Importance of Management
In order to give sophisticated life to people
and a wide choice of consumption goods the good management improves the
standard of living. Management carries ethical (rules of conduct) and moral
behavior. Management was important in old societies also. However, the
emergence of large sized organization and the changing nature of society and
its constituents have made managing the things an uphill task. Even classical
management experts have recognized it long back. For example : Urwick stated
that “ No ideology, no ism or political theory can win grater output with less
efforts from a given complex of human and material resources, only sound
management. And it is on such grater output that a higher standard of life,
more leisure, and more amenities for all must necessarily be found”.
The Concept of Management
 |
| MANAGMEENT |
Management has been dissected and described
in many ways. Some describe management as a division of areas of responsibility
such as production, marketing, finance and personnel (staff employed in institute).
Others view management as coordinating and effectively utilizing available
resources such as:
i) Material ii) Machinery iii) Manpower iv)
Money v) Methods, and vi) Markets.
This approach often called the Six M concept. So
Management is the process of achieving desired results with the use of
available resources by performing the basic elements or functions of management
as follow:
 |
| ORGANIZATION |
1.
Planning
2.
Organizing
3.
Directing
4.
Coordinating
5.
Controlling
6.
Communicating
7.
Motivating
On
the whole management is seen as the body of knowledge.
Other Functions of Management
 |
| DECISION |
- Decision making: It is the process by which a course of action is consciously chosen from the available alternatives for the purpose of achieving the desired results.
- Staffing: It is the process by which the managers select, train, promote and retire subordinates.
Objectives of Management
The
primary objective of management is to run the enterprise smoothly and to
maximize profit.
 |
| STAFF |
1.
Proper utilization of resources
2.
Improving performance
3.
Mobilising best talent
4.
Planning for future
5.
Development of resources
6.
To incorporate innovations
7.
To integrate various interest groups
8.
Stability in the society. New inventions replace old ones
9.
Technology, social process and structure are fast changing, so these changes
need to be incorporated
10.
Various interest groups (shareholders, employees, government compete with each
for larger share in output. So these need to be integrated)
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