Managmt Def
Managmt Def
Explained
What Is Management?
Management is the process of planning and organising the resources,
operations and workflow of a business to achieve specific goals in the
most effective and efficient manner possible. Efficiency in management
refers to the completion of tasks correctly and at minimal costs.
Effectiveness in management relates to the completion of tasks within
specific timelines to yield tangible results.Related: How To Become a
Manager (With Essential Skills To Master)
Characteristics Of Management
Some of the fundamental characteristics of management are as
follows:
Multi-dimensional
Dynamic
Intangible
Management is not a tangible product, but its presence can change the
way an organisation functions. Management consists of ideologies,
policies and human interaction. Good management helps improve a
company's target achievement ratios, employee gratification levels and
overall ease in the company's operation.Related: What Is The
Classical Theory Of Management? (With Benefits)
Objectives Of Management
Management can have mainly three types of objectives:
Organisational objectives
Social objectives
To an extent, the management is also responsible for creating benefits
for the society through their work. Companies choose to do this in
different ways. Some may incorporate environment-friendly methods
of production, while others implement fair wages and opportunities.
Larger companies often maintain or fund initiatives that provide basic
amenities like healthcare and education. Based on the scale of their
operations, companies often initiate CSR (Corporate Social
Responsibility) campaigns that benefit society in different ways.
Personnel objectives
Importance Of Management
Here are some reasons management is important:
1. Top management
2. Middle management
3. Operational management
Functions Of Management
The purpose of management is to unify the efforts of different
individuals in an organisation towards achieving a common goal. These
are some functions of management:
Planning
Prioritise organisation
Improve staffing
Provide direction
Monitor quality
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