Management

The art of getting things done through other people

Nature of Management
For the progress and prosperity of any business, management is the most important of all. Resources on their own cannot provide results. There is a need to coordinate these resources into efficient and profitable results.

Meaning of Management :
Management means to manage things tactfully and technically. It is the art of getting the work done through others people. Management co-ordinates economic resources efficiently to improve work performance. It brings all the resources together i.e. -men, material, machines, market, methods, money. Popularly known as 6Ms

Nature/Features of Management
A system of authority: A manager is expected to get work done from others. He enjoys the authority to command the activities of his sub-ordinates.

As a process: Management is a process because it handles activities systematically. Activities of a firm can be divided as operational and managerial activities. What are operational activities? And what are managerial activities?

Characteristics of Management
Management is a process: Management is a process and not merely a body of individuals. Those who perform the process are called managers. Management process includes planning,organizing,directing,etc. activities to achieve a common goal.

Management is a social process: Management takes place through people. A managers job is to get things done from other people. It is this human element which gives management a social aspect.

Management is action-based: Management is a result oriented concept and is always for achieving certain objectives in terms of sales,profit,etc. It gives importance to the actual performance.

Management is a group activity: Management is not an isolated activity but a group activity. It aims at using group activities for achieving objectives.

Management is intangible: Management is not directly visible but its presence is felt across the organization. It is intangible. It is like an invisible spirit, which guides and motivates people working in a business unit.

Management is aided, not replaced by computers: The computer is an extremely powerful tool that aids a manager. However, it cannot replace management.

Management is all-pervasive: Management is comprehensive and covers all departments,activities and employees. Managers work at different levels but their functions are identical.

Management is an art, science as well as profession: Its an art as certain skills are required to perform the task. Its a science because it is an organised body of knowledge. Its profession as it requires proper code of conduct, experience and knowledge.

Management is innovative: Management techniques are innovative and dynamic. A manager uses various new methods for carrying out his job efficiently.

Management has different operational levels: The managers job is basically the same in nature. However,a manager at a higher post has more complex situations to handle whereas the lower level managers deals with simpler tasks.

Management is different from ownership: Managers are not owners but they manage the business on behalf of the owners. Management and ownership is kept separate in most organizations.

Management aims at achieving pre-determined objectives: Management is a meaningful activity. Every organization exists for the attainment of some objectives which are fulfilled by an efficient and effective management.

Importance of Management
Optimum use of resources: Management ensures the optimum utilization of human and physical resources,which in turn leads to progess and prosperity. Wastages are eliminated or minimized.

Competitive strength: Management develops competitive strength in an enterprise. This enables an enterprise to develop and expand its assets and profits.

Cordial industrial relations: Management develops cordial industrial relations,ensures better life and welfare to employees and raises their morale through suitable incentives.

Motivates employees: It motivates employees to take more interest and initiative in the work assigned and contribute for raising the productivity and profitability of the business.

Expansion of business: Expansion,growth and diversification of an enterprise are possible only when the management is effective. It creates a good corporate image for the company.

Stability and Prosperity: Efficient management brings success, stability and prosperity to an organization through cooperation and team spirit among employees.

Team spirit: Management develops team spirit and raises the overall efficiency of the business.

Effective use of managers: Management ensures effective use of managers so that the benefits of their experience,skills,etc. are available to the enterprise.

Smooth functioning: Management ensures smooth, orderly and continuous functioning of an enterprise over a long period.

Reduces turnover and absenteeism: It reduces labour turnover and absenteeism and ensure continuity in the business activities.

Management is an Art
Art is the most creative of all human pursuits. It is a technique of using: information knowledge expertise experience

Justification
Management is creative: It is an art of decision-making. Every manager has to decide the best available options.

Justification
Management is based on three factors: Management like art, is based on three factors: judgement feeling intuition.

Justification
Management is innovative. Management involves the use of skills, knowledge and intelligence.

Management as a science
Science is defined as an organized body of knowledge pertaining to a specific area, critically tested and generalized into theories,laws and principles.

Justification
Scientific methods for decision making Management is a body of knowledge Universal application of management principles.

Levels of Management
Levels of management are the convenient platforms the purpose of managing the activities of business. This brings the division of work in the organization.

Three levels of management

Top Level Board of directors/CEO COO

Middle Level Management Dept. Heads,Advisors,Executives

Lower level Management Foremen/first line supervisors

Top Level management

Top level Management is the ultimate authority in an enterprise. It finalizes the overall objectives and formulates the master strategy and broad business policies.

Top Level management-Main functions

Determining the business objectives Formulation of business policies and preparation of plans for achieving the objectives. Designing an appropriate organizational framework. Bringing together resources to put plans into practice. Exercising effective supervision over all the departments. Introducing suitable remedial measures, if shortfalls are noticed.

Middle Level Management

The middle level management comprises of heads of departments such as production,marketing and finance manager. These managers are expected to understand and support the ideas and policies of the top management.

Functions of Middle level management

Selection of efficient executives and staff. Introduction of proper procedures and operating routines for orderly functioning of the departments. Motivating personnels for higher productivity and rewarding them. Collecting reports,statistical information and similar other records about the work done in the department and forwarding the same with necessary observations to the top management. Securing better performance by revising departmental policies.

Lower Level Management

The lower level management includes foremen, supervisors and sub-departmental executives assisted by workers and clerks. Their authority is limited. They have to abide by the decisions taken by the higher management.

Functions of Lower level management

Directing and supervision over the entire work force in the factory, in the office and in the sales field. Acting a link between the higher management and the workers. Communicating the managements decisions and policies to the workers. Reporting actual performance of the workmen alongwith their difficulties and problems to the higher level management. Maintaining discipline amongst the workers.