What is Management
Historically, management has been always been considered as an art as well as a science. In the days of industrial revolution in Britain and 19th century it was more of an art. But since the dawn of 20th century many theories discussing scientific aspects of Management came out. Initially it was thought as Manage-Men-T (tactfully). Later on, it was defined as a process of getting things done through the people. Essentially managing men was at the core of management. With the passage of time, it started involving managing money, material and machinery as well. Several authors have defined management differently. However, with every new definition, new perspectives have kept on being added which reflects growing magnitude of Management.
Management is responsible for accomplishing organization’s missions and objectives effectively and efficiently through the judicious use of resources at its disposal. It is also responsible for development and execution of business’s policies and strategies. Primary motive of every business is to earn profit. Management is the tool it uses to maximize its profits, reward its stakeholders and producing the products and services for the customers. It works its way through the internal and external complexities, thus resulting into the greater welfare of the organizations.
Management has also been measured as a function of five different activities necessary for achieving organization’s objectives. These five functions include planning, organizing, directing, staffing and controlling. Theoretically these functions still hold true in the basic definition of management. But changing business scenarios coupled with globalization and liberalization has kept on adding new dimensions to the concept of management. In last century, business processes have changed a lot and this has triggered adopting customized management practices befitting to organizations. Now, Management has been segregated into various branches like, Human Resource Management, Strategic Management, Operations Management, Information Technology Management, Marketing Management and Financial Management. Each of these is specialized branch, focusing on separate things which eventually lead to management using its resources in more effective and efficient way.
Management has different meaning in different aspects of life. Some define it as managing people and some define it as managing stress. Stress management is totally different from what we call management because stress management requires a union of your body and soul whereas management requires learning and achieving mastery through various MBA courses by means of distance mba or mba India.
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Print Article | Download PDF | 65 views | May 22 2008
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