Whenever a human or non-human resource works together, management is required. Management is an essential element in every organization, whether it is a small business or a giant multinational corporation. Management can be defined as a set of principles and practices, which determine the effectiveness of an organization. It is also a dynamic function, which can adapt to changes in the environment.
Management is an intangible force that brings together a group of people to accomplish a common goal. Its aim is to produce a surplus and create value. There are different levels of management, and each level aims to organize the activities of a business. These levels of management include senior executives, front-line managers, middle managers, and department managers. The top management of an organization, typically the board of directors, hires and oversees senior management. It also develops strategic plans and coordinates the activities of the different departments.
There are four basic functions of management: planning, leading, organizing, and controlling. Planning involves determining the goals of the organization, determining the resources to accomplish the goals, and generating plans for action. Leading involves determining the tasks that need to be accomplished and directing others to accomplish those tasks. Organizing involves establishing worker relationships, generating plans for action, and identifying the resources needed for completing the tasks. Controlling involves measuring the performance of subordinates and correcting them if needed.
The functions of management are closely interrelated. Planning, leading, organizing, and controlling are all necessary in order to make the business run efficiently and effectively. The effectiveness of management is measured by the performance of tasks, and completion of tasks in specific timelines. This can be accomplished by effective management, which promotes team spirit, cooperation, and commitment to achieving the goals of the organization.
Management involves the coordination of all the resources available to a business. The managerial resources of a firm determine its profitability. Effective management can improve the productivity of an organization, improve employee satisfaction, and improve the overall ease of operation. Moreover, management helps the firm to adopt new technologies, produce quality products, and create employment opportunities for the underprivileged.
Management as a concept has developed a number of viewpoints over the years. Its assumptions have been challenged by critical management studies and anti-corporate activism. It has also been criticized by those who view management as a class-and-status system. This view is based on the ideas of classical economists such as Adam Smith and John Stuart Mill. The classical approach to management focuses on profit.
The modern approach to management focuses on the principles of efficiency, flexibility, and productivity. This approach seeks to increase productivity across the entire spheres of an organization. It also seeks to reduce costs, which helps the firm to remain competitive. Moreover, management helps to develop the society alongside the organization, allowing employees to better themselves.
There are two types of management: democratic and constitutional. Democratic management is characterized by concern for participation and consistency in dealings with working groups. It is often considered as a class-and-status structure, whereas constitutional management is characterized by concern for consistency in dealings with working groups.