Management

Management is a mechanism to prepare, determine, coordinate, direct, inspire, and control a managing human, social, physical, and knowledge capital to accomplish its objectives efficiently and effectively.

Definitions of Management by authors and experts

F.W Taylor- "Management is an art of knowing what is to be done & seeing that it is done in the best possible manner."

Henri Fayol- "Management is to forecast, to plan, to organize, to command, to coordinate & control activities of others."

Management Theories of Max Weber and Henry Fayol

Max Weber called for the organization of administration into layers with each layer accountable for the success of its team. Weber thought that the layers under them would be monitored by each management layer when under their influence. He proposed that organizations must adopt policies that are fair as opposed to favoritism-based and recorded in writing.

• Qualification-based recruitment: recruit staff based on their training or technical training.

• Merit-based promotion- Promotions and decision-making by managers are focused on experience or achievement.

• Command Chain- Companies should have a system under which each position reports and that is responsible for a higher role.

• Work-Division- The duties, tasks, and powers are divided equally.

• Impartiality- Regardless of the position or status of an employee, all rules and regulations must apply to all the members.

• Recording in writing- Record every single administrative act, decision, rule, and procedure in writing.

Henri Fayol the father of Modern Management Theory and he proposed a theory of general management that applies to all types of fields and administration.

1. Technical activities pertaining to production
2. Commercial activities
3. Financial activities
4. Accounting activities
5. Managerial activities
6. Security-related activities

14 Principles of Management

1. Division of work
2. Authority and responsibility
3. Discipline
4. Unity of Command
5. Unity of Direction
6. Subordination of individual interest
7. Remuneration
8. Centralization
9. Scalar Chain
10. Order
11. Equity
12. Stability
13. Initiative
14. Esprit de corps

Objectives of the Management

For each organization, management is a must. The presence of management enables the proper functioning of the company. Management plans even activities to meet the goals and maximize the services available at a minimal cost. We shall examine the objectives and the importance of administration in this article.

Objectives;-

1. Economic Objectives-For a business, economic objectives are very relevant. A company or organization can not run their businesses without primary purpose or cannot constant in the business market

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• Earning Profit
• Production of goods
• Creating marketers
• Technological development

2. Organizational Objectives- The interest of the stakeholders to be taken care of and the resources by used to the optimum and the organizational objectives are;-

• Employer welfare
• Satisfaction of customer
• Shareholder Satisfaction

3. Social Objectives- These are the objectives of the business towards the society, Government has now made it mandatory for every business to spend 2% of its profit.

• Quality of goods & services
• Creating a job opportunity
• Natural resources

Functions of Management;-

Managers simply do not leave and fulfill their responsibilities haphazardly. good managers find out how five key functions are mastered; planning, organizational, personnel, management, and control.

Planning- Planning includes selecting and achieving the missions and goals, making decisions, or choosing alternative future courses of action. In a brief, planning means determining the position and situation of the organization in the future and deciding how to achieve this.

Planning is a long process, for the consummation of which following steps are taken:

• Setting Objectives
• Developing premises
• Identifying alternative courses of action
• Evaluating alternative courses
• Selecting an alternative
• Implementing the plan
• Follow- up action

Organization;- After a plan has been in place, management teams and materials need to be organized according to their plan. there are two prominent elements for the organization are assigning work and granting authority. These are the following function of an organization.

• Identification and Division of Work
• Departmentalization
• Assignment of Duties
• Establishing Reporting Relations

Staffing:- After a manager understands the needs of his sector, he can decide to increase his staff by recruiting, selecting, training, and developing his staff. A large-scale manager often works with the personnel department of the company to achieve this objective.

• Estimating the Manpower requirements
• Recruitment
• Selection
• Placement and orientation
• Training and development

Leading/Directing;- To achieve a goal, a manager needs to do more than simply plan, organize, and staff his team. She 's gotta lead too. To lead is to motivate, communicate, guide, and encourage. The manager has to coach, help, and solves problems with his staff.

• Communication
• Leadership
• Motivation

Controlling;- Controlling is the monitoring process, measuring performance, comparing results and targets, and if required, making corrections. This is often referred to as a feedback loop, as shown in the examples os a feedback loop for product design.

• Setting performance standards
• Measurement of actual performance
• Comparison of actual performance with standards
• Analyzing deviations
• Taking corrective action.