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Management is an individual or group of individuals that take responsibility to run an organization. It control or direct a business in order to achieve the goals of a business. They plan, organize, direct and control all the basic activities of the business.
Management can be defined as the art of getting things done through others. This means the basic understanding between the employer and the employee in a business.
Management involves creating an internal environment inside the company among the employees. It is the responsibility of management to create targets so that the employees are able to perform their task effective and efficiently.
Why Management is Important for a Business
Management is required whenever two or more people work together to achieve a common target. It is the mutual understanding between the employer and the employee to achieve goals and targets to the business.
Management requires team work and coordination among employees to create confidence. It creates a comfortable environment for the employees to work. And perform their tasks effectively and efficiently.
Without a management the resources will remain resources and cannot be manufactured.
The management helps to create best use of resources to minimize the cost of business and maximizes the output level.
Management provides leadership and motivation to the employees in the business. The employer motivating the employees in the business will make the manufacturing of the product fast and easier. This will make the company successful.
Management helps to create the best use of the resources, which minimizes the cost of the business and maximize the output of a business. For example, a highly branded factory producing cloths which have minor error while manufacturing and are sold to small businesses.
Management helps to promote good will of the business. Due to the increase in the size and the complicity of the business, the scope of the business expands. And also helps to increase the volume of sales in a business.
Business runs in a constantly challenging environment. It creates risk and provides opportunity to expand the business
Definition of Nature of Management
Nature of management is a process of planning and supporting an environment in which individuals working together in groups, and achieving selected goals and targets in a business.
Natures of Management in different businesses
As a process
Management as a social process.
This process in concerned in developing relationships among people. It can be among employer to employee or employee to employer. The duty of management is to make interaction between employee's productivity and obtaining goals by interacting them. The manager's duty is to set targets and achieve them by taking action through the employees.
Examples, interacting people in social events
Arranging staffs parties to improve social interaction between superior to their subordinates.
Management as an integrating process
This process unites a business environment system, allowing a business to work in a single unit with combine goals. Integrating needs the effort of all the individual of a business. That means group effort by employees to achieve goals set by the top level management.
Management as a continuous process
Continuous process is a never ending process to improve business environment. It is the effort of identifying the problems and solving them by taking action
A communication link between the superiors to their subordinates for an effective business enterprise. This is providing information or delivering information from vertically and horizontally.
Vertically means communication between the top level management to lower level. Example, communicating a lower level employee to their managers or CEO of the business.
Horizontally means communicating with in the same level of management.
Two employees from HR department communicating each other. Or employee from HR department communicating to their HR manager.
This is a continuous decision making process to handle problems among employees in a business. Managers are involved in solving problem, since the decisions taken by one manager are affected by the other in taking action.
Example, marketing manager deciding to advertise in media.
This means personal activities among the employees. Management involves achieving goals through people. Therefore, managers have to interact with superior as well as to their subordinates to maintain good relationship between each other in order to achieve targets and goal to the business.
Example, Bonuses to be given to the sub-ordinates.
Management has emerged as a specialize branch of knowledge. It compromises the principles and practices for effective management of organization. Management offers a rewarding and challenging career. Management has become a very popular field of study. It comprises principles and practice for effective management of organization.
Management as a group refers to all those persons who perform the task of managing a business. In common practice management includes only top management. However, tasks or responsibilities are divide upon different individual. Successful completion of a job required efforts from all employees related to the particular task/job.
Management is an Art because it involves
Practical Knowledge: (theory vs. practical)
Personal Skill: (own style, talents, skills)
Perfection through practice:
Functions of management.
In management there are specific steps to gain success. There are four main steps to achieve targets in a business. They are:
Planning means thinking in advance. It is the function deciding the objects to be achieved. Looking ahead and shaping out future of action in a business. Planning involves in advance what, when, where, how, and who to do it to achieve the desired result.
Importance of Planning
Planning increases the efficiently of an organization. It helps to minimize the wastage of resources. Aim of planning is to get the products at lower cost as possible.
It reduces the risks involved in business. Planning helps to forecast the risk and helps to take necessary actions to avoid risks
It provides proper coordination between the employees in a business to gain success
Planning helps to take the correct decisions to the business. It provide right guidance to their subordinates to achieve targets.
It saves time
Organizing is a process of identifying, defining and grouping the activities of a business. It is creating relationships between the superior to their subordinates. The organizing involves dividing the activities among the employees and creates responsibility among them.
Importance of organizing
Helps to achieve organizational goals. It focuses on individual's performance in the business.
Works should be divided among the employees and the right jobs should be given to the right people to perform to reduce the wastage of the business.
To perform as a managerial function. It helps to identify the position of every manager and the work to be done.
A good organizational structure expands a business activity.
Will lead to have a effective administration in managment
Directing / Leading
Directing means giving instruction, guidance in order to get the work done through people. It also means counseling, motivating and leading the employees to achieve organizational goals.
Another name for directing is leading. Leading involves leadership in team to achieve targets.
Importance of directing
Helps to achieve targets and initiate action to get the result from employees.
Identifies the maximum capacity of employees to achieve targets of each individual.
Creates motivation among employees to improve performance.
Directing helps to solve problems and create balance in the business.
Controlling is checking the current performance against standards. It is making sure the behavior is strictly controlled by the management. Controlling involves taking measurement of the performance, correct action and evaluation of performance of the employees, getting the feedback about the performance whether the employees have performed well or not.
Importance of controlling
Provide feedback on performance of employees
Helps to check errors and take corrective action
Reduces the risk involves in controlling.
Steps in Planning Process
Planning function of management involves following steps:-
Establishment of objectives
Planning requires a regular approach. The initial step starts with the setting of goals and objectives to be achieved. Objectives provide a reason for undertaking various activities as well as pointing out direction of efforts. Objectives focus on the end results of managers and should be stated in a clear and accurate language. For example, Number of products produced, amount of people working, wages given to the employees etc. Such goals should be specified in qualitative terms.
Choice of alternative course of action
These actions are directed towards solving problems when managing a work. Before starting to identify the action to be taken, it is good to clarify the purpose of the action. That's the problem to be solved or the target to be achieved.
Formulation of derivative plans
Derived plans are the secondary plans which help in the achieving purpose. It will flow from the plans which are meant to support the achievement. These detail include policies, procedures, rules, budgets, schedules, etc. it shows time schedule in different tasks.
Advisable to take responsible employees to go with these plans. The employees feel motivated as they are involved in decision making process. The organization may be able to get valuable feedback from the employees by involving. Also the employees will be more interested in the performing in these plans.
Follow up/Appraisal of plans
After choosing a particular course of action, it is put into action. After the selected plan is implemented, it is important to appraise its effectiveness. This is done on the basis of feedback or information received from departments or persons concerned. This enables the management to correct deviations or modify the plan. This step establishes a link between planning and controlling function. The follow up must go side by side the implementation of plans so that in the light of observations made, future plans can be made more realistic.
A manager is a person who is responsible for planning and organizing the works of an individual of a business, monitoring their work and taking necessary actions
Managers manage people in business
Managers have employees
Subordinates are the followers of managers
All managers are leaders
Managers have good ideas and react to changes
Managers communicate with their employees in any situation
Managers direct groups in business
Managers are focused on their goals and objectives
Managers have the power to hire and fire an employee in the business
Managers motivates the employees to achieve targets in the business
Appeals to the head
Set plans with details
Focus on system and reaching goals
Talk about the performance and to do the things right.
A person who initiate ideas, thinking, thoughts and action to others to achieve success. The action of leading a group of people or organization towards a common goal. Leader's job is to inspire and motivate the employees in business. They show the right path to be travelled.
Leads people, group of people who leads with leaders
Create change in the business
Leaders are not managers
A leader is only concern in group goals and individual satisfaction
Leaders influences people to work for group objectives
Leaders motivates employees to achieve targets individually
Create new ideas
Initiates action to take the first step
Create confidence among employees
Create shared focus
Develop powers with people
Herzberg Motivation Theory
According to be Herzberg theory, in order to increase employees satisfaction level, there are two factors needs to be presented.
Hygiene factors are based on the need to for a business to avoid unpleasantness at work. If these factors are considered inadequate by employees, then they can cause dissatisfaction with work.
Hygiene factors include:
Company policy and administration
Wages, salaries and other financial remuneration
Quality of supervision
Quality of inter-personal relations
The five factors that lead to job satisfaction and higher levels of motivation. These factors are neutral if they are not activated. They are primarily intrinsic factors:
the work itself;
Motivation and improve the performance level of his/her subordinates
Providing opportunities for achievement;
Recognizing workers contributions;
Creating work that is rewarding and that matches the skills and abilities of the employee;
Giving as much responsibility to each team member as possible;
Providing opportunities to advance in the company through internal promotions;
Offering training and development opportunities so that people can pursue the positions they want within the company.
Writing appreciation letter
Giving them bonus