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Difference between revisions of "Management"

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*Coordinating: In this function, the management should ensure proper synchronization among all the departments. For this purpose, weekly meetings can be held with the managers of all the departments.
 
*Coordinating: In this function, the management should ensure proper synchronization among all the departments. For this purpose, weekly meetings can be held with the managers of all the departments.
 
*Controlling: The managers need to evaluate the performance of the personnel by establishing the standards, comparing the actual performance with the desired one and implement the corrective measures accordingly
 
*Controlling: The managers need to evaluate the performance of the personnel by establishing the standards, comparing the actual performance with the desired one and implement the corrective measures accordingly
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'''Layers of Management<ref>The Three layers of management [https://www.indeed.com/career-advice/career-development/what-is-management Indeed]</ref>'''<br />
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Large businesses and corporations often have three primary levels of management organized in a hierarchical structure. You may have heard terms that refer to these different layers of management,  such as “middle management” or “senior management.”
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*Low-level management: Low-level managers include roles like front-line team leaders, foremen, section leads and supervisors. This level of management, the lowest in the three layers, is responsible for overseeing the everyday work of individual [[Employee|employees]] or staff members and providing them with direction on their work. Low-level management’s responsibilities often include ensuring the quality of employees’ work, guiding staff in everyday activities and routing employee problems through the appropriate channels. They also are responsible for the day-to-day supervision and career planning for their team, as well as providing [[Performance Appraisal|feedback on their employees’ performance]].
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*Middle management: Middle managers, the next layer in the management hierarchy, are overseen by senior management. Middle management includes those working in the roles of a department manager, regional manager and branch manager. Middle management is responsible for communicating the strategic goals developed by senior management down the line to front-line managers. In contrast with senior management, middle managers spend more of their time on directional and organizational functions. This includes defining and discussing important policies for lower management, providing guidance to lower-level management to achieve better performance and executing organizational plans at the direction of senior management.
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*Senior management: Senior management, including the chief executive officer, president, vice president and board members, is at the top layer of this management hierarchy. Senior management needs to set the overall goals and direction of an organization. Senior management [[Strategic Planning|develops strategic plans]] and company-wide policy and makes decisions about the direction of the organization at the highest level. They also usually play an essential role in mobilizing outside resources and are held accountable to the company’s [[Shareholder|shareholders]] as well as the general public for the performance of the company.
  
  

Revision as of 18:03, 4 February 2021

Management can be viewed as an effort made for accomplishing the organizational goals, objectives and vision through planning, organizing, staffing, directing and controlling all the business activities accordingly.[1]


Fayol’s 6 Functions of Management[2]
Henry Fayol gave six managerial functions, which are performed in almost every organization. Therefore we can say that these functions are universally applicable. Let us now understand each of these in detail below:


Fayols 6 Functions of Management
source: The Investors Book


  • Forecasting: The first function is to analyze the present and past information to predict the future and plan accordingly.
  • Planning: The top management plans a suitable course of action, based on the business forecast.
  • Organizing: The management next needs to systematically arrange the resources, i.e., raw material, capital and human resource as per the planning.
  • Commanding: The managers give instructions, directions and orders to the subordinates in this function.
  • Coordinating: In this function, the management should ensure proper synchronization among all the departments. For this purpose, weekly meetings can be held with the managers of all the departments.
  • Controlling: The managers need to evaluate the performance of the personnel by establishing the standards, comparing the actual performance with the desired one and implement the corrective measures accordingly


Layers of Management[3]
Large businesses and corporations often have three primary levels of management organized in a hierarchical structure. You may have heard terms that refer to these different layers of management, such as “middle management” or “senior management.”

  • Low-level management: Low-level managers include roles like front-line team leaders, foremen, section leads and supervisors. This level of management, the lowest in the three layers, is responsible for overseeing the everyday work of individual employees or staff members and providing them with direction on their work. Low-level management’s responsibilities often include ensuring the quality of employees’ work, guiding staff in everyday activities and routing employee problems through the appropriate channels. They also are responsible for the day-to-day supervision and career planning for their team, as well as providing feedback on their employees’ performance.
  • Middle management: Middle managers, the next layer in the management hierarchy, are overseen by senior management. Middle management includes those working in the roles of a department manager, regional manager and branch manager. Middle management is responsible for communicating the strategic goals developed by senior management down the line to front-line managers. In contrast with senior management, middle managers spend more of their time on directional and organizational functions. This includes defining and discussing important policies for lower management, providing guidance to lower-level management to achieve better performance and executing organizational plans at the direction of senior management.
  • Senior management: Senior management, including the chief executive officer, president, vice president and board members, is at the top layer of this management hierarchy. Senior management needs to set the overall goals and direction of an organization. Senior management develops strategic plans and company-wide policy and makes decisions about the direction of the organization at the highest level. They also usually play an essential role in mobilizing outside resources and are held accountable to the company’s shareholders as well as the general public for the performance of the company.


See Also

14 Principles Of Management
Management Accounting
Management Buy-Out
Management Concepts Top-10
Management Consulting
Management Development
Management Metaphors
Management Model
Management Style
Management Succession Planning
Management by Exception (MBE)
Management by Objectives (MBO)
Management by Wandering Around (MBWA) IT Strategic Planning
e-Business Strategic Planning
Governance of Information Technology (ICT)
What is Enterprise Architecture Planning
Information Technology Sourcing (IT Sourcing)
Information Technology Operations (IT Operations)
Chief Information Officer (CIO)
Leadership

  1. Definition - What is the meaning of Management The Investors Book
  2. Fayol’s 6 Functions of Management he Investors Book
  3. The Three layers of management Indeed