Management Principles and Business Concepts Summary
Foundations of Management
Management is defined as “a process of assembling and using sets of resources, in a goal-directed manner, to accomplish tasks in an organizational setting.”
- F.W. Taylor defined it as “The art of knowing what is to be done and seeing that it is done in the best possible manner.”
- Mary Parker Follett described it as “The art of getting things done through people.”
The concept of work division can be traced back to Sir Thomas More (1474-1535), who described it in “Utopia.”
Key Challenges
Read MoreEthical Principles for Business: Theories, Society, and Law
Key Theories of Ethics and Their Application
Utilitarianism
Definition: The ethical theory that suggests the best action is the one that maximizes overall happiness or well-being for the greatest number of people.
Application: In business, this could mean making decisions that benefit the majority of stakeholders, such as providing affordable products to a large customer base, even if it means lowering profit margins.
Deontological Ethics (Duty-based Ethics)
Definition: This theory asserts that actions
Social Entrepreneurship: Collaboration and Institutional Impact
Social Entrepreneurship: The Power of Collective Action (Davie, 2011)
Grace Davie’s article, Social Entrepreneurship: A Call for Collective Action (2011), argues that solving social problems should not be left to individual social entrepreneurs alone. Instead, she believes that teamwork and collaboration are essential to making real and lasting change.
Challenging the “Hero” Social Entrepreneur Idea
Many people see social entrepreneurs as heroic individuals who change the world through their
Read MoreCorporate Social Responsibility: Definition and Impact
Defining Corporate Social Responsibility (CSR)
Corporate Social Responsibility (CSR) can be defined as a way of managing companies based on taking responsibility for the impacts that their activity generates on their clients, employees, shareholders, local communities, the environment, and society in general. It’s a “balanced approach for organizations to address economic, social and environmental issues in a way that aims to benefit people, communities and society” (International Organization
Read MoreBusiness Ethics and HR Management: Principles for Success
Core Principles of Business Ethics
Business ethics refers to the moral principles and values that guide the behavior of businesses and their stakeholders, including employees, customers, suppliers, and the wider community. It involves applying ethical standards to business decisions and actions, ensuring they are fair, transparent, and responsible.
Why Business Ethics Matters
- Builds Trust: Ethical business practices build trust with customers, employees, and other stakeholders, leading to long-term
Mastering Engineering Management: Skills and Strategies
What Is Engineering Management?
Core Concepts and History
Engineering Management is the application of management principles to the practice of engineering. It combines the technical problem-solving ability of engineering with the organizational and leadership skills of management to oversee operational performance efficiently.
- Engineering: Using mathematics and science to solve real-world problems.
- Management: The process of planning, organizing, and leading people to achieve specific goals.
The practice
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