MANAGEMENT —MEANING, CHARACTERISTICS AND IMPORTANCE

Management is the utilization of the resources of an organization in the most efficient and effective pursuit of organizational goals.

It can also be defined as the effective and efficient achievement of organizational goals through the planning, organizing, leading, and controlling of organizational resources.

Everyone who writes about or studies management seems to have created their own definition of management. A few of these definitions of management are provided below.

To George Terry, "Management is the process consisting of planning, organizing, actuating and controlling, performed to determine and accomplish the objectives by the use of people and resources"

"Management is simply the process of decision making and control over the actions of human beings for the express purpose of attaining predetermined goals", says Stanley vane

According to Mary Parker Follett, "Management is getting things done through people"

Ordway Tead defined Management as the process and agency that directs and guides an organization's operations in the realization of established aims.

Overall, management is seen as the process of inter-related activities that can be divided into four distinct activities, namely; planning (deciding on what is to be done), organizing (deciding how it will be done and who will do it), leading ( influencing the behaviour of employees) and controlling (evaluating organizational performance and taking corrective action).

RELATED POST: 21 DEFINITIONS OF MANAGEMENT BY DIFFERENT AUTHORS

Characteristics Of Management

1. Definite goal: Management always has a certain objective in mind, and managers assist in accomplishing this objective.

Thus, management can be thought of as a goal-oriented activity.

2. Concerned with managing resources: Because management is concerned with getting things through people, managers ensure that the various human resource components of an organization perform to their full potential. 

The manager also sees to it that the different resources available to the company—financial, intellectual, and physical—are utilized effectively and efficiently.

3. A Decision-making process: Management involves a lot of activities, so decisions need to be made.

Let's say a plant manager wants to increase profit by increasing production and sales.

He must then take action to increase production before attempting to market the goods produced.

There may be a few options for increasing production, such as increasing working hours, installing another machine, hiring additional people, improving work procedures, and so on. 

To fulfil his goal, he must select the most appropriate option. This is referred to as decision-making. For this reason, management is a decision-making process.

4.  Economic activity: As you might have imagined, the ultimate aim of management is to achieve organizational goals. 

But it aims to do so with the least cost and effort.

Therefore, managers employ different techniques to reduce waste to its barest minimum while also improving job efficiency. In this sense, management is an economic activity.

5. Creative activity: We have repeatedly seen that utilizing one approach to manage people and resources will not always work. This is because people are dynamic. 

As a result, managers have to think of different ways of getting things done through the resources at their disposal.

They must consider a variety of approaches to completing tasks. Management is a creative activity in this sense

6. Derived demand: Like labour, management is not demanded for its own sake.

Rather, it is demanded because of the goals and objectives that can be achieved through it.

The organization is set up to achieve certain goals and management is demanded to help achieve these goals.

If there is no organization, then there would be no need for management. We, thus, conclude that the demand for management is derived.

7. Seeks efficiency and effectiveness: Effectiveness and efficiency are two terms that are mistakenly used interchangeably in our society today. These two terms, though related, do not exactly mean the same thing.

While efficiency is the ability to achieve something with the least amount of resources, effectiveness is the degree to which something is successful in achieving a desired result.

In other words, efficiency is concerned with doing things right while effectiveness is concerned with doing the right things.

The goal of management is to achieve the desired goal as effectively and efficiently as possible.

That is, management strives to achieve the organizational goal in the manner intended (effectiveness) and at the lowest cost to the organization (efficiently). 

8. Universality: Management is a universal phenomenon. It is essential in all works of life and can be applied in different situations.

As a student, for instance, you must manage your time and financial resources in order to achieve your goal (which I believe is to attain a good grade).

Similarly, management is necessary for every organization. 

Every organization, regardless of its size, is set up to achieve a specified goal. Since resources can not work on their own, some form of management is required. 

As a result, management is universal in the sense that it is necessary for any type of business and profession.

Importance Of Management

1. Necessary for survival: Management is essential for an organization's survival, as no organization can function without it.

Even if an organization has the best resource and expert manpower,  it will not be able to function efficiently without proper management. 

This is because there will be chaos and disarray since no one will know what to do, how to do it, or when to do it.

That is why it is often said that ''there is no organization without management''

2. Maximum utilization: Management guides and controls an organization's resources in the efficient and effective pursuit of the organization's goal.

This guarantees that resources are used to their fullest potential.

3. Amends deviation: Management is able to monitor progress and quickly spot and correct deviations thanks to the controlling process.

4. Accomplishment of goal: Organizations are not just created for fun. Rather they are created to achieve a specified goal. The link between goal-setting and goal-accomplishment is management

Management is concerned with organizing, coordinating, and controlling the human, physical, financial, and intellectual resources of a firm in the efficient and effective pursuit of organizational goals.

Without management, these resources would have been disorganized and as a result, fail to meet the organization's objectives.

Indeed, management created useful enterprises out of disorganized resources like man, money, and material.

5. Increases profit: Profit, which is the difference between revenue and cost, can be raised by either increasing sales revenue or decreasing costs.

Increasing sales is not always under the control of the organisation. However, decreasing costs can be achieved by adopting sound management practices.

Management increase profit by lowering costs.

6. Ensure smooth running of the organisation: The basic function of management is planning.

Management, through planning, ensures that every resource in the organization is properly planned for so that the organization runs smoothly

7. Increases overall productivity: The importance of management is not just limited to business, it also extends to the economy.

If sound management practices are implemented in the economy, wastage will be reduced to the barest minimum and efficiency will be achieved.

This will result in economic growth as there will be an increase in the overall productivity of the economy

Before you go, let's join a debate: 

Is Management An Art Or Science?

The short answer is that management is both an art and a science.

Science is a systematic body of knowledge about a specific field of study that contains general facts which explain a phenomenon.

When a manager executes his or her duties or makes decisions, the systematized body of knowledge assists him in applying one or more principles and methodologies to his or her tasks.

The application of science in management can be defined as the use of these principles and methodologies already learned during his education and training. Management, in this sense, is a science.

However, there may be times when a manager might not find it necessary to use the known principles and practices in his or her day-to-day activities.

He may need to first comprehend the nature of the situation and the problem, and then act or make a decision based on his understanding of the circumstance.

He must use his judgment and skill rather than relying solely on the procedures and ideas he is familiar with.

Management might be considered an art in this way. Art implies the application of knowledge & skill to trying about desired results

Managers may employ methodologies and concepts in their day-to-day work, as well as their intellect and skill if needed.

For this reason, management can be considered both a science and an art.

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