MGT420 Principles And Practice Of Management Assignment Answer Malaysia

MGT420 Principles and Practice of Management is an important course for students who are interested in pursuing a career in management. The course covers the basics of management theory and provides students with the opportunity to apply these concepts to real-world scenarios.

Students who take this course will gain a better understanding of what it takes to be a successful manager, as well as the skills needed to effectively lead a team. In addition, this course will also prepare students for advanced management courses that they may take in the future.

Try Assignment Answer of MGT420 Principles and Practice of Management Course

If you are a student who is currently enrolled in the MGT420 Principles and Practice of Management course, then you might be feeling a little overwhelmed with all of the coursework that is required of you. This is perfectly understandable, as the course covers a lot of material and can be quite challenging at times.

In this section, we provide some assignment briefs. These are:

Assignment Brief 1: Explain Basic Management Functions, Terms, And Concepts Of Management.

Management is the process of planning, organizing, leading, and controlling an organization’s resources to achieve its goals.

The four basic functions of management are planning, organizing, leading, and controlling. Planning is the process of creating a plan that guides an organization in achieving its goals. Organizing is the process of grouping resources together in a way that allows them to be used most efficiently. Leading is the process of motivating employees to achieve organizational goals. Controlling is the process of monitoring performance and taking corrective action when necessary.

Terms associated with management include goal, objective, strategy, tactics, policy, procedure, mission statement, and vision statement. A goal is a desired outcome that an organization wants to achieve. An objective is a specific, measurable, attainable, relevant, and time-bound goal. A strategy is a plan of action that an organization takes to achieve its goals. Tactics are the specific actions taken to implement a strategy.

A policy is a guideline that an organization uses to make decisions. A procedure is a set of instructions that an organization follows to complete a task. A mission statement is a brief statement that describes an organization’s purpose. A vision statement is a brief statement that describes an organization’s desired future state.

Assignment Brief 2: Demonstrate Managerial Skills In Management Practices.

Managerial skills are necessary for a variety of management practices to ensure the successful and efficient operation of businesses and organizations. There are a few key areas where these skills are essential:

• Organizational Structure: Creating an organizational structure is integral to any business or organization. It helps determine who reports to whom, who makes decisions, and the overall chain of command. Having strong managerial skills will help create a well-organized and efficient structure.
• Employee Management: Along with creating an ideal organizational structure, managers must also be able to manage employees effectively. This includes hiring and firing individuals, ensuring employee productivity, conducting performance reviews, and resolving conflicts. Communication and people skills are crucial in this area.
• Fiscal Responsibility: One of the most important duties of a manager is to ensure that the organization or business is financially stable. This requires creating and sticking to a budget, making sound investment decisions, and generating revenue. analytical and decision-making skills are key in this area.
• Time Management: An effective manager must be able to use their time wisely to complete tasks and meet deadlines. This includes setting priorities, delegating tasks, and knowing how to effectively use available resources. Time management skills are essential for any manager.

Assignment Brief 3: Analyse The Theories And Concepts Of The Managerial Decision Of Business Management.

There are a variety of theories and concepts that inform managerial decision-making in business management. One foundational concept is the rational actor model, which posits that individuals make decisions by weighing the costs and benefits of each option and selecting the one that maximizes their benefit.

Another key concept is the resource allocation model, which stipulates that managers should allocate resources in a way that best supports the organization’s goals. And finally, there’s the stakeholder theory, which holds that managers should prioritize the interests of all stakeholders (rather than just shareholders) when making decisions.

Each of these theories and concepts has its strengths and weaknesses, and managers must carefully consider all factors before making any decision. Ultimately, it’s up to each manager to determine which approach is best for their organization.

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