What is Management?
Management is a technique of enabling a workflow in an integrated and coordinated manner for realizing the precise objectives through the productive use of fabric resources. Management helps achieve organizational goals effectively and efficiently through planning, organizing, staffing, directing, and controlling organizational resources.
Principles of management
The principles of management are:
- Division of Work.
- Balancing Authority and Responsibility.
- Discipline.
- Unity of Command.
- Unity of Direction.
- Subordination of Individual Interests to the General Interest.
- Remuneration.
- Centralization.
- Scalar Chain.
- Order.
- Equity.
- Stability of Tenure of Personnel.
- Initiative.
- Esprit De Corps.
This principles of management courses will give you an overview of management principles, including planning, organizing, leading, and controlling. You will learn how to apply these principles in your organization and create an effective management team.
Functions of Management
- Planning
- Organising
- Staffing
- Directing
- Controlling
Importance of management
- Optimum utilization of resources
- Reduces cost
- Establishes Equilibrium
- Helps in achieving group goals
- Established strong organization
Optimum utilization of resources
Management helps in maintaining effective use of skillsets and knowledge of experts and professionals to reduce wastage of manpower, material and all related direct and indirect costs. Management enables maximum utilization of resources by selecting its best possible alternate use in industry.
Reduces Costs
When the resources you use in terms of investment, transport, manpower and more are all noted down and calculated well in advance, there certainly would be no reason to see an increase in costs. Better yet, this helps an organization in maintaining effective utilization of manpower and machinery, thereby helping in reducing costs.
Established Equilibrium
Management as a function is responsible for growth and survival of organization. Management helps organizations adapt to changing demand of market / changing needs of societies. Thereby helping them thrive even as they experience change in market trends.
Helps in achieving group goals
The resources are coordinated, directed and controlled in such a manner that enterprise work towards attainment of goals. By defining objective of organization clearly there would be no wastage of time, money and effort.
Established strong organization
Management fills up various positions with right persons, having right skills, training and qualification. All jobs should be cleared to everyone. The sign of a good management system for an organisation , is spelt by the way it helps the organisation function well financially, as a team and as individuals.
Characteristics of management
- Management of people
- Management of work
- Management is multi-dimensional
- Management is all-pervasive
- Management of operations
- Management is a continuous process
- Management is a Dynamic Function
- Management is a group activity
- Management is an intangible force
- Management is a goal-oriented process
Objectives of Management
- Maintain discipline and moral
- Optimum utilization of resources
- Ensuring regular work flow
- Mobilizing best talent
- Minimize element of risk
- Improving performance
- Promotion of research and development
Levels of management
- Top level management
- Mid-level management
- Lower level
Functions of Top –level- Management
- Delegation and Empowerment of resources
- Change management
- Leadership
Functions of Mid- level- Management
- Performance management
- Team building
- Talent development
Function of Low-Level-Management
- Directing
- Controlling
Who is a Manager?
A Manager is a senior professional whose job role, revolves around planning, organising , evaluating the workflow of a team of professionals. In most cases , a manager is also responsible for department activities such as recruiting, selection and training.
Qualities of a good manager
1. Professional Efficiency: Professional efficiency refers to having a thorough knowledge of the field concerned. In management, professional competence involves being well-versed in management principles and the way these principles are often applied within the given situations.
2. Assurance in High Achievement: Quality managers have faith in high achievement. They have an internal locus of control, implying that they feel that they will control situations and, therefore, the situations cannot control them. They have a sense that if others can do something exceptional, they can also do it the same way. This faith instils confidence in them for doing better and better.
3. Creativity: Creativity involves conceiving original and unique alternatives to the answer to a problem. Creativity is necessary because the nature of problems goes on changing, requiring innovative solutions.
4. Analytical Skills: Managers need to add complex situations which contain both significant and insignificant factors. With analytical skills, quality managers could also be ready to identify those factors which are more relevant for his or her work.
5. Decisive: Quality managers are quite decisive. They make decisions after careful examination of the reference variables well in time. They do not waver between ‘what to do’ or ‘what to not do’ in a given situation.
6. Excellent Communication Skills: Communication involves sharing ideas and understanding with others. To know others and make yourself understood by others, excellent communication skills are required. Further, motivating communication may influence others favourably.
7. Lead from the Front: Good Quality managers lead from the front. They are recognized by their work instead of their words. This ability makes the followers follow the leaders enthusiastically.
8. Openness: Quality managers have a quality of openness. They are change-prone and not note change-resistant. Being open, they consider any beneficial idea and accept it from whatever source it comes from.
9. High Integrity: Quality managers have high integrity and adopt ethical practices in altogether types of decisions and dealings. Similarly, they expect an equivalent pattern to be followed by others.
10. Team-based Approach: Quality managers adopt a team-based approach. For work performance, they choose a give and take approach. They believe in developing themselves as well as others.
If you are looking to learn the answer to the question of what is management and what way you can use management in your daily life then sign up for our Online MBA Courses designed and delivered by industry experts.
