What are the Principles of Management?
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
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Management concept is comprehensive and covers all aspects of business. In simple words, management means utilizing available resources in the best possible manner and also for achieving well-defined objectives. It is a distinct and dynamic process involving the use of different resources to achieve well-defined objectives. The resources are men, money, materials, machines, methods, and markets. These are the six basic inputs in the management process (six M's of management) and the output is in the form of achievement of objectives. It is the end result of inputs and is available through an efficient management process. Management is the act of getting people together to accomplish desired goals and objectives using available resources efficiently and effectively. Management comprises planning, organizing, staffing, leading, coordinating, and controlling an organization (a group of one or more people or entities) or effort for the purpose of accomplishing a goal. Resourcing encompasses the development and manipulation of human resources, financial resources, technological resources, and natural resources. Management is essential for the conduct of business activity in an orderly manner. It is a vital function concerned with all aspects of working in an enterprise.
All organizations exist for a purpose, and for this purpose to be achieved, management has to set objectives and goals that are shared by the whole organization. Management involves taking control of different organizational activities and also setting specific objectives to be achieved in the future. In order to achieve these goals, one major resource the manager can rely on is people. In order to use this resource management must instill in the workers a sense of commitment and the desire to contribute to organizational goals. The manager must also help his/ her subordinates to gain the ability to make major contributions. In order to increase productivity and general contribution, managers have resorted to several approaches including financial incentives such as wages, salaries, and Perquisites. However, financial incentives on their own are not enough, they have to be combined with non-financial incentives such as promotions, empowerment, and Job Enrichment.
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What are the Principles of Management? Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Understand the general meaning of the concept of management and how it relates to the key elements of an organization
- Understand the external and internal environments that affect an organization's performance, and apply various tools and frameworks to evaluate them.
- Develop skills that are essential for effective management in an organization.
1.0 INTRODUCTION
Organizations are entities that pursue various objectives and allocate their resources and efforts accordingly. Organizations have both human and non-human resources, such as plans, equipment, land, money, etc. These resources are utilized to achieve the desired outcomes. Management is the force that integrates these resources in the service of organizational objectives.
It is a process that involves working with and through people. Management is needed wherever people work together in an organization. The managerial functions include planning, organizing, directing, and controlling by a person who is capable of managing organizing efforts, whether it is a business organization, religious organization, military organization, or a social.
These functions are performed at all levels in an organization, regardless of its type or size. The service of management is essential in all types of endeavors. In this paper, we will learn various definitions of management, its features, functions, and process of management, and the difference between management and administration.
Definitions of Management
To know the foundation of management, it is very important to know the definition of management. The definition of any concept will give you a proper understanding of that concept or term. There are many definitions of management, for many reasons, they are as under:
Management is the process of planning, organizing, leading, and controlling the activities of an organization or a group of people to achieve specific goals. Management is essential for any business, project, or endeavor that involves multiple stakeholders, resources, tasks, and challenges. Management can be divided into four main functions: planning, organizing, leading, and controlling.
Planning involves setting the vision, mission, objectives, and strategies of the organization or the group. Organizing involves designing the structure, roles, responsibilities, and relationships of the members and the resources. Leading involves motivating, communicating, influencing, and inspiring the members to work towards common goals. Controlling involves monitoring, evaluating, correcting, and improving the performance and the outcomes of the organization or the group.
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