Management

Definition:

 Management is a process of planning, decision making, organizing, leading, motivation and controlling the human resources, financial, physical, and information resources of an organization to reach its goals efficiently and effectively.

Characteristics of Management  

• Universal: All the organizations, whether it is profit-making or not, they require management, for managing their activities. Hence it is universal in nature.

• Goal-Oriented: Every organization is set up with a predetermined objective and management helps in reaching those goals timely, and smoothly.

• Continuous Process:  It is an ongoing process which tends to persist as long as the organization exists. It is required in every sphere of the organization whether it is production, human resource, finance or marketing.

• Multi-dimensional: Management is not confined to the administration of people only, but it also manages work, processes and operations, which makes it a multi-disciplinary activity.

• Group activity: An organization consists of various members who have different needs, expectations and beliefs. Every person joins the organization with a different motive, but after becoming a part of the organization they work for achieving the same goal. It requires supervision, teamwork and coordination, and in this way, management comes into the picture.

• Dynamic function: An organization exists in a business environment that has various factors like social, political, legal, technological and economic. A slight change in any of these factors will affect the organization’s growth and performance. So, to overcome these changes management formulates strategies and implements them.

• Intangible force: Management can neither be seen nor touched but one can feel its existence, in the way the organization functions.

Levels of Management  

• Top-Level Management: This is the highest level in the organizational hierarchy, which includes Board of Directors and Chief Executives. They are responsible for defining the objectives, formulating plans, strategies and policies.

Middle-Level Management: It is the second and most important level in the corporate ladder, as it creates a link between the top and lower-level management. It includes departmental and division heads and managers who are responsible for implementing and controlling plans and strategies which are formulated by the top executives.

• Lower Level Management: Otherwise called as functional or operational level management. It includes first-line managers, foreman, supervisors. As lower-level management directly interacts with the workers, it plays a crucial role in the organization because it helps in reducing wastage and idle time of the workers, improving the quality and quantity of output.