Certain qualities and attributes are necessary for one to be an effective manager. Whether one is managing people or resources, one must understand that management is never about one thing.
Not only must one understand human beings in order to effectively lead and manage them, but one must also understand different philosophies involved in management. In big corporations, certain terminology are used and as a manager it is important that you understand the meaning and philosophies behind the terms.
Important terms and Philosophies
1) Bottom line- This refers to the most important measure of success in a particular organization. This is taken from the bottom most figure on a profit and loss statement.
2) Break even point- The point where profits begin
3)Cash Cow- Any product or service that is highly profitable
4) DIRFT- Doing it right the first time.
5) 80-20 Rule ( Pareto rule) – this means that the majority of your productivity is accounted for by a minority of your activity. For example, 80% of your sales comes from 20% of customers.
6) Halo Effect- Tendency to evaluate a person’s overall qualifications or preference on the basis of a specific trait or accomplishment.
7) Marketing Mix- combination of the four P’s designed to meet the customers needs. These are the Price, Place, Product and Promotion.
8) Management by Objective (MBO)- A management philosophy based on the principle that performance should be measured by quantifiable objectives. It suggests that managers evaluate staff based on results rather than on how the results are achieved.
9) Managing by waiting around (MBWA) – A philosophy that suggests that managers should get out of the office and walk around talking to those on the line.
10) Mission Statement- A formal written statements that specifies the purpose of any organization.
11) Open- Door Policy- A policy allowing employees access to their supervisor or manager at any time without necessarily making an appointment.
Read more: http://socyberty.com/advice/15-important-terms-and-philosophies-used-in-management/#ixzz1QPwRaRno
Not only must one understand human beings in order to effectively lead and manage them, but one must also understand different philosophies involved in management. In big corporations, certain terminology are used and as a manager it is important that you understand the meaning and philosophies behind the terms.
Important terms and Philosophies
1) Bottom line- This refers to the most important measure of success in a particular organization. This is taken from the bottom most figure on a profit and loss statement.
2) Break even point- The point where profits begin
3)Cash Cow- Any product or service that is highly profitable
4) DIRFT- Doing it right the first time.
5) 80-20 Rule ( Pareto rule) – this means that the majority of your productivity is accounted for by a minority of your activity. For example, 80% of your sales comes from 20% of customers.
6) Halo Effect- Tendency to evaluate a person’s overall qualifications or preference on the basis of a specific trait or accomplishment.
7) Marketing Mix- combination of the four P’s designed to meet the customers needs. These are the Price, Place, Product and Promotion.
8) Management by Objective (MBO)- A management philosophy based on the principle that performance should be measured by quantifiable objectives. It suggests that managers evaluate staff based on results rather than on how the results are achieved.
9) Managing by waiting around (MBWA) – A philosophy that suggests that managers should get out of the office and walk around talking to those on the line.
10) Mission Statement- A formal written statements that specifies the purpose of any organization.
11) Open- Door Policy- A policy allowing employees access to their supervisor or manager at any time without necessarily making an appointment.
Read more: http://socyberty.com/advice/15-important-terms-and-philosophies-used-in-management/#ixzz1QPwRaRno
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