Midterm

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1
It is a process involving planning, organizing, staffing, directing and controlling human efforts to achieve stated objectives in an organization.
Management
2
It refers to a vocation or a branch of advanced learning.
Profession
3
This functional area refers to the creation of utilities by converting raw material into final product by various scientific methods and regulations.
Production Management
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This functional area involves distribution of the product to the buyers.
Marketing Management
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This functional area deals with managerial activities related to procurement and utilization of funds for business purposes.
Financial and Accounting Management
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This functional area is the phase of management which deals with effective use and control of manpower.
Personnel Management
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This sub area deals with designing of plant layout, deciding about the plant location for various products and providing various plant utilities.
Plant layout and location
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This sub area is where managers have to plan about various production policies and production methods.
Production planning
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This sub area deals with purchase, storage, issue and control of the material required for the production department.
Material management
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This sub area deals with refinements in existing product lines or developing a new product are the major activities.
Research and Development
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This sub area works for production of quality products by doing various tests which ensure customer satisfaction.
Quality Control
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This sub area deals with advertising of products, introducing new products in the market by various means and encouraging the customer to buy these products.
Advertising
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This sub area management deals with fixation of prices, actual transfer of products to the customer after fulfilling certain formalities and after sales services.
Sales management
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This sub area involves the collection of data related to product demand and performance by research and analysis of the market.
Market research
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This sub area relates to record keeping of various financial transactions, their classification and preparation of financial statements to show the financial position of the organization.
Financial accounting
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This sub area deals with analysis and interpretation of financial records so that management can make certain decisions on investment plans, return to investors and dividend policy.
Management accounting
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This sub area deals with various direct and indirect taxes which an organization has to pay.
Taxation
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This sub area deals with recording of costs, their classification, and analysis and cost control.
Costing
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This sub area deals with preparation inventory of available manpower and actual requirement of workers in organization.
Personnel planning
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This sub area deals with hiring and employing human beings for various positions as required.
Recruitment and selection
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This sub area deals with the process of making the employees more efficient and effective by arranging training programs.
Training and development
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This sub area deals in Job evaluation, merit rating of Jobs and making wage and incentive policy for employees.
Wage administration
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This sub area deals with maintenance of overall employee relations.
Industrial relation
24
This refers to the fundamental activities that managers perform in any organization to achieve its objectives efficiently and effectively.
Management function
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involves setting goals, objectives, and strategies for the organization and determining the best course of action to achieve them
Planning
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It involves arranging and structuring the organization's resources
Organizing
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This involves manning the various positions created by the organizing process
Staffing
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involves motivating, guiding, and supervising employees to achieve the organization's objectives
Directing
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involves monitoring, measuring, and evaluating the organization's performance against predetermined goals and standards
Controlling
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It is the ultimate source of authority and it manages goals and policies for an enterprise.
Top level of management
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They are responsible to the top management for the functioning of their department.
Middle level of management
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It is also known as supervisory/operative level of management.
Lower level of management
33
He is a French Industrialist and the father of modern operational management theory.
Henry Fayol
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It is derived from the manager’s position
Official authority
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It is derived from personal qualities.
Personal authority
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This arises out of assignment of an activity.
Responsibility
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It is obedience, application, behavior and outward mark of respect shown by employees.
Discipline
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This means that a person should get orders from only one superior
Unity of command
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This provides better coordination among various activities to be undertaken by an organization
Unity of direction
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It is a principle relating to the arrangement of things and people.
Order
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It is the combination of justice and kindness
Equity
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It is concerned with thinking out and executing a plan.
Initiative
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The principle of union is strength and extension of unity of command for establishing teamwork.
Esprit de corps
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It is a phenomenon where individuals change their behavior when they know they are being observed.
Hawthorne effect
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This theory outlines that humans are motivated by two things.
Herzberg two-factor theory
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It is a set of interrelated but separate parts working towards a common purpose.
System
47
This theory holds that management techniques should be dependent upon the circumstances.
Contingency Theory
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It is the process of influencing the behavior of others to work willingly and enthusiastically for achieving predetermined goals.
Leadership
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Are the patterns of behavior which a leader adopts in influencing the behavior of his subordinates.
Leadership styles
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This is where the leader makes decisions without consulting with the team.
Autocratic Leadership
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This kind of leadership style involves the leader including team members in the decision-making process.
Democratic Leadership
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This is where the leader provides minimal guidance to the team and allows them to make their own decisions.
Laissez-Faire Leadership
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This kind of leader often leads by example and empower their team members to reach their full potential.
Transformational Leadership
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This kind of leadership style emphasizes structure and efficiency but may not foster innovation or long-term growth.
Transactional Leadership
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This kind of leadership style prioritizes the needs of their team members above their own.
Servant Leadership
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These leaders have a magnetic personality that inspires followership.
Charismatic Leadership
57

This leadership style involves adapting leadership behavior based on the situation and the needs of the team.
Situational Leadership
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