Management is the administration of an organization, be it a business, non-profit organization, or government agency. It is the art and science of business asset management. Management is a process of planning, decision making, organizing, leading, motivating, and controlling an organization’s human resources, financial, physical, and information resources to achieve goals efficiently and effectively. The two concepts of “run a business” and “change business” is used in management to differentiate between continuous delivery of products or services and adaptation of products or services to meet the changing needs of customers – see trends. The term “management” can also refer to individuals Managed by that manager.
Functions of Management: Management is defined as a social process that involves the economic and effective planning and control of the management of an enterprise to fulfill a given purpose. It is a dynamic process of combining different elements and activities. Henry Fowle first proposed that all managers perform five functions, namely, planning, organizing, commanding, coordinating, and controlling. The structure of management functions in the mid-1950s includes planning, organizing, hiring, directing, and controlling staff. Current writing The book also follows this sequence in its chapters. Let’s define them briefly –
- Planning: This is the basic function of management. It deals with determining a future course of action and deciding in advance the most appropriate steps achieve the pre-determined goal. It is a kind of organized foresight as well as corrective backwardness. It tries to predict the future as well as control events. It involves the ability to predict the effects of current actions in the long run.
- Organizing: Organizing requires a formal structure of authority and the direction and flow of authority through which subdivisions of work are defined, arranged, and integrated so that each part Integrates and coordinates with other parts in order to achieve the stated objectives. Determining what needs to be done, who needs to be done, how to group tasks, who will report to whom, and where decisions need to be made.
- Staffing: It is the process of attracting, developing, and evaluating people in the workplace. This function is even more critically important because people differentiate between their intelligence, knowledge, skills, experience, physical condition, age, and attitude and this complicates the function. Therefore, management must understand, in addition to technical and operational skills, the sociological and psychological structure of the workforce.
- Directing: It is the part of the managerial function that enables organizational methods to work efficiently to achieve organizational objectives. It is considered to be the life-spark of the enterprise which makes it dynamic in human activities because planning, organizing, and hiring staff is mere preparation to get the job done. Supervision of subordinates will lead to continuous progress reporting as well as reassurance to superiors that the instructions are being followed properly.
- Controlling: The control function consists of actions taken to ensure that events do not deviate from the pre-arranged plan. Establish performance standards, measure performance and compare with this set standard, and take corrective action when necessary to correct any deviations. According to Theo Hyman, “control is to check whether there is proper progress towards goals and objectives and to work to correct any deviations if necessary”.
