end of term assignment principle of management

Through a comprehensive exploration of core management principles, students gain a solid understanding of the four key functions: planning, organizing, leading, and controlling.. The cou

MINISTRY OF EDUCATION AND TRAINING

UNIVERSITY OF ECONOMICS HO CHI MINH

CITY

FACULTY OF FOREGN LANGUAGES

UEH

UNIVERSITY

END OF TERM ASSIGNMENT

PRINCIPLE OF MANAGEMENT

Lecturer: Nguyễn Thị Diễm Em

Course’s ID: 24D1MAN50200202

Student: Nguyễn Quốc Đạt

Student’s ID: 31231022230

Class & batch: AVOOO3 - K49

TP H6 Chi Minh, ngay 24 thang 5 nam 2024

Table of Contents

ABSTRACT 1

INTRODUCTION - S11 11H TH HH TH TH TH TH KH TH HT 90 040 6 0910 th 2

QUESTION 1: What is the relationship among the four functions of management? ‹- 3

QUESTION 2: How to retain talented employees? Explain and give example ‹ ‹- «<< +<+++<+s+ 4

QUESTION 3: Write an essay (800- 1000 words) to reflect on what you have learned from this

subject 6

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ABSTRACT

In higher education, teaching and learning has evolved, and

numerous strategies have been created to support students-

centered learning Knowing the businesses’ demand on students’

management skills, this course equips individuals with the

fundamental knowledge and skills necessary to excel ina

managerial role Through a comprehensive exploration of core

management principles, students gain a solid understanding of the

four key functions: planning, organizing, leading, and controlling

The course delves into how these functions work together to

establish organizational goals, structure effective teams, motivate

employees, and ensure successful project completion

By examining classic and contemporary management theories,

students develop a critical lens to analyze real-world scenarios and

make informed decisions Interactive exercises, case studies, and

discussions foster the application of learned principles to practical

situations This course empowers aspiring and current managers to

navigate the complexities of the contemporary business

environment and lead their teams towards achieving organizational

objectives

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INTRODUCTION

Have you ever wondered what it takes to make a successful

leader and manager? The answer lies in mastering the art and

science of management Principle of Management is your gateway

to understanding the fundamental concepts of management that

empower individuals to master and excel in managerial roles This

course is your roadmap to becoming an effective leader, equipped

with the knowledge and skills to navigate the dynamic world of

business

Throughout this journey, we will explore the core principles that

form the foundation of strong management We will delve into the

four essential functions: planning, organizing, leading, and

controlling You'll learn how to set clear goals, structure efficient

teams, motivate your employees, and ensure successful project

completion We will learn how to set clear goals, structure efficient

teams, motivate employees, and ensure projects stay on track We

will explore classic and contemporary management theories,

providing you with the tools to analyze real-world scenarios and

make informed decisions

This course is not just about theory We will bridge the gap

between theory and practice by analyzing real-world case studies

Through interactive exercises and engaging discussions, gaining the

practical tools to apply these principles in your own professional

endeavors

Besides, | truly appreciate my Lecturer, Dr Emmy, for taking your

time to explain these complex concepts in a clear and

understandable way The real-world scenarios you presented were

particularly engaging, sparking my curiosity to learn more about

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how these principles translate into practical applications Thank you

for creating such a stimulating learning environment I'm confident

that with your guidance, | will gain the necessary tools and

knowledge to become an effective leader

QUESTION 1: What is the relationship among the four

functions of management?

Management consists of four core functions: planning, organizing, leading and

controlling These four functions are similar to a process, with each step building

on the previous one Understanding this interconnectedness is fundamental for

any aspiring manager

Planning sets the stage for the entire performance Managers must first

develop a clear and detailed action plan During this phase, they must

identify the goals and devise a feasible plan of action to achieve them

Without a clear plan, the organization would be directionless, its resources

scattered, and its employees unsure of their roles Effective planning lays

the groundwork for the other functions to flourish

Organizing takes the blueprint from planning and translates it into a

structure Managers will then implement the second step, organizing, to

ensure that those goals are met Involving allocating resources,

establishing teams, and defining workflows To illustrate, this stage

focuses on three crucial activities: identifying all of the project’s necessary

steps - breaking down the project into essential tasks; assigning clear

ownership for each task - determining who will complete the actions and

deploying those tasks, resources to work; and defining the decision

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(making hierarchy) - establishing levels of authority and responsibility for

each individual involved

Leading - leadership acts as the conductor, motivating and guiding the

team towards achieving the planned goals This function involves inspiring

employees, fostering communication, and resolving conflicts Effective

leaders create a positive work environment where everyone feels valued

and empowered to contribute their best Without a strong leader, the

team might lose focus or struggle to overcome challenges

Finally, controlling ensures that the performance remains on track This

is the commanding stage The controlling function entails monitoring

performance and progress during project execution and making necessary

adjustments Managers must ensure that employees meet deadlines while

also balancing the synchronicity of project resources and the overall

budget Without control, the organization might veer off course and fail to

achieve its goals

To summarize, the relationship between these functions is cyclical and

interdependent A well-defined plan informs the organizational structure,

which in turn empowers the leader to motivate the team For

management to be successful, the four core functions must be carried out

in order since each function builds upon the previous one, constantly

influencing and optimizing others

QUESTION 2: How to retain talented employees?

Explain and give example

Talented staff are precious resources of a company; However,

there will be a risk if they leave or move to other companies or

competitors Therefore, retaining them is crucial for any

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organization's success Here are some keys and examples of how to

achieve this:

Assuming that we are those talented employees, the first thing

would be concerned about is how valued our hard work are - that

means with our dedication how much we can deserve and what

special things we can get after working hard Therefore, offering

competitive salaries, bonuses, and a comprehensive benefits

package (health insurance, paid time off, retirement plans)

demonstrates businesses’ commitment to employee well-being and

helps them stay competitive in the job market Let’s take Google as

an example, it is famous for giving so many perks to encourage its

employees to work better or to help them relax after stressful hours

SO, an appealing salary and special treats are smart ways to keep

good employees

The second most essential thing to do is to cultivate a positive

company culture A positive work environment keeps employees

engaged and motivated This includes fostering open

communication, valuing employee feedback, promoting teamwork,

and recognizing achievements Employees value company culture

because they are more likely to enjoy their jobs when their needs

and values align with those of their employers If you work

somewhere where the culture is a good fit for you, you'll be more

productive and develop better relationships with your coworkers

Let's take Google as an example again, Google is well-known for

making the workplace feel like it is more than just a place to work

This is a difficult reputation to achieve in a world where cubicles and

boring work environments are common Nonetheless, despite

working longer hours and even on weekends, Google employees

claim to enjoy coming to work

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The third one could be promoting Work-Life balance Employees

need time for their personal lives Offer flexible work arrangements,

such as remote work options, compressed workweeks, or flexible

start and end times Encourage employees to take their full vacation

time Acme Designs, a growing marketing agency, understands the

importance of work-life balance for employee well-being and

productivity They've implemented a unique system to promote this

By using core hours and flexible schedules, Acme is successfully

improving employee satisfaction - valuing their personal lives

The final step is to invest in their professional development

Companies can assist employees in identifying areas for professional

development, such as the need to learn new skills Upskilling is

especially important today because technology is changing the way

we work People want to feel challenged and have a path for career

advancement Offering training programs, mentorship opportunities,

and tuition reimbursement to help employees develop new skills and

advance their careers within your organization Berg Technologies, a

leader in sustainable energy solutions, recognizes the importance of

investing in its employees’ professional development It offers a

generous tuition reimbursement program that covers a significant

portion of the costs associated with pursuing relevant certifications,

degrees, and coursework This allows employees to expand their

skill sets, advance their careers within the company, and stay

current with industry trends

In short, combining the aforementioned methods will increase the

likelihood of talented employees remaining with the company for a

longer period of time QRemember, happy and engaged employees

are more productive, loyal, and contribute significantly to your

organization's success

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QUESTION 3: Write an essay (800- 1000 words) to

reflect on what you have learned from this subject

With the desire to expand my knowledge in managerial landscape,

Principle of Management has given me fundamental understanding

about management Throughout this course, | have embarked on

the journey of reshaping my knowledge of how organizations

function and thrive Those are not simply a collection of concepts or

boring theoretic lessons; instead, it revealed a symphony of

interconnected functions - planning; organizing; leading; and

controlling, which play a crucial role in reaching businesses’ goals

Consequently, there are a number of concepts and knowledge have

not only broadened my horizon but also help me to understand

deeper in how management works in real-world situations

Beginning with “Innovative Management for a changing world”, in

this chapter, it has covered the fundamental and basic outline of the

questions “what is management?”, “What do managers do?”, “The

process of management” and others related questions It has shown

how important planning and organizing is, and shown who sets the

stage, establishing the direction and purpose of the entire

performance It also includes a discussion of some of the high-

impact events and changes that have made innovative management

so critical to the success of organizations today and in the future

Understanding “state of the art management competencies for

Today’s world” has influenced crucially to my horizon, definitely

change my perspective in managing This introductory chapter

broaches the concept of how management works in business and

how to become the leader or manager of a organization to use

others’ efforts effectively to achieve the ultimate goals

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Followed by is “The environment and corporate culture”, “what

does PESTLE analysis stand for?” is the very first concept that | have

learned in this second chapter Knowing what are the differences

between external and internal environments letting me an ability to

know which will suit me most for my career in the future Besides,

understanding which are some of the related components and

affecting those two environments, such as tasks environment

(Customers, competitors, suppliers and Labor market) or even

Natural (How sensitive organizations are to the environment,

growing importance and pressure) and Legal-Political (Government

regulation, The power of pressure groups) and the organizational

ecosystem, both provide me the resources and information

transactions, flows and linkages for an organization to thrive SWOT

analysis - Strengths, Weaknesses, Opportunities, Threats - assisted

me in acknowledging the crucial of how analyzing the information

and market's demand, or even about business situations It is also

concerned with corporate culture, which is defined as the set of key

values, beliefs, understandings, and norms that members of an

organization share, as manifested through symbols, stories, heroes,

slogans, and ceremonies

In the third and fourth chapter, “Managerial planning and goal

setting” and “Designing adaptive organizations”, they provided a

discussion of the overall planning and setting goal, and

fundamentals of organization While the third one includes the use

of strategy maps for a aligning goals and describes the socially

constructed nature of goals, the fourth explains work specialization,

the chain of command, the span of management, and centralization

versus decentralization They provide me with the outline of the four

essential steps in management-by-objectives (MBO) process, which

is very important and effective for management MBO means:

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