Learning Objectives
5 objectives- Understand the core principles and functions of business management and their roles in organizations.
- Develop skills in planning, organizing, staffing, leadership, and motivation within a business context.
- Analyze communication techniques and decision-making processes for effective management.
- Evaluate performance management and change management strategies to enhance organizational effectiveness.
- Examine ethical considerations, corporate social responsibility, and global business challenges.
Content Outline
PreviewUnit 472: Business Management Fundamentals
1. Introduction to Business Management
- Definition and scope of business management
- Importance of management in organizations
- Key functions: planning, organizing, leading, controlling
- Roles and responsibilities of managers in different organizational levels
2. Planning in Business Management
- Overview of the planning process
- Setting SMART objectives
- Types of plans: strategic, tactical, operational
- Formulating strategies to achieve goals
- Creating operational plans and resource allocation
3. Organizing and Staffing
- Principles of organizing work
- Organizational structure types (functional, divisional, matrix)
- Task structuring and workflow design
- Establishing authority and delegation of responsibilities
- Recruitment and selection process
- Workforce planning and talent management
4. Leadership and Motivation
- Leadership theories and styles: transactional, transformational, situational
- Motivational theories: Maslow’s hierarchy, Herzberg’s two-factor theory, McGregor’s Theory X and Y
- Techniques to motivate employees
- Role of leadership in team building and organizational culture
5. Communication in Business Management
- Importance of effective communication in organizations
- Types and methods of communication: verbal, non-verbal, written, digital
- Barriers to communication and how to overcome them
- Strategies for improving communication effectiveness
6. Decision Making and Problem Solving
- The decision-making process: identification, analysis, selection, implementation, evaluation
- Types of decisions: programmed vs non-programmed
- Decision-making tools: SWOT analysis, decision trees, cost-benefit analysis
- Problem-solving techniques: root cause analysis, brainstorming, PDCA cycle
- Evaluating alternatives and risk assessment
7. Performance Management
- Purpose and importance of performance appraisal
- Setting performance standards and KPIs
- Feedback mechanisms and coaching
- Developing performance improvement plans
- Linking performance management to organizational goals
8. Change Management
- Concept and significance of change management
- Reasons for resistance to change
- Strategies for managing resistance and facilitating change
- Change models: Lewin’s Change Model, Kotter’s 8-Step Process
- Implementing and sustaining change in organizations
9. Ethics and Corporate Social Responsibility (CSR)
- Ethical principles and dilemmas in business
- Corporate social responsibility practices and frameworks
- Ethical decision-making models
- Impact of ethics and CSR on organizational reputation and performance
10. Global Business Management
- Challenges and opportunities in global business
- Cultural differences and cross-cultural management
- International trade fundamentals
- Global strategic management and competitive advantage
- Managing international teams and global supply chains
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