What roles do leadership, entrepreneurship, and strategy play in good principles of management?
The principles of management are drawn from three specific areas?leadership, entrepreneurship, and strategic
management. You learned that leadership helps you understand who helps lead the organization forward
and what the critical characteristics of good leadership might be. Entrepreneurs are fanatical about
identifying opportunities and solving problems?for any organization, entrepreneurship answers big questions
about ?what? an organization?s purpose might be. Finally, as you?ve already learned, strategic management
aims to make sure that the right choices are made?specifically, that a good strategy is in place?to exploit
those big opportunities.
1. How do you define leadership, and who would you identify as a great leader?
2. What is entrepreneurship?
3. What is strategy?
4. What roles do leadership, entrepreneurship, and strategy play in good principles of management?
8 PRINCIPLES OF MANAGEMENT
The act of analyzing the
critical external contingencies
facing an organization in
terms of economic
conditions, competitors, and
3. PLANNING, ORGANIZING, LEADING, AND
1. Know the dimensions of the planning-organizing-leading-controlling (P-O-L-C) framework.
2. Know the general inputs into each P-O-L-C dimension.
A manager?s primary challenge is to solve problems creatively. While drawing from a variety of academic
disciplines, and to help managers respond to the challenge of creative problem solving, principles
of management have long been categorized into the four major functions of planning, organizing,
leading, and controlling (the P-O-L-C framework). The four functions, summarized in the P-O-LC
figure, are actually highly integrated when carried out in the day-to-day realities of running an organization.
Therefore, you should not get caught up in trying to analyze and understand a complete,
clear rationale for categorizing skills and practices that compose the whole of the P-O-L-C framework.
It is important to note that this framework is not without criticism. Specifically, these criticisms
stem from the observation that the P-O-L-C functions might be ideal but that they do not accurately
depict the day-to-day actions of actual managers. The typical day in the life of a manager at any level
can be fragmented and hectic, with the constant threat of having priorities dictated by the law of the
trivial many and important few (i.e., the 80/20 rule). However, the general conclusion seems to be that
the P-O-L-C functions of management still provide a very useful way of classifying the activities managers
engage in as they attempt to achieve organizational goals.
FIGURE 1.6 The P-O-L-C Framework
Planning is the function of management that involves setting objectives and determining a course of
action for achieving those objectives. Planning requires that managers be aware of environmental conditions
facing their organization and forecast future conditions. It also requires that managers be good
Planning is a process consisting of several steps. The process begins with environmental scanning
which simply means that planners must be aware of the critical contingencies facing their organization
in terms of economic conditions, their competitors, and their customers. Planners must then
attempt to forecast future conditions. These forecasts form the basis for planning.
Planners must establish objectives, which are statements of what needs to be achieved and when.
Planners must then identify alternative courses of action for achieving objectives. After evaluating the
various alternatives, planners must make decisions about the best courses of action for achieving objectives.
They must then formulate necessary steps and ensure effective implementation of plans. Finally,
planners must constantly evaluate the success of their plans and take corrective action when
There are many different types of plans and planning.
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