Learn More, Explain Management: Features, Functions, Importance, Levels, and Objectives!
Before start Studying of Management: Features, Functions, Importance, Levels, and Objectives! What is it? After that, we can Be Discussing 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!
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 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.
Main Point of discussion of Management follow are:
- Features of Management.
- Functions of Management.
- Importance of Management.
- Levels of Management, and.
- Objectives of Management.
Now Explain it Each one of Upper Contents:
#Features of Management!
Management is an activity concerned with guiding human and physical resources such that organizational goals can be achieved. Nature of management can be highlighted as: –
- Management is Goal-Oriented: The success of any management activity is assessed by its achievement of the predetermined goals or objective. Management is a purposeful activity. It is a tool which helps users of human & physical resources to fulfill the pre-determined goals. For example, the goal of an enterprise is maximum consumer satisfaction by producing quality goods and at reasonable prices. This can be achieved by employing efficient persons and 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. Materials, financial assets, buildings etc. Management integrates human efforts to those resources. It brings harmony to the human, physical and financial resources.
- Management is Continuous: Management is an ongoing process. It involves 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 be framed but this is not the end. Marketing and Advertising are also to be done. For this policies have to be again framed. Hence this is an ongoing process.
- Management is all Pervasive: Management is 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 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 & Steel, management is required everywhere irrespective of size or type of activity.
- 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 the predetermined goal of management of ABC & Co. is good refers to a group of persons managing the enterprise.
#Functions of Management!
Management has been 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 each and 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’DONNEL 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.
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 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.
Now Explain it them:
It is the ongoing process of developing the business’s mission and objectives and determining how they will be accomplished. Planning includes both the broadcast view of the organization, e.g. it’s mission and the narrowest, e.g. a tactic for accomplishing a specific goal.
Organizing is an essential function of management. It is the process of accumulating resources from different sources in order to work according to the plans laid out by the management.
It functions in which qualified people are 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 is supposed to lead, direct to a specific goal and motivate the employees for the achievement of any objective, big or small.
It is a function in which the performance of the organization is measured and then evaluated after which the standard observed is determined to be either good or bad, which the, in turn, leads to taking preventive and corrective measures.
#Importance of Management!
- It helps in Achieving Group Goals: It arranges the factors of production, assembles and organizes the resources, integrates the resources in an effective manner to achieve goals. 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 the useful enterprise. These resources are coordinated, directed and controlled in such a manner that enterprise 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 an industry from out of various uses. It makes use of experts, professional and these services leads to use of their skills, knowledge, and proper utilization and avoids wastage. If employees and machines are producing its maximum there is no under the employment of any resources.
- Reduces Costs: It gets maximum results through minimum input by proper planning and by using minimum input & getting maximum output. Management uses physical, human and financial resources in such a manner which results in 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 which is in tune with an objective of 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. Management fills up various positions with right persons, having right skills, training, and qualification. All jobs should be cleared to everyone.
- Establishes Equilibrium: It enables the organization to survive in changing an environment. It keeps in touch with the changing environment. With the change is an external environment, the initial coordination of organization must be changed. So it adapts organization to changing demand for market / changing needs of societies. It is responsible for growth and survival of an organization.
- Essentials for Prosperity of Society: Efficient management leads to better economical production which helps in turn to increase the welfare of people. Good management makes a difficult task easier by avoiding wastage of scarce resource. 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 which generate income in hands. Organization comes with new products and researches beneficial for society.
#Levels of Management!
Levels of Management is basically 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.
- 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 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 their time to planning and synchronizing functions.
Main functions of the top management are:
- Issues important instructions to carry out various procedures.
- Lays down the enterprise’s objectives and policies.
- Prepares strategic plans for the enterprise.
- 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 of the branch managers and departmental managers, who are responsible for the functioning of their department. They devote more time to organizational and 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.
- 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 supervisory or operative level of management, the lower level management comprises of supervisors, section officers, foreman, superintendent etc. They are responsible for directing and controlling function 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.
- A 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 basically concerned with thinking & utilizing human, material & financial resources in such a manner that would result in best combination. 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, 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 betterment of the society. Through increased productivity & employment, management ensures better standards of living for the society. It provides justice through its uniform policies.