Management: Know everything just on 1 click

Management

What is Management?

Management is defined as the process of creating an environment where different individuals work together in a group for accomplishing/ achieving the goals effectively and efficiently. Management helps in the optimum utilization of the resources which means getting the work done without wasting resources, i.e., best use of human, material and financial resources.

In management, effectiveness and efficiency are the two sides of the same coin. Effectiveness means completing the task on time and Efficiency means doing the task with fewer resources. Both of the things need to be balanced.

CHARACTERISTICS/ FEATURES OF MANAGEMENT

1. Management aims to achieve goals

Every organization has some goals which should be clear and specific. Management integrates the efforts of the individuals and groups of the organization and aims to achieve these goals.

2. Management work is dynamic

Dynamic means that keeps on changing . The business environment is dynamic and thus, the management has to adapt itself according to the changing environment. For example: Dominos is very successful pizza company in India because it had made many changes in its menu according to the environment of India.

3. Management is applicable everywhere

The work of the manager is uniform/ same everywhere but the way of doing that work may be different. For example: A hospital, school, college, Multi National Company, business, etc. needs to be managed as much as any other thing. This proves that management is Pervasive (required everywhere).

4. Management of work and people

Every business exists for doing some work and management converts it in terms of goals to be accomplished. Also, Management of people is the must for any organization as they are the greatest asset/ resource of any organization. In other words, it involves dealing with the employees and workers who have joined the organization for their different needs and making them work in a group to achieve these goals.

5. Management function is Intangible

Intangible means anything that cannot be seen and touched but it can be felt. Management work cannot be seen in the organization but its effect can be seen when the goals are achieved according to the predetermined plans and employees are satisfied.

6. Management is a group activity

In every organization, individuals of different culture, qualification, society, needs and behaviour works. It is important to combine their work and bring coordination for the fulfilment of goals.

OBJECTIVES OF MANAGEMENT

1) Objectives of Organization

The management exists for the achievement of certain organizational objectives which are profit, survival and growth.

a) Survival is the most important and basic objective of every business which means earning enough revenue to cover the production cost.

b) Profit refers to the difference between revenue and cost. Every organization’s main aim is to earn maximum profit.

c) Growth means in long run, every organization wants to grow in size and diversify its operations.

2) Social Objectives

As the organization exists in the society, it has some social objectives to fulfill. For example: Providing employment to disadvantaged people, using chimneys to control pollution from industries, etc.

3) Personal Objectives

Every person joins the organization for their diverse/different needs like increased salary, incentives, growth, etc. So, the management helps the employees to achieve their individual goals while working for the organization.

IMPORTANCE/ SIGNIFICANCE OF MANAGEMENT

1) Helps in accomplishing goals

Management helps in achieving goals of the organization. Manager unites the individual and group efforts and guides them to achieve the goals of the organization. Without management it is difficult to achieve them.

2) Helps in adapting dynamic environment

Business environment is dynamic and thus organizations need to adapt itself according to the changing environment. Employees often resist change (say no to change) as they are happy and satisfied but the management helps them to adapt these changes. 

3) Helps in fulfilling personal needs

Every person join organization for their personal needs and thus, manager leads the employees in a way that personal goals of employees are achieved while working towards the organizational goals.

4) Ensures team spirit and cooperation

Manager guides the employees in the direction of organizational goals achievement and unites the individual efforts and make them work in a team. This leads to cooperation between employees.

5) Increases efficiency

Manager helps in completing the task with minimum resources. He ensures optimum/ best utilization of resources. This is very important for the achievement of goals.

6) Increases effectiveness

Manager unites the individual effort and help them in achieving the goals on time. Management increases the effectiveness by helping in completing the task on time.

FUNCTIONS OF MANAGEMENT

1) Planning

Planning involves setting the goals in advance and finding ways to achieve these goals. It bridges the gap between where we are and where we want to reach. It involves peeping into future and looking ahead.

2) Organising

In organising, the organization structure is made. Manager organizes the resources and specifies who will do the specific task and at what time it needs to be performed. Organising of men, material and financial resources are required.

3) Staffing

Staffing implies finding the right person at the right time at the right job. Person with required qualification is hired for the specific task. This is also known as Human Resource Function. Putting right person at the right job is very important for the organization.

4) Directing

Directing involves guiding the employees to achieve the organizational goals. The manager leads and motivates the employees to bring their best for the organization.

5) Controlling

It involves checking the performance of the organization towards the achievement of goals. In it, the standard performance is compared with the actual performance. And if any deviation is found then corrective measures are taken to achieve the goals. 

LEVELS OF MANAGEMENT

1) Top Level Management

This is the top most level of management. The senior most managers of the organization like Board of Directors, Chief Executive Officer, Managing Director, President, Vice president, etc. are a part of this level. They set the objectives of the organization and are responsible for their achievement.
The tasks of top managers are very complex. It requires long working hours and great dedication.

2) Middle Level Management

Middle level managers are the link between top level management and low level management. They implement the rules and policies made by top level managers. They direct the low level managers towards achieving the goals. This involves Production head, Marketing head, Human Resource Manager, etc.

3) Low Level Management

Lower level managers are the lower level managers and top level workers. This involves foremen and supervisors of the organization. The workers can directly communicate their problems to the lower level managers.