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principles of management

In the first module of the course, we introduce the term management Links to an external site., a core concept to this course. When people talk about management, they may be referring to very different aspects. They may be talking about the people who are the managers, especially those people in strategic positions who make important decisions for the organization, such as the executive officers, president, or general manager. Or, they may be referring to the activities and functions of an organization to achieve organizational goals.

For this assignment, let’s start with what you understand about management before we begin the course. You are going to create a short paper of one to two pages explaining your own personal definition of management. You might draw on your own personal work experience or your own observations.

Think of your audience as other students who are eager to learn about your experience and your perspective.

If you need some questions to guide your response, here are two questions to help you get started.

What is the most important function of a good manager?
Why does it matter to you to learn about principles of management?

Sample Solution

SWOT analysis is a business analysis technique or strategy formulation tool employed to evaluate the strengths of an entity in order to exploit opportunities for improvement, address weaknesses and mitigate threats to determine policies that will best align the competences and resources to achieve set goals (Al-Zoubi & Honotoria, 2007; Helms & Nixon, 2010; Ommani, 2011; Wang, 2007). Al-Fayoumi and Abuzayed (2009) and Dhingra (2013) utilised SWOT analysis to assess the Jordanian banking sector and Indian public sector banks respectively. Lu and Yadong (2012) also employed SWOT analysis in the study of five rural banks in Heilongjiang province in China. Saravanan and Haneef (2011) used SWOT analysis as part of strategic planning process Non-Bank Financial companies in India. Figure 1 below depicts a SWOT diagram of the Ghanaian banking system. Strengths The systematic reforms and granting of universal licenses not only led to an influx of foreign and privately-owned banks but also liberalised the Ghanaian banking sector, expanded bank branches with expanding deposit-base and increased competition (Ackah & Asiamah, 2014; Akuffo-Duah, 2011; Bawumia & Asiamah, 2008; Opoku-Agyemang, 2015). The increasing competition over time resulted in provision of various products and services, increased cost efficiency, improved corporate governance, risk management and reduced cost of financial services (Denizer et. al., 2000; Boyd and Nicolo, 2005). The reforms also ensured stability in the banking system and deposit protection. The Bank of Ghana Act 2004 empowers the central bank to enforce policies that inure to development of the banking industry and financial sector without governmental influence. Adopting the Basel Accords and International Financial Reporting Standards aids in stymieing systemic risk. Daske (2006), Hail, Leuz and Wysocki (2010) and Karamanou and Nishiotis (2009) discovered that adopting international reporting standards led to increased liquidity, decreased cost of equity capital, enhanced quality of accounting information and heightened disclosure.>

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