Introduction to Management - Essay Example

1. According to Abraham Maslow, the human hierarchy of needs has five levels:

1. Physiological Needs – the most basic needs of an individual such as food, water, air, sex, and so on.
2. Security Needs – a person’s need to feel safe and secure.
3. Social Needs – the need for belonging and to be loved. It includes friendships, relationships, and acquaintances with the people around.
4. Esteem Needs – a person needs to experience social recognition and personal worth to satisfy his or her ego.
5. Self-actualizing Needs – this is the highest level that a person can reach. On this level, he or she is not concerned about others’ opinions and is more interested in experiencing his or her full potential

Theory X assumes that an average person is not ambitious and avoids work. The only sources of motivation for him to work are money and security

Theory Y, on the other hand, assumes that an average person seeks responsibility and wants to work. He or she can be motivated and committed to their work if they see rewards such as self-fulfillment. Therefore under this theory, the motivator for an individual is his or her need for self-fulfillment and this can be used to create harmony between the personal and organizational goals.

Operational planning comes under the strategic work plan. It describes how the business is to accomplish the milestones and objectives. This is done by putting a portion of the strategic plan into action which is to be completed within the duration of the operational period. Generally, this period is equal to a fiscal year.

Tactical Planning basically refers to the breaking down of the strategic plan into simpler short-term goals and objectives.

Strategic Planning is done on the senior management level of the organization. It defines the overall strategy of the business. The strategic plan gives the business a direction and states how that plan is going to be achieved. It also includes planning of resources, such as capital and human resource.

Generation Y includes those people who are born in the period from the mid-1970s to the early 2000s. Attributes of the generation Y people vary depending on what geographical region and society they belong to, and what kind of economic conditions prevail there. However, they are generally more familiar with advancements in technology, communications, and media. Moreover, they tend to believe more in the capitalist system rather than the socialist system.

SWOT analysis is the method used by companies and businesses to evaluate a project or business opportunity. It comprises four parts: Strengths, Weaknesses, Opportunities, and Threats.

1. Strengths are those internal qualities of the company that could be of use in the project e.g. skilled labor.
2. Weaknesses are those flaws internal to the company that could create hindrance in the success of the project e.g. lack of funds.
3. Opportunities are the elements external to the company that could be favorable for the business project e.g. favorable market conditions.
4. Threats are the external factors that could prove damaging for the project e.g. a negative public image of the type of project.

A line manager is any individual in a managerial position who is responsible for the work of his or her subordinates. The lowest post for a line manager in an organization is a supervisor. However, any manager with subordinates who is in charge of the subordinates’ work is known as a line manager.

A staff manager, on the other hand, is responsible for managing projects and the employees involved in the planning and implementation of the project.
The three types of leaders are:

1. Authoritarian (Autocratic)
2. Participative (Democratic)
3. Delegative (Laissez-Faire)