KALYAN CITY LIFE

Principle of Division of Work

In context of this article, let's revise the meaning of following words:

1. Division of something (e.g. an object, a process, work, etc.) means to divide, chop or break it up into smaller parts to facilitate a better understanding, easier handling and operation, and focused observation on a fixed set of goals. It is a way to separate things apart based on some established criteria like quality, quantity, nature of work, so on. It untangles, simplifies, and narrows down various complexities that were involved prior separation. It helps to ease and enhance the efficiency of managing a giant complex task through smaller chunks that are easy to handle.
2. Work is any assigned job, task, duty, goal or an objective one is supposed to accomplish (achieve) before the deadline (on-time) and as expected at the expense of one's mental and physical labour to earn the desired reward (usually monetary but not always) in return.

With this understanding, let's grasp the meaning of division of work:

Image credits © Gaurav Akrani.

Twelve demerits, disadvantages or limitations of planning in management.

Image Credits © Manoj Patil.

1. Time Consuming

Planning involves the collection of data, analysis of data, forecasting, etc. All this consumes a lot of precious time. Therefore, planning is a time-consuming activity.

2. Costly

Planning is the work of experts. They get paid very high salaries to make good plans. Companies spend an enormous amount of money in collecting and analysing data. Therefore, planning is a costly affair.

How to make delegation effective?

The delegation can be made effective by:

Image credits © Gaurav Akrani.

1. Delegation helps Superior focus on Challenging Jobs

Under delegation, a superior (boss) delegates his less important duties, routine tasks and monotonous work to his subordinate (junior). He can then use some of his available free time to focus on other significant matters, important assignments and challenging jobs that are in pending. It saves his precious time and makes him more productive and efficient towards his job commitment. This overall benefits the performance of the organisation.

Image credits © Gaurav Akrani.

How to Implement Total Quality Management TQM?

The most important purpose for the implementation of a Total Quality Management TQM process is to get the assigned task completed at the right time and with quality improvement.

The Six Cs for successful implementation of a Total Quality Management (TQM) process are depicted as follows:

Importance of Planning

The following image depicts the need and importance of planning.

Image credits © Prof. Mudit Katyani.

What are Advantages of Departmentalization?

The advantages of departmentalization are depicted in the image below.

Bases Methods Types of Departmentalization

Bases or methods or types of departmentalization are depicted in this image.

Diagram Credits © Moon Rodriguez.

The bases or methods or types of departmentalization are listed as follows:

1. Functional departmentalization.
2. Process departmentalization.
3. Product departmentalization.
4. Geographic departmentalization.
5. Customer departmentalization.
6. Combined departmentalization.
7. Time departmentalization.
8. Number departmentalization.

Now let's proceed further to explain each base or type of departmentalization.

What is Departmentalization? Definition

According to Professors Pearce and Robinson,

"Departmentalization is the grouping of jobs, processes, and resources into logical units to perform some organizational task."

The concept of departmentalization is depicted in the following diagram.

Image Credits © Moon Rodriguez.

Unity of Command Principle - Meaning

Unity of Command is one of the Henri Fayol's 14 principles of Management. This principle states that there must be only one superior to a subordinate. That is, an employee or a worker must not have many bosses or superiors. If an employee or subordinate has to work under the influence of many bosses or superiors, then it creates a confusing situation, dilemma and disorder. This also affects overall efficiency, productivity and profit of the organization.

Image Credits © Official U.S. Navy Imagery

What is Financial Management? Meaning

The financial management means:

1. To collect finance for the company at a low cost and
2. To use this collected finance for earning maximum profits.

Thus, financial management means to plan and control the finance of the company. It is done to achieve the objectives of the company.

Image credits © Shyam.

Functions of financial management

Functions of financial management can be broadly divided into two groups:

Image credits © Sameer Akrani.

1. Executive functions of financial management, and
2. Routine functions of financial management.

Objectives of Financial Management

The objectives of financial management are depicted and discussed below.

Image Credits © Sameer Akrani.

Operations Research - Definition

According to Philip McCord Morse and George E. Kimball,

"Operations research is a scientific method of providing executive departments with a quantitative basis for decisions regarding the operations under their control."

According to Russell L. Ackoff and C. West Churchman,

"Operations research is the application of scientific methods to arrive at the optimal solutions to the problems."

Image Credits © Emir.

Advantages of Operations Research (OR)

The role, importance or advantages of Operations Research (OR) are:-

Picture or Image depicting the Advantages of Operations Research (OR).

1. Effective Decisions

Operations Research (OR) helps the managers to take better and quicker decisions. It increases the number of alternatives. It helps the managers to evaluate the risk and results of all the alternative decisions. So, OR makes the decisions more effective.

What is MBO? Meaning

Management By Objectives (MBO) was introduced by Peter Drucker in 1954. In MBO, the subordinate (junior or lower level) managers are allowed to participate in planning and controlling activities. They are allowed to participate in the decision-making process. In MBO, the superior and subordinate managers jointly fix the objectives of the organisation. They collectively make the plans to achieve these objectives. They also collectively monitor (evaluate) the performance of the subordinate managers.

Image Credits © Ahmed Ali Abul Hassan Ahmed.

Four Stages or Steps in the MBO Process

Generally, there are four stages or steps in the MBO process.

Benefits or Advantages of MBO Process

The benefits or advantages of MBO process are depicted in the picture below.

How to Make Premising Effective?

The premising can be made effective by adapting following suggestions:-

1. Selection of premises

In order to make premising effective, it is important to select the premises correctly. Selection of premises depends on the environmental factors.

Meaning of Planning Premises

Planning premises are the basic assumptions about the environment.

Image Credits © Connectirmeli.

These assumptions are essential to make plans more realistic and operational. Planning premises provide a framework. All plans are made within this framework. There are many environmental factors, which influence the plan. Assumptions are made about these factors. These assumptions are called premises.