Unit 949: Business Management Fundamentals

1. What is Business Management?

• Definition and significance of business management
• Role and responsibilities of managers
• Key functions of management overview

2. Evolution of Management Theories

• Classical Approaches
  • Scientific Management (Frederick Taylor)
  • Administrative Theory (Henri Fayol)
  • Bureaucratic Management (Max Weber)
• Behavioral Approaches
  • Human Relations Movement (Elton Mayo)
  • Maslow’s Hierarchy of Needs
• Modern Approaches
  • Systems Theory
  • Contingency Theory
  • Total Quality Management (TQM)

3. Functions of Management

• Planning
  • Definition and importance
  • Types of plans (strategic, tactical, operational)
• Organizing
  • Organizing resources
  • Delegation and decentralization
• Leading
  • Leadership styles and motivation
  • Communication and team management
• Controlling
  • Setting performance standards
  • Monitoring and corrective actions

4. Managerial Roles and Skills

• Managerial roles (Mintzberg’s managerial roles)
  • Interpersonal roles
  • Informational roles
  • Decisional roles
• Essential managerial skills
  • Technical skills
  • Human skills
  • Conceptual skills

5. Organizational Structure and Design

• Purpose of organizational structure
• Types of organizational structures
  • Functional
  • Divisional
  • Matrix
  • Team-based
  • Network
• Factors influencing organizational design
• Impact on communication and decision-making

6. Strategic Management

• Definition and significance
• Strategic planning process
  • Environmental scanning
  • Strategy formulation
  • Strategy implementation
  • Strategy evaluation and control
• Aligning organizational goals with strategies

7. Human Resource Management

• Overview and objectives
• Recruitment and selection processes
• Training and development
• Performance appraisal and management
• Employee relations and labor laws

8. Operations Management

• Role and importance in business
• Production process and workflow design
• Quality control and assurance
• Supply chain management
• Resource allocation and scheduling

9. Marketing Management

• Principles of marketing management
• Market research techniques
• Product development and lifecycle
• Pricing strategies
• Promotion and advertising
• Distribution channels and logistics

10. Financial Management

• Overview and objectives
• Financial planning and budgeting
• Investment decision-making
• Financial statement analysis
• Managing cash flow and working capital