Before starting Studying Management Features, Functions, Importance, Levels, and Objectives! What is it? After that, we can Be Discussing the Features of Management, Functions of Management, Importance of Management, Levels of Management, and Objectives of Management! Also learned, Discuss the Subsidiary Functions of Management: Features, Functions, Importance, Levels, and Objectives!
Learn More, Explain Management Features, Functions, Importance, Levels, and Objectives!
Do you want to know, What is a Management? Management is the administration of an organization, whether it is a business, a not-for-profit organization, or a government body. Management includes the activities of setting the strategy of an organization and coordinating the efforts of its employees (or of volunteers) to accomplish its objectives through the application of available resources, such as financial, natural, technological, and human resources.
The main points of discussion of Management follow are:
- Features of Management.
- Functions of Management.
- Importance of Management.
- Levels of Management, and.
- Also, Objectives of Management.
Now Explain Each one of the Upper Contents:
#Features of Management!
Management is an activity concerned with guiding human and also physical resources such that organizational goals can be achieved. Nature and features of management can exist highlighted as: –
Management is Goal-Oriented:
The success of any management activity is assessed by its achievement of predetermined goals or objectives. Management is a purposeful activity. It is a tool that helps users of human & physical resources to fulfill pre-determined goals. For example, the goal of an enterprise is maximum consumer satisfaction by producing quality goods at reasonable prices. This can be achieved by employing efficient persons and also making better use of scarce resources.
Management integrates Human, Physical, and Financial Resources:
In an organization, human beings work with non-human resources like machines. Also, Materials, financial assets, buildings, etc. Management integrates human efforts into those resources. It brings harmony to human, physical and financial resources.
Management is Continuous:
Management is an ongoing process. Also, It involves the continuous handling of problems and issues. It is concerned with identifying the problem and taking appropriate steps to solve it. E.g. the target of a company is maximum production. For achieving this target various policies have to frame but this is not the end. Marketing and Advertising are also to exist done. For this policies have to exist again framed. Hence this is an ongoing process.
Management is all-pervasive:
Management exists required in all types of organizations whether it is political, social, cultural, or business because it helps and directs various efforts towards a definite purpose. Thus clubs, hospitals, political parties, colleges, hospitals, business firms all require management. Whenever more than one person exists engaged in working for a common goal, management is necessary. Whether it is a small business firm that may engage in trading or a large firm like Tata Iron & Steel, management exists required everywhere irrespective of size or type of activity.
Management is a Group Activity:
Management is very much less concerned with individual efforts. Also, It is more concerned with groups. It involves the use of group effort to achieve the predetermined goal of management of ABC & Co. is good refers to a group of persons managing the enterprise.
#Functions of Management!
Above you may understand the features of management; Now, Management has stood described as a social process involving responsibility for economical and effective planning & regulation of the operation of an enterprise in the fulfillment of given purposes. It is a dynamic process consisting of various elements and activities. These activities are different from operative functions like marketing, finance, purchase, etc. Rather these activities are common to every manager irrespective of his level or status.
Different experts have classified functions of management. According to George & Jerry, “There are four fundamental functions of management i.e. planning, organizing, actuating and controlling”.
According to Henry Fayol, “To manage is to forecast and plan, to organize, to command, & to control”. Whereas Luther Gullick has given a keyword ’POSDCORB’ where P stands for Planning, O for Organizing, S for Staffing, D for Directing, Co for Co-ordination, R for reporting & B for Budgeting. But the most widely accepted are functions of management given by KOONTZ and O’DONNELL i.e. Planning, Organizing, Staffing, Directing, and Controlling.
For theoretical purposes, it may be convenient to separate the function of management but practically these functions are overlapping in nature i.e. they are highly inseparable. Each function blends into the other & each affects the performance of others.
five basic functions;
According to Fayol, management operates through five basic functions: planning, organizing, coordinating, commanding, and controlling.
- Planning: Deciding what needs to happen in the future and generating plans for action (deciding in advance).
- Organizing (or staffing): Making sure the human and non-human resources are put into place.
- Coordinating: Creating a structure through which an organization’s goals can be accomplished.
- Commanding (or leading): Determining what must be done in a situation and also getting people to do it.
- Controlling: Checking progress against plans.
Management refers to the activities, and often the group of people, involved in the four general functions:
- Directing, and.
- Also, Controlling.
Now Explain it to them:
It is the ongoing process of developing the business’s mission and also objectives and determining how they will exist accomplished. Planning includes both the broadcast view of the organization, e.g. its mission and the narrowest, e.g. a tactic for accomplishing a specific goal.
Organizing is an essential function of management. Also, It is the process of accumulating resources from different sources to work according to the plans laid out by the management.
It functions in which qualified people exist appointed to different posts relating to their skills and strengths. The activities included in this function are recruiting, hiring, training, evaluating, and compensating.
Directing is a function that comes after staffing of the organization, it is the function in which the management exists supposed to lead, direct to a specific goal and also motivate the employees for the achievement of any objective, big or small.
It is a function in which the performance of the organization exists measured and then evaluated after which the standard observed exists determined to be either good or bad, which, in turn, leads to taking preventive and corrective measures.
#Importance of Management!
It helps in Achieving Group Goals:
You have to study and understand the above functions and features of management; It arranges the factors of production, assembles and also organizes the resources, effectively integrates the resources to achieve goals. Also, It directs group efforts towards the achievement of pre-determined goals. By defining the objective of the organization clearly, there would be no wastage of time, money, and effort. Management converts disorganized resources of men, machines, money, etc. into a useful enterprise. These resources exist coordinated, directed, and controlled in such a manner that enterprises work towards the attainment of goals.
Optimum Utilization of Resources:
Management utilizes all the physical & human resources productively. This leads to efficacy in management. Management provides maximum utilization of scarce resources by selecting its best possible alternate use in industry from out of various uses. It makes use of experts, professional and these services lead to the use of their skills, knowledge, and proper utilization and avoids wastage. If employees and machines are producing their maximum there is no under the employment of any resources.
It gets maximum results through minimum input by proper planning and by using minimum input & getting maximum output. Also, Management uses physical, human, and financial resources in such a manner that results in the best combination. This helps in cost reduction.
Establishes Sound Organization:
No overlapping of efforts (smooth and coordinated functions). To establish sound organizational structure is one of the objectives of management that is in tune with an objective of the organization and for the fulfillment of this, it establishes effective authority & responsibility relationship i.e. who is accountable to whom, who can give instructions to whom, who are superiors & who are subordinates. Also, Management fills up various positions with the right persons, having the right skills, training, and qualification. All jobs should be cleared for everyone.
It enables the organization to survive in changing an environment. It keeps in touch with the changing environment. With the change in an external environment, the initial coordination of the organization must be changed. So it adapts organizations to changing demand for market / changing needs of societies. Also, It is responsible for the growth and survival of an organization.
Essentials for Prosperity of Society:
Efficient management leads to better economic production which helps in turn to increase the welfare of people. Good management makes a difficult task easier by avoiding the wastage of scarce resources. Also, It improves the standard of living. It increases the profit which is beneficial to business and society will get maximum output at minimum cost by creating employment opportunities that generate income in hands. Organization comes with new products and likewise research beneficial for society.
#Levels of Management!
Levels of Management is a kind of demarcation between different managerial positions in an organization. The number of levels in management depends on the size of the business and workforce and increases when there’s an increase in both these determinants.
The levels of management can be classified into three broad categories:
- Top level / Administrative level.
- Middle level, and.
- Also, Low level/ First-line managers.
Managers at the various levels enjoy various roles and responsibilities that are discussed below:
1. Top Level of Management:
The top management, which includes the board of directors, managing director, or chief executive, is the ultimate source of authority. It is responsible for managing the overall goals and policies for an organization and devotes its time to planning and synchronizing functions.
The main functions of the top management are:
- Issues important instructions to carry out various procedures.
- Lays down the enterprise’s objectives and also policies.
- Prepares strategic plans for the enterprise.
- Also, Appoints the subordinates for middle level.
- Coordinates and controls the activities of all the departments.
- Maintains contact with the external world.
- Guides and directs people at other levels.
2. Middle Level of Management:
Middle Level comprises the branch managers and departmental managers, who are responsible for the functioning of their department. They devote more time to organizational and also directional functions.
Their functions can be emphasized as:
- Implement the plans of the enterprise in accordance with the directives and policies of the top management.
- Make plans for the sub-units of the enterprise.
- Participate in employing & training the lower level management.
- Interpret policies from top-level management to the lower level.
- Also, Coordinates the activities within the division or department.
- Delivers important reports and other crucial data to the top level management.
- Evaluate performance of subordinate managers.
- Inspires lower level managers towards better performance.
3. Lower Level of Management:
Also known as the supervisory or operative level of management, the lower level management comprises supervisors, section officers, foremen, superintendent, etc. Also, They are responsible for directing and controlling functions of management.
Their functions and roles include:
- Assigning tasks to various employees.
- Guiding and instructing workforce for day to day activities.
- Responsible for the quality and quantity of production.
- Responsible for maintaining good relation in the company.
- Interacts with the workforce directly and listen to their problems, offers them the valuable suggestion. Also, recommends their appeals to the higher level, if needed.
- Provides training to the peers.
- Prepare periodical reports about the workers’ performance.
- Ensure discipline in the enterprise and motivates the workers.
- Also, proper coordination between the people at various managerial levels is a must for any enterprise to run well and prosper.
#Objectives of Management!
The main objectives of management are:
Getting Maximum Results with Minimum Efforts:
The main objective of management is to secure maximum outputs with minimum efforts & resources. Management is concerned with thinking & utilizing human, material & financial resources in such a manner that would result in the best combination. Also, This combination results in the reduction of various costs.
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 & prosperity of the enterprise.
Maximum Prosperity for Employer & Employees:
Management ensures the smooth and coordinated functioning of the enterprise. This, in turn, helps in providing maximum benefits to the employee in the shape of the good working condition, a suitable wage system, incentive plans on the one hand, and higher profits to the employer on the other hand.
Human betterment & Social Justice:
Management serves as a tool for the upliftment as well as the betterment of society. Through increased productivity & employment, management ensures better standards of living for society. Also, It provides justice through its uniform policies.