What Is Management? Definitions and Functions
What is management?
Elements Of Management
1. Management is a continuous process.
2. This process includes planning, organizing, staffing, directing, and controlling.
3. It utilizes both human and other resources.
4. It is followed in order to accomplish predetermined objectives.
Characteristics of management:-
1. Management Helps In Time Management
Management helps in time management, it provides high productivity in less time and it helps in removing stress & gives positive energy to the employees. So, that gives new opportunities to the organization as well as employees.
2. Management is the goal-oriented process:
Management helps the organization achieve goals systematically and without any fuss.
3. Management is a continuous process:
Management is a continuous or never-ending function. All the functions of management are performed continuously, for example, planning, organizing, staffing, directing, and controlling are performed by all the managers all the time. Sometimes, they are doing planning, then staffing or organizing, etc. Managers perform ongoing series of functions continuously in the organization.
4. Balancing effectiveness and efficiency:
Effectiveness means achieving targets and objectives on time. Efficiency refers to the optimum or best utilization of resources. Managements always try to balance both and get the work done successfully. Only effectiveness and only efficiency are not enough for an organization: a balance must be created in both.
5. Management is a dynamic function:
6. Management is a group activity:
8. Management is Universal:
Management is an all-pervasive activity. The basic principles of management are applicable in business as well as in other organizations. These principles, however, need careful application depending on situational demands.
Objectives of management
Management can have mainly three types of objectives:
Organizational objectives
Management should consider the interests of all company stakeholders, including employees, customers, and the government. Managers are responsible for setting and achieving goals for the organization. Typically, the primary aim of an organization is to achieve growth by utilizing its human, material, and financial resources. There are three general organizational objectives for any company:
Survival: An organization needs to generate enough revenues to cover its operational costs.
Profit: Profit provides incentive and is essential for covering unprecedented costs and risks associated with running a business.
Growth: You can measure the growth of a business in terms of increases in sales volume, workforce, and capital investment.
Social objectives
To an extent, the management is also responsible for creating benefits for the society through their work. Companies choose to do this in different ways. Some may incorporate environment-friendly methods of production, while others implement fair wages and opportunities. Larger companies often maintain or fund initiatives that provide basic amenities like healthcare and education. Based on the scale of their operations, companies often initiate CSR (Corporate Social Responsibility) campaigns that benefit society in different ways.
Personnel objectives
The management typically decides the financial incentives, salaries, perks, and social initiatives for their employees. Activities that improve peer recognition and interaction like corporate outings and holiday bonuses cater to the personnel's social growth and development.
Importance of Management
- t helps in Achieving Group Goals - It arranges the factors of production, assembles and organizes the resources, integrates the resources in an effective manner to achieve goals. It directs group efforts towards the achievement of pre-determined goals. By defining the objective of the organization clearly, there would be no wastage of time, money, and effort.
- Optimum Utilization of Resources - Management utilizes all the physical & human resources productively. This leads to efficacy in management. Management provides maximum utilization of scarce resources by selecting its best possible alternate use in industry from out of various uses.
- Reduces Costs - It gets maximum results through minimum input by proper planning and by using minimum input & getting maximum output. Management uses physical, human, and financial resources in such a manner that results in the best combination. This helps in cost reduction.
- Establishes Sound Organization - No overlapping of efforts (smooth and coordinated functions). To establish sound organizational structure is one of the objectives of management that is in tune with the objective of the organization and for the fulfillment of this, it establishes effective authority & responsibility relationship i.e. who is accountable to whom, who can give instructions to whom, who are superiors & who are subordinates. Management fills up various positions with the right persons, having the right skills, training, and qualification. All jobs should be cleared for everyone.
- Establishes Equilibrium - It enables the organization to survive in changing environment. It keeps in touch with the changing environment. With the change in the external environment, the initial coordination of the organization must be changed. So it adapts organizations to changing demand of the market/changing needs of societies. It is responsible for the growth and survival of an organization.
- Essentials for Prosperity of Society - Efficient management leads to better economic production which helps in turn to increase the welfare of people. Good management makes a difficult task easier by avoiding the wastage of scarce resources. It improves the standard of living. It increases the profit which is beneficial to business and society will get maximum output at minimum cost by creating employment opportunities that generate income in hands. Organization comes with new products and researches beneficial for society.1.Planning: When you think of planning in a management role, think about it as the process of choosing appropriate goals and actions to pursue and then determining what strategies to use, what actions to take, and deciding what resources are needed to achieve the goals
process of management
- Planning(click): When you think of planning in a management role, think about it as the process of choosing appropriate goals and actions to pursue and then determining what strategies to use, what actions to take, and deciding what resources are needed to achieve the goals.
- Organizing: This process of establishing worker relationships allows workers to work together to achieve their organizational goals.
- Leading: This function involves articulating a vision, energizing employees, inspiring and motivating people using vision, influence, persuasion, and effective communication skills.
- Staffing: Recruiting and selecting employees for positions within the company (within teams and departments).
- Controlling: Evaluate how well you are achieving your goals, improving performance, taking action. Put processes in place to help you establish standards, so you can measure, compare, and make decisions.
Limitation of Management
— Human behavior is most uncertain and it is not possible to predict how man will react into a particular policy decision. It is not possible to formulate a definite principle. — Uniform principles, rules, and policies cannot be laid down for all types of organizations. However every unit and every human group has a different problem, techniques, objectives, characteristics, etc. hence every organization has to work out and adopt its own peculiar methods of managing its own affairs. — It is still a developing science and its theories have not yet received universal acceptance. — Management has not been able to develop systematically, due to the human element at its |
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