MANAGEMENT BY OBJECTIVES

The great thing about the Mandy Sir classes are in each and every class we are learning an important lessons not only from Mandy Sir but also from tiny things which we have seen in our life. It is very surprise and interesting to hear how these tiny tiny things are teaching us Management skills, Leadership qualities and organizational skills. I was surprised to see what is the relation between a magnet and POM.

                                            As we all know that magnet is material or object that produces the magnetic field. This magnetic field is invisible which is responsible for the attraction or repulsion of other materials. The magnet not only allign its own molecules to form north pole and south pole but also it alligns the foreign particles around it until its magnetic fields area between north pole and south pole. So, in the same case manager has a power to control and allign the employees in such a manner to bring shape to the output of the work and also to the organization.So like all the particles allign to create a strong magnetic field, a manager also allign all the work force to produce a great efficiency from the organization.

The Management by Objectives which is a process defines the organization so that the management and the employees agree to the objectives and understand their work to do in the organisation in order to achieve success.

 The Process of Management by Objectives have various stages.They are

Set Objectives:

                              The management team sets the objectives to achieve it. The objectives are fixed considering the factors where the organization achieves success for a particular period of time. So the management team works to find those factors and fix a plan or action according to it.

Monitor:

                              The Assistant Manager works who works under the Manager executes the plan and if needed he optimizes the factors related to resources to minimize the cost.If it is necessary he takes the guidance of his Manager and work accordingly.

Evaluate:

                          The Assistant manager evaluates himself with the output and he compares whether he achieves the objectives or not. If he is fall short of the objective he plans accordingly to achieve it and if the situation matters, then he might approach the Manager fro suggestions.

Reward:

                        If the Assistant manager works hard to achieve the objective he will be awarded appreciating his work or if the employees working under him produces the good output he encourages the employees by giving rewards to their work.

Review Organizational Objectives:

                       When the Assistant manager completes the work, the manager review the work whether he achieved it or not and then if he achieved it then the manager will set new objectives or if not he will niggle the factors effecting in achieving the objectives and according to that he plans it.

Hidden Lesson In Navarang

      

When I looked at the Navarang Cube at the first time I dint get any idea what is the lesson behind it. But after I started thinking about it I understood alot of organization lessons from it. This navarang is having 27 cubes made up of nine colours. It has 6 faces and each face is having nine different colours.

       

                                                                                        I considered each colored block represents a particular skill set of an employ and so there are 9 different colors and 9 different skill set employees. Now these nine people form a group and working on a task given by them. The task will complete only when these nine employees contribute their work. For, example if an organization is having six teams of nine different skill set employees. When we form these six teams in such a manner that it forms the Navarang cube. It means the output gives a shape to the Organization and the success from it is more efficient than the irregular navarang shape. So, from Navarang cube I have learned that it is the responsibility of a manager to form a team picking up the right talent and also look after the healthy environment in the team which helps the organization to produce the output efficiently.

Muhammad Yunus........A Visionary......    

                                                I would like to discuss here about muhammad yunus and his great work behind the  Grameen Bank to establish.I was very surprised how Mhammad Yunus visioned the outcomes of Grameen Bank.With his tremendous knowledge about economics he could have earned billions of rupees but he has choosed a path to help the poor.His visionary showed the remaining world how to control and eradicate the poverty and to help the poor people.

                                                                   Helping the poor people is not only raising funds and help them providing their basic needs as a charity.But helping the poor means to make them productive person and helping them to earn money of their own initially and do not depend on others.He had done that conceptualizing the Grameen Bank.

                                                                   What is the major difference between the Grameen Bank and other conventional banks.The main difference is Grameen Bank works for the poor to build their lives and make them to stand on their own without depending on others.But, this is not the case of conventional banks.Conventional banks do services to help the rich people  to increase properties and indeed the banks also increase the profits. Iam not interested to discuss more about the grameen banks and conventional banks and write points of points of differences between them.But I would like to express my  responsibilities I have learned from Muhammad Yunus.

1) Never be selfish and greedy to earn money:

                                          If muhammad Yunus was selfish person and greedy about earning the money,then this world will defenitely be missing the great concept of helping  the poor and also to eradicate or control the poverty.

2) social Responsibility:

                                         Every one should have atleast minimum social responsibility. If muhammad Yunus had not have an interest of responsibilities then just imagine the lives of people who are benifitted by the grameen banks.

3) A visionary:

                                      Because of his visionary atleast some percentage of poor people are benifitted by the Grameen Bank.His visionary inspired me how can do even more better to improve the life standards of the poor.

4) Initiator & Innovator:

                                       Yes he is the Initiator and the Innovator of the great concept of Micro credit loans.Because of his initiatives and new innovative concepts, he was awarded by a Nobel Peace Prize.

                                                                                I would like to thank Proff.Mandi for helping us and also given us a great opportunity to know about the Great person Muhammad Yunus.

Depth of Management

Tasks are different but the lesson from every task gives you the success in life.It applies every where and it just simply follows the Newton's 3rd law of motion.For every action we take to complete the task,there is an equal and opposite reaction from our work i.e the output.But what matters here is how efficient and decent work we have done to complete is the biggest challenge in this competitive world.Lets look at how 3-idiots crossing the valley in an effective manner.

                                    

The above picture is very interesting and also also seems funny at a moment whether the picture was about

the Super Mario video game.Off course mario also does the same task in the video game to reach home which was his target.The task for above three persons are also same.How to coss the valley with a rod.As a manager I should solve this problem.First I need to analyse the problem and make a decision to cross the valley.Here the situation teaches  me the decision making skill.decision making is very important and every manager has to have that skill.Because the decision I take shows the impact on the organization.So, before taking a decision analyse the present problem.

The task consists of 9 steps.Every one faces the three stages mentioned below.

1) Fully Safe

2) Half Safe

3) Fully Unsafe

                                                                

The management skills and lessons from the above task are

1)Team Work:

            As the picture shows that there is problem called valley for the idiots to cross it.If the team work doesnot happen properly, they pay the dangerous risk of death.But,as a team work and co-ordination it is very easy to cross it efficiently.

2) Roles and Responsibilities:

                                                   Without giving the roles and responsibilities for each person it is difficult to complete the task eventhough working as a team.So, each team member has his own responsibility otherwise every one do the same work and ended up with delay in work and no progress.For example, as shown in figure if each person is not assigned the responsibility then everyone will face the risk of falling into the valley.In an organization without defining the roles and responsibilities it is very difficult for them to their daily targets.

Trust:

          In a situation like this every team member has to believe his other teammates.When a clear roles and responsibilities are given to each person he has to live up to the expectations.so that he can build up trust in other persons.In this case trust is very important otherwise no one will take a risk and they never ever cross the valley.

Communication:

                           The other important feature is communication.For,example in the above task when they have good terms and relations within each other then automatically the communication goes well.If the second person is in air and if not communicate properly then imagine the life of middle person.Same is the case with in the organization.If there is an communication gap the company ends up with losses.

                                                                    So the three idiots have to follow the above instructions from the manage to cross the valley efficiently.

The Three Buddhist Priests.........

                                                      Three Monks is a Chinese animated short film produced by Shanghai Animation Film Studio.It is also referred to as The Three Buddhist Priests.The film is based on the ancient Chinese proverb" one monk will shoulder two buckets of water, two monks will share the load,but  add a third and no one will want to fetch water.

                                   The story is very simple.First Monk went to the temple and found no water.He hauled two buckets of water.Another monk entered into the temple and had same situation no water to drink.So both shared their work to bring water.Now the arrival of third monk prompts everyone to expect that some one will take the responsibility but no one want to fetches water even though they are thirsty.Then the three monks come up with a common problem of fire accident in the temple.The three monks united together and solved the problem.

The film teaches a good management lessons.The important lessons I have figured out are

1) Team Work:
                         As we have seen in the film when the temple was in fire the three monks united together and put off the fire very easily. What if they have done it individually?.May be it will take more time time to put out the fire or the temple might have destroyed.But they worked together and saved the temple from devastating fire and they proved that "Unity is strength". Same condition applies every where especially in this Business World. The manager has to make the employees work in a team rather than individual efforts.Individuality hinders the company growth but team work can do wonders.As it was already demonstrated in Tower Building skit in the class.

2) Job Distribution:
                                   The same situation can be compared to any organisation and examine the technical lesson from that. Now a days in many organisations even though there are plenty of resources, but the  managers are failed at some stage to utilize all the resources to produce an end result efficiently.Like the three monks as resources and bringing water to the temple is the end result they divided their work and so they were successful in putting off the fire. So it is the responsibility of the Manager to utilize the resources provided to him optimally.

3) Innovation:
                          As it was clearly showed the innovative plan they have adopted in bringing the water up the hill.There are two ways to bring water as a team. One is three monks stand a regular distances away and shifting their loads one another to bring water or the second one is the pulley method.Both are team work but the first one makes the monks tired to the work for a long time and it takes long time to put out the fire.The second one easy and can complete in a less time. A manager should also have innovative approach to complete the task in a less time with more efficiency.

4) Crisis Management:
                                             In the movie the three monks works together and to put off the fire.That was an emergency situation. In those situations the workers might loose their coolness, calm and temper.It is the same situation in any organisation but it is the responsibility of the Manager to keep a calm composure no matter what ever the situation is and he takes the situation in control like we have seen how M.S.Dhoni led the team during the Champions Trophy 2013 finals against the England and won the series.

                                                            A manager should be able to lead the team successfully to reach the targets.He first creates a good relations with all the teammates and with in the workers and  utilize them increase the productivity.The Manager must ensure that the workers are not dependent on the emergency situations to work as a team, but to work as a team right from the beginning to produce good results to the company.

SETTING SMART GOALS

SETTING SMART GOALS..........

                                        It is very important to have goals in every one's life. Life without any goal is meaningless.A goal means the desired results a person wants to achieve. It involves committing time and effort in asking yourself key issues of life.

                                        Setting the goals is not an easy task.Goal setting is a powerful process for thinking about your ideal future, and for motivating yourself to turn your vision of this future into reality.It is starting a journey with the end in mind, without Goals life becomes meaningless.If anyone setting a personal goal, the first step is to consider what you want to achieve in a lifetime. Setting lifetime goals gives the overall perspective that shapes all other aspects of decision making.

ANY GOAL SET SHOULD BE S.M.A.R.T.....so what is a SMART GOAL?

SMART is the acronym for 

S-Specific

M-Measurable

A-Attainable

R-Realistic

T-Time Bound

Specific:

               Goal should be specific. It is the need for a specific goal over and against  a more general one.This means a goal is clear and unambiguous:without vagaries and platitudes.Drill further down to identify more specific goals, revisiting your assessment and exploration.

For example....I want a job when I graduate is too general.But I want a job in a top five automotive industries and a salary of $1000 is too specific.

Measurable:

              Goal should be measurable.It is important to identify clear objectives so one can measure the progress towards the goals,the goal that is set should be quantified in terms of  numbers so that it is known when reached it.

For example I will attend campus recruiting events sponsored by top five automotive industries,is measurable as it is known that the goal is reached by attending top five events. 

ATTAINABLE:

              Goal should be attainable.Are your goals reasonable? Are you willing and able to accomplish your goals?It is important to address these questions when goal setting so you don't set yourself up for failure.

For instance one cannot set goals for working in a automotive industry if there is no automotive industry in your country or location.

Realistic/ Relevant:

            Goal should be related to the direction you want your career to take.It is very important that the short-term goals and long-term goals are in sync.For realistic you cannot set a goal to be a Superman or an Iron-man.This is not a realistic goal.

Time Bound:

            Goal should be timely.Setting deadlines for achievement of goals keeps you on track.What do you want to achieve and when do you want to achieve it?Seeing the finish line,so to speak, will motivate you to work towards completion of the goals.

For example I want to be the CEO of an XYZ company in 10 years is a timely or a time bound go as it gives   you the impetus to work hard to achieve it.

These smart goals are explained well by Pygmalion effect. The goal set by the Sculptor and how he achieved it explains the above terms. 

And the observation I have studied from the Tower building task was

Goal set,Goal achieved, potential and history.It is very important to aware of the importance of these terms and their order.

1) The Goal set helps us to realize our potential.

2) Our potential makes us to achieve the goal.As potential keeps on changing the goals achieved lies always below our potential.

3) The goal achieved has to be more than the the Historical goal achieved.

                    

Management at peaks.....

                                        Again a good demonstration on Management but now in a different dimension.The difference between Old school of management and Modern management.When prof.Mandy asked about the capacity of building the blocks everyone guessed their own figure and this tells us not only the strength of us but also the goal setting of each and everyone.From the first step it teaches us everyone should be clear while setting their goals and under-promise and over-deliver rather than over-promise and under-deliver.

                                                             

Case 1:

Open Eyed Person:

                               In our opinion open eyed person will defenitely be having an advantage over closed eyed person.But in this Business world it is totally different.It was practically proven.Prof.Mandy had given some instructions and asked to build a tower. The first student built the tower with 22 blocks. and exceeded his own goal set.
                                                     

Case 2:
Closed Eyed Person:
                                Now it was the turn of close eyed person with an instructor and a superior head. Here closed eyed person is the Worker, instructor is the Manager and the superior head is the CEO. The task was started and ended up with 27 blocks.How and why? It happened because of some invisible driving force behind the task which is nothing but the Modern Management.It's simple but great.

                                       

                                Prof.Mandy explained the difference between the two concepts and explained the responsibilities taken by the individual in Case 1 and the responsibility of the Management in Case 2.He explained the two cases based on various parameters.They are

                                                         

         
                                              Hence Modern Management helps not only in converting the weaknesses into strengths but also for the growth of the company.