Management is a process that is very important in daily life and is used in household-to-business organizations to make the work process more accessible. We have discussed management, its meaning and definition, significance, characteristics, and objectives.
What exactly is business management? What are the functions and types of management, as well as the management characteristics? All of these fundamental questions will be addressed here.
What is Management in Business?
Management is the planning, organizing, staffing, leading, motivating, and decision-making to achieve organizational goals.
Management is both a science, an art, and a profession. We discussed this in another article.
Meaning of management
Management is derived from the Italian word “Managgiare,” which means “to handle,” and the Latin word “Manus,” which means “Hand.” In French, “Management” simply means “modern-day management.”
Management is a set of principles relating to the functions of planning, organizing, directing, and controlling, as well as the practical application of these principles in managing a company’s resources, including human resources.
Definition of Management
In a nutshell,
“MANAGEMENT IS A PROCESS OF ACHIEVING GOALS EFFECTIVELY AND EFFICIENTLY THROUGH PEOPLE.”
Here is the complete definition:
Management is a process and the art of getting things done through people using available resources to effectively and efficiently achieve goals.
When we break down the above definition, the most important terms to remember are;
Management is an “Art” form.
Management is an art because it requires practice, practical knowledge, and skills to achieve perfection. (It is also a science because it requires certain principles to be followed when performing any task.)
Management is an example of a “Process.”
Process refers to the primary functions that managers perform to complete tasks. Planning, organizing, staffing, directing, and controlling are examples of managerial functions.
“Effectiveness” is a type of management.
The completion of a task is referred to as effectiveness. Thus, an effective manager is concerned with completing the right task with the desired outcome. It means finishing tasks and reaching goals.
Management is a type of “Effectiveness.”
Efficiency entails performing the task correctly while minimizing costs. An efficient manager is concerned with effectively using input resources, which results in lower costs and higher profits.
Author’s Top 10 Management Definitions
Here are some of the best management definitions provided by famous authors and writers.
“Management is creating and sustaining an environment in which individuals working in groups efficiently achieve specific goals.” Heinz Weihrich and Harold Koontz.
“Management is defined as the process of planning, organizing, actuating, and controlling an organization’s operations to achieve coordination of the human and material resources required for the effective and efficient achievement of objectives.” – Robert L. Trewelly and M. Gene Newport
Management is the process of working with and through others to effectively achieve organizational objectives by efficiently using limited resources in a changing environment.” – D. Kreitner
Management is a multipurpose organ that manages a business, manages managers, and manages workers and work.” – Peter Drucker
“Management is the forecasting, planning, organizing, commanding, coordinating, and controlling of others’ activities.” Fayol, Henry
“Management is a decision-making and leadership art and science.” Cough, Donald J.
Good management, or scientific management, achieves a social goal with the most efficient use of human and material energy and time, as well as satisfaction for participants and the public.” – Nile Crushing Mary
“Management is the art of knowing what you want to do and then ensuring that it is done in the best and cheapest way possible.” Taylor, F.W
“The process by which a cooperative group directs action toward common goals is defined as management.” – Massie, Joseph
“It is a social and technical process that employs resources, influences, human action, and facility changes to achieve organizational objectives.” – William Scott and Theo Haimann
Objective of Management
- Organizational Objectives: Mgmt. is expected to work to achieve the objectives of the particular business or organization in which it exists. Some elements are Survival, Growth, Profits, ..etc.
- Social Objectives: Managers are not the only representative of the owners and workers but are also responsible to the various groups outside the organization, creating a good corporate image in the industry. Some elements are the Supply of quantity at reasonable prices, the Creation of Employment, ..etc.
- Personal objectives: An organization consists of several persons with goals and objectives. Some examples are a Competitive Salary, Personal growth, Skill development, a Good working environment, ..etc.
The following are some additional purposes/objectives:
- Improved resource utilization
- Planning that works
- Keep the Organizational Culture
- Profit maximizing
- Boost Customer Satisfaction
- Career Development
- Dealing with Risks
- Coordination among employees
To comprehend the fundamental nature of management, it must be examined in terms of art and science, administration, and as a profession, in terms of managerial skills and style.
- Administration Across the Board
- The Principle’s Dynamic Nature
- It is an ongoing procedure.
- It is a group project.
- It has a purpose.
- Management is both a science and an art.
Management as a Form of Expression:
- Personal Skills
- Knowledge Application
- Practical knowledge and creativity
Management as a Scientific Field:
- Management is regarded as a Social Science because it is intended not only to generate profits for the organization but also to serve as a useful tool for society.
- Continuous observation, research and development (R&D), and experiments develop various principles and theories.
- It is a systematized body of knowledge with practical application.
There is universal acceptance.
Management as a Career:
- Capability to Learn
- Following Learning Experience
- Conduct Ethical Code
- Working Principles for National Recognition
It is a method of managing and controlling changes in project requirements. Different managers in an organization are assigned different tasks to ensure task efficiency.
The scope of management refers to these specific tasks. Finance Managers, Human Resource Managers, Marketing Managers, Production Managers, Research & Development, Core Operations, patient care, hospitality, and so on.
- Human Resource Management (HRM)
- Financial Management (FM) Marketing Management
- Production and Operations Management
- Risk Management
- Strategic Management
- Accounting and Cost Management
- Quality Management.
- Encourages Creativity
- Promotes growth and expansion
- Optimal resource utilization improves worker life and corporate image
- Promotes Teamwork
- Excellent Corporate Image
- The well-being of society boosts motivation and efficiency.
Characteristics of Management
- A never-ending and continuous process
- The process that is result-oriented and goal-oriented
- It is both science and art.
- Work/people/operations are multidimensional.
- It’s a group project.
- It is a variable function.
- Although it is an intangible force, its impact is felt.
- It entails making decisions.
Principles of Management
Henry Fayol outlined 10 management principles, which are as follows:
- Authority and Responsibility in Work Division
- Command cohesion
- Directional consistency
- Personal/individual interests are subordinated to the general interest.
- Order Equity Scalar Chain
- Personnel tenure stability Initiative
- Corpse spirit
Functions of Management
Management is a continuous process of effectively and efficiently achieving organizational goals and objectives through managerial functions.
Henri Fayol first identified these managerial functions as five elements: planning, organizing, staffing, leading (directing), and controlling. There are now four managerial functions that are widely accepted.
Management’s four basic functions are planning, organizing, leading, and controlling.
The goal of organizing is to distribute resources and assign tasks to personnel to achieve the goals established during the planning stage. Managers may need to collaborate with other organizational departments, such as finance and human resources, to organize the budget and collect raw materials.
Leading entails motivating and influencing employees’ behavior to achieve organizational goals. Rather than tasks, leadership focuses on managing people, such as individual employees, teams, and groups.
Managers who are successful leaders usually connect with their employees by encouraging, inspiring, and motivating team members to perform to the best of their abilities.
Controlling is evaluating plan execution and making changes to ensure the organizational goal is met.
Managers monitor employees and evaluate the quality of their work during the controlling stage. They provide feedback to employees, including praise for what they do well and suggestions for improvement.
These four managerial functions are interconnected and can be thought of as a chain, with each function building on the previous function. These functions collaborate to create, execute, and realize organizational goals.
Styles of Management
Most of the time, management style is referred to as leadership style. Here are a few examples:
- Democratic participation
- Transformational leadership in performance management
- Leadership in transactions
- Leadership in a Crisis
Conclusion – What is management, exactly? Meaning, Definition, Nature, and Application
Management is critical for the success of any organization. By understanding what management is, you can begin implementing the systems and processes that will assist your company in reaching its objectives. If you need assistance getting started, we’re here to help. With our years of industry experience, we can assist you in developing a management plan that will work for your company. To get started, contact us today!