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1 Explain the managerial roles and managerial skills?
Managerial Roles According to Mintzberg (1973), managerial roles are as follows: 1. Informational roles 2. Decisional roles 3. Interpersonal roles 1. Informational roles: This involves the role of assimilating and disseminating information as and when required. Following are the main subroles, which managers often perform: a. Monitor-collecting information from organizations, both from inside and outside of the organization b. Disseminator-communicating information to organizational members c. Spokesperson-representing the organization to outsiders 2. Decisional roles: It involves decision making. Again, this role can be subdivided in to the following: a. Entrepreneur-initiating new ideas to improve organizational performance b. Disturbance handlers-taking corrective action to cope with adverse situation c. Resource allocators-allocating human, physical, and monetary resources d. Negotiator - negotiating with trade unions, or any other stakeholders 3. Interpersonal roles : This role involves activities with people working in the organization. This is supportive role for informational and decisional roles. Interpersonal roles can be categorized under three subheadings: a. Figurehead-Ceremonial and symbolic role b. Leadership-leading organization in terms of recruiting, motivating etc. c. Liaison-liasoning with external bodies and public relations activities. Management Skills Katz (1974) has identified three essential management skills: technical, human, and conceptual. Technical skills: The ability is to apply specialized knowledge or expertise. All jobs require some specialized expertise, and many people develop their technical skills on the job. Vocational and onthejob training programs can be used to develop this type of skill. Human Skill : This is the ability to work with, understand and motivate other people (both individually and a group). This requires sensitivity towards others issues and concerns. People, who are proficient in technical skill, but not with interpersonal skills, may face difficulty to manage their subordinates. To acquire the Human Skill, it is pertinent to recognize the feelings and sentiments of others, ability to motivate others even in adverse situation, and communicate own feelings to others in a positive and inspiring way. Conceptual Skill : This is an ability to critically analyze, diagnose a situation and forward a feasible solution. It requires creative thinking, generating options and choosing the best available option.
Scope of managerial research in research methodology?
Managerial economics may be viewed as economics applied to problem solving at the levels of the firm. The problem relates to choices and allocation of resources, which are basically economic in nature and are faced by managers all the time. Managerial research is also known as operations research. It was undertaken for the first time in Second World War in America. It is also interdisciplinary research done by mathematicians, tacticians, Engineers and other Scientists. The operation researchers developed concepts of linear programming, inventory models and game theory. They attempted to attain optimization. The framework of optimization has been used a great deal in managerial economics. The operation research has influenced managerial economics through its new concepts and models for dealing risk and uncertainly. Managerial economics it primarily an aid to analyse and decision making in the context of the firm. But in the management more than decision making, the implementation, control and conflict resolutions are also covered. Managerial research is concerned with decision making at the managerial level it considers the alternative theories of firm behaviour, decision making problems and different approaches to arrive at the most appropriate answers to such problems. It draws heavily from Microeconomics, Econometrics and operation research. The decision making area is related to the production decisions, the exchange decisions and consumption decisions. The case study method is useful in managerial research. It helps us to look for and organised the data and evidence relevant to the problem at hand. A manager does not get all data he needs well organised and presented to him on a platter. The cases may bring out the complexity of the environment in which managers have to take decisions.
Explain managerial roles and managerial skills?
Management roles and skills.Managerial RolesTo meet the many demands of performing their functions, managers assume multiple roles. A role is an organized set of behaviors. Henry Mintzberg (1973) has identified ten Sub roles common to the work of all managers. The ten roles are divided into three groups: interpersonal, informational, and decisional.According to Mintzberg (1973), managerial roles are as follows:1. Informational roles2. Decisional roles3. Interpersonal roles1. Informational roles: This involves the role of assimilating and disseminating information as and when required. Following are the main sub-roles, which managers often perform:a. Monitor-collecting information from organizations, both from inside and outside of the organization.b. Disseminator-communicating information to organizational membersc. Spokesperson-representing the organization to outsiders2. Decisional roles: It involves decision making. Again, this role can be subdivided in to the following:a. Entrepreneur-initiating new ideas to improve organizational performanceb. Disturbance handlers-taking corrective action to cope with adverse situationc. Resource allocators-allocating human, physical, and monetary resourcesd. Negotiator - negotiating with trade unions, or any other stakeholders3. Interpersonal roles : This role involves activities with people working in the organization. Thisis supportive role for informational and decisional roles. Interpersonal roles can be categorizedunder three subheadings:a. Figurehead-Ceremonial and symbolic roleb. Leadership-leading organization in terms of recruiting, motivating etc.c. Liaison-liasoning with external bodies and public relations activities.Management SkillsA manager's job is varied and complex. Managers need certain skills to perform the duties and activities associated with being a manager. What type of skills does a manager need? Robert L. Katz (1974) found that managers needed three essential management skills1. Technical2. Human3. ConceptualTechnical skills: The ability is to apply specialized knowledge or expertise. All jobs require some specialized expertise, and many people develop their technical skills on the job. Vocational and on the job training programs can be used to develop this type of skill.Human Skill : This is the ability to work with, understand and motivate other people (both individually and a group). This requires sensitivity towards others issues and concerns. People, who are proficient in technical skill, but not with interpersonal skills, may face difficulty to manage their subordinates. To acquire the Human Skill, it is pertinent to recognize the feelings and sentiments of others, ability to motivate others even in adverse situation, and communicate own feelings to others in a positive and inspiring way.Conceptual Skill : This is an ability to critically analyze, diagnose a situation and forward a feasible solution. It requires creative thinking, generating options and choosing the best available option. A mark of a good leader is to be able to provide consistent motivation to his team encouraging them to attain excellence and quality in their performance. A good leader is always looking for ways to improve production and standards. Here are six management skills you can develop as a leader in working to create a quality effective team.1. ObservationThis is an important aspect that often gets neglected due the demands on a leader's time and schedule. Observation and regular visits to the work environment are a priority and should be scheduled into the calendar. Observing employees at work, the procedures, interaction and work flow is foundational to implementing adjustments to improve results. To have credibility, a leader needs to be seen and be known to be up to date with what is happening in the work place.2. Monitor Employee PerformanceEmployee performance needs to be monitored in mutually accepted ways. Policies and procedures need to be clear. Conferencing should be on a regular basis and not just when there is a problem. Assessments and evaluations should not be merely all formality or viewed a necessary paperwork to be done and filed away. Individual and group conferencing should be undertaken not only to monitor performance, but with the expectation of on going professional development and support. There should be frequent encouragement and clear criteria for on going goals both for the group and individual.3. Implementation of Professional Development ProgramsA good leader evaluates weaknesses and provides training and development strategies to strengthen the weaker skills in the team.4. Demonstrates Working Knowledge and ExpertiseGood leadership comes from a place of strong knowledge and experience of the production and process leading to results. If a leader does not possess all the expertise and knowledge personally, then regular consultations with experts involved in the departments should be held. This is important in order to maintain an accurate and informed overall picture.5. Good Decision MakingGood leadership is characterized by the ability to make good decisions. A leader considers all the different factors before making a decision. Clear firm decisions, combined with the willingness and flexibility to adapt and adjust decisions when necessary, create confidence in the leadership.6. Ability to Conduct and Evaluate ResearchOn going review and research is vital in order to keep on the cutting edge in business. While managing the present to ensure on going excellence in product and performance, a good leader is also able to look towards the future. Conducting and evaluating research is an important way of planning and being prepared for the future.Excellent leadership is always pro active rather than reactive. By developing these six managerial skills builds a solid foundation for success.
What is the definition of individual differences in managerial skills?
Katz theory of managerial skills are :conceptual skillinterpersonal skilltechnical skillThose 3 managerial skills are used by different managers. Top manager needs to have more conceptual skill than technical skill. They have to think about the future of the company (goal and objectives). Any small activities that support to achieve the goal and objectives are done by their employee. Top managers always think about the life of the business.Middle manager is doing more in the interpersonal skill. They have to meet many people, so they need interpersonal skill to communicate with people. Example : negotiators.The last one is Lower manager which need technical skill in their job. The lower manager are dealing with small activities that may lead to achieve the goal and objectives.These 3 managers must have a good relationship each other, so that the objective and goal can be acheieved.
Could you use managerial accounting tools to assess the profitability of an organization other than a manufacturing business or are the topics you are learning only related to manufacturing?
Managerial accounting deals with financial information resulting from a company's production process or other internal functions. Where financial accounting focuses on measuring a company's overall financial performance, managerial accounting focuses on individual business functions or processes. College courses typically focus on a few important areas of managerial accounting relating to accounting tools most commonly used by business owners and managers.Cost AllocationsCost allocation refers to the attribution of business costs to the goods and services the company produces. This process can be based variably on job-, process-, production output- or activity-based calculations. Managerial accountants review expenditures relating to materials, labor and overhead, breaking down the data to calculate how much of each resource makes it into each item produced. Many instructors focus on these concepts extensively, since each method usually includes several steps that are technically complex.BudgetsBudgets are an accounting tool that companies use to outline future cash expenditures. Managerial accounting not only focuses on overall company budgets, but also on specific variances relating to the production process. Accountants attempt to trace every budget variance to determine whether variances are favorable or unfavorable. Unfavorable variances are not necessarily bad if the company needs to produce more items to meet demand. Instructors often create exercises in which students complete individual budgets for business processes and compile one company budget from this information.ForecastingForecasting in managerial accounting typically relates to a break-even or cost/volume/profit analysis. Accountants prepare this information to determine how many items a company must sell to pay for business expenditures. This information can also tell owners and managers how many items a company must sell to make a certain level of profit. While other forecast methods may be taught, these are the primary approaches found in managerial accounting. Instructors typically give students basic information and require them to calculate certain sales figures.
What is the meaning of iqtedari?
"Iqtedari" is a Persian term that translates to "managerial" or "administrative" in English. It is often used to describe roles or tasks related to managing or overseeing operations within an organization or business.
How may managerial hierarchy be used to coordinate the organization's resources?
How may the managerial hierarchy be used to coordinate the organization's resources
A basic difference between managerial accounting and financial accounting is that managerial accounting?
One basic difference between managerial accounting and financial accounting is that managerial accounting is used internally instead of externally for investors. Managers use managerial accounting to determine what level of output is appropriate for their departments.
1 Explain the managerial roles and managerial skills?
Managerial Roles According to Mintzberg (1973), managerial roles are as follows: 1. Informational roles 2. Decisional roles 3. Interpersonal roles 1. Informational roles: This involves the role of assimilating and disseminating information as and when required. Following are the main subroles, which managers often perform: a. Monitor-collecting information from organizations, both from inside and outside of the organization b. Disseminator-communicating information to organizational members c. Spokesperson-representing the organization to outsiders 2. Decisional roles: It involves decision making. Again, this role can be subdivided in to the following: a. Entrepreneur-initiating new ideas to improve organizational performance b. Disturbance handlers-taking corrective action to cope with adverse situation c. Resource allocators-allocating human, physical, and monetary resources d. Negotiator - negotiating with trade unions, or any other stakeholders 3. Interpersonal roles : This role involves activities with people working in the organization. This is supportive role for informational and decisional roles. Interpersonal roles can be categorized under three subheadings: a. Figurehead-Ceremonial and symbolic role b. Leadership-leading organization in terms of recruiting, motivating etc. c. Liaison-liasoning with external bodies and public relations activities. Management Skills Katz (1974) has identified three essential management skills: technical, human, and conceptual. Technical skills: The ability is to apply specialized knowledge or expertise. All jobs require some specialized expertise, and many people develop their technical skills on the job. Vocational and onthejob training programs can be used to develop this type of skill. Human Skill : This is the ability to work with, understand and motivate other people (both individually and a group). This requires sensitivity towards others issues and concerns. People, who are proficient in technical skill, but not with interpersonal skills, may face difficulty to manage their subordinates. To acquire the Human Skill, it is pertinent to recognize the feelings and sentiments of others, ability to motivate others even in adverse situation, and communicate own feelings to others in a positive and inspiring way. Conceptual Skill : This is an ability to critically analyze, diagnose a situation and forward a feasible solution. It requires creative thinking, generating options and choosing the best available option.
How can scholarly research be used to support managerial writing?
decision and integrity
What is Solution to warren Reeves Financial and Managerial Accounting 9E Chapter 3 problem 3-3a?
managerial accounting is used internally instead of externally for investors
Is Managerial accounting information used by external and internal users equally?
Yes
Role of managerial economic in decision making?
The role of managerial economics in decision making is to help in the analysis of economic trends which will be used in making critical decision. This will focus on past, present and future economic patterns.
What does BC1 social class mean?
BC1 is a social class classification system used in the United Kingdom that indicates individuals from the higher managerial, administrative, or professional occupations. This category typically includes senior managers, company directors, and professionals with higher qualifications and significant responsibility in their roles.
What do you mean by managerial economics and what is science?
Managerial economics applies economic theory and methods to business and administrative decision making. Managerial economics prescribes rules for improving managerial decisions. Managerial economics also helps managers recognize how economic forces affect organizations and describes the economic consequences of managerial behavior. It links traditional economics with the decision sciences to develop vital tools for managerial decision making. This process is illustrated in Figure 1.1. Managerial economics identifies ways to efficiently achieve goals. For example, suppose a small business seeks rapid growth to reach a size that permits efficient use of national media advertising. Managerial economics can be used to identify pricing and production strategies to help meet this short-run objective quickly and effectively
Is what if your course instructor is manager in terms of managerial functions managerial roles?
For the most part a course instructor could be compared to a manager. A manager's roles include planning, scheduling, programming, budgeting, and creating objectives. Each of these roles are seen from an instructor.At the beginning of your course the instructor provides you with a syllabus. This document declares the objectives of the course, in other words what he/she expects you to learn or achieve.The instructor also budgets with time and scoring. He/she gives you a total amount of points you can earn for the course. Depending on how well you learn and how hard you work, you will climb higher and closer to that number. An instructor can also withdrawl points for attendence or cheating.Programming is also used. The teachers builds on the subject. In math you would have to first learn to count, then addition and subtraction, then division and multiplication and so on.A manager must use each of the above functions and more to complete their job. Skills would include: Patience, good communication, critical thinking, time management etc.1. Is your college instructor a manager? Discuss in terms of both planning, organizing, leading, and controlling, and Mintzberg's managerial roles.Answer - A college instructor is both an individual contributor and a manager. He/she is an operative in that he/she produces "the product" of the university. But he/she is also a manager in that he/she must manage the class and students.In terms of:Ø Planning-the instructor defines class goals, establishes the semester plan for achieving them, and develops lesson plans to integrate and coordinate these efforts.Ø Organizing-not as much, as he/she is primarily responsible for execution but may need to if he/she uses class participation.Ø Leading-should be relatively obvious, motivate students, direct the activities of others, select the most effective communication channel, or resolve conflicts among members.Ø Controlling-ah grading!For the sake of space, suggestions will be limited to Mintzberg's three primary categories.Ø Interpersonal-the roles of leader and liaison.Ø Informational-monitor and disseminator.Ø Decisional-disturbance handler and resource allocator.
What is the difference between Economics and Managerial Economics?
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. According to Lionel Robbins, Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. Managerial economics, used synonymously with business economics, is a branch of economics that deals with the application of microeconomic analysis to decision-making techniques of businesses and management units. According to McGutgan and Moyer, "Managerial economics is the application of economic theory and methodology to decision-making problems faced by both public and private institutions".
