Business Management

What is management?

What is management?

Management is generally defined as a process which the interlocking function of planning, organizing, controlling, decision making, and directing an organization resources such as human resources, financial, physical, and information. Management consist of several interwoven competencies or distinct types of features such as setting and reaching goals in an effective and efficient way.

The five principles 

  • Planning: A process of choosing appropriate goals and actions to pursue and determining what strategies we can use, what actions we can take, and deciding what resources are crucial to achieve the goals.
  • Organizing: A process of coordinating task goals and activities to resources, that is to say, concertedness.
  • Controlling: It can be briefly defined as taking into account (an extraneous factor that might affect results) when performing an experiment. That is, improving performance, taking actions and so on.
  • Directing: Directing is to be the heart of management process which the managers or administrator guide, instruct, and oversee the performance of the workers to achieve predetermined goals.
  • Decision Making: It is the process of identifying and choosing alternatives based on the values, preferences and beliefs of the decision-maker. At the end of decision-makingprocess produces a choice which may or may not prompt action.

Is management associated with group efforts?what-is-management

Yet there remains some disagreement as to whether management is associated with group efforts. Although it is seen as appealing to many people, there are advantages as well as disadvantages because people as individuals manage many personal affairs, the group emphasis of management is universal. It should not be forgotten that it is often associated in places of work but it is actually from personal to relationships, from the house to your workplace to profitable organization and to non-profitable organizations.

Is management an art or science?

People often wonder whether it is an art or science, in fact, similar to each other and it will continue to be a subject of debate. Yet most of  thinkers agree that some form of formal academic management background helps in managing successfully. Therefore, the reason for including business degree programs in all academic institutions.

 

Organizational Structure for management

Organizational structure is important point for driving the business forward, on the other hand it is true that every organization has a structure. But no matter the organizationally specific title, organizations contain middle, top managers and sub-committees. Generally, the top management team are a CEO and a board of director levels. As can be seen clearly, visualize a pyramid model. The more you move toward the top of the pyramid, the fewer managers you have. All of these management roles have specific tasks and duties.

 

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *