Happy New Year 2014

 

As we say goodbye to 2013 and welcome 2014...let us not forget to take the time to reflect upon ourselves and make the necessary changes to face the challenges of 2014. Think positive, stay positive!

MANAGEMENT AND MEASURING MANAGERIAL PERFORMANCE

What is Management and how do we measure Managerial Performance? This is one of the favorite question in tests and final exams.

There are many definitions discussed by scholars and experts in the field of management. The most famous is the definition coined by Mary Parker Follet, a lecturer and management theory writer from UK. She defined management as the "art of getting things done through other people".  From her definition, we can conclude to say that management is convincing people to towards achieving goals and objectives set by the organization. Another broader definition of management is mentioned by Stoner, Freeman and Gilbert (1995) stating that management is “the process of planning, organizing, leading and controlling the efforts of organization members using all other organizational resources to achieve stated organizational goals”. Organizational resources refer to land, labor, capital, technology, raw materials and process. Goodman and Fandt (2004) described management as “the process of administering and coordination resources effectively, efficiently, and in an effort to achieve organizational goals”. Based in the above definitions, the key words most commonly use here is influencing people, utilizing resources and achieving organizational goals.

 

A manager’s performance can be measured by looking at two criteria i.e., effectiveness and efficiency.  Effectiveness is achieved when the organization pursues the appropriate goals while efficiency is achieved by using the fewest inputs to generate a given output in other words minimizing cost of resources needed to achieve goals. Effectiveness can be seen as “Doing the right things” while efficiency can be said as “Doing things right”.

QUOTE OF THE DAY

Its all about attitude. Well-said Captain Jack Sparrow!

QUOTE OF THE DAY

IMPORTANCE OF MANAGEMENT

Before we can understand why management is important to organization, we first need to understand what an organization is and why it exists? Look around you. What are the things you see, use, eat, wear? Who produces them or provides services for them?

Organization can be defined as a group of people working together to achieve organizational goals. Organization can be profit-oriented or non-profit oriented. Samsung, Apple, PETRONAS, Shell, Secret Recipe, McDonald’s are some examples of organizations that exists for the purpose of generation profit from products and services. A non-profit organization is a corporation or an association that conducts business for the benefit of the general public without shareholders and without a profit motive. Examples of non-profit organizations are public schools, hospitals, churches, etc. No matter what kind of organization it is, it is made up of people and the efforts of these people must be coordinated properly if the organization is to accomplish its goal.

Management is important to organization because the existence and success of any organization depends on the kind of management it has.  Management is important for the achievement of organizational goals, the efficient utilization of resources, for the prosperity of society, for changes and development, and for the establishment of balance.

QUOTE OF THE DAY

QUOTE OF THE DAY

GETTING TO KNOW GENERATION Y

General Information:

- Generation Y are also known as Millennials
- They were born between 1980 to 2000
- Due to their proficiency with technology, they are also known as digital natives
- They are generally confident and embrace cultural diversity

Work-Related Information:

- Only one-third of Millennials say that their current job is their career
- Almost 60% of employed Millennials say they have switched careers at least once
- Millennials seek challenges, yet work life balance is of utmost importance to them

Differences of characteristics between generations:

 

Sources:
The Star newspaper dated February 2, 2013
http://mil1991.blogspot.com/