(iv) These objectives ensure better standard of living internally, the communities residing around the organisation and the overall society. An enterprise has to change and adjust itself in the ever-changing environment. Dr. Oz got an MD/MBA from Wharton, where he gave a speech designed to help Wharton grads as they figure out what will help them achieve success. Management of resources in a manner that inputs are optimally (with minimum wastage) converted into output refers to management of things. Only those concerns can survive in the market which can produce goods of better quality at the minimum cost. A business enterprise operates in a constantly changing environment. Competition was not intense and organisations were not very large in size. Innovations and Research & Development (R&D): Management will have to recognize importance of innovations and investment in research and development. Once an organisation starts operations according to planned courses of action, it constantly changes its plans and policies to exploit environmental opportunities and adapt to environmental changes. Maximisation of the service to the society is the main motto of the social responsibility of management. UNIVERSITY OF TECHNOLOGY, JAMAICA COLLEGE OF BUSINESS MANAGEMENT SCHOOL … 3. According to Dr. Oz: "Success is moving oneself toward a better understanding of what's important in life... Happiness is being grateful for what happens along the way." Management in future is likely to be even more dynamic and challenging to meet the complicated and frequent changes in the environment variables in the next couple of decades. Management was primarily family-managed as (i) both ownership and control of business were in the hands of the family heads, and (a) the focus was a profit than social values. Development of organisation depends upon the availability and effective utilisation of resources like men, material, capital, entrepreneurial ability etc. Co-ordination is an orderly arrangement of grotto efforts to provide unity of action. He has used management as- (1) Management as a noun (2) Management as a process and (3) Management as a discipline. It is concerned with the procurement and effective utilization of funds. Meaningful organisational decisions are based upon the effec­tive communication of relevant information facts, feelings, ideas, messages, etc. Acquiring a formal degree, in such cases, may, in fact be burdensome for managers. It may be used by a business teacher or by a trade unionist or, in fact, a manger or executive who wants to motivate an audience to share his/her beliefs. “Management is what management does”- points out the functional approach to management and emphasises the im­portance of distinctive managerial functions which together give us unified concept of the process of management. Government was the only institution that looked after the needs of the society. It guides its workers. (d) More decentralized operations as service work deals with ideas and information, i.e., intellectual labour. Learn about:- 1. 1. The reader should always use leading as the basic manage­ment function. Management is becoming an institution of a global economy. Be brief with your simple statements. It could to a client, a manager, your peers or your employees. They are only probabilistic. It will certainly pose varied and complicated problems. This is done through motivation, leadership and communica­tion. Henry Fayol, William Newman, George Terry, Louis Allen are of this view. Your Introduction Speech. It is not a separate activity but a condition that should diffuse itself through all phases of management process. Content Filtration 6. And so, although some aspects of management have become scientific, much of management remains an art. At the very outset management is attacked because of the simple fact that it is social science. Even in large organisations, though the Board was legally constituted, control was in the hands of few influential people who were the owner entrepreneurs. For answering this question, it is necessary to know what is the difference between science and art. He has a mind which he applies. End your speech with a commitment to share your plan: Adopt an ‘inclusive approach’ as you have to depend on a lot of constituencies (your subordinates, your peers, your direct boss – to name a few) to succeed in your role as a manager. Ownership and management got separated and professionally qualified managers were appointed to manage these enterprises. Similarly, in a government office, the term superintendent or section officer is normally used. Middle level managers mediate between top level and lower level managers. 2. By communicating he makes the objectives effec­tive. They need information to make right decisions and communicate them to members. Some management scientists described this management as a body of knowledge, a practice and discipline. Functions 6. These principles help in practising management and understanding management as Art or Science. It is widely recognized as a profession and high standards of performance are expected from a professional manager. They apply more or less in every situation. This managerial function is directly concerned with the human factors of an organisation. The performance of organisation depends upon collective performance of managers. These individuals, as heads and owners of the institutions were also the managers who worked for economic and social development of the institutions. While Narayen says that he was in a sleep-deprived haze during some of his time at Haas, he goes on to state: "What I do remember was the excitement that I felt, the new friends that I made, the learning in school and a connection that this business degree would help take me farther than I could go with my engineering degree alone. Narayen also shares what it was like getting an MBA and pursuing computer engineering, before it became an accepted career path. Generalisations and principles in relation to human behaviour cannot hold good in all the circumstances since management is more near to behavioural science than any other social sciences are. All these may be broadly classified in to three categories and discussed below: 3. There is no better place for learning the art of managing, other than the actual work place. In practice, planning function is all-pervading. The subordinates must report about their performance to their boss. More than a profession, thus, management is the art of profession. ‘Management is the process of planning, organizing, leading and controlling the efforts of organization members and of using all other organizational resources to achieve stated organizational goals’. Even in the public sector, management in the traditional times was more or less non-professional. Managers who work at levels between the lower and top levels constitute the middle management. Disclaimer 8. Social Responsibilities 12. Hence, the work of managing includes both planning and preparing to do, i.e. Starting with me and everyone else who is in a management position in our company must lead ourselves first if we are to effectively lead you and set the example for you to follow. Manager has to attend, if there are any deviations and these must be corrected or rectified in time. Objectives of Management: Speech on Management # 4. They greet people; attend subordinates’ functions; receive official visitors; hire, train and motivate employees; solve their psychological and work-related problems and communicate with people within (superiors, subordinates and peers) and outside (consumers, suppliers, government etc.) Most highly qualified managers may not be able to perform better than non­professional managers. Manager must have a budget and live within the set budget. The group as a whole cannot realize its objectives unless and until there is mutual co-operation and co – ordination among the members of the group. Aside from her work for QS, Nicole is a long-time contributing editor and administrator for WikiHow. It is not rare to find practising managers who are successful despite not being professionally qualified. 2. When one talks about the Newton’s third law of motion – “every action has an equal and opposite reaction” – this has been established after careful observation and experimentation. The change is the necessity of life. Scope 8. Despite having a specialized body of knowledge, it is not compulsory for a beginner to possess this knowledge to manage an organization. Today, businesses operate in large scale catering to different types of customers producing a variety of products and services. The power of management exists with or through people, but never over them, at least in a democratic society. He can then become a specialist in personnel or finance or marketing or materials like a doctor may become a specialist in bones or eyes or heart or children. IX. It is said that co-ordination is the essence of management. Managers should devise effective methods of recruitment, selection, training and development of employees, offer them the jobs they are best suited for and provide them suitable motivators (financial and non-financial) to keep them satisfied. The distinction between two terms is of academic interest only. Co-ordination is essential in a large organisation because we have: (b) Complex and elaborate organisation structure, (c) Multiple levels of man­agement due to limited span of control, and. The corrective action may lead to a change in the method of implementation of the plan or change in the plan itself or even a change in the objectives. In many small organizations, the owner is the only member of the management team. The Atlanta Speech School applies a comprehensive literacy approach to its three preschools, the Wardlaw School for K-6 children with dyslexia and the Rollins Center for Language & Literacy so that each child has the foundation for a lifetime of reading, learning, and making the most difference in … To overcome these controversies, management may be classified into: Administrative management is concerned with the laying down policies and operative management is concerned with the implementation of policies. Levels of Management: Speech on Management # 11. Complete operating cycle or planning-control cycle includes: Good management adopts this cycle and assures not only survi­val but also promotes growth. Func­tions of management are also called elements of management. Management is useful not only to the business firms but to the society as a whole. Learn about:- 1. All managers perform the functions of management. We’re living in a time where ideas—learning and sharing—are essential skills. Management education and management development will acquire vital importance in a dynamic environment. Board of Directors, managing directors, heads of divisions and/or departments are the usual agencies of co-ordination to develop an orderly and integrated pattern of group efforts in proper sequence and at proper time. Because of the limitations of the science of management the set and time – tested principles and generalisations do not remain static. This level consists of a group of executives. The management seeks to make a productive enterprise out of available resources-physical, human, financial and others. Personal objectives can be explained as follows: (i) Personal or individual objectives are related to employees of the organisation. passing, of information and understanding from one person to another. Social Responsibilities 12. The traditional and still prevailing image of a professional is a person who has mastered a certain body of knowledge, possesses expert skills, is committed to a life career, and observes high ethical standards. Functional Areas 10. It represents its masters i.e., the shareholders. Here are some business school speeches that are up there with Steve Jobs' 2005 Stanford commencement speech. What is a profession? The future is to be regarded as an opportunity, not a problem. Has definite standards of integrity and conduct that it enforces upon its individual members (a code of ethics); 9. Management as an activity is “the art of getting things done through people”. Usually our desired performance standards are the objectives, policies, programmes, procedures and budgets. Their job involves supervising the activities of operatives. Massie. There are some who describe it as a technique of leadership and decision-making. Privacy Policy 9. (ii) These objectives attempt to establish a strong and positive relationship between employers and employees and helps to create efficiency among employees. The work of a manager begins with the setting of objectives of the organisation and goals in each area of the business. Organising provides a framework of management or a mechanism for purposive, integrated and co-operative action by many people, in a joint effort to implement any plan. Around 20-30% of students today join management institutions. And therefore, just as artistic skill can be developed through training, so can managerial skill be developed in ways similar to those used in training artists. O. R. Analysis, Statisticians, Economists etc. Whitehead – “a great society is a society in which its men of business think greatly of their function” in terms of rending service to the society and the nation. Every manager performs the same basic functions of planning, organizing, leading and controlling irrespective of his rank or position. Uploader Agreement. Is recognized by the public as being a profession. It provides right type of funds to an organization at right time and at reasonable cost. However, through the power of leadership and the science of co-operation, we can evolve a suitable method of integrating the interests of individuals and the organisation. Unsocial behaviour of capitalism has been pointedly marked by the thinkers. Management handles the life time saving of the shareholders. Applying the above criteria to management, it will be noticed that the profession of management is of vital interest to society as it could lead to optimal management of the limited resources of the society. Likelihood of malpractices like speculation, misrepresentation of information, promotion of vested interests at the cost of stakeholders’ interests will be reduced. At each level of management the manager must conserve, control and effectively use the available scarce resources to accomp­lish the set targets. 2. The survival and growth of an organization depends largely on the competence and character of its management. Managers should be skilled in behavioural and social sciences rather than acquiring professional expertise. Knowledge of professional management was, thus, almost unknown to most of the business enterprises until after the outbreak of World War I. Professional managers not only maximise profits but also corporate image amongst stakeholders (creditors, government suppliers, competitions etc.) I warmly welcome you all here in today’s speech ceremony on the subject called Leadership. Since management continuously deals with people and integrates the human resource with non-human resources (men, money, material, machines), it is generally defined as: Management deals with people. The starting point is the determination of objectives. His investment must remain safe and secured. One cannot say “Do X to get Y result”. Management is the dynamic life giving element in every organization. It seeks to exercise influence upon human behavior in organized action. Our award speech sample shows what you should say when presenting an award. Social Responsibility of Management: Speech on Management # 12. Management helps the institution perform the functions for which it exists. There are three important elements in the total manage­ment cycle or system: (2) Implementation (action) of the plan and. As per Henry L. Sick, the management is the co-ordination of all resources through the process of planning, organizing, directing and controlling in order to attain stated goals. 4. Sometimes management referred to the mobilization, allocation and development of materials, machinery, technology and other facilities to convert ideas into results and performance. (iii) These objectives include conducting training programs, employee engagement programs, rewards and recognitions leading to willingness to work efficiently and generate profits for the employers. Your welcome speech doesn’t have to be four or five pages long like some graduation speeches. Limitations 15. It is service to all related – directly or indirectly with the enterprise – which pays rich dividends and an efficient management should aim at the maximisation of the service to the society. the organisation. Satisfied workers merge individual and group goals with formal goals and maximise organisational output. This he does by setting standards of performance, measuring and comparing actual performance with the expected standards. Lack of professional competence was attributed to the following factors: 1. In dealing with others, managers contact their superiors, peers, subordinates and outside parties. Managers at all levels — top, middle and low, coordinate their efforts to establish organisational goals and frame policies to achieve them. The success of management is gauged by the extent to which the desired objectives are achieved. Planning is followed by action, then by review and control in order to achi­eve the desired result. Plagiarism Prevention 5. Management involves the use of group processes in the achievement of common objectives. Any article featuring inspirational speeches must include this ground-breaking speech. Management in future must concentrate on long-term profit rather than on short-term gains. It is concerned with the understanding and identifying the needs and wants of consumers and satisfying these wants by supplying the requisite goods and services. 4. 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