Management

• Management is the process of planning, organizing, leading, and controlling an organization's resources to achieve its goals.

  
• Top level management is the ultimate authority in the organisation, including Board of Directors, President, CEO, MD, etc.
• Top level management is responsible for giving strategic vision and direction to the organisation
• Functions of top level management:

  1. Decide the long-term objectives of the organisation
  2. Frame plans and policies to achieve objectives
  3. Ensure proper implementation of policies
  4. Create various departments and positions
  5. Appoint managers at middle level management and provide them with directions for activities
  6. Evaluate the performance of various departments and human resources
• Levels of management classify an organization into top, middle, and lower levels for effective and efficient management
• There are three levels of management: Top level, Middle level, and Lower level
• Middle level management acts as the link between top and lower levels of management
• Middle level managers are responsible for implementing plans and policies decided by the top level management
• Examples of middle level managers include finance manager, production manager, sales manager, and human resources manager
• Functions of middle level management:

  • Acts as a link between top and lower level management
  • Understands the plans and policies framed by top level management
  • Prepares the plan of action according to the department's nature to achieve the organization's goals
  • Assigns duties and responsibilities to department staff
  • Trains staff for future activities
  • Appoints lower level staff
  • Provides timely reports to top level management and coordinates departmental activities
• Lower level management works under middle level management
• Lower level management is also known as the operational or supervisory level of management
• Roles in lower level management include Superintendents, Supervisors, Foremen, and other Junior Executives
• Functions of Lower Level Management:

  1. Work as per the instructions from middle level management or the department's In charge.

  2. Assign work to subordinates.

  3. Give instructions to subordinates.

  4. Direct subordinates when necessary.

  5. Solve problems and settle disputes among subordinates.

  6. Look after the repairs and maintenance of machinery, tools, and equipment.

  7. Conduct quality checks of products or services periodically
• Management is derived from the Italian word 'maneggiare', meaning to handle tools or a horse, which comes from the Latin words 'manus' (hand) and 'agere' (to act)
• George Terry defines management as the process of planning, organizing, actuating, and controlling to achieve objectives using people and resources
• Characteristics of management:

  1. Management is goal-oriented:

  • Every activity is done with the purpose of achieving a specific goal
  • Success in management depends on proper utilization of resources to achieve the set goal

  1. Management is a continuous process:

  • Essential at every stage of an organization's life
  • Required during planning, organizing, and performing activities
  • Vital for the survival of the organization

  1. Management is intangible:

  • Cannot be seen or touched
  • Involves planning, organizing, actuating, and controlling
  • Results of management can be seen through achieved goals, increased profits, and smooth organization operations

  1. Management is situational:

  • Decisions are based on principles, theories, and techniques
  • Decisions are made considering the specific business situation
  • Decisions for one situation may not be applicable to another or the same situation at a later date

  1. Management is a group activity:
• • Activities are done by a group of people under the guidance of a manager
  • Management is essential for coordinating resources effectively
  • Emphasizes the importance of teamwork

  1. Management is universal:

  • Applicable to various fields like business, NGOs, personal, commercial, social, and political activities
  • Principles and theories of management are flexible and adaptable to different situations and organizations

  1. Management is dynamic:

  • Deals with human efforts, changing technology, socioeconomic conditions, and business patterns
  • Evolves to meet the demands of changing times
  • Dynamic in nature and not static