In this modern age, Management is often viewed as the art of management. A manager’s job is to organize and lead a team of people to achieve a set objective. Management is an essential element in every organization and therefore, in any business you will find managers in every strata. However, the term “managers” refers to the managers themselves and this word also includes the heads of departments within an organization. This article attempts to define the concept of management and highlight its significance in the business world today.
Management is the direction of an organization, be it a business, a nonprofit organization, or state body. It entails the employment of people for the purpose of accomplishing a particular goal. The head of management is the person who makes decisions and carries out their execution. There are different forms of management and they include the functional management, planning management, investment management, and human resource management. In organizations, the managers usually act as the link between the staffs and the executives, serving as the glue that keeps the staff and executives cohesive. While the head of personnel is responsible for the day-to-day running of the organization, he does not have authority to make important decisions.
There are many different management theories and philosophies in the world today. The theory of management that has been adopted by many organizations is known as “The principle of management effectiveness” which states that there should be a balance between management styles, structure, and power. This idea is based on the observation that if one style is introduced in an organization, it tends to dominate and become the new guiding philosophy, resulting in poor performance of the staff. Other management theories of value creation, growth, and financial security include those of Pareto Management, Emi Quaero, Elton Mayo, Peter Drucker, and Behavioral Investment Theory.
Some other management theories are also found in different books on business management. For instance, there is scientific management theory which postulates that the best way to organize an enterprise is by dividing activities into three groups: human resources, for specialized knowledge; product and process development for operational knowledge; and final processing, for financial resources. These three categories of activities, when combined, form the framework of best way to organize the enterprise.
The principles of management, on the other hand, are the foundation for building organizational cultures, aligning the vision and mission statements with the actual practices, and developing the skills of managers. Many organizations, both large and small, consider that a successful leadership style consists of certain characteristics such as self-confidence, motivation, open mind, and responsibility. Developing leadership skills is very important especially for younger managers. These skills are based on the ability to communicate effectively, emotional intelligence, and interpersonal skills.
Most people think of the concept of management as simply creating the goals and objectives of the organization and then making all of the people in the organization work towards achieving these goals and objectives. However, this is only one aspect of the process. All of the processes in the organization must be linked together in order for the goals and objectives to be achieved. In addition, the principles of management must be used in the process as well to ensure that the process does not weaken orongen the goals and objectives.