Lesson-2 on Management

Question: What is Total Quality Management(TQM)?

Answer:

TQM refers to the process of getting every employee involved in the task of searching for continuous improvement of the organization’s product through a variety of techniques & training.

Question: What is Mission ?

Answer:

Ø    A mission statement is a brief description of a company's fundamental purpose.

Ø    A mission statement answers the question, "Why do we exist?"

Question: What is Vision?

Answer:

Ø    A vision statement is sometimes called a picture of your company in the future but it’s so much more than that. Your vision statement is your inspiration, the framework for all your strategic planning.

Ø    The vision statement answers the question, “Where do we want to go?”

Question: What is Culture?

Answer:

Culture means common beliefs, attitudes, Norms, customs which is conventionally practiced in a society.

Question: Who is Mentor?

Answer:

Ø    A mentor is a role model who guides another employee by sharing valuable advice on roles to play & behaviors to avoid.

Ø    Mentor teach, advice sponsor their employees so as to expedite their career progress.

Question: What is Management by Exception?

Answer:

Management by Exception is a "policy by which management devotes its time to investigating only those situations in which actual results differ significantly from planned results. The idea is that management should spend its valuable time concentrating on the more important items.

Question:  What is Management by Objective?

Answer:

Ø    Management by objectives (MBO) is a systematic and organized approach that allows management to focus on achievable goals and to attain the best possible results from available resources.

Ø    In MBO practice, specific objectives are determined jointly by managers and their subordinates, progress toward agreed-upon objectives is periodically reviewed, end results are evaluated, and rewards are allocated on the basis of the progress.

Ø    The objectives must meet five criteria: they must be (1) arranged in order of their importance, (2) expressed quantitatively, wherever possible, (3) realistic, (4) consistent with the organization's policies, and (5) compatible with one another

Question: What is “Goal” in Management?

Answer:

 A goal is an observable and measurable end result having one or more objectives to be achieved within a more or less fixed timeframe.

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