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Definition or Meaning of Management
Management, or business management, is the art and science of getting things done through people to accomplish planned goals and objectives efficiently and effectively, with the optimum use of limited resources. Entrepreneurs who start and run businesses by themselves do not have to manage other people. They have to manage themselves. However, if the firm has employees, then some type of management plan is necessary. Management includes the processes or functions of planning, organizing, leading, and controlling.
Management helps businesses focus on setting and meeting goals efficiently and effectively so that a profit can be made. The word management also refers to the people who are in charge of running a business. Managers need a thorough understanding of business operations, which involve all the activities of a company. They develop the objectives for a firm or a department and then figure out how to meet those objectives through people, work processes, and equipment.
Functions of Management
Most managers carry out four different functions of management: planning, organizing, leading, and controlling. Some managers may primarily focus on one or two of them. These functions are indicated in the order in which they occur. Planning must be completed first, then organizing can take place. Organizing allows managers to lead and control employees and activities to get work done. Leading involves providing guidance to employees so they can fulfill their responsibilities effectively. Controlling involves measuring how the business performs to ensure that financial and operational goals are met.
Functions of Manager
Managers are usually task-oriented. This means that they can handle many tasks at the same time. They have to plan their time and decide which tasks are most important. They also must keep accurate business records. A manager often has to work under pressure and solve many small problems. Good problem-solving and time-management skills are a must. Every manager must communicate well. Most of a manager’s day is spent interacting with other people. This involves listening, an important part of communication. Managers need human relations skills, or skills in dealing with people. All managers must have some knowledge about the technical aspects of their business.