Page 113 - DCOM102_DMGT101_PRINCIPLES_AND_PRACTICES_OF_MANAGEMENT

Unit 6: Management by Objectives and Styles of Management

McKinsey’s 7-S framework suggests that there is a multiplicity of factors that influence an Notes
organisation’s ability to change and its proper mode of change.
The self-concept is the accumulation of knowledge about the self, such as beliefs regarding
personality traits, physical characteristics, abilities, values, goals, and roles.

6.10 Keywords

Management by Objectives: Management model that aims to improve performance of an
organisation by clearly defining objectives that are agreed.
Management by Exception: Practice in which only the information that indicates a significant
deviation of actual results from the budgeted or planned results is brought to the management’s
notice.
McKinsey’s 7-S Framework: Management model which describes seven factors which should be
organised by a company in an efficient and holistic way.
Self-concept: Accumulation of knowledge about the self, such as beliefs regarding personality
traits, physical characteristics, abilities, values, goals, and roles.
6.11 Self Assessment

Fill in the blanks:
1. MBO is…………………..with management philosophies.
2. Action plans may be developed by both manager and ………………...
3. Specific goals are products of …………………..
4. The objective of……………………….is to facilitate management’s focus on really important
tactical and strategic tasks.
5. In………………..style of management, individual personality and forcefulness are not
seen as the prerequisites for effective leadership.
6. Strategy, systems and…………….are three hard Ss as per McKinsey’s 7-S model.

7. ……………, ………………and …………….are three components of self concept.
8. ………………self concept corresponds to the real self.
9. Your …………. self may not be consistent with what actually happens in your life or your
experiences.
10. Primary self concept is shaped up by the ………….. experiences the person has in his home
during his early years.

6.12 Review Questions

1. “MBO is as old as management itself.” Comment
2. What do you mean by the phrase-”Managers should “avoid the activity trap”?

3. Discuss the concept of MBO and highlight its usefulness.
4. Explain the process of MBO.
5. Analyse the pros and cons of MBO.
6. Write a short note on- Management by exception.

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