Management

• An organization is a systematic arrangement of people brought together to accomplish a specific purpose
• Characteristics of an organization include:

  • A distinct goal and purpose
  • Comprises people working together to accomplish certain objectives
  • A systematic structure
  • An aim to serve society
• Management is defined as the process of consolidating and managing resources effectively and efficiently to achieve the goals of the organization
• Importance of Management:

  • Achieves organizational goals
  • Efficiently utilizes resources
  • Essential for the prosperity of society
  • Addresses the challenges of management
  • Establishes equilibrium
• Management is a process that emphasizes all managers engage in certain interrelated functions to achieve desired goals
• Management Functions:

  • Planning: defining goals, establishing strategies, and developing action plans
  • Organizing: determining what needs to be done, how it will be done, and who will do it
  • Leading: directing and influencing organizational members, motivating them, and resolving conflicts
  • Controlling: monitoring activities to ensure they are accomplished as planned
• A manager is responsible for carrying out the four main activities of management over a specific time
• Levels of Management:

  • Top level management: responsible for the overall management of an organization, establish operating policies, and guide interactions with the environment
  • Middle level management: direct activities of lower level managers and sometimes operating employees, implement organizational policies
  • Lower level management: responsible for non-management employees' work, directly responsible for the production of goods or services
• Skills of Management:

  • Technical skills: job-specific knowledge to perform tasks
  • Human skills: ability to work effectively with work groups and others in the organization
  • Conceptual skills: ability to analyze situations and determine cause and effect, process information from internal and external environments
• Scope and Responsibilities of Managers:

  • General Manager: manages different divisions or departments, makes decisions across functions, ties staff rewards to unit performance
  • Functional Manager: in charge of one major function or department, manages work units grouped based on specific functions
• Roles of Managers:

  • Interpersonal: Figurehead, Liaison, Leader
  • Informational: Monitor, Disseminator, Spokesperson
  • Decisional: Entrepreneur, Disturbance handler, Resource allocator, Negotiator
• Challenges of Management:

  • Change is inevitable
  • Managers must view change as a constant feature in their lives
  • Managers must continuously adjust to complex and dynamic conditions
  • Prevalent trials of management include Internet and Information Technology, Globalization, Diversity and Intellectual Capital, Ethical Practice and Social Responsiveness
• Managers are expected to possess competencies for effective management in managing globalization