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DEFINITION OF MANAGEMENT: WHAT IS MANAGEMENT?

Management is not an easy profession. Everybody wants to be managers but once they get there, they soon realize that things are not as easy as it appeared to be. To be a manager is not for the faint hearted. As a manager you will soon realize that, you cannot make or keep everybody happy. There will be high expectations from all fronts-from your management, peers, subordinates, colleagues and external entities. You will have to survive inside all of that and even thrive.

To put it in more formal terms, management is a profession that gives you all the skills you might need to manage a business, enterprise and people.

WHAT ARE THE DIFFERENT TYPES OF MANAGEMENT?

Strategic Management: Strategic management deals with strategy formulation and execution of an organization with the objective of progress and maintaining competitive advantage.

Sales Management: Managing the sales teams, accounts, and territories.

Marketing Management: It deals with managing the marketing promotions, strategies, products, and brands.

Public Relations: Management of communication between the public and the company.

Operations Management: It deals with managing the production of services and goods, covering everything from manufacturing to sale.

Supply Chain Management: Management of the entire movement of goods and services from supplier to consumer.

Procurement Management: Management of how goods and services are acquired from external sources.

Financial & Accounting Management: Management of financial and accounting teams and processes.

Human Resources Management: It deals with attracting, recruiting, training, rewarding, compensating, and managing the activities of employees.

Information Technology Management: Management of information technology teams and processes.

R & D Management: Managing the research and development teams and activities.

Engineering Management: Management of all the applications of engineering.

Project Management: It deals with the planning and control of projects.

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Program Management: Managing the online portfolios of activities and projects.

Risk Management: It deals with recognizing, observing, and controlling the negative consequences of processes and objectives.

Change Management: Applying a structured approach to commercial change, change management helps the organizations by making the transition to target states exceptionally smooth.

Quality Management: Managing the quality planning, improvement, control, and assurance.

Innovation Management: Managing all the innovation processes, including strategizing, organizational change, and research and development.

Design Management: Managing the design processes, including designing a new product.

Facility Management: Managing the facilities such as data centres and offices.

Knowledge Management: It deals with identification, construction, distribution, representation, and employing knowledge.

PRINCIPLES OF MANAGEMENT ASSIGNMENT HELP

Division of Labor: This principle states that to improve product quality, work must be segregated amongst the workers. Division of work enhances the efficiency, productivity, speed, and accuracy of the employees.

Authority and responsibility: These are the two primary aspects of Management. Authority and responsibility enable the Management to work in an efficient manner within the stipulated time frame.

Discipline: It is the core value of Management as nothing can be accomplished without discipline. The sensible interrelation and good performance facilitate the job, making them progress with smooth and comprehensive functioning.

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Unity of command: Every employee must be supervised by only one boss as more than one boss might create confusion and lead to a conflict of interest.

Unity of direction: Every employee working in an organization should have a unified objective and motive, as it will facilitate the work and help them achieve the goal very easily.

Collective interest: Every organization must work unitedly towards the company's goal rather than following personal interest.

Remuneration: Remuneration, either monetary or non-monetary, plays a significant role in enhancing the efficiency of the employees as well as motivating them. Remuneration must be in accordance with the efforts of the individual.

Centralization: The Management or authority of an organization that is responsible for formulating decisions must be neutral; there should also be a balance between the division of power and hierarchy.

Scalar chain: The hierarchy of any company must be from top to low so that every employee is aware of their immediate senior and can contact them easily.

Order: To maintain a good work culture in order to enhance productivity, a well-defined work order must be maintained in the organization.

Equity: The manager of the company must ensure that all the employees are treated respectfully and equally; no one should face any discrimination.

Stability of tenure: The Management of an organization must ensure that job security is offered to every employee, as high job security enhances the efficiency of the employees.

Initiative: Every employee must be supported and encouraged by the Management to take new initiatives for the organization. It will make them worthy and enhance their interest.

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CHARACTERISTICS OF MANAGEMENT

Pervasive: Management is universal; it is not restricted to the business firms but also deals with other profit-making, non-profit making, business or non-business entities such as hospitals, houses, schools, and clubs.

Goal-oriented: Management aims to achieve the objectives of the organization; the activities and functions of a manager enable the organization to achieve its goals.

Continuous process: Management is a never-ending process; the managers perform all the functions of Management in a continuous manner.

Multi-dimensional: Management is not limited to only one activity but involves three major activities including,

Management of work: Management activities that help an organization achieve its goals, depending on the nature of the business.

Management of people: Human resources tend to be the most important asset of an organization; it is the efficient employees of a company that makes them stand out. Management deals with taking care of the needs of the employees.

Management of operations: Management of operations mixes the Management of work with the Management of people, enabling the employees to perform their activities of the production cycle effectively.

Group activity: Group of people who are involved in managerial activities is referred to as Management. A single individual cannot perform all the management functions; it is a combination of roles performed by a group of individuals affecting every individual of an organization.

Dynamic function: The external environment, such as the economic, social, political, and technical environment, affects the Management to a great extent, so all the technical activities, goals, and objectives of a management must be changed according to the changes in the environment to exist in the competitive world.

Intangible force: The functions of a management cannot be physically seen, but it can be felt by observing the coordination and orderliness in the working environment; mismanagement leading to chaos and confusion can also be witnessed very easily.

Composite process: Management carries out a series of functions that must be performed in an orderly manner; all these functions are interdependent on each other.

Balancing the efficiency and effectiveness: Efficiency means optimum utilization of available resources, and effectiveness refers to timely achievement of objectives and targets. Both are managed by the Management so that the work is done smoothly.

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    MAJOR THEORIES OF MANAGEMENT

    Classical theory of Management: This is the oldest theory of Management with a major focus on operations and execution. This theory tends to create specific standards of operations to enhance productivity. This theory states that compensation is the primary motivating factor that tends to enhance the efficiency of employees

    • Scientific theory of Management: The major focus of this theory is reducing the production time and minimizing waste by presenting the employees with incentives and eliminating ‘hit and trial’ practices.
    • Administrative theory of Management: This theory provides detailed guidelines on all the business activities to be conducted.
    • Bureaucracy Theory: This theory guides the decisions of the Management on solid grounds rather than nepotism or charisma.

    Behavioral theory of Management: Behavioral theories of Management are people-oriented theories centered on human behavior and satisfaction of the interpersonal needs of each employee. Behavioral theory motivates teamwork by fostering a collaborative environment.

    • Human relations theory: According to the human relations theory, an organization is considered to be a social entity. It also identifies the importance of morale, stating that money alone cannot satisfy the employees.
    • Behavioral science theory: In this theory, the basic elements of anthropology, psychology, and sociology are combined to bring out a scientific basis. This theory determines the scientific factors that are responsible for employee motivation, including self-actualization, social needs, and conflicts. This theory also delves into individuality and the importance of sociability

    Modern theory of Management: Exponential complexities and constant change are the primary needs of a modern organization. Various business firms adopt technology to bring out the change. The modern theory combines these factors to the classical and behavioral theories.

    • Quantitative theory: This theory identified the need for managerial efficiency to solve various issues related to the integrating systems, people, and materials
    • Systems theory: According to the systems theory, Management is viewed as an interrelated element of the organization that supports the organizations goals to optimize the overall health of the organization.
    • Contingency theory: This theory recognized the importance of technology and decisions made by the managers. These factors make a company stand out in front of others.
    BASIC FUNCTIONS OF MANAGEMENT

    Henri Fayol, also known as the father of modern management, devised five basic functions that are performed by every manager in their daily work and 14 principles of management that every manager considers before carrying out their daily activities.

    Controlling or monitoring: Controlling includes all those activities that are taken in order to ensure that the events align with the pre-arranged plans. These activities establish the work performance standards, measure the performance, compare these activities to the defined standards, and then adopt corrective measures to correct any deviations

    Organizing: Organizing refers to arranging the authority in a formal structure and then further directing and flowing this authority to define, arrange and coordinate the work subdivisions. The organizations objectives are also met by relating one part of the organization to another part in a coherent and united manner.

    Organizing: Organizing refers to arranging the authority in a formal structure and then further directing and flowing this authority to define, arrange and coordinate the work subdivisions. The organizations objectives are also met by relating one part of the organization to another part in a coherent and united manner.

    Staffing: Staffing refers to hiring and retaining an adequate workforce for the organization both at managerial and non-managerial levels. It includes hiring, training, developing, evaluating, and compensating the employees with proper motivations and incentives

    Leading or directing: The function of directing deals with communication, leadership, supervision, and motivation to enhance the performance of the employees so that they can achieve the desired objectives.

    • Leadership: It deals with providing instructions, procedures, and methods to the subordinates.
    • Communication: Communication must be open for easy passage of information to the subordinates and receival of feedback from them.
    • Motivation: Highly motivated employees are highly efficient and perform in an excellent manner with less supervision.
    • Supervising: Supervising leads to constant progress.
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