<–2/”>a >Management

Table of Contents

Definition/ concept

Management is a social process involving responsibility for economical and effective planning and regulation of operation of an enterprise in the fulfillment of given purpose. Management is the process of getting things done with the aim of achieving goals effectively and efficiently. Management aims at guiding their effort towards achieving a common objective.

Features of management

P- All pervasive
I- Intangible force
G-Group goal
Goes- Goal oriented
M-Multidimensional
C-Continuous
D- Dynamic

PIG Goes MAD – tip to remember

Scope of Management

Functional areas of business management

Production management
Inventory management
Marketing
Financial
Human resource
Office management
Transportation management
Import and export management
Research and development management
Accounting management

Functional areas of non- business Management

Public utilities
Education
Security
Law
Technology

Emerging functional area

Investment and portfolio
Small business management
Wholesale and retail
Risk
Marketing research
Event
Stress
Time

FUNCTIONS OF MANAGEMENT

According to lutherguelick, Management has seven function and he coined the term POSDCORB, which generally represents the initials of these seven functions i.e. P stands for Planning, O for Organizing, S for Staffing, D for Directing, Co for Co-ordination, R for reporting & B for BUDGETING.But, Planning, Organizing, Staffing, Directing and Controlling are widely recognized functions of management.

Planning

It is future oriented and determine an organizations directions. It is a rational and systematic way of making decisions today that will affect the future of the organization. It is a kind of organized foresight as well as corrective hindsight.

Organizing

Organizing requires a formal structure of authority and the direction and flow of such authority through which work subdivisions are defined, arranged and co-ordinated so that each part
relates to the other part in a united and coherent manner so as to attain the prescribed objectives.

Staffing

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 and evaluating employees, and maintaining this 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.

Directing

The directing function is concerned with Leadership, Communication, motivation and supervision so that the employees perform their activities in the most efficient manner possible, in order to achieve the desired goals.

The leadership element involves issuing of 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.

It is very important, since highly motivated people show excellent performance with less direction from superiors.

Controlling

The function of control consists of those activities that are undertaken to ensure that the events do not deviate from the per-arranged plans. The activities consist of establishing standards for work performance, measuring performance and comparing it to these set standards and taking corrective actions as and when needed, to correct any deviations.

Management is the process of planning, organizing, leading, and controlling an organization’s Resources to achieve its goals. It is a complex and challenging task that requires a variety of skills and abilities.

The four main functions of management are planning, organizing, leading, and controlling. Planning involves setting goals and objectives, developing strategies to achieve those goals, and creating a plan of action. Organizing involves creating a structure for the organization, assigning tasks and responsibilities, and coordinating activities. Leading involves motivating and inspiring employees, providing feedback, and resolving conflicts. Controlling involves monitoring performance, identifying problems, and taking corrective action.

There are many different skills that are important for managers. Some of the most important skills include communication, problem-solving, decision-making, time management, and delegation. Managers also need to be able to motivate and inspire employees, build relationships, and manage conflict.

There are many different theories of management. Some of the most well-known theories include scientific management, bureaucratic management, human relations management, and systems management. Each theory has its own strengths and weaknesses, and managers need to be able to choose the right theory for the situation.

There are also many different models of management. Some of the most well-known models include the contingency model, the situational leadership model, and the path-goal model. Each model provides a different perspective on management, and managers need to be able to choose the right model for the situation.

There are many different tools and techniques that managers can use to improve their effectiveness. Some of the most common tools and techniques include budgeting, forecasting, scheduling, and quality control. Managers also need to be familiar with the latest technologies, such as enterprise resource planning (ERP) systems and customer relationship management (CRM) systems.

Management is applied in a variety of settings, including businesses, government agencies, non-profit organizations, and schools. Managers in different settings face different challenges, but they all need to be able to plan, organize, lead, and control their organizations’ resources to achieve their goals.

The field of management is constantly evolving, and managers need to be able to adapt to change. Some of the most important management trends include Globalization/”>Globalization-3/”>Globalization, technological change, and the changing nature of work. Managers need to be able to understand these trends and develop strategies to respond to them.

In conclusion, management is a complex and challenging task that requires a variety of skills and abilities. Managers need to be able to plan, organize, lead, and control their organizations’ resources to achieve their goals. The field of management is constantly evolving, and managers need to be able to adapt to change.

Here are some frequently asked questions and short answers about management:

What is management?

Management is the process of organizing and overseeing the work of a group of people to achieve a common goal.

What are the different types of management?

There are many different types of management, but some of the most common include:

Operational management: This type of management is responsible for the day-to-day operations of a business.
Strategic management: This type of management is responsible for developing and implementing the long-term goals of a business.
Human resources management: This type of management is responsible for recruiting, hiring, and developing employees.
MARKETING MANAGEMENT: This type of management is responsible for developing and implementing marketing strategies.
Financial management: This type of management is responsible for managing the financial resources of a business.
What are the skills required for management?

The skills required for management vary depending on the type of management position, but some of the most common skills include:

Leadership: The ability to motivate and inspire others to achieve a common goal.
Communication: The ability to communicate effectively with employees, customers, and other stakeholders.
Problem-solving: The ability to identify and solve problems effectively.
Decision-making: The ability to make Sound decisions based on available information.
Organization: The ability to organize and manage time effectively.
Delegation: The ability to delegate tasks to others effectively.
Teamwork: The ability to work effectively as part of a team.
What are the challenges of management?

Some of the challenges of management include:

Managing people: Managing people can be difficult, as it requires dealing with a variety of personalities and motivations.
Making decisions: Making decisions can be difficult, as it often involves weighing the pros and cons of multiple Options.
Dealing with change: Change is inevitable in business, and managers need to be able to deal with change effectively.
Managing time: Managing time effectively is essential for any manager, as there is often a lot to do and not enough time to do it all.
Managing stress: Management can be stressful, and managers need to be able to manage stress effectively.
What are the rewards of management?

Some of the rewards of management include:

Making a difference: Managers can make a real difference in the lives of their employees and the success of their business.
Earning a good living: Management can be a very rewarding career, both financially and professionally.
Having a challenging job: Management is a challenging job, but it can also be very rewarding.
Having the opportunity to learn and grow: Management is a great opportunity to learn and grow, both personally and professionally.
Having the opportunity to work with talented people: Management is a great opportunity to work with talented people and make a difference in the world.

Which of the following is not a function of management?
(A) Planning
(B) Organizing
(C) Directing
(D) Controlling
(E) Motivating
Which of the following is a type of organizational structure?
(A) Functional
(B) Divisional
(C) Matrix
(D) All of the above
Which of the following is a type of leadership style?
(A) Autocratic
(B) Democratic
(C) Laissez-faire
(D) All of the above
Which of the following is a type of decision-making?
(A) Programmed
(B) Non-programmed
(C) Both of the above
Which of the following is a type of conflict?
(A) Intrapersonal
(B) Interpersonal
(C) Group
(D) All of the above
Which of the following is a type of power?
(A) Legitimate
(B) Reward
(C) Coercive
(D) Expert
(E) All of the above
Which of the following is a type of motivation?
(A) Intrinsic
(B) Extrinsic
(C) Both of the above
Which of the following is a type of communication?
(A) Verbal
(B) Non-verbal
(C) Both of the above
Which of the following is a type of group?
(A) Formal
(B) Informal
(C) Both of the above
Which of the following is a type of change?
(A) Planned
(B) Unplanned
(C) Both of the above

Answers:
1. (E)
2. (D)
3. (D)
4. (D)
5. (D)
6. (E)
7. (D)
8. (C)
9. (C)
10. (D)