The word ‘management’ describes it as a process of different activities in order to achieve a a goal successfully. If simply says management is all about ‘getting things done’ or it is the way of how one achieves a target.
Eg. How KFC increases it sales by 20% during the Christmas season.
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Today Management is considering as an art as well as a science. The term management may not have a long history. But people have used the concept behind this term specially during wars. In the other hand management was considered as an art of ‘managing men’.
Management focuses on the whole organization from both a short and a long-term standpoint. Management is the managerial process of establishing a strategic vision, objectives, formulating a strategy and then applies and performs the same.
Management theories can also be divided into two sets. One is the set that concentrates mainly on efficiency and another is the set that concentrates mainly on effectiveness. Efficiency is about doing things the right way. It involves eliminating waste and optimizing processes. Effectiveness is about doing the right things.
A good management style is a bring together of both efficiency and effectiveness. There is no point in acting efficiently if there is no efficiency.
Management is a very common activity in all aspects of human life including business, government, religion, and social institutions. Yet, there is no precise or universally accepted definition of management. Management comprises of a very wide variety of activities and techniques aimed at improving the efficiency and effectiveness of any type of work performed. Thus in business the management function aims to improve the profit, while in an organization like a public hospital, it is aimed at improving the quality and quantity of medical services provided. An individual also manages his or her own time, money, or other resources to maximise a variety of personal objectives like, earnings, professional advancement, or enjoyment.
Koontz and Weihrich (2004) define management as:
The process of designing and maintaining an environment in which individuals, working together in groups, efficiently accomplish selected aims.
The management function is useful for individuals also. However, as implied in the above definition, formal management function is required only when the work to be performed requires more than one person to work as a group for achievement of the objectives. For all such formal management, we can identify the following four main function or tasks within the overall management functions.
- Planning and decision making. This consists of finalizing the appropriate aims and objectives to be pursued and the means and methods to be adopted for achieving the chosen objectives.
- Organizing and staffing. Dividing the total work to be performed as decided or planned in jobs to be performed by different people in the organization, and designing the relationship between different members of the organization. It also includes finding the people to performed the job.
- Motivating or leading. This refers to ensuring that the people in the organization work as envisaged by the earlier two steps of planning and organizing.
- Monitoring and controlling. This is a function that is meant to ensure that all the other three functions of management are effective. It involves monitoring the work being performed, the results achieved, and the environment within which the work is performed. The information collected is then analysed to determine if the Work is progressing satisfactorily. In case the results obtained are not satisfactory, appropriate control action to improve the effectiveness of action in the other three functions is taken.
Koontz, H. and Weihrich H., 2004, Essentials of Management, Sixth Edition, Tata McGraw-Hill, New Delhi.