What is MANAGEMENT? detailed guide.

You may hear name management and everything which is working successfully and efficiently is depends upon the administration.

So, do you know what is management and how it works ?

But Management is available everywhere whether it is a company, hotels, hospitals, or school.

So let’s start a detailed blog on how management works what are its features, objectives, importance and further we read about coordination.

What’s in it for me?

1. Meaning of management
2. Features
3.  Objectives
4. Importance of management
5. Coordination
6. Features of coordination
7. Conclusion
8. Frequently asked questions

Meaning of management

“Management is nothing just a process of getting work complete with the aim of achieving it timely, effectively, and efficiently.”

Management is based on three terms:-

• Process – It means a series or order of steps, But the management is a process because it includes a series of functions to get the work done.
• Effectiveness – Firstly, It aims with doing the right job, secondly, completing activities, and thirdly, achieving goals.
• Efficiency – It refers to do the task in the right way,i.e, with the best usage of resources. In other words, it deals with completing work with less money and material.

Features of management

Management is a goal-oriented process.

Firstly, It always co-related to achieving the objectives.

Secondly, the duties and activities of a manager result in the achievement of organizational goals. 

Management is pervasive .

It is a universal experience. It is not only limited to the business firms, but it is also applicable in profit-making, school, clubs, hospitals, etc.

The concept is used in the whole world whether it is the USA, UK, or INDIA.In other words, it is available everywhere.

Management is multi-dimensional

It consist of three main activities -:

• work – It aims at achieving goals or tasks to be done within the duration of a given time.  In other words, its concern with completing work on time
• people – It means giving a task to the people by making their strength effective and their weakness irrelevant. In other words, it is giving work to people according to their strength.
• Operation – It is concerned with activities of production cycle most importantly buying inputs, converting them into half-finished goods to finished goods. In other words, it is the production process.

It is a continuous process

Firstly, It is a never-ending process. Secondly, All the functions of management are performed continuously

For Example

Firstly, the functions of management are performed by all the managers all the time. sometimes, they are doing planning, then staffing or organizing, etc.

It is a group activity

It always involves a group of people in managerial activities. Everyone performs his/her role at their status in the department, and then only effective management functions can be performed.

It consist of marketing, finance, production, human resources etc.

Intangible

Functions and presence cannot be physically seen but it can be felt. we cannot see management with our naked eyes.

For example

If a company is doing well and everything is going smoothly. So it means the company has good management but we can’t see it physically.

 Objectives

These can be classified under three major groups:

Organisational objectives

It aims at the growth and success of the company. Generally, it aims at profit increasing and growth of the company.

Three  objectives of a manager are :

• Survival – Firstly, The basic purpose of every business is to survive and secondly, live in a dynamic market in a long duration.
• Profit – It is enough amount earned by a business for its growth and survival.
• Growth – Expansion and growth is the target of every business body. But the success of any business is measured by growth rate and growth is measured in the form of sales, number of branches, number of products, number of workers.

Social objectives

Social goals are nothing just a promise to the management towards society.on the Other hand, business organizations are part of the community.

Major social objectives of organization are :-

• Provide good quality products at a fair price.
• Environment-friendly methods to be used for production.
• Employment creation for the lower section of society.
• Generation of economic wealth.

Personal objectives

This is the method of fulfilling and motivate workers to give the maximum for the company.

Main objectives are as follow :-

• Competitive salary.
• Growth and development of personal.
• Healthy working conditions.
• Self-respect and respect for a colleague.

Importance of management

Management plays the most important role in the success of the business. Successful businesses do not achieve their goals by chance but the following calculated process called management.

Lack of proper management, as a result in wastage of time, money, and efforts.

Businesses can fail due to poor management.

In the absence of management, a business cannot run successfully.

The importance of management are:-

Helps in achieving group goals

it leads the efforts of all the workers in a similar direction to achieve organizational goals. It turns confused resources of men, machines, money, etc, towards planned goals.

For example

An employee’s objective is to earn maximum earnings whereas the organizational objective is to maximize output.

Employees can achieve their objectives by increasing output which helps in the achievement of organizational goals too.

Improve efficiency

Managers always try to reduce the cost and improve productivity with optimum utilization of resources with minimum wastage of resources. Therefore This leads to efficiency in management.

It makes use of experts, professionals and these services lead to the use of their skills, knowledge, proper utilization, and avoids wastage.

Management stands for efficiency and effectiveness in working through planning, organizing, staffing, directing, and controlling.

Creates a dynamic organization

Managers keep making changes in the organization to match the environmental changes to survive in a strong condition. The employees in the organization are usually against change.

Helps in achieving the personal objective

Managers lead the people in such a way that organizational, as well as personal goals of employee, is also achieved.

When organizational and personal goals are in one direction. Then employees want to earn more and the organization wants more production.

Development of society

They always bring various objectives, towards different groups of people such as employees, buyers, etc.

They usually aim at a good quality of products, a competitive salary, employment opportunities, etc. This will leads to the growth of the nation.

For example

Firstly, providing better quality goods and services, secondly creating employment opportunities, thirdly increasing the wealth of the nation, providing fair wages to the workers, etc.

So, Effective management helps the organization in fulfilling all these obligations.

Establishes equilibrium

The business environment is changing quickly and to survive in this changing environment is very difficult for businesses. So, It can be in the form of budgetary, social, political, legal, and technological.

So it is important to adapt the changing demand of the market /changing needs of society. It is responsible for the growth and survival of an organization.

Coordination

It means taking together the activities and resources of a company and bringing unity in them.

But, it is the basic function of every department for smooth working in departments.

Nature of coordination

Coordination is needed to perform all levels of management

• The process of coordination begins at the planning stage when a top-level management plan for the entire company.
• Controlling makes sure there is no difference between plan and actual performance.

Required at all levels

• Top-level -Firstly, It is required for directing all the efforts of all the workers in one common direction of achieving planned goals.
• Middle level – secondly, Coordination is required at the middle level to balance the activities of different units so that these units can work as a team.
• Lower level -Thirdly, it absorbs activities of workers regarding the achievement of organizational goals.

Functioning of an organisation

Those companies which are not able to perform coordination correctly will not able to run successfully for a long time and the survival of the organization will be of short duration.

For Example

 Akshat pvt.limited company founded in 2001, was the first company to produce smartphones. It was running successfully as a leading electronic industry, especially in the mobile phone industry.

By the end of 2012, the company faced the problem of coordination. There was a lack of balance and a blend of different activities; as a result, the company started facing huge losses and by 2013 the company had an accrued loss of Rs.168 crores. The company failed to balance its departmental activities and product folios.

Features of coordination:-

Coordination requires group efforts

It is always applied to group efforts. It can never be applied when a single individual is working.

The needs for orderliness, unification arise only when more individuals are working as different individuals come from different backgrounds, have their own style of working then there is a need to join their efforts in a common direction.

Unity of efforts

Coordination always supports combining the efforts of different individuals because conflict may cause harm to an organization.

The main aim of every organization to match the activities and functions of all individuals to a common goal.

For example

The purchase and income departments promise to coordinate their efforts so that the supply of products takes area in line with purchase orders.

Continuous process

it is a never-ending process. It is a continuous function although its degree may vary.

Managers of the organization keep on working until they achieve coordination because a company cannot survive for a long time without coordination, working efficiently is not possible because it always depends upon coordination.

Pervasive function

It means coordination is not only limited within the boundaries of business organization it is a common function, but it is also used in all the levels, in all the sections and to perform all the functions due to independence of various activities on each level.

  Responsibility of all managers

It is not only the task for top-level managers but the managers working at any level in the organization have to coordinate with activities of the organization.

Firstly, Top-level forms the plans and policies of the organization. secondly, middle level make coordination possible at all departmental activities and lower level coordinate the actions of workers

Deliberate function

Every manager in the organization from any section always works to coordinate the activities of an organization to reduce or avoid confusion and chaos.

Without coordination there will be a delay in the production process and efforts of an individual cannot be fully united and integrated.

Conclusion

Management plays the most important role in growth, survival, and profit-making of an organization because all the plans and decision depends on the quality of management an organization has. How a company arranges work and people in the right place.

Frequently asked questions

You can read more related blogs

• Functions of management
• 14 Principles of fayol
• What is planning?