Management is the administration of an organization, whether it is a business, a not-for-profit organization, or a government body. This abstract will introduce you to characteristics of management, its features, approaches, and principles.
Management is an interdisciplinary approach. Principles of management are of universal application. Management also includes scientific methods, human relations, and quantitative techniques.
Hence, we can easily say that management is a basic need for any business! So let us learn more about management!
What is Management?
The term management refers to the activities involved in the general functions given below:
- Planning goals, objectives, methods, resources. They carry out methods, responsibilities, and dates for the completion of tasks.
- Organizing resources to achieve the goals in maximum order.
- Leading towards the direction for the benefit of the organization, groups, and individuals and also influence people to follow that direction.
- Controlling and coordinating the organization’s systems, processes, and structures to effectively reach goals and objectives. This includes an ongoing collection of feedback and monitoring and adjustment of systems, processes, and structures.
Also Read : Deferred revenue expenditure
Significance of Management
- Management plays a vital role in modern society. It regulates man’s production.
- Without the leadership provided by management, the resources of production remain insignificant resources and never become creations.
The effectiveness of management has a significant impact on society’s well-being.
By improving the performance of the production components, management helps society obtain a better and larger supply of goods. As a result, it advances social welfare.
It is true that management can get more output from a given set of human and material resources with less effort.
Features of Management
1. Organized activities
• Management is a process that involves structured operations.
• Two groups of people cannot interact without planned activities.
• Management emerges from efforts to achieve a unified goal.
• The structure of the organised activities might range from being extremely loosely knit to being very rigidly structured.
2. Existence of Goals
• There should be a set of goals that the coordinated group activities are aimed at achieving.
• Without objectives, it becomes challenging to predict the future course of organised group activities.
• This goal accomplishment was the result of the coordinated efforts of the individuals that make up an organisation.
3. The Relationship Among Resources:
• To create specific relationships among the resources that are available, organised actions designed to achieve shared objectives are used.
• Resources include cash, equipment, supplies, and people.
• Those who manage have access to all of these resources.
• To achieve the required objectives, managers put their expertise, experience, and guiding principles to use.
• As a result, other resources are used in the management of human resources.
4. Working With And Through People:
• Working with people is a part of management.
• Additionally, it involves people completing predetermined goals.
• Assigning tasks to subordinates is the principle of working via others.
• Because of planned actions, organisations establish relationships between superiors and subordinates.
5. Making decisions:
• The management process involves making decisions at various levels to allow others to fulfil tasks.
• Making decisions includes choosing the best option from a range of options.
• Decision-making issues are not raised if there is only one option.
• The effectiveness of the organisation and how well managers make decisions are both influenced by the quality of the alternative they choose.
Characteristics Of Management
Management is a process of organized activity that is concerned with the efficient use of resources and production. Resources include materials, money, and people in the organization.
It is a deliberate action; by its guiding and regulating, it aims to achieve objectivity. Objectives may be stated publicly or implicitly by the organisation.
It is concerned with a group’s effort:
It is not concerned with the direction of things; it is concerned with the management of people. It encourages and motivates employees to put out their best effort in order to optimise productivity.
Management is completing tasks:
The art of management is to complete tasks through and with people. In other words, a manager delegated operating tasks to others rather of performing them themselves.
It employs economic theories:
Applying the economic concepts that guide the control of people and resources in the enterprise under examination is the art of management.
Entails making decisions:
Management requires making decisions about a variety of management-related issues. All management functions entail decision-making because management is a decision-making process.
It coordinates all activities and resources:
Through its different functions, it is concerned with coordinating all activities and resources in order to achieve the stated goals.
Applications Of Management
To Increase Efficiency
The established principles of management provide managers guidelines as to how they should work in different situations. These principles increase managerial efficiency.
To Crystallize The Nature of Management
Managers are given recommendations on how to act in various circumstances by the established management principles. These guidelines boost managerial effectiveness.
Since management is a component of society, it both contributes to and receives from society. As a result, the standard of society is dependent upon the effectiveness of management. The resources of society are used more effectively when management is effective. Increasing society’s satisfaction and raising people’s quality of life as a result.
To Carry Researches
When the scope and boundaries of a subject are established and some essential concepts are formed, these serve as the foundation for further research. However, without management, research is challenging and knowledge cannot be developed in the future.
To Attain Social Objectives
Since management is a component of society, it both contributes to and receives from society. As a result, the standard of society is dependent upon the effectiveness of management. The resources of society are used more effectively when management is effective. Increasing society’s satisfaction and raising people’s quality of life as a result.
Management as a Profession
Management is regarded as profession. The various characteristics are as follows:
Ethical codes:
There are some ethical standards for each profession, and each member of the profession is expected to uphold these norms. The necessity for ethical norms derives from the reality that certain professions provide their practitioners a certain amount of power due to their competence, and that this power can be expensive to society.
Service motive:
While professional activity is prohibited by ethical codes, the service motive concept contends that professionals should consider the interests of society when setting prices for their services. It is necessary because, in the absence of market processes other than competition among professionals themselves, it is difficult to gauge the financial worth of professional services.
Conclusion: Characteristics Of Management
Management is needed for an instituted life. The coordination of an organization is determined objectively, efficiently, and thoroughly by the process of Management.
At the end of this abstract, you are aware of management, characteristics of management, its features, its significance and its applications!
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