Management is an essential business function. It is the process of planning, organizing, directing, controlling, and coordinating It involves people. It is the art of getting things done It is the science of achieving goals as well as the process by which resources are allocated. It is the process through which objectives are completed. It is the process whereby decisions are made.
Related: Three Differences Between Managers and Leaders
Management is the ability to plan, organize, direct, control, and coordinate people and resources to achieve goals. It involves making decisions, setting priorities, planning, organizing, monitoring, evaluating, controlling, and directing others.
Management is an important part of any organization. It helps ensure that all aspects of the company run smoothly and efficiently.
Management is also defined as “the act or process of managing”. This definition implies that management is a process. In other words, it is not something that happens once and then stops. Rather, it is a continuous activity that requires constant attention.
Objective of Management
Objectives of management are set at the beginning of the year. They are used to guide decision-making throughout the year. Objectives help managers plan activities and allocate resources. Managers use objectives to measure performance against them.
Nature of Management
Management is a broad term that encompasses a variety of functions. These functions include planning, organizing, directing and controlling, and coordinating.
- Planning is the process of determining what needs to be done.
- Organizing is the process of creating systems and procedures to accomplish tasks.
- Directing is the process of assigning responsibilities and monitoring progress.
- Controlling is the process of ensuring that work is carried out according to plans and schedules.
- Coordinating is the process of integrating different parts of an organization into one cohesive whole.
Characteristics of Management
There are various characteristics of management:
1. Managers must be able to plan
2. They must organize
3. They must direct
4. They must control
5. They must coordinate
6. They must motivate
7. They must lead
8. They must evaluate
9. They must make decisions
10. They must communicate
11. They must solve problems
12. They must analyze
13. They must innovate
14. They must adapt
15. They must learn
16. They must teach
17. They must inspire
18. They must influence
19. They must persuade
20. They must negotiate
21. They must collaborate
22. They must delegate
23. They must motivate
24. They must reward
25. They must develop
26. They must encourage
27. They must protect
28. They must resolve conflicts
29. They must maintain
30. They must sustain
31. They must balance
32. They must integrate
33. They must innovate
Functions of Management
There are various functions that managers have to perform. These include:
9. Making decisions
11. Solving problems
62. Setting priorities
63. Setting standards
The Importance of Management.
As we live in a fast-paced society, where things happen quickly, it is essential to manage our own lives as well as those of others. We need to learn to prioritize tasks, set deadlines and make sure everything gets done.
It helps in Achieving Group Goals.
It arranges the factors of production, assembles and organizes the resources, and effectively integrates the resources to achieve goals. It directs group efforts towards the achievement of pre-determined goals.
By defining the objective of the organization clearly, there would be no wastage of time, money, and effort. Management converts disorganized resources of men, machines, money, etc. into useful enterprise. These resources are coordinated, directed, and controlled in such a manner that the enterprise work towards the attainment of goals.
Optimum Utilization of Resources.
Management utilizes all the physical & human resources productively. This leads to efficacy in management.
Management provides maximum utilization of scarce resources by selecting its best possible alternate use in industry from out of various uses.
It makes use of experts, professional and these services lead to the use of their skills, knowledge, and proper utilization and avoids wastage. If employees and machines are producing their maximum there is no under the employment of any resources.
It gets maximum results through minimum input by proper planning and by using minimum input & getting maximum output. Management uses physical, human, and financial resources in such a manner that results in the best combination. This helps in cost reduction.
Establishes Sound Organization.
No overlapping of efforts (smooth and coordinated functions). Establishing a sound organizational structure is one of the objectives of management that is in tune with the objective of the organization and for the fulfillment of this, it establishes effective authority & responsibility relationship i.e. who is accountable to whom, who can give instructions to whom, who are superiors & who are subordinates.
Management fills up various positions with the right persons, having the right skills, training, and qualification. All jobs should be cleared for everyone.
It enables the organization to survive in changing environment. It keeps in touch with the changing environment.
With the change in the external environment, the initial coordination of the organization must be changed. So it adapts the organization to changing demands of the market/changing needs of societies. It is responsible for the growth and survival of the organization.
Essentials for Prosperity of Society.
Efficient management leads to better economic production which helps in turn to increase the welfare of people. Good management makes a difficult task easier by avoiding the wastage of scarce resources.
It improves the standard of living.
It increases the profit which is beneficial to business, and society will get maximum output at minimum cost by creating employment opportunities that generate income in hands. Organization comes with new products and research beneficial for society.
Why You Need to Know About Management.
Managing people is one of the most difficult jobs there is. It requires patience, tact, and diplomacy. If you are not good at managing people, then you will never be successful in business.
The importance of management cannot be overstated. It is one of the most critical aspects of running a successful company. Management is the process by which an organization directs its resources toward achieving its goals.
Manage Your Time.
Managing your time effectively will help you achieve more than just managing your time. You will also be able to manage your stress levels, improve your productivity, and become more organized.
Manage Your People.
If you want to run a successful business, then you need to make sure that you are managing your people well. This means that you must ensure that your employees are happy with their jobs, that they feel valued by the organization, and that they are given opportunities to develop professionally.
Manage Your Processes.
You should also manage your processes carefully. This includes everything from how you communicate with customers to how you handle customer complaints. Make sure that you are doing things as efficiently as possible so that you can focus on other parts of your business.
Manage Your Costs.
Managing costs is an essential part of managing any business. If you do not control your expenses, then you will not be able to make money. In addition, you need to keep track of what you spend so that you can determine whether or not you are spending too much.
Manage Your Resources.
You should also manage your resources by using them efficiently. This means that you should use your employees as effectively as possible. You should also ensure that you are paying attention to how well you are using your equipment. Finally, you should monitor your finances carefully.
The Types of Management.
There are many different types of management styles. Learn about them here!
The most effective managers are those who understand that people are complex and that there are no “one size fits all” solutions when it comes to managing employees.
Command & Control.
A command and control manager has an iron fist approach to management. They believe that they should dictate how things will be done and that everyone else must follow their orders. This style of management is not very flexible, and it’s difficult to work with because it lacks empathy.
An autocrat is a leader who makes decisions without consulting others. They make decisions based on what they think is right, rather than what is fair or what is best for the organization as a whole.
A manager with an autocratic style will often micromanage employees. This type of leadership style is not effective because it creates resentment among employees and leads to low morale. It also limits the ability of managers to delegate tasks to other people.
Autocratic management means having complete control over every aspect of an employee’s life. Managers set goals and expectations for employees and hold them accountable for meeting those goals.
A manager with a collaborative style works well with employees by encouraging them to share ideas and opinions. Managers with a delegating style work well when they give employees responsibility and freedom to do things themselves.
Collaborative management means sharing power and decision-making between employees and managers. Managers encourage employees to contribute ideas and suggestions, while also providing feedback and guidance.
In general, there are three main styles of management: delegated, autocratic, and collaborative. Each style has its strengths and weaknesses.
Delegated management means giving employees responsibility and authority to make decisions without constant supervision. Employees are expected to use their initiative and take ownership of projects.
Delegated, autocratic, and collaboration styles of management are not mutually exclusive. You can combine any two styles of management. However, some people prefer one style over another.
How to Apply Management Skills? – A Complete Guide
A manager must be able to motivate people, set goals, delegate tasks, and reward good performance. They also need to be able to deal with conflict when necessary.
In today’s world, there are many opportunities available to us. But, we have to be smart enough to grab them. Read on to know more about applying management skills.
The ability to manage our lives effectively is an important skill that will help us achieve success in life. It helps us to plan, prioritize tasks, and stay focused.
Know what you want.
If you want to apply management skills, then you need to first understand what you want. You should define what you want and how you want to feel when you reach that goal. Once you have defined your goals, you need to set up a plan to achieve those goals.
Be clear with yourself.
It is very important to be clear with yourself. You must know what you want and why you want it. This will help you to make decisions and take action accordingly.
Goals are the driving force behind any successful endeavor. They give direction to our lives and motivate us to keep going. Setting goals is one of the most effective ways to achieve success.
Create a plan.
To set goals effectively, you need to first identify what you want to accomplish. This means creating a goal statement. It should be short, simple, and clear. You also need to make sure that your goal is SMART (Specific, Measurable, Attainable, Realistic, Timely).
Once you have identified your goal, follow through with it. If you fail to do so, you will never achieve success. So, keep track of your progress by using a calendar, notebook, or spreadsheet.
The Difference Between Leadership and Management.
There are two main differences between leadership and management.
- First, managers manage people while leaders lead them.
- Second, managers focus on results while leaders focus on processes.
- A very big difference between leadership and management, and often overlooked, is that leadership always involves (leading) a group of people, whereas management need only be concerned with responsibility for things (for example IT, money, advertising, equipment, promises, etc.).
- Leaders create a vision; Managers execute the vision.
- Leaders create change; Managers react to change.
- Leaders are people-focused; Managers are structure-focused.
- Leaders seek feedback; Managers minimize weaknesses.
- Leaders lead people; Managers manage work.
Also Read: 10 Ways to Manage Employees Effectively
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