What is business management?
Business management is the task of ensuring effective and efficient running a business enterprise. Although, there are unlimited varieties of business enterprise with equally unlimited variety of operations carried out in them, some common managerial functions can help to improve the performance of each and every enterprise. As a matter of fact these common functions are also equally applicable and useful for non-business enterprises also.
we can group all the jobs performed by a manager in following four broad functions.
- Planning or decision making.
- Organizing and staffing.
- Motivating or leading.
According to Fayol "to manage is to forecast and plan, to organize, to coordinate and to command"
"Management is the art of knowing what you want men to do in the best cheapest way" Given by Taylor.
Management is an accumulation of various tasks undertaken in order to run an organization smoothly. It not only includes planning and decision making but also enforcement of the undertaken decisions in the organization without occurring any distortion, moreover it comprises of organizing human and natural resources in the direction of achievement of vision by paving a feasible mission and alongside leading, directing, staffing and controlling the organization.
Management is integrated, continuous, social process, and an informal, inter-personal and decision making activity. It is an art that includes practical knowledge, personal skills, creativity,goal orientation, and practice. Moreover, it is also a science that is based on generally accepted principles, includes cause and effect relations, test of validity and predictability, experimentation and observations. Some even consider management as a group of people who run the organization, or a while complete discipline, with its own set of instructions and order. While, it is also a profession based on specialized knowledge, formal education and training, social obligations, following code of conduct and being a part of some group of representatives.
In short, Management is a very vast concept and includes a million things, it is so descriptive in itself that a single para can never explain its true identity and significance.