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Principles Of Management PDF

472 Pages·2012·22.212 MB·English
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Principles of Management Fifth Edition ABOUT THE AUTHORS Dr P.C. Tripathi, formerly Professor and Head of the Department of Business Administration, Faculty of Commerce and Management Studies, Sukhadia University, Udaipur, is an outstanding scholar and a prolifi c writer in the fi eld of management. Dr Tripathi has attended two short-term courses of IIM Ahmedabad. He has over thirty years’ experience of teaching MCom and MBA classes. He has also guided a number of PhD researchers. He is the Founder Director of the Institute of Management Studies, Rajasthan Vidyapeeth Deemed University, Udaipur. Among his important publications are Personnel Management and Industrial Relations, Human Resource Development and A Textbook of Research Methodology in Social Sciences. Dr P.N. Reddy is the Ex-Professor, Chairman and Dean, Department of Commerce and Management, Bangalore University. A PhD from Mysore University, he has more than 35 years of experience in teaching commerce and management subjects. He has published 50 research articles in reputed Indian and foreign journals and has also authored 25 books in the areas of commerce and management subjects. Currently, he is Director of KKECS Institute of Management, Bangalore. Principles of Management Fifth Edition P.C. Tripathi Ex-Professor, Associate Dean, and Head of the Department of Business Administration, Sukhadia University, Udaipur P.N. Reddy Ex-Professor, Chairman and Dean, Department of Commerce and Management Bangalore University, Bangalore Tata McGraw Hill Education Private Limited NEW DELHI McGraw-Hill Offi ces New Delhi New York St Louis San Francisco Auckland Bogotá Caracas Kuala Lumpur Lisbon London Madrid Mexico City Milan Montreal San Juan Santiago Singapore Sydney Tokyo Toronto Tata McGraw-Hill Published by the Tata McGraw Hill Education Private Limited, 7 West Patel Nagar, New Delhi 110 008. Principles of Management, 5/e Copyright © 2012, by Tata McGraw Hill Education Private Limited. No part of this publication may be reproduced or distributed in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise or stored in a database or retrieval system without the prior written permission of the publishers. The program listings (if any) may be entered, stored and executed in a computer system, but they may not be reproduced for publication. This edition can be exported from India only by the publishers, Tata McGraw Hill Education Private Limited ISBN-13: 978-0-07-133333-7 ISBN-10: 0-07-133333-9 Vice President and Managing Director: Ajay Shukla Head—Higher Education Publishing and Marketing: Vibha Mahajan Publishing Manager—B&E/HSSL: Tapas K Maji Deputy Manager (Sponsoring): Surabhi Khare Assistant Sponsoring Editor: Shalini Negi Executive (Editorial Services): Yogesh Kumar Senior Production Manager: Manohar Lal Senior Production Executive: Atul Gupta Marketing Manager: Vijay Sarathi Assistant Product Manager: Daisy Sachdeva Graphic Designer (Cover Design): Meenu Raghav General Manager—Production: Rajender P Ghansela Manager—Production:Reji Kumar Information contained in this work has been obtained by Tata McGraw-Hill, from sources believed to be reliable. However, neither Tata McGraw-Hill nor its authors guarantee the accuracy or completeness of any information published herein, and neither Tata McGraw-Hill nor its authors shall be responsible for any errors, omissions, or damages arising out of use of this information. This work is published with the understanding that Tata McGraw-Hill and its authors are supplying information but are not attempting to render engineering or other professional services. If such services are required, the assistance of an appropriate professional should be sought. Typeset at The Composers, 260, C.A. Apt., Paschim Vihar, New Delhi 110 063 and printed at Pashupati Printer Pvt. Ltd., 1/429/16, Gali No. 1, Friends Colony, Industrial Area, G.T. Road, Shahdara, Delhi 110095 Cover Printer: SDR Printers DZXQCRDHRCQYC P REFACE TO THE F E IFTH DITION We are extremely happy that our book Principles of Management now enters its fi fth edition. The strength of the book over the years has been its comprehensive coverage of key topics, its straightfor- ward writing, up-to-date research base and Indian examples related to the use of various management concepts. This latest edition should enhance this reputation because it has been thoroughly revised and updated on the above lines. Let us simply say, we have never put in so much time and effort, and never made so many changes as we have in this fi fth edition. ABOUT THE BOOK The book has 21 chapters. The following is a description of what major points are new, expanded or updated in the chapters: Chapter 1,Nature and Functions of Management: New sections on ‘Managerial Effectiveness’, and ‘Skills and Abilities of an International Manager’ Chapter 3,Social Responsibilities of Business: New section on ‘Ethics and Corruption in International Business,’ expanded description of corporate governance Chapter 4, Planning: Major section on ‘Strategic Planning Process’ Chapter 5, Decision Making: Expanded description of creativity and innovation Chapter 6, Business Forecasting and Operations Research: Major sections on ‘Focus Forecasting’ and ‘Linear Programming’ Chapter 7, Organisation: Major sections on ‘Emerging Organisation Structures’ and ‘International Organisation Structures’ (with expanded description of advantages and disadvantages of combined base organisation) vi Preface to the Fifth Edition Chapter 8, Authority Delegation and Decentralisation: New section on ‘Infl uence’ Chapter 11,Staffi ng: New major sections on ‘Manpower Planning’ and ‘Staffi ng from a Global Perspective’ (with updated description of Manpower Planning in India) Chapter 12,Training and Development: New sections on ‘Knowledge Management’ and ‘Choosing the Expatriate Training Method’ (with expanded description of evaluation of training and development, mentoring and learning organisation) Chapter 13, Performance Management: Major sections on ‘Appraisal of Organisational Performance’ and ‘Expatriate Performance Appraisal’ with new material on other related topics Chapter 14, Compensation Plans: New major sections on ‘Company Benefi ts’ and ‘International Compensation’ Chapter 15, Direction and Supervision: Major sections on ‘Systems Perspective of Motivation’ and ‘Organisational Citizenship Behaviour (OCB)’ with expanded description of Douglas McGregor’s Hot Stove Rule Chapter 17,Leadership: New major section on ‘Charismatic and Transformational Leaderships’ with revised description of the qualities of a leader and leadership style in Indian organisations Chapter 18, Managerial Control: Minor sections on Gantt Chart, Statistical Process Control, Benchmarking, etc. Chapter 19, Organisational Change: Expanded description of the need for change and total quality management Chapter 20, Management of Organisational Confl ict and Power Politics: Major sections on the ‘Cause, Tactics and Management of Organisational Politics’ with a description of politics in international business Chapter 21, Organisational Climate: Major section on ‘Quality of Worklife and Building Human Resource Development (HRD) Culture’ and ‘Culture and International Business’ LEARNING AIDS The fi fth edition of Principles of Management contains a new internal design to make it more ‘reader friendly’. Each chapter begins with learning objectives. These objectives should help the students focus better and prepare for what follows in the chapter. Review Questions provided at the end of each chapter will help the students check their understanding of the key concepts presented. All chapters have a section entitled “Projects”, which provides projects involving fi eld investigation or other types of research related to fi rst-hand management issues. Finally, most chapters include cases, which reinforce the chapter concepts, encourage critical think- ing to apply the concepts to unstructured or more comprehensive situations and provide opportunities for discussions and more practical understanding. Preface to the Fifth Edition vii INTENDED AUDIENCE Despite the extensive revision throughout, the purpose and the intended audience of this book remain the same as in the earlier editions. The book aims at those who wish to take a totally up-to-date, research- based approach to management. It does not assume the reader’s prior knowledge. Since the textbook material is comprehensive, the book can effectively be used for both graduate and post-graduate courses. Students of some undergraduate courses may, however, on fi nding the book too inclusive, omit certain chapters to bring it within the scope of their desired objectives without ignoring the unifi ed point of view. Finally, the book should be useful to the practising managers who want to understand and more effectively manage their most important asset—their human resources. ACKNOWLEDGEMENTS First and foremost, we are extremely grateful to those professors whose experience with the previous editions has helped get valuable feedback for making this revision. We also acknowledge the following reviewers for their invaluable feedback: Nidhi Mathur, Institute of Management Technology, Ghaziabad; Susmita Mukhopadhyay, Vinod Gupta School of Management, Indian Institute of Technology, Kharagpur; G. S. Venugopal, Amrita Institute of Engineering and Management Sciences, Bangalore; Manodip Ray Chaudhuri, Future Business School, Kolkata; and Smita Singh, Institute of Management Sciences, Lucknow. Dr. P.C. Tripathi, who has been carrying out the entire revision work since the fi rst edition, very much appreciates the entire team at Tata McGraw-Hill, especially Atul Gupta (Senior Production Executive) who not only improved this edition but was a pleasure to work with. Dr. Tripathi also greatly appreciates his wife Sarla and now grown-up children and their families who have provided him with a loving, supportive relationship and the atmosphere needed to complete this project and many others over the years. We think we have not reached the end yet. “The best is yet to be achieved.” We will continue to do our best to improve the content and the coverage of this book in its future editions. We encourage you to contact Dr. Tripathi at his postal address with your comments or suggestions for improvement. P.C. Tripathi (226, Ashok Nagar, Udaipur 313001) P.N. Reddy P REFACE TO THE F E IRST DITION To the extent that management is a science,the principles of management are universal, and transcend any particular environment. However, the art or practice of management is quite different in differ- ent environments. Clearly, there are differences of political, legislative, social, cultural, as well as of economic nature. These differences or variables may act as constraints, limiting the options for the manager and the organisation. These may also provide opportunities. A good manager, therefore, must be sensitive to the environment of the place where he is operating. He must learn to make decisions and to plan, organise and control activity in the environmental perspectives of his own country. The purpose of this text is to provide this perspective to our readers. Books written by foreign authors obviously lack this perspective. This book presents a unifi ed picture of what management is and how it is applied to various forms of human endeavour in this country. It gives a basic knowledge about managerial functions in the most useful and organised way. An attempt has been made to eliminate the excessive use of management jargon which often affects the readability of books on management. Instead, clear and familiar language has been used to make the subject easily intelligible to the readers. Although the organisation of the book follows a widely used “management function” approach, chapters have been designed to stand on their own so that teachers can deal with the various topics in whatever order they may choose. Chapters 1 and 2 introduce the fi eld of management and the task of the manager. Chapter 3 gives the background and the major schools of management thought. Chapters 4 and 5 are devoted to planning and decision-making. This is followed by a discussion of two important techniques and aids in planning and decision-making, namely, business forecasting and operations research (Chapter 6). The book then turns to the organising function. Chapter 7 gives an overview of the ways in which work is allocated and organisations are structured. Chapter 8 describes the evolution and growth of informal organisations. In Chapter 9 the ways in which managers exercise authority and delegate duties are described. Chapters 10-16 deal with the role of a manager as a leader fi rst, when employees are recruited and selected, trained and developed (Chapters 10 and 11), when their x Preface to the First Edition performance is appraised (Chapter 12) and when they are paid and rewarded (Chapter 13). Chapters 14 and 15 look at the ways in which people are motivated and the modes of communication. A discussion about leadership is given in Chapter 16. Chapter 17 examines the important subject of control. Chapter 18 describes the social responsibilities of a businessman. Chapter 19 discusses the management of public enterprises; this chapter has been included on account of the dominant and growing nature of the public sector in our country and its peculiar managerial, structural and accountability frame. The material in this book has come from a wide variety of sources. We have drawn freely from the latest fi ndings, formulations and researches in various areas of management and have attempted to present an integrated picture of the classical, behavioural, quantitative and contingency approaches. However, the differences in the underlying values, assumptions and action implications of these approaches have also been specifi cally pointed out wherever necessary. Each chapter in this book is accompanied by three study aids, namely, Summary, Review Questions and Bibliography. A summary at the end of each chapter helps students review the material presented in that chapter. It contains key information, concepts and defi nitions. The review questions help students understand better the contents of the chapter. It also gives them an opportunity to use the management concepts presented in the chapter and to integrate information relating to the topics discussed. A reading list at the end of each chapter will help readers in their quest for higher knowledge in the fi eld. One of the most pleasant aspects of writing a book is the opportunity to thank those who have contributed to it. We are grateful to many of our colleagues who have contributed directly and indirectly to this text. We are thankful to Dr O.R. Krishnaswami, Professor, Head and Dean of the Commerce and Management Department, Bangalore University, for his encouragement throughout the project. Finally, we express our sincere thanks to all those whose work and ideas have helped us in writing this book. P.C. Tripathi P.N. Reddy

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