MGT- 420 Principles And Practice Of Management Assignment Sample UiTM Malaysia
Think of the MGT- 420 Principles and Practice as a manual for running your business, which you can refer to at any time. This course will teach you about all aspects involved in managing people: selecting employees or contractors; providing them training so they’re up on their skillset; monitoring job progressions through project management techniques such as scheduling meetings. You’ll also learn how these things apply together (for instance when making decisions) – it’s not just “one” thing alone that decides what happens next.
You’ll also be learning key theories in management, which you can use to analyze and predict employee or organizational behavior. These concepts will help you understand why people react the way they do in different situations – whether it is under stress, during change, or when there’s a problem to solve. Being able to use this knowledge will assist you in making better decisions about how to manage people.
This course will also touch on other important topics such as compensation and benefits, diversity in the workplace, and employee engagement. By the end of this course, you should have a good understanding of how to manage people in your business.
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Assignment Activity 1: Explain Basic Management Functions, Terms, And Concepts Of Management
Management functions, terms, and concepts are important for anyone who wants to pursue a career in business. Here are some basics every manager should know:
The first step in any management role is planning. This means setting goals and objectives for your team or organization, and then creating a strategy to achieve them. Often, managers will create budgets and timelines to help stay on track.
Once you have a plan in place, it’s time to start implementing it. This may involve delegating tasks, coordinating resources, and monitoring progress. As the saying goes, “If you want something done right, do it yourself!” But in reality, effective managers know how to delegate and trust their employees to do their jobs.
Of course, no plan is perfect, and things will inevitably go wrong. That’s where problem-solving comes in. As a manager, you’ll need to be able to troubleshoot issues and find creative solutions.
Assignment Activity 2: Demonstrate Managerial Skills In Management Practices
To demonstrate managerial skills in management practices, one must first become familiar with the different types of management theories and models. There are three main types of management theories: classical, human relations, and contemporary. Classical theory is based on the scientific method and believes that organizations should be structured in a way that allows for maximum efficiency. Human relations theory focuses on the idea that people are the most important resource in an organization, and that good working relationships are key to organizational success. Contemporary theory is a blend of both classical and human relations theories and stresses the importance of both efficiency and employee satisfaction.
Once you have familiarized yourself with the different types of management theories, you can begin to apply them to your own managerial practices. For example, if you are looking to improve efficiency in your organization, you might want to consider implementing some of the classical management theories. If, on the other hand, you are more interested in improving employee satisfaction, you might want to focus on human relations theory. Ultimately, the key is to find a balance between the two that works for your specific organization.
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Assignment Activity 3: Analyse The Theories And Concepts Of The Managerial Decision Of Business Management
There are a number of theories and concepts that contribute to the managerial Decision making of businesses. In this essay, I will summarise and critically analyse a few of the key theories and concepts.
One important theory that contributes to Managerial Decision Making is Rational Choice Theory. This theory suggests that individuals make decisions based on a cost-benefit analysis; They weigh up the pros and cons of each option and choose the one that offers the most benefits for the lowest costs. This theory can be applied to businesses in a number of ways, for example when deciding whether to enter a new market or not. Managers need to weigh up the potential benefits (e.g. increased sales, market share, etc.) against the costs (e.g. investment required, risks, etc.) in order to make a rational decision.
Another key theory is Prospect Theory, which was developed by Kahneman and Tversky. This theory suggests that people do not make decisions based on expected utility, as Rational Choice Theory would suggest, but instead they base their decisions on perceived gains and losses. This means that people are more likely to take risks when they perceive there to be a potential gain, even if the expected utility is low, and they are less likely to take risks when they perceive there to be a potential loss, even if the expected utility is high. This theory has important implications for businesses, as it suggests that managers need to be aware of how people perceive risks and rewards in order to make successful decisions.
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