good leadership.
    • Unity of Command: Each worker should have only one boss with no other conflicting lines of command.
    • Unity of Direction: People engaged in the same kind of activities must have the same objectives in a single plan. This is essential to ensure unity and coordination in the enterprise. Unity of command does not exist without unity of direction but does not necessarily flows from it.
    • Subordination of individual interest (to the general interest): Management must see that the goals of the firms are always paramount.
    • Remuneration: Payment is an important motivator although by analyzing a number of possibilities, Fayol points out that there is no such thing as a perfect system.
    • Centralization & Decentralization: This is a matter of degree depending on the condition of the business and the quality of its personnel.
    • Scalar chain & Line of Authority: A hierarchy is necessary for the unity of direction. But lateral communication is also fundamental, as long as superiors know that such communication is taking place. Scalar chain refers to the number of levels in the hierarchy from the ultimate authority to the lowest level in the organization. It should not over-stretch and consist of too many levels.
    • Order: Both material order and social order are necessary. The former minimizes lost time and useless handling of materials. The latter is achieving through organization and selection.
    • Equity: In running a business a ‘combination of kindliness and justice’ is needed. Treating employees well is important to achieve equity.
    • Stability of Tenure of Personnel: Employees work better if job security and career progress are assured to them. An insecure tenure and a high rate of employee turnover will affect the organization adversely.
    • Initiative: Allowing all personnel to show their initiative in some way is a source of strength for the organization. Even though it may well involve a sacrifice of ‘personal vanity’ on the part of many managers.
    • Esprit de Corps: Management must foster the morale of its employees. He further suggests that: “real talent’s need to coordinate the effort, encourage keenness, use each person’s abilities, and reward each one’s merit without arousing possible jealousies and disturbing harmonious relations.”

    14 Principles of Management by Henri Fayol - ilearnlot
    Thanks, Also, Photo Credit to pixabay.com/ More free Images!

  • Indian Rupee

    Indian Rupee

    The Indian rupee (sign: ₹; code: INR), is the official currency of the Republic of India. The Indian one rupee is equal to 100 paise (like singular paisa). In India, only the 50 paisa remains legal in 2016. The issuance of the currency is controlled by the Reserve Bank of India. The Reserve Bank manages currency in India and derives its role in currency management on the basis of the Reserve Bank of India Act, 1934. The Indian Rupee is named after the silver coin, Rupiya, first rupee issued by Sultan Sher Shah Suri in the 16th century & later continued by the Mughal Empire.

    Indian rupees symbol was officially Changed In 2010, a new symbol ‘₹‘. It was derived from the combination of the Devanagari consonant “र” (RA) and the Latin capital letter “R” without its vertical bar (similar to the R rotunda). The parallel lines at the top (with white space between them) are said to make an allusion to the tricolor Indian flag. An equality sign that symbolizes the nation’s desire to reduce economic disparity. The first series of coins with the new rupee symbol started in circulation on 8 July 2011.

    Indian Rupee Exchange to other Country Currency

    1 Indian Rupee equals
    1. 0.015 US Dollar
    2. 0.020 Australian Dollar
    3. 0.012 British Pound
    4. 0.014 Euro

    Indian Rupee Exchange to other Country Rupee

    1 Indian Rupee equals
    1. 1. 0.53 Mauritian Rupee
    2. 1.60 Nepalese Rupee
    3. 1.54 Pakistani Rupee
    4. 0.20 Seychellois Rupee

    History of Indian Rupee

    The history of the Indian rupee traces back to Ancient India in circa 6th century BCE, ancient India was one of the earliest issuers of coins in the world, along with the Chinese wen and Lydian staters.

    During his five-year rule from 1540 to 1545, Sultan Sher Shah Suri issued a coin of silver, weighing 178 grains (or 11.53 grams), which was termed the Rupiya. The silver coin remained in use during the Mughal period & Maratha era as well as in British India. Among the earliest issues of paper rupees include; the Bank of Hindustan (1770–1832), the General Bank of Bengal and Bihar (1773–75, established by Warren Hastings), and the Bengal Bank (1784–91).

    Indian Rupees Per Currency unit averaged over the Year

    Currency ISO code 1947 1966 1995 1996 2000 2004 2006 2007 2008 2009 2010 2013 2014 2015 2016
    Australian dollar AUD 27.69 26.07 33.28 34.02 34.60 36.81 38.22 42.00 56.36 54.91 48.21 49.96
    Bahraini Dinar BHD – 164.55 170.6 178.3
    Bangladeshi taka BDT – – 0.84 0.84 0.77 0.66 0.63 0.57 0.71 0.66 0.68 0.80 0.88 0.84 0.85
    Canadian dollar CAD 26.00 30.28 34.91 41.09 42.92 44.59 52.17 49.53 47.94 52.32
    Chinese Yuan CNY – 5.80 9.93 10.19 10.15
    Emirate dirham AED – – 17.47 18.26
    Euro EUR – – 44.40 41.52 56.38 64.12 68.03 60.59 65.69 70.21 72.60 75.84
    Israeli shekel ILS 13.33 21.97 11.45 10.76 10.83 17.08 16.57 17.47
    Japanese Yen JPY 1015.5 1.76 32.66 32.96 41.79 41.87 38.93 35.00 42.27 51.73 52.23 60.07 57.79 53.01 62.36
    Kuwaiti Dinar KWD – 17.80 115.5 114.5 144.9 153.3 155.5 144.6 161.7 167.7 159.2 206.5 214.3 213.1 222.4
    Malaysian Ringgit MYR – 18.59 18.65 16.47 16.37
    Maldivian rufiyaa MVR 1.00 1.33 2.93 2.91 4.58 4.76 5.01 5.23
    Pakistani rupee PKR 1.00 1.33 1.08 0.95 0.80 0.77 0.75 0.67 0.61 0.59 0.53 0.57 0.60 0.62 0.64
    Pound sterling GBP 13.33 17.76 51.14 55.38 68.11 83.06 80.63 76.38 71.33 83.63 70.63 91.08 100.51 98.11 92.00
    Russian rubled RUB 6.60 15.00 7.56 6.69 1.57 1.05 0.99
    Saudi riyal SAR 1.41 17.11 17.88
    Singapore dollar SGD – – 23.13 25.16 26.07 26.83 30.93 33.60 34.51 41.27 33.58 46.84 45.86 46.67 48.86
    Sri Lankan rupee LKR 1.33 0.63 0.64 0.58 0.47 0.46 0.45 0.46
    Swiss franc CHF 1.46 27.48 43.95 66.95 66.71 66.70 68.40
    U.S. dollar USD 3.30 7.50 32.45 35.44 44.20 45.34 43.95 39.50 48.76 45.33 45.00 68.80 66.07 66.73 67.19

    Note: All Countries Currency exchange rate into Indian rupees, 28 December 2016.