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Management

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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]


Other Definitions of Management

Views on the definition and scope of management include:

  • Henri Fayol (1841-1925) stated: "to manage is to forecast and to plan, to organise, to command, to co-ordinate and to control."
  • Fredmund Malik (1944- ) defines management as "the transformation of resources into utility". Management is included as one of the factors of production – along with machines, materials and money.
  • Ghislain Deslandes defines management as "a vulnerable force, under pressure to achieve results and endowed with the triple power of constraint, imitation and imagination, operating on subjective, interpersonal, institutional and environmental levels".
  • Peter Drucker (1909–2005) saw the basic task of management as twofold: marketing and innovation. Nevertheless, innovation is also linked to marketing (product innovation is a central strategic marketing issue). Peter Drucker identifies marketing as a key essence for business success, but management and marketing are generally understood as two different branches of business administration knowledge.[2]
  • Van Fleet and Peterson define management, ‘as a set of activities directed at the efficient and effective utilization of resources in the pursuit of one or more goals.’
  • Megginson, Mosley, and Pietri define management as ‘working with human, financial and physical resources to achieve organizational objectives by performing the planning, organizing, leading and controlling functions‘.
  • Kreitner’s definition of management: ‘Management is a problem-solving process of effectively achieving organizational objectives through the efficient use of scarce resources in a changing environment.’
  • According to F.W. Taylor, ‘ Management is an art of knowing what to do when to do and see that it is done in the best and cheapest way ‘.
  • According to Harold Koontz, ‘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 and can co-operate towards attainment of group goals.‘


Fayol’s 6 Functions of Management[3]

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[4]

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


References

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