Principles Of Management | Unit 2 Ppt

Every morning, Leo the baker showed up to find a sticky note on the mixer: “Make something chocolatey!” There was no policy for refunds, no procedure for inventory, and the only strategy was “bake it and they will come.”

Creates benchmarks used later in the controlling phase to measure performance. Slide 5: The Step-by-Step Planning Process Slide Title: Steps in the Planning Process

A panel of top-level executives pools their collective experience and intuition to form a high-level projection. 5. Strategic Decision-Making and Problem-Solving

Strategic management is the process by which managers formulate and implement strategies to align the company with its environment and achieve a sustainable competitive advantage. Intent Architecture: Vision vs. Mission principles of management unit 2 ppt

and sequences of activities for implementation. Strategic Management and Objectives

A management philosophy where superiors and subordinates jointly identify common goals and define individual responsibilities.

– Use a two-column comparison chart breaking down Policies/Rules vs. Budgets/Programs. Every morning, Leo the baker showed up to

Specific statements detailing what must or must not be done (no room for discretion).

Developed for non-recurring, specific situations. Examples include Programs (large campaigns) and Budgets (financial allocations). Slide 5: Management by Objectives (MBO) Slide Title: Management by Objectives (MBO) Core Bullet Points: Origin: Coined by Peter Drucker in 1954.

Do you need to include any or company examples? Share public link no procedure for inventory

A numbered vertical list or chevron arrow timeline. Core Bullet Points:

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Herbert Simon’s “Bounded Rationality” – we can’t know everything, so we “satisfice” (choose good enough).

Herbert Simon’s concept stating that human minds face cognitive limits, leading managers to "satisfice" (choose the first good-enough option) rather than optimize. Slide 8: The Decision-Making Process Slide Title: Steps in Making an Effective Decision Core Bullet Points: