MODERN MANAGEMENT TECHNIQUES
L. INFANT ANTO.
C.MUTHUSELVAM.
DEPARTMENT OF COMMERCE
ST. JOSEPH COLLOEGE OF ART AND SCIENCE
VAIKALIPATHI.
INTRODUCTION:
Management is defined in terms of functions undertaken by the manager to achieve
organisational goals. Management is the systematic way of doing things. It is an art of creating
an environment in which people can perform and an individual could co-operate towards
attaining the group goal
MORDERN MANAGEMENT TECHNIQUES:
Modern techniques of controlling are those which are of recent origin & are comparatively new in
management literature. These techniques provide a refreshingly new thinking on the ways in which
various aspects of an organization can be controlled.
TECHINIQUES OF MORDEN MANAGEMENT:
In current senario there are several applications in mordern management for efficent
management of business among those techniques few are follows.
A. STATISTICAL TECHNIQUES.
Statistical analysis provides managers with the tools necessary to make sense of large
quantities of data and to make ever more effective business decisions based on inferences
drawn from data. Statistical methods may be broken into two broad categories—methods of
description and methods of inference drawn for data.
Statistical analysis provides a framework for organizing data, analyzing data, and examining
business problems in a logical and systematic way. With the tremendous strides
in computer technology that have taken place, businesses have greater access to and more data
than ever before. Statistical analysis provides managers with the tools necessary to make sense of
large quantities of data and to make ever more effective business decisions based on inferences
drawn from data.
Statistical methods may be broken into two broad categories—methods of description and
methods of inference. Descriptive statistics methods consist of a variety of techniques—both
mathematical and graphical—by which to organize and describe data. Two characteristics of
great interest in data description are the central tendency and degree of variation in a given
variable.
B. ACTIVITY ANALYSIS.
Activity Analysis (AA) can be used to document anything that a person does while
performing a task. There are two purposes for AA: to determine the activities that occur in any
situation, and how often the activities are performed.
Activities must be identifiable by obvious cues such as flipping a switch, pressing a button,
talking on the radio, checking a task list, or moving a lever.
A digital watch or smart phone app is essential to note when the activity is observed. Still photo
or video recording can be a valuable aid to AA. Use of a camera frees the investigator to pay
more attention to other aspects of the method such as activity classification.
Results from AA can identify activities that operator has developed to do better work but are not
supported by information displays or training. That provides an opportunity to better support
operator attention.
C. MATHEMATICAL TECHNIQUES.
Management science approach, also known as mathematical or quantitative measurement
approach, visualizes management as a logical entity, the action of which can be expressed in
terms of mathematical symbols, relationships, and measurement data.
The primary focus of this approach is the mathematical model. Through this device, managerial
and other problems can be expressed in basic relationships and, where a given goal is sought, the
model can be expressed in terms which optimise that goal. This approach draws many things
from the decision theory approach and, in fact, provides many techniques for rational decision-
making.
Management science approach is a fast developing one in analysing and understanding
management. This has contributed significant in developing orderly thinking in management
which has provided exactness in management discipline
D. FINANCIAL TECHIQUES.
Financial management relates to internal company issues, such as the basic financial structure of
the business and departmental performance. Financial management techniques are the basic
actions that financial managers accomplish, at a general level, during the course of their duties,
which encompass a broad range of actions and must take many variables into consideration in
building their models.
Financial management is the process of planning, controlling, directing, and organizing an
organization’s financial resources. When a community association manager steps into the
picture, managing a homeowners’ association’s (HOA’s) finances is one of their primary duties.
Proper financial management requires diligence every step along the way. Careful planning,
record keeping, and reporting are crucial components to demonstrate to homeowners and the
HOA board that their resources are handled responsibly.
Continue reading to learn the top seven financial management techniques for successful business
operations.
E. MANAGEMENT AUDIT:
Management audit refers to a systematic appraisal of the overall performance of the management of
an organization. The purpose is to review the efficiency &n effectiveness of management & to
improve its performance in future periods.
A management audit is an analysis and assessment of the competencies and capabilities of a
company's management in carrying out corporate objectives. The purpose of a
management audit is not to appraise individual executive performance but to evaluate the
management team in its effectiveness to work in the interests of shareholders, maintain good
relations with employees, and uphold reputational standards. It is important to stress that the
management audit assesses the overall management of the company, not the performance of
individual managers.
The management audit will consist of interviews with management and employees, an analysis
of financial statements and performance, a study of a company's policies and procedures, an
evaluation of training programs, the hiring process, and many other areas within an organization
