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People are definitely a company’s greatest asset. It does not make any difference whether the product is cars or cosmetics. A company is only as good as the people it keeps.
Management is essential for an organized life and necessary to run all types of management. Good management is the backbone of successful organizations.
Managing life means getting things done to achieve life’s objectives and managing an organization means getting things done with and through other people to achieve its objectives.
Whether management is an art or science will continue to be a subject of debate. However, most management thinkers agree that some form of formal academic management background helps in managing successfully.
Management is a set of principles relating to the functions of planning, organizing, directing and controlling. The applications of these principles in harnessing physical, financial and informational resources efficiently and effectively are required to achieve organizational goals.
Many management thinkers have defined management in their own ways. For some define it as a set of activities directing at the efficient and effective utilization of resources in the pursuit of one or more goals. While others define it as working with human financial and physical resources to achieve organizational objectives by performing the planning, organizing, leading and controlling functions.
Management is a problem solving process of effectively achieving organizational objectives through the efficient use of scarce resources in a changing environment.
Management is an art of knowing what to do, when to do and see that it is done in the best and cheapest way.
Management is an art of getting things done through and with the people in formally organized groups. It is an art of creating an environment in which people can perform and individuals can co-operate towards attainment of group goals. A leader has certain inherent qualities and traits, which assist him in playing a directing role and wielding commanding influences which on others. Leadership is an integral part of management and plays a vital role in management operations, while management is an integral component of technical as well as social processes.
The practice of management is as old as human civilization. The study of management in a systematic and scientific way, as a distinct body of knowledge, is only of recent origins.
Management in some form or another is an integral part of living and is essential, whenever human efforts are to be undertaken to achieve desired objectives. The basic ingredients of management are always at play, whether we manage our lives or our business.
Let us look at the managerial role of a simple housewife and how she uses the managerial ingredients in managing the home. First, she appraises her household and its needs. She forecasts the needs of the house hold for a period of a week or a month or longer. She takes stock of her resource and any constraints on the resources. She plans and organizes her resources to obtain the maximum benefits out of these resources. She monitors and controls the household budget, expenses and other activities. In a large household, she divides the work among other members and co-ordinates their activities. She encourages and motivates them to do their best in completing their activities. She is always in search of improvement, mentions goals, resources and means to attain these goals. These ingredients generally are the basic functions of management.
The concept of management is as old as the human race itself. The concept of family itself required, that life be organized and resources of food are apportioned in a manner, so as to maximize the utility off such resources. Taking proper steps to safeguard the family from attacks by wild animals, planning on where to go fishing and hunting and whom to go with, organizing these groups into chiefs and hunting and fishing bands, where chiefs gave directions and so on, are all subtle ingredients of management and organization.
A study of various people around the world shows good examples of organizational structures and organizational evolution over the years.
A village open market in a tribe and a large department store in a modern city, serve the same needs in a similar fashion, which is putting things together that people need. While the tribal organization was simple in nature, the modern organization is much more sophisticated and complex with many technological innovations. However, the basic form of management and organizational structure seems to have existed since the beginning of organized human activity.
Even the recorded history shows the application of some current management techniques as far back as 5000 BC. The Egyptian pyramids, built as early as 3000 BC, required the organized efforts of over one lakh workers. It would be natural to assume that all functions of modern management, namely planning, organizing, directing and controlling played a significant role in the construction of these monuments. Similarly, the early civilization of India bears witness to organized living.
Management, as a system is not only an essential element of an organized society, but also an integral part of life, when we talk about managing our lives.
Managing life is not much different from managing an organization and this act of management has been with us from time immemorial. Just a well-managed life is much better organized, goal oriented and successful.
Good management of an organization makes the difference between the success and the failure of the organization.
The role of management in our society is critical in human progress. It serves to identify a great need of our time, to improve standards of living for all people through the effective utilization of human and material sources.
Effective management has become the main resource of developed nations, and that it was the most needed resource for developing nations. A manager’s job is highly crucial to the success of any organization. The more complex the organization, the more crucial is the manager’s role in it. A good manager makes things happen. We must find ways of convincing society as a whole, and those who train managers in particular.
The real leadership problems of our institutions is getting things done, the implementations, the evolving of a consensus, the making of the right decisions at the right time, with right people, is where the action is. Although, we as a society have not learned to give much credit to managers. I hope we can move forward recognizing that managerial and leadership jobs are among the most critical tasks of our society. As such, they deserve the professional status that we give to more traditional fields of knowledge.
Planning, organizing, staffing. Directing and controlling are widely recognized functions of management.
Planning is future oriented and determines an organizations direction. It is a rational and systematic way of making decisions today that will affect the future of the company. It is a kind of organized foresight as well as corrective hindsight. It involves predicting of the future, as well as attempting to control the events. It involves the ability to foresee the effects of current actions in the long run in the future. An effective planning program incorporates the effect of both external as well as internal factors.
The external factors are shortages of resources both capital and material, general economic trend as far as interest rates and inflation are concerned, unstable international political environments, etc.
The internal factors that affect planning are limited growth opportunities due to saturation requiring diversification, changing patterns of the work force, more complex organizational structures and decentralization.
Organizing requires a formal structure of authority and the directions and flow of such authority, through which work subdivisions are defined, arranged and coordinated. Each part relates to the other part in a united and coherent manner, so as to attain the prescribed objectives. Thus the functions of organizing involve the determination of activities that need to be done, in order to reach the company goals. Assign these activities to the proper personnel and delegating the necessary authority to carry out these activities in a coordinated manner.
Staffing is the function of hiring and retaining a suitable work force for the enterprise both at managerial as well as non-managerial levels. It involves the process of recruiting, training, developing, compensating, evaluating employees and maintaining the workforce with proper incentives and motivations.
Since the human element is the most vital factor in the process of management, it is important to recruit the right personnel. This function is even more critically important since people differ in their intelligence, knowledge, skills, experience, physical condition, age and altitudes and this complicates the function. Hence, management must understand, in addition to the technical and operational competence, the sociological and psychological structure of the workplace.
The directing function is concerned with leadership, communication, motivation and supervision. This function helps employees perform their activities in the most efficient manner possible, in order to achieve the desired goals. The leadership element involves issuing instructions and guiding the subordinates about procedures and methods.
The communication must be open both ways, so that the information can be passed on to the subordinates and the feedback received from them.
Motivation is very important since highly motivated people show excellent performance with less direction from superiors. Supervising subordinates would lead to continuous progress reports, as well as assure the superiors that the directions are being properly carried out.
The function of control consists of those activities that are undertaken to ensure that the events do not deviate from the pre-arranged plans. The activities consist of establishing standards for work performance and taking corrective actions as and when needed to correct any deviations.
Importance of Management
Management helps in maintaining effective use of skill sets, knowledge of experts and professionals to reduce wastage of man power, material and all related direct and indirect costs.
Management enables maximum utilization of resources by selecting its best possible alternate use in industry. When the resources you use in terms of investment, transport, man power and more are all noted down and calculated well in advance, there certainly would be no reason to see an increase in costs. Better yet, this helps an organization in maintaining effective utilization of manpower and machinery there by helping in reducing costs.
Management as a function is responsible for growth and survival of organization. Management helps organization adapt to changing demand of market and needs of societies. There by helping them thrive, even as they experience change in market trends. The resources are coordinated, directed and controlled in such a manner that enterprise work towards attainment of goals. By defining objective of organization clearly there would be no wastage of time, money and effort.
Management fills up various positions with right persons, having right skills, training and qualification. All jobs should be cleared to everyone. The sign of a good management system for an organization is spelt by the way it helps the organization function well financially as a team and as individuals.
Management is everywhere. Anytime people work to achieve a goal, they are engaging in management. People have used principles of management to achieve goals.
Today, organizations of all types social, political and economic use management techniques to plan and organize their activities. When people talk about management, they may be referring to very different aspects. They may be talking about the people who are the managers, especially those people in strategic positions, who make important decisions for the organization, such as the executive officers, president or general manager. Or they may be referring to the activities and functions of an organization to achieve organizational goals.
With the responsibility and authority to determine the overall direction of the organization are often referred to as the management of the organization. Management has the authority to decide what the goals of the organization should be and how those goals will be achieved.
Individuals in upper management, must be aware of conditions in the organizations environment and have knowledge of the total resources of the organization. They put these two together to determine the most promising path for the organization to pursue.
Imagine a family considering their vacation plans. They have a goal to get away from home and work to spend an enjoyable week or two together. To achieve their goal they must first make a number of related decisions. These decisions cannot be made without considering the resources they have available for the trip. Perhaps they have saved money for the trip or they decide to take out a small loan. May be they will rent a recreational vehicle and camping equipment. They might be experienced back packers or they might enjoy just chilling at the beach.
The family’s decision makers must plan on how to use their resources, both material resources such as money, equipment and intellectual resources, such as knowledge and experience to create a successful vacation. But deciding what they are going to do is not enough, they need to actually do things to get ready for their trip. They may need to make reservations, schedule time off work, get their car serviced or buy a new camera and appropriate clothing. Finally, if they have made all the right decisions and all the necessary arrangements, they can go on their trip and have a great time.
Decision making and planning are required before actions are taken. Defining the goals of the organization, planning the actions to meet the goals and organizing the resources, needed to carry out the actions, are all vital functions of management. Planning and organizing ensure that everyone in the organization is working together towards meeting goals.
Organizations, like families, also have goals. In large organizations, the goals are usually formally defined.
All organizations, business, the military, government departments, non-profit service providers or public-school systems require management because they all are trying to achieve goals. And although it may seem straight forward, the management process is complex.
Perhaps the most critical of all the management processes, is creating the systems and processes that allow people to work effectively towards organizational goals. In fact, many people define management as the art of getting things done through people.
Although technology and database are increasingly important in modern organizations, people continue to be a primary focus of management.
Putting this all together, management is the process of planning, organizing, leading and controlling people in the organization to effectively use resources to meet organizational goals.
A universal concept that is needed in every organization whether it is a business organization or a non business organization, such as hospital or school is known as management.
An organization success depends on the successful functioning of its management and is always required, whenever human and non human resources of an organization work together for the accomplishment of any objective.
In present times, with an increase in the size and complexities of modern organizations the concept of management has gained immense importance. The definition of management varies with the context in which it is used. In a broader sense, management can be defined as per traditional approach and modern approach.
The traditional definitions of management were vague, as they were unable to identify the functions; a manager has to perform to get things done through others. Besides, these definitions gave an impression of the manipulative practice of management, ignored the needs of workers and treated them as a means for getting results in any way.
Modern concept of management is a process through which an organization designs and maintains an environment in which individuals work together with the motive of achieving organizational goals effectively and efficiently.
Good management is the art of making problems so interesting and their solutions so constructive that everyone wants to work and deal with them.