SlideShare una empresa de Scribd logo
1 de 50
Need of Management
Training
The achievement of
organizational tasks pivots on
a Manager. He achieves his
goals through coordination of
diverse activities of others. A
skilled and trained manager
performs and gets all the
activities of an organization
done in an efficient manner.
Need of Management Training
Since an assortment of activities are
performed by managers, the acquisition of
knowledge and skills is indispensable. It
involves training and learning process for
managers so that the organizational
competence may be enhanced while the
activities being carried out effectively and
efficiently.
Management training…Cont
The foremost role a manager performs is
essentially to deal with people and
organizational resources in a way that
produces desired results while performing
his tasks in an organized and capable
manner. In order to uplift the organization
he may need to have training as well.
Why do we need Training?
Management Training signifies the
application of human energy in leadership
position. The objective of training and
development programs is to develop the
abilities and power to satisfy the
organization.
Cont..
Development is the result of training and
there would be no development without
training. Managers and would be
managers need to develop their abilities
through training so that they can manage
all the activities in a dynamic and skilful
manner.
Objectives of Training
The objectives of training may be studied
in a hierarchical view: The employees get
training about new methodologies, job
instructions etc. At the middle level
supervisors are trained to find out the
problems, collecting information, while
analyzing, to find better solutions.
Cont…
At the top level the objectives in
perspective of training and development
programs are cost reduction, employee
performance, problem solving and
creativity.
Cont…
It is owing to successful training and
development programs, the organizational
goals are achieved, efficiency is
increased, while it gives boost to
productivity, sales revenue, it causes to
reduce costs and wastes. Thus, there is
effective execution of work.
Cont..
As per Maslow’s motivational theory, the
objectives of training programs are self
confidence, self motivation, achievement
and self-realization aspects.
Objectives are listed below in brief
Acquisition of knowledge
Acquisition of skills
Acquisition of attitude
Motivation
Creating smooth situation in order to make
decisions.
Improving organizational abilities
Training solves various organizational,
psychological, technological problems. It
emphasizes over new methods, quality of
work, development and acquirement of
new knowledge and skills, use of
machines. For any organization to run in a
smooth way, it is necessary that the
employees should be systematically and
scientifically trained.
Worth Reading
What I hear, I forget.
What I see, I remember.
What I do, I understand.
- Kung Fu Tzu (Confucius)
Worth Reading
"It's all to do with the training: you can do a
lot if you're properly trained."
- Elizabeth II, Queen of Great Britain
Interesting quote:
“The beautiful thing
about learning is that
no one can take it
away from you.”
What is Management?
According to E.F.L Brech: “Management is
concerned with seeing that the job gets
done. Its tasks centered on planning and
guiding the operations that are going on in
the enterprise.
Management …Cont.
According to American Management
Association: Management is getting this
done through people.
Some people view management
“Management is decision making”
Different people view the word
management in a different manner. Some
thing, management as administration and
organizing the activities….. These are
synonymous……
Cont.
Management aims at reaping rich results
in economic terms.
Management is also a system of authority.
Thus, management in simple terms may
be defined as getting the things done and
a manager gets the tasks done by
others…
What is the process of
Management?
The process of management
encompasses the determination
of objectives and putting them
into action.
Management Process
Input
Process
Output
ProcessInput Output
Inputs
Men
Machine
Methods
Money
Human Resources
Machinery, Technical objectives
Methods to be applied, Money as Finace
Out Puts
End Results
As per desired objectives
Or fulfillment of the objectives in
accordance with what has been planned.
Increase Sales
Increase productive
Increase efficiency, Profit, growth and total
organizational development.
Effectiveness and Efficiency
Efficiency indicates fewer inputs (resources) or
producing more outputs as compared to a similar
process that achieves the objectives, while effectiveness
is of great importance indicating if it is worth doing in the
first place or if it has the same effect as is expected. If a
business does not achieve what is needed then the
efforts are ineffectual. What in general the term
effectiveness indicates is the capacity to produce effect
while efficiency means using resources in a way to
maximize the out put - production of goods or services.
Peter Drucker defines clearly, “Efficiency is doing things
right; effectiveness is doing the right things.”
A skilled manager is the leader of his team. He is a part
of good management, a powerful exponent to
organizational development and competencies in totality.
He influences and inspires the employees in a way to
direct them towards the obtainment of organizational
goals and objectives while producing favorable
impression on them and executing his tasks in an
organized way. He builds up high morale and ethical
standards among them. He guides them in such a way
that they get the vision of future. Since management
aims at the entire organizational development and
competencies, the same is accomplished if its human
assets are highly skilled and competent. It thus
establishes such management philosophies as to benefit
the organization as well as the employees.
How Good Management Practices
It is all encompassing for the accomplishment of
predetermined organizational objectives. It
utilizes the resources and capabilities of the
organization in the most effective and efficient
manner while constantly striving for the entire
organizational growth and development. It is
versatile, in the sense, it seeks to get massive
win in every role it performs and dynamic, that
signifies exploring new opportunities for its
expansion.
Peter Drucker asserts, “Management is a
multipurpose organ that manages a
business and manages managers, and
manages workers and work.” It answers
to the questions what needs to be done,
when it is to be done and by whom it
should be done so that the objectives may
be reached as per the plans while
ensuring whether overall activities are
being performed properly, ascertaining if
the results are being obtained in
accordance with what has been expected.
Lawrence Appley, “Management is the
development of people and not the
direction of things… Management is
personnel administration.”
Functions of Management
Planning
Organizing
Directing
Coordinating
Staffing
Delegating
controlling
PODC
The methodology which is put into practice
in order to get the things done or the
functions with their sequence undertaken
by a manager is what is said to be
management process which involves:
Planning, organizing, directing and
controlling (PODC).
Importance of Planning
Planning is one of the most important components of
management. Planning involves preparing a sequence of
actions in order to achieve the specific goal. If it is done
effectively, it can reduce the necessary time and efforts.
A plan serves in a way a map does. As a map guides
you in reaching your destination so does planning in the
attainment of your goal. Following a plan is to see how
much you have progressed towards your goal and how
far your destination is. It is good to know where you are
so as to make decision on how you will be reaching to
your destination.
Importance of Planning-- cont
Planning function of management is
analogous to the concept, ‘Think before
you leap” –which is befitting in the
organizational literature and management
philosophy.
Cont.
Alford and Beatty, “Planning is the thinking
process, the organized foresight, the
vision based on fact and experience that is
required for intelligent action.”
Proverb
Richard Cushing says, “Always plan
ahead. It wasn’t raining when Noah built
the ark.”
Planning enables the organization to design the
activities in such a manner that the objectives
can be attained effectively while providing the
sense of involvement and team spirit among the
employees. A good planning makes possible to
monitor the activities while facilitating to act in
response to the unexpected changes. It curtails
the time which is required for the activities to be
performed and keeps the activities away from
duplications. It is by way of good planning that
the unsystematic activities of an organization are
eliminated and systematic activities and
approaches towards the obtainment of
objectives are established.
Planning is composed of a few
components, they are: Mission;
Objectives; Policies; Procedures and
Budgets.
Mission: It is not that an organization is
formed in a vacuum or with no purpose it
stands. Of course, it has a reason for its
existence which is specific. It runs based
on it.
Objectives: Objective in general indicates a
place where you want to reach. In organizational
literature it means the aim which an organization
tries to achieve. Objectives are generally in
plural form. Objectives are predetermined; they
provide clear direction to the activities and
results to be obtained from the planning
process. Objectives must be SMART (Specific,
measurable, achievable, realistic and timely).
Objectives must be clearly defined so that the
works become goal-oriented and the
unproductive and unsystematic tasks can be
avoided.
Policies: Policies play a vital role in the
organizations. They serve as guidelines
for the objectives to be achieved. Policies
are the guides to the behavior of the
employees in the organizations as well.
Policy making is an important task which is
performed by top managers. Policy
formulation saves time and efforts while
ensuring there are no deviations from what
has been planned and assisting in
decision making process.
Procedures: Procedures can be defined as
being how particular tasks are to be carried out.
They are certain directions to the works to be
accomplished. It is a customary method of
handling future activities; helping as guide to the
initiation of future actions. Rather, they are
directives that are meant to regulate the work
flows. To differentiate between policy and
procedure, for instance, a company policy may
fix a limit for the employees to take loans while
the procedure would direct the method of taking
loans, such as filling the form, getting the
approval of management concerned etc.
Budget: Budget is a plan which is prepared in numerical
and financial terms. Budget has got both the merits – it is
used for planning purpose as well as control purpose. In
the sense, planning involves budgeting while budgeting
leads to the control and the successful budgetary control
is the result of effective planning. Through the process of
budgeting a comparison between actual figures and
estimated figures is to be established. The primary
objective of making a budget is to plan with definite
numbers. It is through the budgeting process that the
required resources are identified in order that the
organizational goals and objectives may be achieved.
There are various types of budgets, such as, sales
budget, production budget, cash flow budget, capital
budget, personnel budget etc.
There is no denying the fact if it is said that on
no account does planning involve ineffectual
prospects, but that it brings desired results if
done by an entity capable of rational thought
and based on highly developed abilities.
Planning ahead of times is getting impressive
achievements of business goals and objectives,
being prepared more intelligently and able to put
sufficient efforts. It is by way of effective planning
process that an organization forms a structure of
greater quality and standard, while it reaches the
excellence to begin reaping desired outputs
The Management training
The Management training
The Management training
The Management training
The Management training
The Management training
The Management training
The Management training
The Management training

Más contenido relacionado

La actualidad más candente

Basic Management for beginner of management
Basic Management for beginner of management Basic Management for beginner of management
Basic Management for beginner of management Krishangi Purohit
 
Principle and practices of management
Principle and practices of managementPrinciple and practices of management
Principle and practices of managementagarwalcards
 
Developing administrative and management skills in mitigating their challenge...
Developing administrative and management skills in mitigating their challenge...Developing administrative and management skills in mitigating their challenge...
Developing administrative and management skills in mitigating their challenge...leadershipmgtservice
 
Hrm episode 1
Hrm  episode 1Hrm  episode 1
Hrm episode 1SmrutiB
 
Introduction to management
Introduction to managementIntroduction to management
Introduction to managementShanaya Kadri
 
Essential competencies for effective leadership
Essential competencies for effective leadershipEssential competencies for effective leadership
Essential competencies for effective leadershipFatima Zain
 
Management concept and application
Management concept and applicationManagement concept and application
Management concept and applicationvikash yadav
 
Principal of management vidyapith note
Principal of management vidyapith notePrincipal of management vidyapith note
Principal of management vidyapith noteMilan Gupta
 
Philip Cargnino - Business Management
Philip Cargnino - Business ManagementPhilip Cargnino - Business Management
Philip Cargnino - Business ManagementPhilip Cargnino
 
Project Management - Back To Basics
Project Management - Back To BasicsProject Management - Back To Basics
Project Management - Back To BasicsiHub
 
Lesson 1 organization and management
Lesson 1 organization and managementLesson 1 organization and management
Lesson 1 organization and managementHaydie Tan
 
Management concepts and practices module 1
Management concepts and practices module 1Management concepts and practices module 1
Management concepts and practices module 1Chetan T R
 

La actualidad más candente (18)

Basic Management for beginner of management
Basic Management for beginner of management Basic Management for beginner of management
Basic Management for beginner of management
 
Management
ManagementManagement
Management
 
Oliver Sheldon
Oliver SheldonOliver Sheldon
Oliver Sheldon
 
Principle and practices of management
Principle and practices of managementPrinciple and practices of management
Principle and practices of management
 
Developing administrative and management skills in mitigating their challenge...
Developing administrative and management skills in mitigating their challenge...Developing administrative and management skills in mitigating their challenge...
Developing administrative and management skills in mitigating their challenge...
 
Hrm episode 1
Hrm  episode 1Hrm  episode 1
Hrm episode 1
 
Introduction to management
Introduction to managementIntroduction to management
Introduction to management
 
Essential competencies for effective leadership
Essential competencies for effective leadershipEssential competencies for effective leadership
Essential competencies for effective leadership
 
PRINCIPAL OF MANAGEMENT
PRINCIPAL OF MANAGEMENTPRINCIPAL OF MANAGEMENT
PRINCIPAL OF MANAGEMENT
 
Management concept and application
Management concept and applicationManagement concept and application
Management concept and application
 
Concept of Management
Concept of ManagementConcept of Management
Concept of Management
 
Principal of management vidyapith note
Principal of management vidyapith notePrincipal of management vidyapith note
Principal of management vidyapith note
 
Philip Cargnino - Business Management
Philip Cargnino - Business ManagementPhilip Cargnino - Business Management
Philip Cargnino - Business Management
 
Project Management - Back To Basics
Project Management - Back To BasicsProject Management - Back To Basics
Project Management - Back To Basics
 
Lesson 1 organization and management
Lesson 1 organization and managementLesson 1 organization and management
Lesson 1 organization and management
 
Peter drucker
Peter druckerPeter drucker
Peter drucker
 
Administration
AdministrationAdministration
Administration
 
Management concepts and practices module 1
Management concepts and practices module 1Management concepts and practices module 1
Management concepts and practices module 1
 

Destacado

Destacado (14)

Five Functions of management.
Five Functions of management.Five Functions of management.
Five Functions of management.
 
High Performance with High Integrity
High Performance with High IntegrityHigh Performance with High Integrity
High Performance with High Integrity
 
Quotes about Professional Integrity
Quotes about Professional IntegrityQuotes about Professional Integrity
Quotes about Professional Integrity
 
Integrity
IntegrityIntegrity
Integrity
 
Leading the Leaders
Leading the LeadersLeading the Leaders
Leading the Leaders
 
Professional integrity
Professional integrityProfessional integrity
Professional integrity
 
What your Boss really wants from you
What your Boss really wants from youWhat your Boss really wants from you
What your Boss really wants from you
 
The Best Global Development Quotes of 2012
The Best Global Development Quotes of 2012The Best Global Development Quotes of 2012
The Best Global Development Quotes of 2012
 
Ethics
EthicsEthics
Ethics
 
Negotiation and effects of endorsement
Negotiation and effects of endorsementNegotiation and effects of endorsement
Negotiation and effects of endorsement
 
Working With Integrity
Working With IntegrityWorking With Integrity
Working With Integrity
 
Types of power in leadership
Types of power in leadershipTypes of power in leadership
Types of power in leadership
 
Honesty and integrity
Honesty and integrityHonesty and integrity
Honesty and integrity
 
Personal Integrity
Personal IntegrityPersonal Integrity
Personal Integrity
 

Similar a The Management training

Similar a The Management training (20)

Management Function
Management FunctionManagement Function
Management Function
 
POSDCORB
POSDCORBPOSDCORB
POSDCORB
 
Processes of management
Processes of managementProcesses of management
Processes of management
 
What is management by muzammil
What is management by muzammilWhat is management by muzammil
What is management by muzammil
 
Managing and the Manager’s Job
Managing and the Manager’s JobManaging and the Manager’s Job
Managing and the Manager’s Job
 
Functions of management
Functions of managementFunctions of management
Functions of management
 
Functions of management
Functions of managementFunctions of management
Functions of management
 
Administration and management
Administration and management Administration and management
Administration and management
 
Concept of Management - Important Concept
Concept of Management - Important ConceptConcept of Management - Important Concept
Concept of Management - Important Concept
 
Management Function
Management FunctionManagement Function
Management Function
 
Principles Of Management Unit 1
Principles Of Management Unit 1Principles Of Management Unit 1
Principles Of Management Unit 1
 
Management Process important questions
Management Process important questionsManagement Process important questions
Management Process important questions
 
management and its functions
management and its functionsmanagement and its functions
management and its functions
 
INTRODUCTION TO MANAGEMENT
INTRODUCTION TO MANAGEMENTINTRODUCTION TO MANAGEMENT
INTRODUCTION TO MANAGEMENT
 
INTRODUCTION TO MANAGEMENT
INTRODUCTION TO MANAGEMENTINTRODUCTION TO MANAGEMENT
INTRODUCTION TO MANAGEMENT
 
INTRO TO FUNDAMENTALS OF MANAGEMENT
INTRO TO FUNDAMENTALS OF MANAGEMENTINTRO TO FUNDAMENTALS OF MANAGEMENT
INTRO TO FUNDAMENTALS OF MANAGEMENT
 
1 a. functions of management
1 a. functions of management1 a. functions of management
1 a. functions of management
 
Perspective mgt& leadership
Perspective mgt& leadershipPerspective mgt& leadership
Perspective mgt& leadership
 
Sample Chapter
Sample Chapter Sample Chapter
Sample Chapter
 
Management fundamentals
Management fundamentals Management fundamentals
Management fundamentals
 

Más de Fareed Siddiqui, BBA, MBA-Fin, MPhil-Fin, (PhD) (8)

The Need and Importance of Financial Accounting
The Need and Importance of Financial AccountingThe Need and Importance of Financial Accounting
The Need and Importance of Financial Accounting
 
steps to boost your Self-Esteem
steps to boost your Self-Esteemsteps to boost your Self-Esteem
steps to boost your Self-Esteem
 
The process of communication
The process of communicationThe process of communication
The process of communication
 
What is management accounting
What is management accountingWhat is management accounting
What is management accounting
 
What is management accounting
What is management accountingWhat is management accounting
What is management accounting
 
Strategic management definitions
Strategic management definitionsStrategic management definitions
Strategic management definitions
 
Policy for-business
Policy for-businessPolicy for-business
Policy for-business
 
Mgt concpts2
Mgt concpts2Mgt concpts2
Mgt concpts2
 

The Management training

  • 1. Need of Management Training The achievement of organizational tasks pivots on a Manager. He achieves his goals through coordination of diverse activities of others. A skilled and trained manager performs and gets all the activities of an organization done in an efficient manner.
  • 2. Need of Management Training Since an assortment of activities are performed by managers, the acquisition of knowledge and skills is indispensable. It involves training and learning process for managers so that the organizational competence may be enhanced while the activities being carried out effectively and efficiently.
  • 3. Management training…Cont The foremost role a manager performs is essentially to deal with people and organizational resources in a way that produces desired results while performing his tasks in an organized and capable manner. In order to uplift the organization he may need to have training as well.
  • 4. Why do we need Training? Management Training signifies the application of human energy in leadership position. The objective of training and development programs is to develop the abilities and power to satisfy the organization.
  • 5. Cont.. Development is the result of training and there would be no development without training. Managers and would be managers need to develop their abilities through training so that they can manage all the activities in a dynamic and skilful manner.
  • 6. Objectives of Training The objectives of training may be studied in a hierarchical view: The employees get training about new methodologies, job instructions etc. At the middle level supervisors are trained to find out the problems, collecting information, while analyzing, to find better solutions.
  • 7. Cont… At the top level the objectives in perspective of training and development programs are cost reduction, employee performance, problem solving and creativity.
  • 8. Cont… It is owing to successful training and development programs, the organizational goals are achieved, efficiency is increased, while it gives boost to productivity, sales revenue, it causes to reduce costs and wastes. Thus, there is effective execution of work.
  • 9. Cont.. As per Maslow’s motivational theory, the objectives of training programs are self confidence, self motivation, achievement and self-realization aspects.
  • 10. Objectives are listed below in brief Acquisition of knowledge Acquisition of skills Acquisition of attitude Motivation Creating smooth situation in order to make decisions. Improving organizational abilities
  • 11. Training solves various organizational, psychological, technological problems. It emphasizes over new methods, quality of work, development and acquirement of new knowledge and skills, use of machines. For any organization to run in a smooth way, it is necessary that the employees should be systematically and scientifically trained.
  • 12. Worth Reading What I hear, I forget. What I see, I remember. What I do, I understand. - Kung Fu Tzu (Confucius)
  • 13. Worth Reading "It's all to do with the training: you can do a lot if you're properly trained." - Elizabeth II, Queen of Great Britain
  • 14. Interesting quote: “The beautiful thing about learning is that no one can take it away from you.”
  • 15. What is Management? According to E.F.L Brech: “Management is concerned with seeing that the job gets done. Its tasks centered on planning and guiding the operations that are going on in the enterprise.
  • 16. Management …Cont. According to American Management Association: Management is getting this done through people.
  • 17. Some people view management “Management is decision making” Different people view the word management in a different manner. Some thing, management as administration and organizing the activities….. These are synonymous……
  • 18. Cont. Management aims at reaping rich results in economic terms. Management is also a system of authority. Thus, management in simple terms may be defined as getting the things done and a manager gets the tasks done by others…
  • 19. What is the process of Management? The process of management encompasses the determination of objectives and putting them into action.
  • 21. Inputs Men Machine Methods Money Human Resources Machinery, Technical objectives Methods to be applied, Money as Finace
  • 22. Out Puts End Results As per desired objectives Or fulfillment of the objectives in accordance with what has been planned. Increase Sales Increase productive Increase efficiency, Profit, growth and total organizational development.
  • 23. Effectiveness and Efficiency Efficiency indicates fewer inputs (resources) or producing more outputs as compared to a similar process that achieves the objectives, while effectiveness is of great importance indicating if it is worth doing in the first place or if it has the same effect as is expected. If a business does not achieve what is needed then the efforts are ineffectual. What in general the term effectiveness indicates is the capacity to produce effect while efficiency means using resources in a way to maximize the out put - production of goods or services. Peter Drucker defines clearly, “Efficiency is doing things right; effectiveness is doing the right things.”
  • 24. A skilled manager is the leader of his team. He is a part of good management, a powerful exponent to organizational development and competencies in totality. He influences and inspires the employees in a way to direct them towards the obtainment of organizational goals and objectives while producing favorable impression on them and executing his tasks in an organized way. He builds up high morale and ethical standards among them. He guides them in such a way that they get the vision of future. Since management aims at the entire organizational development and competencies, the same is accomplished if its human assets are highly skilled and competent. It thus establishes such management philosophies as to benefit the organization as well as the employees.
  • 25. How Good Management Practices It is all encompassing for the accomplishment of predetermined organizational objectives. It utilizes the resources and capabilities of the organization in the most effective and efficient manner while constantly striving for the entire organizational growth and development. It is versatile, in the sense, it seeks to get massive win in every role it performs and dynamic, that signifies exploring new opportunities for its expansion.
  • 26. Peter Drucker asserts, “Management is a multipurpose organ that manages a business and manages managers, and manages workers and work.” It answers to the questions what needs to be done, when it is to be done and by whom it should be done so that the objectives may be reached as per the plans while ensuring whether overall activities are being performed properly, ascertaining if the results are being obtained in accordance with what has been expected.
  • 27. Lawrence Appley, “Management is the development of people and not the direction of things… Management is personnel administration.”
  • 29. PODC The methodology which is put into practice in order to get the things done or the functions with their sequence undertaken by a manager is what is said to be management process which involves: Planning, organizing, directing and controlling (PODC).
  • 30. Importance of Planning Planning is one of the most important components of management. Planning involves preparing a sequence of actions in order to achieve the specific goal. If it is done effectively, it can reduce the necessary time and efforts. A plan serves in a way a map does. As a map guides you in reaching your destination so does planning in the attainment of your goal. Following a plan is to see how much you have progressed towards your goal and how far your destination is. It is good to know where you are so as to make decision on how you will be reaching to your destination.
  • 31. Importance of Planning-- cont Planning function of management is analogous to the concept, ‘Think before you leap” –which is befitting in the organizational literature and management philosophy.
  • 32. Cont. Alford and Beatty, “Planning is the thinking process, the organized foresight, the vision based on fact and experience that is required for intelligent action.”
  • 33. Proverb Richard Cushing says, “Always plan ahead. It wasn’t raining when Noah built the ark.”
  • 34. Planning enables the organization to design the activities in such a manner that the objectives can be attained effectively while providing the sense of involvement and team spirit among the employees. A good planning makes possible to monitor the activities while facilitating to act in response to the unexpected changes. It curtails the time which is required for the activities to be performed and keeps the activities away from duplications. It is by way of good planning that the unsystematic activities of an organization are eliminated and systematic activities and approaches towards the obtainment of objectives are established.
  • 35. Planning is composed of a few components, they are: Mission; Objectives; Policies; Procedures and Budgets.
  • 36. Mission: It is not that an organization is formed in a vacuum or with no purpose it stands. Of course, it has a reason for its existence which is specific. It runs based on it.
  • 37. Objectives: Objective in general indicates a place where you want to reach. In organizational literature it means the aim which an organization tries to achieve. Objectives are generally in plural form. Objectives are predetermined; they provide clear direction to the activities and results to be obtained from the planning process. Objectives must be SMART (Specific, measurable, achievable, realistic and timely). Objectives must be clearly defined so that the works become goal-oriented and the unproductive and unsystematic tasks can be avoided.
  • 38. Policies: Policies play a vital role in the organizations. They serve as guidelines for the objectives to be achieved. Policies are the guides to the behavior of the employees in the organizations as well. Policy making is an important task which is performed by top managers. Policy formulation saves time and efforts while ensuring there are no deviations from what has been planned and assisting in decision making process.
  • 39. Procedures: Procedures can be defined as being how particular tasks are to be carried out. They are certain directions to the works to be accomplished. It is a customary method of handling future activities; helping as guide to the initiation of future actions. Rather, they are directives that are meant to regulate the work flows. To differentiate between policy and procedure, for instance, a company policy may fix a limit for the employees to take loans while the procedure would direct the method of taking loans, such as filling the form, getting the approval of management concerned etc.
  • 40. Budget: Budget is a plan which is prepared in numerical and financial terms. Budget has got both the merits – it is used for planning purpose as well as control purpose. In the sense, planning involves budgeting while budgeting leads to the control and the successful budgetary control is the result of effective planning. Through the process of budgeting a comparison between actual figures and estimated figures is to be established. The primary objective of making a budget is to plan with definite numbers. It is through the budgeting process that the required resources are identified in order that the organizational goals and objectives may be achieved. There are various types of budgets, such as, sales budget, production budget, cash flow budget, capital budget, personnel budget etc.
  • 41. There is no denying the fact if it is said that on no account does planning involve ineffectual prospects, but that it brings desired results if done by an entity capable of rational thought and based on highly developed abilities. Planning ahead of times is getting impressive achievements of business goals and objectives, being prepared more intelligently and able to put sufficient efforts. It is by way of effective planning process that an organization forms a structure of greater quality and standard, while it reaches the excellence to begin reaping desired outputs