What Is Management - 2236 Words

An essay on ‘What is Management’ Management is both art and science. It is the art of making people more effective than they would have been without you. The science is in how you do that. There are four basic pillars: plan, organize, direct, and monitor. Management is a universal phenomenon. It is a very popular and widely used term. All organizations - business, political, cultural or social are involved in management because it is the management which helps and directs the various efforts towards a definite purpose. â€Å"Management is an art of getting things done through and with the people in formally organized groups. It is an art of creating an environment in which people can perform and individuals and can co-operate towards†¦show more content†¦When ever more than one person is engaged in working for a common goal, management is necessary. Whether it is a small business firm which may be engaged in trading or a large firm like Tata Iron amp; Steel, management is required everywhere irrespective of size or type of activity. 5. Management is a Group Activity: Management is very much less concerned with individual’s efforts. It is more concerned with groups. It involves the use of group effort to achieve predet ermined goal of management of ABC amp; Co. is good refers to a group of persons managing the enterprise. The main objectives of management are: 1. Getting Maximum Results with Minimum Efforts - The main objective of management is to secure maximum outputs with minimum efforts amp; resources. Management is basically concerned with thinking amp; utilizing human, material amp; financial resources in such a manner that would result in best combination. This combination results in reduction of various costs. 2. Increasing the Efficiency of factors of Production - Through proper utilization of various factors of production, their efficiency can be increased to a great extent which can be obtained by reducing spoilage, wastages and breakage of all kinds, this in turn leads to saving of time, effort and money which is essential for the growth amp; prosperity of the enterprise. 3. Maximum Prosperity for Employer amp; Employees - Management ensures smooth and coordinatedShow MoreRelatedWhat Is Management2223 Words   |  9 PagesAn essay on ‘What is Management’ Management is both art and science. It is the art of making people more effective than they would have been without you. The science is in how you do that. There are four basic pillars: plan, organize, direct, and monitor. Management  is a universal phenomenon. It is a very popular and widely used term. All organizations - business, political, cultural or social are involved in management because it is the management which helps and directs the various efforts towardsRead MoreWhat Management Is3760 Words   |  16 PagesWhat Management Is Question 1 An ‘External Orientation’ rather than an ‘Inward Focus’ is useful in understanding the concept of value. Describe ‘Value Creation’ from the context of Low-Cost Airlines (No-Frill airlines). Compare it with how the Indian Railways creates value. Answer 1 Value creation is a term which cannot be defined / quantified specifically and measured accurately or attributed a particular definition. It has a distinct and broad view and originates from the customers point ofRead MoreWhat Management Is3774 Words   |  16 PagesWhat Management Is Question 1 An ‘External Orientation’ rather than an ‘Inward Focus’ is useful in understanding the concept of value. Describe ‘Value Creation’ from the context of Low-Cost Airlines (No-Frill airlines). Compare it with how the Indian Railways creates value. Answer 1 Value creation is a term which cannot be defined / quantified specifically and measured accurately or attributed a particular definition. It has a distinct and broad view and originates from the customers point of viewRead MoreWhat Is Business Management? Essay1532 Words   |  7 PagesDefining the Discipline What is Business Management? Studying for a business and management studies degree allows us to develop a broad understanding of business organizations and provides us with subject-specific knowledge in areas such as marketing, customers, finance, operations, communication, information technology, business policies and strategies. What Jobs can you receive with a degree in Business Management? The business field has many choices because there are different types of businessesRead MoreWhat is Management? Essay920 Words   |  4 PagesEssay 1: What is Management? 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The strategic piece includes areas such as determining the size and location of manufacturing plants, decidingRead MoreWhat is Management in an Organization?900 Words   |  4 PagesManagement is important because it is important aspect of the success and achievement of an organization’s goals through a group of people. A skilled manager is not only capable of handling administrative activities, but is able to connect with and inspire their teammates in times of prosperity and times of change. In this essay, I begin by looking at the theoretical aspects of management and how it is a product of the relevant time period, before going into my own personality and background, andRead MoreWhat Is Performance Management?1203 Words   |  5 PagesWhat is performance management? After going through a process of developing and determining the mission, vision and values of an organisation, a strategy document is developed. In this document processes and systems are put in place to ensure that the company is on track. Every so often, usually annually, a review of the company’s performance is taken into account. This review encapsulates the performance of systems and the people operating within the systems. Performance management is a processRead MoreWhat Is Strategic Management1189 Words   |  5 PagesAnswer Strategic Management can be defined as the art and science of formulating, implementing, and evaluating cross-functional decision that enables an organization to achieve its objectives. As this definition implies, strategies management focuses on integrating management, marketing, finance/accounting, production/operations, research and development, and computer information systems to achieve organizational success but strategy must be closely aligned with purpose. Is this the process ofRead MoreWhat is Finance Management?1598 Words   |  6 PagesWhat is finance management? â€Å"Financial Management is the Operational Activity of a business that is responsible for obtaining and effectively utilizing the funds necessary for efficient operation.† by Joseph Massie. What is capital market? â€Å"Are places where companies which need long term finance can meet investor† (business study guide, p120) P1.1- Identify the sources of finance available to new business you have chosen. Every business needs finance of money to invest; there are a number of ways