Meaning of management

The organization and coordination of the activities of

a business in order to achieve defined objectives.
Management is often included as a factor of production along with machines, materials,
and money. According to the management guru Peter Drucker (1909-2005), the basic task of
management includes both marketing and innovation. Practice of modern management
originates from the 16th century study of low-efficiency and failures of certain enterprises,
conducted by the English statesman Sir Thomas More (1478-1535). Management consists of
the interlocking functions of creating corporate policy and organizing, planning, controlling,
and directing an organization's resources in order to achieve the objectives of that policy.

The directors and managers who have the power and responsibility to make decisions and
oversee an enterprise.
The size of management can range from one person in a small organization to hundreds or
thousands of managers in multinational companies. In large organizations, the board of
directors defines the policy which is then carried out by the chief executive officer, or CEO.
Some people agree that in order to evaluate a company's current and future worth, the most
important factors are the quality and experience of the managers.

Henri Fayol was one of the most influential contributors to modern concepts of management.

In another way of thinking, Mary Parker Follett (18681933), defined management as "the art
of getting things done through people". She described management as philosophy.[5]
Critics, however, find this definition useful but far too narrow. The phrase "management is
what managers do" occurs widely, suggesting the difficulty of defining management, the
shifting nature of definitions and the connection of managerial practices with the existence of
a managerial cadre or class.
One habit of thought regards management as equivalent to "business administration" and thus
excludes management in places outside commerce, as for example in charities and in
the public sector. More broadly , every organization must manage its work, people, processes,
technology, etc. to maximize effectiveness. Nonetheless, many people refer to university
departments that teach management as "business schools". Some institutions (such as
the Harvard Business School) use that name while others (such as the Yale School of
Management) employ the more inclusive term "management".
English speakers may also use the term "management" or "the management" as a collective
word describing the managers of an organization, for example of a corporation. Historically
this use of the term often contrasted with the term "Labour" - referring to those being
managed

THE ROLE OF MANAGEMENT:

Essentially, the role of managers is to guide the organizations toward goal accomplishment.
All organizations exist for certain purposes or goals,and managers are responsible for
combining and using organizational resources to ensure that their organizations achieve their
purposes.
The role of the Management is to move an organization towards its purposes or goals by
assigning activities that organization members perform.
If Management ensures that all the activities are designed effectively, the production of each
individual worker will contribute to the attainment of the organizational goals.
Management strives to encourage individual activity that will lead to reaching organizational
goals and to discourage individual activity that will hinder the accomplishment of the
organization objectives.
There is no idea more important than managing the fulfillment of the organizational goals and
objectives. The meaning of the Management is given by its goals and objectives.
All managers, must have a single minded focus on the fulfillment of the organizational goals.

Nature of managerial work

In for-profit work, management has as its primary function the satisfaction of a range
of stakeholders. This typically involves making a profit (for the shareholders), creating
valued products at a reasonable cost (for customers), and providing rewarding employment
opportunities for employees. In non profit management, add the importance of keeping the
faith of donors. In most models of management and governance, shareholders vote for
the board of directors, and the board then hires senior management. Some organizations have
experimented with other methods (such as employee-voting models) of selecting or
reviewing managers, but this is rare.
In the public sector of countries constituted as representative democracies, voters elect
politicians to public office. Such politicians hire many managers and administrators, and in
some countries like the United States political appointees lose their jobs on the election of a
new president/governor/mayor.

Importance of Management

The importance of management in business is universally accepted. It acts as a driving force

in business. Modern business is highly competitive and need efficient and capable

management. It is through management that business activities are organized and conducted
efficiently and objectives are achieved.
The following points will suggest the importance of management
1) Optimum use of resources: management facilities optimum utilization of available human
and physical resources, which leads to progress and prosperity of a business enterprise. Even
wastage of all types are eliminated or minimized.
2) Competitive strength: Management develops competitive strength in an enterprise. This
enables an enterprise to develop and expand its assets and profits.
3) Cordial industrial relations: Management develops cordial industrial relation, ensures
better life and welfare to employees and raises their morale through suitable incentives.
4) Motivates employees: It motivates employees to take more interest and initiative in the
work assigned and contributes for raising productivity and profitability of the enterprise.
5) New techniques: Management facilities the introduction of new machines and new
methods in the conduct of business activities. It also brings useful technologies developments
and innovation in the management of business activities.
6) Effective management: Society gets the benefits of efficient management in terms of
industrial development, justice to different social groups, consumers satisfaction and welfare
and proper discharge of social responsibilities.
7) Expansion of business: Expansion growth and diversification of a business unit are
possible through efficient management. It creates good corporate image to a business
enterprise.
8) Stability and prosperity: Efficient management brings success stability and prosperity to a
business enterprise through cooperation and team spirit among employees.
9) Team spirit: Management develops team spirit and raises overall efficiency of a business
enterprise.
10) Effective use of managers: Management ensures effective use of managers so that the
benefits of their experience, skills and maturity are available to enterprise.
11) Smooth functioning: Management ensures smooth, orderly and continuous functioning of
an enterprise over a long period. It also raises the efficiency, productivity and profitability of
an enterprise.
12) Reduces turnover and absenteeism: It reduces Labour turnover and absenteeism and
ensures continuity in the business activities and operations.
13) Sound organization: A dynamic and progressive management guarantees development of
sound organization, which can face any situation favourable or unfavourable with ease and
confidence.

Management is not only practiced in organization and business entities but management plays
an important role in our daily lives and is practiced by every individual is some or the other
way.