MANAGEMENT BY YOGESH SIR

MANAGEMENT BY YOGESH SIR

MANAGEMENT BY YOGESH SIR
MANAGEMENT BY YOGESH SIR
 MANAGEMENT BY YOGESH SIR

What is Management ?
• According to Harold Koontz and Cyril O’Donnell, Management is the
process of getting things done through the organized group efforts.
• Harold Koontz was the author of book titled ‘The Management Theory
Jungle’.

• According to Henri Fayol , Management is to forecast, to plan, to organize, to

command, to coordinate and control activities of others. He wrote the book
titled ‘Industrial and General Administration’. He is also known as Father of
Modern Management.

• According Winslow Frederick w Taylor, Management is the art of knowing

what you want to do in the best and cheapest way. FW Taylor is known as father
of scientific management. He wrote the book titled ‘The Principles of Scientific
Management’
 MANAGEMENT BY YOGESH SIR

MEANING OF MANAGEMENT
According to Theo Heimann , management has three different meanings, viz.,

1. Management as a Process : refers to the Functions of Management

2. Management as a Noun : refers to a Group of Managers

3. Management as a Discipline : refers to the Subject of Management.

थियो हे इमैन के अनुसार, प्रबंधन के तीन अलग-अलग अिथ हैं, अिाथत,
प्रबंधन एक प्रक्रिया के रूप में: प्रबंधन के कायों को संदर्भथत करता है
प्रबंधन एक संज्ञा के रूप में: प्रबंधकों के एक समह
ू को संदर्भथत करता है
प्रबंधन एक अनश
ु ासन के रूप में: प्रबंधन के विषय को संदर्भथत करता है
 MANAGEMENT BY YOGESH SIR

Aspects of Management
Management as a Management as a
Aspect Management as an Art
Science Profession
Based on systematic Based on personal skills Based on specialized
Basis
knowledge and principles and creativity knowledge and ethics
Personalized and practice- Regulated with formal
Nature Predictable and universal
oriented qualifications
Uses theories, laws, and Uses creativity and Follows code of conduct
Approach
experiments personal experience and professional standards
Requires practice and Requires formal education
Application Can be taught and learned
talent and continuous learning
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 MANAGEMENT BY YOGESH SIR

Management Process
• Luther Gulick coined the word POSDCORB using the initial letters of
management functions: planning (P), organising (O), staffing (S), directing (D),
coordinating (CO), reporting (R), and budgeting (B). Reporting is a part of
control function, while budgeting represents both planning and controlling.

• Newmann and Summer classified managing process as the functions of (i)

organizing, (ii) planning, (iii) leading, and (iv) controlling.
MANAGEMENT BY YOGESH SIR
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Roles of Manager
• In 1973, Henry Mintzberg – a Canadian academic and author on business and management
published a book called ‘The Nature of Managerial Work’. Mintzberg categorized all activities into
ten managerial roles.
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MANAGEMENT BY YOGESH SIR
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Aspect Classical Neo-Classical Modern

Structure, efficiency, Human behavior, Systems integration,
Focus formal hierarchy, task motivation, leadership, strategy, adaptability,
specialization informal organization innovation

Elton Mayo, Abraham Peter Drucker, Jay

F.W. Taylor, Henri Fayol,
Key Contributors Maslow, Douglas Forrester, Herbert Simon,
Max Weber
McGregor others

Humanistic, participative, Scientific, adaptive,

Mechanistic, top-down
Approach psychological and social technology-driven,
control
focus systems thinking

Authoritative, centralized Participative, employee- Strategic, data-driven,

Management Style
decision-making focused decentralized

ERP systems, AI in
Employee motivation
Assembly line production, management, agile
Examples programs, Hawthorne
bureaucratic organizations organizations, data
studies, Theory X and Y
analytics tools
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 MANAGEMENT BY YOGESH SIR
Main Category Sub-Category Key Theorists/Elements Core Focus/Explanation Year/Period

Structured hierarchy,
Classical Management
Bureaucracy Max Weber formal rules, merit-based ~1922
Theories
advancement.

14 principles of
Administrative Theory Henri Fayol management, focus on ~1916
administrative processes.

Scientific techniques to
Scientific Management F.W. Taylor improve productivity and ~1911
efficiency.

Social needs and

Behavioral Management
Hawthorne Studies Elton Mayo workgroup influence on ~1924–1932
Theories
productivity.

Motivation theory based

Maslow’s Hierarchy of
Abraham Maslow on hierarchical human ~1943
Needs
needs.
McGregor (Theory X & Y),
Other Behavioral Employee motivation and
Herzberg (Two-Factor ~1950s–1960s
Theories leadership behavior.
Theory)
 Mathematical and
MANAGEMENT BY YOGESH SIR
Modern Management Various (Operations
Quantitative Approach statistical decision-making ~1940s–1950s
Theories Researchers, WWII era)
techniques.
Use of analytics and
- Management Science models to solve ~1940s
management problems.
Streamlining production
- Operations Management ~1950s–1960s
and processes.
Use of IT for better
- Management
decision-making and ~1960s–1970s
Information System
efficiency.
Ludwig von Bertalanffy Organization as a system;
System Approach ~1950s–1960s
(influenced) input, process, output.
Interaction with external
- Open System ~1960s
environment.
No interaction with
- Closed System ~1960s
external environment.
Joan Woodward, Managerial decisions
Contingency Approach ~1960s
Lawrence & Lorsch depend on the situation.
Leadership style should
Paul Hersey & Ken
- Situational Theory adapt to follower maturity ~1969
Blanchard
level.
Leaders inspire change
Transformational James MacGregor Burns, ~1978 (Burns), 1985
through vision, passion,
Theories Bernard Bass (Bass)
and motivation.
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Function Purpose Key Activities Importance

Set objectives and prepare Goal setting, forecasting, Minimizes risk,

Planning
for the future strategy coordination

Arrange resources and Departmentalization, Clarifies roles, promotes

Organizing
tasks delegation efficiency

Recruit and develop Recruitment, training, Builds competent

Staffing
workforce appraisal workforce

Guide and motivate Leadership, motivation, Improves morale, boosts

Directing
employees communication productivity

Monitor and correct Performance Ensures goals are met,

Controlling
activities measurement, feedback reduces errors
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 MANAGEMENT BY YOGESH SIR

•Science not Rule of Thumb

This principle emphasizes using scientific methods to determine the best way to
perform tasks rather than relying on traditional, informal rules or personal
judgment ("rule of thumb"). It encourages systematic study and analysis to
improve efficiency.
•Harmony, Not Discord
This principle highlights the importance of maintaining a harmonious relationship
between workers and management. Instead of conflict or discord, both sides
should work together smoothly and cooperatively.
•Cooperation, Not Individualism
This principle promotes teamwork and collaboration rather than workers acting
independently or competitively. Cooperation between employees and
management is vital for achieving organizational goals.
•Development of Workers to their Greatest Efficiency and Prosperity
This principle focuses on training and developing workers to improve their skills
and productivity, ensuring they reach their full potential. It also implies that
improving workers' efficiency should lead to their prosperity, meaning better
wages or working conditions.
MANAGEMENT BY YOGESH SIR
MANAGEMENT BY YOGESH SIR
 MANAGEMENT BY YOGESH SIR
Function Purpose Key Activities Importance

Set objectives and prepare Goal setting, forecasting, Minimizes risk,

Planning
for the future strategy coordination

Arrange resources and Departmentalization, Clarifies roles, promotes

Organizing
tasks delegation efficiency

Recruit and develop Recruitment, training, Builds competent

Staffing
workforce appraisal workforce

Guide and motivate Leadership, motivation, Improves morale, boosts

Directing
employees communication productivity

Monitor and correct Performance Ensures goals are met,

Controlling
activities measurement, feedback reduces errors
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MANAGEMENT BY YOGESH SIR
 MANAGEMENT BY YOGESH SIR

LEVELS OF PLANNING
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RELATIONSHIP B/W PLANNING &

CONTROL
• Planning and controlling are inseparable twins of management. A system
of control presupposes the existence of certain standards. These standards of
performance which serve as the basis of controlling are provided by
planning.
• Once a plan becomes operational, controlling is necessary to monitor the
progress, measure it, discover deviations and initiate corrective measures to
ensure that events conform to plans. Thus, planning without controlling is
meaningless. Similarly, controlling is blind without planning.
• Planning is clearly a prerequisite for controlling. It is utterly foolish to
think that controlling could be accomplished without planning.
• Planning based on facts makes controlling easier and effective; and
Controlling improves future planning by providing information derived
from past experience.
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 MANAGEMENT BY YOGESH SIR

Principles of Organizing
• Principle of Specialization
According to the principle, the whole work of a concern should be divided amongst the
subordinates on the basis of qualifications, abilities and skills. It is through division of work
specialization can be achieved which results in effective organization.
• Principle of Functional Definition
According to this principle, all the functions in a concern should be completely and clearly
defined to the managers and subordinates. This can be done by clearly defining the duties,
responsibilities, authority and relationships of people towards each other.
• Principles of Span of Control/Supervision
According to this principle, span of control is a span of supervision which depicts the
number of employees that can be handled and controlled effectively by a single manager.
According to this principle, a manager should be able to handle what number of
employees under him should be decided. This decision can be taken by choosing either
froma wide or narrow span. There are two types of span of control:-
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 MANAGEMENT BY YOGESH SIR
• Wide span of control- It is one in which a manager can supervise and control effectively a
large group of persons at one time. The features of this span are:-
• Less overhead cost of supervision
• Prompt response from the employees
• Better communication
• Better supervision
• Better co-ordination
• Suitable for repetitive jobs
According to this span, one manager can effectively and efficiently handle a large number of
subordinates at one time.

Narrow span of control- According to this span, the work and authority is divided amongst
many subordinates and a manager doesn't supervises and control a very big group of people
under him.
The manager according to a narrow span supervises a selected number of employees at one
time. The features are:-
• Work which requires tight control and supervision, for example, handicrafts, ivory work, etc. which
requires craftsmanship, there narrow span is more helpful.
• Co-ordination is difficult to be achieved.
• Communication gaps can come.
• Messages can be distorted.
• Specialization work can be achieved
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 MANAGEMENT BY YOGESH SIR

Management by Exception
• Management by exception, which is often referred to as control
by exception, is an important principle of management control
based on the belief that an attempt to control everything
results in controlling nothing.
• Thus, only significant deviations which go beyond the
permissible limit should be brought to the notice of management.
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Advantages of Critical Point Control and

Management by Exception
• It saves the time and efforts of managers as they deal with only
significant deviations.
• It focuses managerial attention on important areas. Thus, there is
better utilisation of managerial talent.
• The routine problems are left to the subordinates. Management by
exception, thus, facilitates delegation of authority and increases morale
of the employees.
• It identifies critical problems which need timely action to keep the
organisation in right track.
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CLASSIFICATION OF ORGANISATION
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Line Organization
• According to this type of organization, the authority flows from top to bottom in a
concern. The line of command is carried out from top to bottom. This is the
reason for calling this organization as scalar organization which means scalar
chain of command is a part and parcel of this type of administrative organization.

Features of Line Organization

• It is the most simplest form of organization.
• Line of authority flows from top to bottom.
• Specialized and supportive services do not take place in these organization.
• Unified control by the line officers can be maintained since they can
independently take decisions in their areas and spheres.
• This kind of organization always helps in bringing efficiency in communication
and bringing stability to a concern.
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• Line and Staff Organization

Line and staff organization is a modification of line organization and it
is more complex than line organization. According to this administrative
organization, specialized and supportive activities are attached to the
line of command by appointing staff supervisors and staff specialists
who are attached to the line authority. The power of command
always remains with the line executives and staff supervisors guide,
advice and council the line executives. Personal Secretary to the
Managing Director is a staff official.
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INTRODUCTION

• Communication is a two-way process which involves transferring of

information or messages from one person or group to another.
• This process goes on and includes a minimum of one sender and
receiver to pass on the messages.
• These messages can either be any ideas, imagination, emotions, or
thoughts.
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MANAGEMENT BY YOGESH SIR
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Formal Communication
• Vertical Communication
Vertical Communications as the name suggests flows vertically upwards
or downwards through formal channels. Upward communication refers
to the flow of communication from a subordinate to a superior
whereas downward communication flows from a superior to a
subordinate.
• Horizontal Communication
Horizontal or lateral communication takes place between one division
and another. For example, a production manager may contact the
finance manager to discuss the delivery of raw material or its purchase.
 MANAGEMENT BY YOGESH SIR

Types of communication networks in formal communication:

• Single chain: In this type of network communications flows from every
superior to his subordinate through a single chain.
• Wheel: In this network, all subordinates under one superior communicate
through him only. They are not allowed to talk among themselves.
• Circular: In this type of network, the communication moves in a circle. Each
person is able to communicate with his adjoining two persons only.
• Free flow: In this network, each person can communicate with any other
person freely. There is no restriction.
• Inverted V: In this type of network, a subordinate is allowed to
communicate with his immediate superior as well as his superior’s superior
also. However, in the latter case, only ordained communication takes place.
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 MANAGEMENT BY YOGESH SIR

• 2. Informal Communication
Any communication that takes place without following the formal channels of
communication is said to be informal communication. Informal communication is often
referred to as the ‘grapevine’ as it spreads throughout the organization and in all directions
without any regard to the levels of authority.
• Types of Grapevine network:
• Single strand: In this network, each person communicates with the other in a sequence.
• Gossip network: In this type of network, each person communicates with all other
persons on a non-selective basis.
• Probability network: In this network, the individual communicates randomly with other
individuals.
• Cluster Network: In this network, the individual communicates with only those people
whom he trusts. Out of these four types of networks, the Cluster network is the most
popular in organizations.
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Decision
Making
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• Decision-making signifies actual selection of a course of action from

among a number of alternatives. Decision making permeates
planning, organizing , controlling and all other functions of
management.
• Generally, decisions relating to routine matters are decentralized so
that top management can concentrate on vital and strategic decisions
and laying down of broad policies.
• Decision-making as a rational process should be based on systematic
analysis of all pertinent facts and not guided by intuition or hunch.
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MANAGEMENT BY YOGESH SIR
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Models of Decision Making

 Key MANAGEMENT
TypicalBY YOGESH SIR
Propounder(s)
Model Name Definition Assumptions Strengths Weaknesses
Characteristics Use/Context & Year
Herbert Simon
(roots in
Decision making
Complete info, classical
based on logical, Structured, step- Strategic
Rational clear goals, Optimal Unrealistic economics,
systematic by-step, goal- business
Economic unlimited time decisions, clear assumptions; 1947);
analysis to oriented, uses all decisions,
Model and cognitive justification. time-consuming. Traditional
maximize utility info. formal planning.
ability. economics
or profit.
model roots in
19th century
Decision making
Routine
Bounded under cognitive Simplified, Limited info, More realistic, May overlook
decisions, fast-
Rationality limits; choosing satisficing rather limited cognitive faster decisions, better solutions; Herbert Simon,
paced or
Model a "good enough" than optimizing, capacity, time reduces satisficing can 1957
complex
(Satisficing) option rather limited info use. constraints. complexity. be suboptimal.
environments.
than the best.
Based on
Search for the classical
Exhaustive
best possible Time- economic theory
search, Access to all Finds best Critical, high-
Optimizing solution among consuming, (Adam Smith,
comparison of alternatives, solution, stakes decisions,
Decision- all alternatives, impractical in 1776),
alternatives, adequate time thorough complex
making Model aiming for many real-life formalized in
maximizes and resources. evaluation. problem solving.
optimal scenarios. Operations
benefit.
outcome. Research mid-
20th century
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Decisions result
from a mix of Chaotic, Ambiguous Explains
Unpredictable, Organizations
problems, random, loosely goals, fluid decisions in
The Garbage lacks control or with unclear Cohen, March,
solutions, coupled participation, ambiguous,
Can Model systematic objectives or Olsen, 1972
participants, elements, no independent fluid
approach. rapid change.
and choice clear process. streams. organizations.
opportunities.
Decision
makers have a
Biased info Quick Risk of bias, Michael M.
preliminary Decision maker Situations with
The Implicit search, decisions, ignoring McKersie, 1966
favorite and prefers one time pressure,
Favorite confirmation aligns with contrary (concept
seek info to alternative early familiar
Model bias, early intuition and evidence, poor elaborated
confirm it, on. contexts.
commitment. preferences. judgment. later)
minimizing
effort.
Decision
making based Fast, Experienced Quick, useful Gary Klein,
Hard to explain Emergency,
on experience, unconscious, decision maker, under 1989
The Intuitive or justify creative, or
feelings, and automatic, complex or uncertainty, (Naturalistic
Model decisions, prone ambiguous
instincts rather pattern uncertain leverages Decision
to errors. situations.
than formal recognition. situations. expertise. Making)
analysis.
MANAGEMENT BY YOGESH SIR
 Technique Type Description Example
MANAGEMENT BY YOGESH SIR
Group generates many ideas freely A team generates ideas for new
Brainstorming Qualitative
without criticism. product features in a session.
Structured group discussion where
Team members independently list
Nominal Grouping Qualitative individuals rank or prioritize ideas
project risks, then rank them.
anonymously.
Creative problem-solving using
Using nature analogies to design a
Synectics Qualitative analogies and metaphors to
new ergonomic chair.
stimulate ideas.
Use of probability and statistical Forecasting sales using probability
Stochastic Methods Quantitative
models to handle uncertainty. distributions.
Tabulates outcomes for different Choosing investment options
Payoff Table Quantitative decisions under various states of based on best/worst financial
nature. outcomes.
Uses random numbers to model
Simulating customer arrivals in a
Simulation Techniques Quantitative complex systems and predict
bank queue to improve staffing.
outcomes.
Calculates the point where total Finding how many units must be
Breakeven Analysis Quantitative
cost equals total revenue. sold to cover production costs.
Evaluates investment projects Deciding whether to invest in new
Capital Budgeting Quantitative
using methods like NPV, IRR. machinery based on NPV.
Techniques to optimize stock Using EOQ (Economic Order
Inventory Management Quantitative levels, reorder points, and Quantity) to order supplies
minimize costs. efficiently.
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• Directive Style: They are efficient and logical. They make decisions with minimal information
assessing few alternatives. They make decisions quickly and focus on the short run.

• Analytic Style: They desire more information and consider more alternatives. They are careful
decision makers with ability to adapt or cope with new situations.

• Conceptual Style: They tend to be very broad in their outlook and consider many alternatives.
Their focus is long-range and they are very good at finding creative solutions to problems.

• Behavioral Style: These decision makers who work well with others. They're concerned with the
achievement of their employees. They're receptive to suggestions from others and rely heavily on
meetings for communicating. They try to avoid conflict and seek acceptance.
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Organization
Structure &
Design
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MEANING
• An Organizational structure is a system that outlines how certain
activities are directed to achieve the goals of an organization.

• These activities can include rules, roles, and responsibilities.

• The organizational structure also determines how information flows

between levels within the company.
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 MANAGEMENT BY YOGESH SIR

• Peter Drucker pointed out three specific ways to find what structure
needed to attain objectives of business.

1.Activities Analysis: discover the primary activity of the proposed

organisation, for it is around this that other activities will be built.

2.Decision Analysis: what kinds of decisions will need to be made, where or

at what level these decisions will have to be made.

3.Relations Analysis: examination of vertical, lateral and diagonal relations in

an organization.
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Mintzberg's model breaks down the

organisation into five generic components:
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MANAGEMENT BY YOGESH SIR
 Type of Organization
Description Advantages Disadvantages Example SIR
MANAGEMENT BY YOGESH
Structure
Direct chain of command Simple, clear authority and Over-reliance on top
Small manufacturing units,
Line Organization from top to bottom; responsibility; quick management; limited
military.
authority flows vertically. decision-making. specialization.
Line managers have
Specialized expertise;
Line and Staff authority; staff offer Conflicts between line and Hospitals (doctors = line,
better decisions; shared
Organization advice/support (not staff; confusion over roles. HR/admin = staff).
workload.
command).
Divides organization based Poor coordination between
High specialization; Large corporations (e.g.,
Functional Organization on specialized functions departments; slow
efficient task performance. IBM, Unilever).
(e.g., marketing, finance). decision-making.
Organization split into
Multinationals like
divisions based on Focused attention on Duplication of resources;
Divisional Organization PepsiCo (divided by
product, geography, or product/region; flexibility. costly.
product lines).
market.
Temporary structure Instability after project
Focused effort; flexibility; Construction firms, IT
Project Organization created for a specific ends; resource allocation
clear goals. projects.
project. issues.
Hybrid of functional and NASA, tech companies
Efficient use of resources; Dual reporting can cause
Matrix Organization project structures; dual managing multiple
flexible and dynamic. confusion and conflict.
authority system. projects simultaneously.
No strict boundaries High flexibility; Virtual companies, global
Boundary-less Lack of clarity in roles;
between departments or encourages collaboration teams (e.g., tech startups,
Organization accountability issues.
external partners. and innovation. remote teams).
 Aspect Authority MANAGEMENT
Responsibility BY YOGESH SIR
Accountability
The formal right to give The obligation to answer
The duty to complete
Definition orders, make decisions, for the outcomes of tasks
assigned tasks or roles.
and enforce obedience. or decisions.
Follows from
Derived from position or Arises from the assigned
Origin responsibility — you are
role in the organization. duties or job roles.
answerable for results.
Flows upward —
Flows downward from Flows upward or from subordinates are
Flow Direction
superior to subordinate. superior to subordinate. accountable to their
superiors.
Can be delegated, but the Cannot be delegated —
Can be delegated to
Transferability ultimate responsibility individual remains
others.
remains. answerable.
Focuses on giving Focuses on evaluation of
Focuses on performing
Focus commands and making task outcomes and
tasks and duties.
decisions. performance.
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Delegation
• Delegation is the process of distributing and entrusting work to
another person. In management or leadership within an organization,
it involves a manager aiming to efficiently distribute work, decision-
making and responsibility to subordinate workers in an organization.
• प्रतततनथधमंडल क्रकसी अन्य व्यक्तत को काम वितररत करने और
सौंपने की प्रक्रिया है । क्रकसी संगठन के प्रबंधन या नेतत्ृ ि में , इसमें
एक प्रबंधक शार्मल होता है क्िसका लक्ष्य संगठन में अधीनस्ि
श्रर्मकों को कुशलतापि ू क थ काम, तनर्थय लेने और क्िम्मेदारी वितररत
करना होता है ।
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 MANAGEMENT BY YOGESH SIR

Aspect Centralization Decentralization

Decision-making authority is
Decision-making authority is
Description concentrated at the top levels of
distributed to lower levels or local units.
management.

1. Consistency in decisions 1. Faster decisions at lower levels

2. Strong control 2. Encourages employee initiative
Advantages 3. Easy coordination 3. Local adaptability
4. Efficient use of resources5. Better 4. Reduces top management workload
policy implementation 5. Motivates lower-level managers

1. Possible inconsistency in decisions

1. Slower response to local needs
2. Coordination may be difficult
2. Overburdened top management
3. Costly due to duplication
Disadvantages 3. Less employee motivation
4. Risk of poor decisions by
4. Limits innovation
inexperienced staff
5. Rigid structure
5. Harder to maintain control

Military organizations, traditional Multinational corporations, franchise-

Example
government bodies based businesses
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 MANAGEMENT BY YOGESH SIR

Managerial
Economics
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What is Economics ?
• Economics has been recognized as a
special area of study for over a century.
Economics and economists are words
that almost everyone has heard of and
used.
• But, what exactly is economics? Very
few people can give a good definition or
description of what this field of study is
all about.
• If ordinary citizens cannot give a good
definition or description of economics,
they can be excused because even
economists struggled long to define
their own field.
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• Thus, Economics means

The word ‘Economics’ ‘House Management’. The
originates from the Greek head of a family faces the
problem of managing the
work ‘Oikonomikos’ unlimited wants of the family
which can be divided into members within the limited
income of the family.
two parts: • Similarly, considering the
whole society as a ‘family’,
(a)‘Oikos’, which means then the society also faces
‘House’, the problem of tackling
unlimited wants of the
(b) ‘Nomos’, which means members of the society with
the limited resources
‘Management’ available in that society
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Economics is defined by taking four viewpoints

Viewpoint Time Period Description Key Features Criticism
- Focus on production
- Ignores human
Economics is the and accumulation of
Wealth-Oriented welfare- Too
science of wealth wealth
Definition 1723–1790 materialistic- Treats
how nations acquire and Materialism
(Adam Smith) wealth as an end, not a
increase material riches. emphasized- Economics
means
= wealth creation
- Human-centric
Welfare-Oriented Economics is a study of - Vague and subjective-
approach- Emphasis on
Definition mankind in the ordinary Difficult to measure
1842–1924 welfare and utility-
(Alfred Marshall) business of life — welfare- Excludes
Includes non-material
focusing on well-being. macroeconomic issues
aspects
- Focus on scarcity and
Economics is the study - Ignores social welfare
Scarcity-Oriented choice- Emphasizes
of allocation of scarce and ethics- Overly
Definition 1898–1984 opportunity cost-
resources among theoretical- Narrow in
(Lionel Robbins) Applies to all economic
competing ends. human context
agents
Economics is the study - Focus on long-term - Can ignore
Growth-Oriented of economic growth- Considers environmental and
Definition 1915–2009 development, progress, investment, innovation, social concerns- May
(Paul.A. Samuelson) and improvement in and productivity- lead to inequality or
standards of living. Dynamic view unsustainable growth
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BRANCHES OF ECONOMICS MANAGEMENT BY YOGESH SIR
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DEMAND
Demand is the quantity of a commodity that a consumer is willing and able to buy, at
each possible price during a given period of time.

The definition of demand highlights four essential elements of demand:

(i) Quantity of the commodity
(ii) Willingness to buy
(iii) Price of the commodity
(iv) Period of time

Demand for a commodity may be either with respect to an individual or to the entire market.

1. Individual demand refers to the quantity of a commodity that a consumer is willing and able to buy, at each
possible price during a given period of time.)
2 Market demand refers to the quantity of a commodity that all consumers are willing and able to buy, at each
possible price during a given period of time.)
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MANAGEMENT BY YOGESH SIR
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DEMAND FUNCTION
Demand function shows the relationship between quantity demanded for a particular commodity and the factors
influencing it. It can be either with respect to one consumer (individual demand function) or to all the consumers in the
market (market demand function).

Individual Demand Function

Individual demand function refers to the functional relationship between
individual demand and the factors affecting individual demand.
It is expressed as: Dx = f(Px, Pr,Y,T,F)
Where.
D = Demand for Commodity x
Px =Price of the given Commodity x
pr = Prices of Related Goods;
Y =Income of the Consumer,
T = and Preferences;
F = Expectation of Change in Price in future
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 MANAGEMENT BY YOGESH SIR

LAW OF DEMAND
Law of demand states that there is an inverse relation between the price of a
commodity and its quantity demanded, assuming all other factors affecting
demand remain constant.

It means that when the price of a good falls, the demand for the good rises and
when price rises, the demand falls.
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Important facts about Law of Demand

• 1. Inverse Relationship
• 2. Qualitative, not Quantitative
• 3.No Proportional Relationship – if the demand rises by 10%, quantity
demanded may fall by any proportion.
• 4. One sided – only explains the effect of change in price on the
quantity demanded.
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Assumptions to the law of Demand

• There will be no introduction of any substitutes
• There will be no change in prices of substitute goods
• There will be no anticipation of price change in future
• There will be no change in the income level of the
consumer
• There will be no change in the taxation policy of the
government
• There will be no change in consumer’s taste, preference
and habit
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EXCEPTIONS TO LAW OF DEMAND

Exceptions to Law of Demand

As a general rule, demand curve slopes downwards, showing the inverse
relationship between price and quantity demanded. However, in certain special
circumstances, the reverse may occur, ie. a rise in price may increase the demand.
These circumstances are known as 'Exceptions to the Law of Demand'.
Some of the Important Exceptions are:
Giffen Goods: These are special kind of inferior goods on which the consumer
spends a large part of his income and their demand rises with an increase in price
and demand falls with decrease in price.
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• The Giffen Paradox is an unusual situation in economics where,

contrary to the usual law of demand, the demand for a product
increases when its price rises, and decreases when its price falls.
Why is this unusual?
• Normally, when the price of something goes up, people buy less of it.
But in the Giffen Paradox, the opposite happens.
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Why does it happen?

• The product is usually an inferior good (a low-quality or staple food item).
• It takes up a large part of the consumer’s budget.
• When the price rises, the consumer feels poorer and can't afford more
expensive alternatives, so they buy more of the cheaper staple instead.
Example:
• Imagine a poor family spends most of their money on bread, which is a
staple food.
• If the price of bread goes up, they can't afford as much meat or vegetables
(which are more expensive).
• So, they buy more bread to fill their stomachs even though bread is more
expensive now.
• This causes the demand for bread to increase despite the price rise — that's
the Giffen Paradox.
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MOVEMENT ALONG DEMAND CURVE

(CHANGE IN QUANTITY DEMANDED)
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SHIFT IN DEMAND CURVE (CHANGE IN
DEMAND)
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CONCEPT OF ELASTICITY OF DEMAND

• Elasticity of demand refers to the percentage change in demand for
a commodity with respect to percentage change in any of the
factors affecting demand for that commodity.

• PRICE ELASTICITY OF DEMAND - means the degree of responsiveness

of demand for a commodity with reference to change in the price of
such commodity
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Percentage method for measuring price

elasticity of demand
• According to this method , elasticity is measured as the ratio of
percentage change in the quantity demanded to percentage change
in the price.

• Elasticity of demand (Ed)= Percentage change in quantity demanded

Percentage change in price
Ed = ΔQ x P1
ΔP × Q1
Degree of Elasticity Elasticity Value (Ed) Description Characteristics Examples Implications
MANAGEMENT BY YOGESH SIR
Demand is infinitely
- Horizontal demand
responsive to price
curve- Consumers buy Perfect substitutes Sellers have no control
Perfectly Elastic changes; any price
Ed = ∞ unlimited quantity at (e.g., wheat from over price; extreme
Demand increase causes
one price- No change different farmers) competition
demand to drop to
in price tolerated
zero.
- Vertical demand
curve- Quantity
Demand does not Sellers can increase
Perfectly Inelastic demanded is fixed- Life-saving drugs,
Ed = 0 change regardless of price without losing
Demand Consumers buy same essential utilities
price changes. sales
amount no matter
price
- Relatively flat
Demand changes more demand curve-
Luxury goods, branded Price changes strongly
Highly Elastic Demand Ed > 1 than proportionately Consumers very
items affect total revenue
with price changes. sensitive to price
changes
- Curved demand
Demand changes
Unitary Elastic curve- Total revenue Mid-range goods Price change does not
Ed = 1 exactly in proportion
Demand remains constant (varies by context) affect total revenue
to price changes.
when price changes
- Steeper demand
Demand changes less
curve- Consumers less Necessities like salt, Price increases raise
Less Elastic Demand Ed < 1 than proportionately
sensitive to price electricity total revenue
with price changes.
changes
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Methods of Measuring Price Elasticity of

Demand
• Percentage method
• Total outlay method
• Point method
• Arc method
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Percentage Method
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Total Outlay Method

Total outlay is calculated by multiplying the price by the quantity that would be demanded at that price. These are the
basic rules: ​If price goes UP and revenue goes UP, then demand is INELASTIC. If price goes UP and revenue goes DOWN,
then demand is ELASTIC.
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Point Method
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Indifference Curve
• An indifference curve is a graph showing different combinations of two goods
that provide the consumer with the same level of satisfaction or utility. The
consumer is indifferent between any two points on the same curve because they
derive equal happiness from those combinations.
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Key Features:
• Downward sloping: Because if you have less of one good, you need more
of the other to maintain the same satisfaction.
• Convex to the origin: Due to the diminishing marginal rate of substitution
(MRS), meaning consumers are willing to give up less and less of one good
to get additional units of another.
• Higher curves represent higher utility: Curves farther from the origin
represent greater satisfaction.
• Indifference curves never intersect: Because it would imply contradictory
levels of satisfaction.
• Marginal Rate of Substitution (MRS): The slope of the indifference curve,
showing how much of one good a consumer is willing to give up for one
more unit of another good while staying equally satisfied.
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Market Structures
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Forms of Market Structure

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Demand curve under perfect competition.

• In case of perfect competition, there are very large
number of buyers and sellers selling a
homogeneous product at a price fixed by the
market. Therefore, each firm is a price-taker and
faces a perfectly elastic demand curve.
• In Fig. output is represented along the X-axis and
price and revenue along the Y-axis. Firm's demand
curve is indicated by the horizontal straight line
parallel to the X-axis. As each firm has to accept
the price fixed by the industry, the price is
determined at OP. At OP price, a seller can sell
OQ1, OQ₂ or any other quantity. However, a firm is
not in a position to change the price.
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• It must be noted that AR curve and demand curve are one and the
same thing.
• MR AR under Competitive market, each firm is a price-taker. All yhe
firesult, to accept the same price as determined by market forces of
demand and supply. As a result, uniform price same prin the market.
It means, revenue from every additional unit (known as MR) is equal
to price (AR) of the product. So, MR = AR.
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Demand Curve under Monopoly

• A monopoly firm is like an industry as the single seller constitutes the entire
market for the product, which has no close substitutes. So, a monopolist has
full freedom and power to fix price for the product.
• However, demand of the product is not in the control of monopoly firm. In
order to increase the output to be sold, monopolist will have to reduce the
price. Therefore, monopoly firm faces a downward sloping demand curve.
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MR <AR under Monopoly

• A monopoly firm faces a downward sloping demand curve as more
output can be sold only by reducing the price. As a result, revenue
generated from every additional unit (known as MR) is less than
price (AR) of the product. Due to this reason, MR is less than AR.
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Demand Curve under Monopolistic Competition

Under monopolistic competition, large number of firms selling closely
related but differentiated products makes the demand curve
downward sloping. It implies that a firm can sell more output only by
reducing the price of its product.
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KINKED DEMAND CURVE

• A kinked demand curve illustrates the interdependent behavior of
firms in oligopolies. It suggests that if one firm raises its price, the
other firms in the market will not follow, leading to a sharp drop in
demand for the first firm's products, which can result in reduced
profits.
• एक मड ु ी हुई मांग िि अल्पाथधकार में फमों के परस्पर तनभथर
व्यिहार को दशाथती है । यह बताता है क्रक यदद एक फमथ अपनी कीमत
बढाती है , तो बािार में अन्य फमथ उसका अनस ु रर् नहीं करें गी,
क्िससे पहली फमथ के उत्पादों की मांग में तेि थगरािट आएगी,
क्िसके पररर्ामस्िरूप लाभ में कमी आ सकती है ।
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MANAGEMENT BY YOGESH SIR
 MANAGEMENT BY YOGESH SIR

What is national income?

• National income is the money value of all goods
and services produced by a country during a period of one year.
National income consists of a collection of different types of goods
and services of different types. The main concepts of National Income
are: GDP, GNP, NNP, NI, PI, DI, and PCI.
• राष्ट्रीय आय एक िषथ की अिथध के दौरान क्रकसी दे श द्िारा उत्पाददत
सभी िस्तुओं और सेिाओं का मौदिक मूल्य है । राष्ट्रीय आय में
विर्भन्न प्रकार की िस्तओ ु ं और सेिाओं का संग्रह शार्मल होता है ।
राष्ट्रीय आय की मख् ु य अिधारर्ाएँ हैं: िीडीपी, िीएनपी, एनएनपी,
एनआई, पीआई, डीआई और पीसीआई।
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There are three main methods for calculating
national income:
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DEFINATION
• Inflation is defined as a situation where there is sustained, unchecked increase
in the general price level and a fall in the purchasing power of money.
• "A condition when money income is expanding relatively to the output of work
done by the productive agents for which it is the payment." —A.C. Pigou
• "A state of abnormal increase in the quantity of purchasing power." —T.E.
Gregory
• "That state of disequilibrium in which an expansion of purchasing power tends to
cause or is the effect of an increase of the price level." —Professor Paul Einzig
• "A persistent and appreciable rise in the general level or average of prices." —
Professor Ackley
• "A sustained rise in prices. —Harry Johnson
• “Inflation is a state in which the value of money is falling, prices are rising”.
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Business Ethics
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• Ethics is derived from the Greek word ‘ethos’ which means a person’s fundamental orientation
towards life.

• The Oxford English Dictionary defines “ethics as the science of morals, rules of conduct or moral
principles.

• Ethical standards may change over time and differ from culture-to-culture. Example, political
bribes or payoffs may be acceptable in one culture, but not in another.

• Ethics refers to the moral standards used to govern behaviour and to determine right or wrong,
good or bad.

• Ethics is like a fabric of whole society and therefore a society without ethics is like a man
without clothes
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Types of Ethics
1. Meta-ethics
• deals with the nature of moral judgement.
• looks at the origins and meaning of ethical principles.

2. Normative ethics
• that branch of moral philosophy, or ethics, concerned with criteria of what is morally
right and wrong. It includes the formulation of moral rules that have direct implications
for what human actions, institutions, and ways of life should be like.
3. Applied ethics
• attempts to apply ethical theory to real-life situations.
• looks at controversial issues like war, animal rights and capital punishment and human
rights.
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 MANAGEMENT BY YOGESH SIR

Ethical Dilemmas & Theories

• Ethical Dilemmas occur when a person faces a situation where they must
make a difficult choice between two or more conflicting moral principles.
These situations often have no clear right or wrong answer and require
balancing ethical considerations with practical realities.
• Characteristics of Ethical Dilemmas:
1.Conflict of Values: The individual must choose between actions that
prioritize different values (e.g., honesty vs. loyalty).
2.Uncertainty: It may be unclear which decision aligns most closely with
ethical principles.
3.Consequences: Each decision may result in significant consequences, both
positive and negative, for stakeholders.
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Steps to Resolving Ethical Dilemma

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Ethical Theory Description and Example

Focus on rules, duties, and obligations. Actions are inherently right or wrong regardless of
Deontological
consequences. For example, telling the truth is considered morally right even if it leads to
Theories
negative outcomes. Kant’s categorical imperative is a key idea here.

Focus on the consequences of actions to determine morality. An action is right if it leads to

Teleological
good outcomes. The end justifies the means. For example, donating to charity because it
Theories
reduces suffering. Utilitarianism is a major teleological theory.

A form of teleological ethics that aims to maximize overall happiness or utility. An action is
Utilitarian
right if it produces the greatest good for the greatest number. For example, a government
Theory
deciding to fund healthcare programs because it benefits the majority.

Emphasizes character and virtues rather than rules or consequences. Morality is about
Virtue Theory developing good character traits like courage, honesty, and kindness. For example, a
person acts honestly not because of rules but because it reflects a virtuous character.
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Focuses on fairness and equality in distributing benefits and burdens. Actions are right if they
Justice
uphold justice, such as equal treatment or fair opportunities. For example, ensuring all
Theory
employees have equal pay for equal work.
Holds that individuals should act in their own self-interest. Ethical behavior is defined by
Theory of
what benefits oneself. For example, a person choosing a career that maximizes their own
Egoism
happiness and financial gain.
Suggests that morality is relative to culture, society, or individual preference. There are no
Theory of
universal moral truths. For example, a practice accepted in one culture might be considered
Relativism
unethical in another, and both views are valid within their contexts.
Emphasizes the protection of individual rights such as freedom, privacy, and life. Ethical
Theory of
actions respect and protect these rights. For example, opposing censorship because it violates
Rights
the right to free speech.
Highlights the importance of relationships, empathy, and caring for others in moral reasoning.
Theory of
It values responsiveness to the needs of others rather than abstract principles. For example,
Care
prioritizing caring for a sick family member over strict rule-following.
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Corporate
Governance
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Corporate Governance is the system of rules, practices, and processes

by which a company is directed and controlled. It involves balancing
the interests of a company’s many stakeholders, such as shareholders,
management, customers, suppliers, financiers, government, and the
community. Corporate governance provides the framework for
attaining a company’s objectives, ensuring accountability, fairness, and
transparency in a company’s relationship with all its stakeholders.
• In essence, it defines the distribution of rights and responsibilities
among different participants in the corporation and spells out the rules
and procedures for making decisions on corporate affairs. Good
corporate governance helps companies build trust with investors and
the public and supports long-term sustainable success.
Theory Definition Example
MANAGEMENT BY YOGESH SIR
Explores conflicts of interest between A CEO making decisions to increase
Agency Theory managers (agents) and shareholders personal bonuses rather than shareholder
(principals). value.
Suggests managers are trustworthy
A manager investing in long-term
stewards who act in the best interest of
Stewardship Theory company growth rather than short-term
shareholders, driven by intrinsic
profits due to ethical responsibility.
motivation.
Advocates balancing interests of all A company considering employee
Stakeholder Theory stakeholders, not just shareholders, in welfare, community impact, and supplier
decision-making. relations in its strategy.
Focuses on the board as a resource to
A board member who brings valuable
access external resources and
Resource Dependence Theory industry connections helping secure a
capabilities, influencing strategic
major partnership.
decisions.
Analyzes efficient business structures Choosing to outsource production to
Transaction Cost Theory and exchanges based on transaction costs reduce monitoring and enforcement
like negotiation and monitoring. costs internally.
Investigates power and politics within
Shareholders lobbying for changes in
and around corporations affecting
Political Theory corporate policy to increase their
decision-making and resource
influence over company decisions.
distribution.
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Values
• Values provide the basic foundation for understanding a person's
attitudes, perceptions and personality. Values contain judgmental
element as to what is right, good, or desirable.
• Values have both content and intensity attributes. Value system is a
hierarchy based on a ranking of an individual's values in terms of their
intensity.
• All of us have a hierarchy of values that forms our value system.
However everyone does not hold the same values.
• Familiar examples of values are wealth, loyalty, independence,
equality, justice, fraternity and friendliness.
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G.W. Allport and his associates have identified six

types of values.
• Theoretical: high importance to discovery of truth through critical and
rational approach.
• Economic: Emphasis on useful and practical.
• • Aesthetic (beauty): Highest value on form and harmony.
• Social: Highest value to the love of people, per, whenever
• Political: Emphasis on acquisition of power and influence.
• Religious: Concerned with the unity of experience and understanding
of the cosmos as a whole.
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Corporate Social
Responsibility
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Corporate Social Responsibility (CSR) is a business approach that

involves companies taking responsibility for their impact on
society and the environment. It means going beyond just making
profits and considering how their actions affect various
stakeholders, including employees, customers, communities, and
the planet.
CSR typically includes practices like:
• Ethical labor practices
• Environmental sustainability (e.g., reducing waste and emissions)
• Community engagement and philanthropy
• Fair trade and ethical sourcing
• Transparent and honest communication with stakeholders
• The goal of CSR is to contribute positively to society while
maintaining long-term business success.
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Caroll's CSR Pyramid

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Economic Responsibilities (Base Layer)

•Be profitable.
•This is the foundation of the pyramid—businesses must be economically viable to
survive and provide returns to shareholders.
Legal Responsibilities
•Obey the law.
•Companies must comply with laws and regulations set by governments and
authorities.
Ethical Responsibilities
•Do what is right, fair, and just even beyond legal requirements.
•This involves going beyond what is legally required to do what is morally right,
such as fair treatment of employees and customers.
Philanthropic Responsibilities (Top Layer)
•Contribute to the community and improve quality of life.
•This includes voluntary actions like charitable donations, community engagement,
and supporting social causes.
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COMPOSITION OF CSR COMMITTEE

• Minimum 3 or more directors must form CSR Committee.
• Among those 3 directors, at least 1 director must be an independent
director.
• An unlisted public company or a private company shall have its CSR
Committee without any independent director if an independent
director is not required.
• In case of a foreign company, the CSR Committee shall comprise of at
least 2 persons of which one person shall be a person resident in India
authorized to accept on behalf of the foreign company the services of
notices and other documents. Also, the other person shall be
nominated by the foreign company
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