“Management” (from Old French ménagement “the art of conducting, directing”, from Latin manu agere “to lead by the hand”) characterises the process of leading and directing all or part of an organization, often a business, through the deployment and manipulation of resources (human, financial, material, intellectual or intangible).
Meaning Of Management
Management is an organizational function, like sales, marketing or finance. It doesn’t necessarily mean managing people. We can manage ourselves or the material assigned to us at work. If you managed a project very well on your own, it would mean that you did the job in a well-organized, efficient manner, making good use of all resources at your disposal.
Management is like investment. Managers have resources to invest - their time, talent and, possibly, human resources.
Management Concept
Team Work
A great emphasis is placed on teamwork throughout our organization. Task force teams are created and given responsibility for various functions aiming to meet the customer's requirements and the technical specifications.
Quality System
Total quality management is our pledge throughout our organization in operations and management. The latest quality control and assurance system and the specialized training our staff undertake allows us to meet both the international quality system standards and the high standards set by our customers.
Flexibility
During business discussions and production planning we aim to be as flexible as possible. Our customer relations team endeavor to meet any special requests made by customers and aim to respond quickly and effectively.
Pro-active
We aim for a pro-active approach to maintain a high level of customer satisfaction. Our Customer Service Team continually liaise with customers. Contacts whether formal or informal present the opportunity to receive the customer ideas and suggestions.
Planning
The key to a successful operation is in good planning. Careful plans are made and discussed before any action is taken. A complete schedule is drawn up identifying action items, an action timeline and the parties responsible for the various stages of implementation.
OBJECTIVES OF MANAGEMENT
- Protecting the owner's Interest
- Helpful in achieving the predetermined objectives
- Development of Labor force
- Getting maximum results through minimum efforts
- To increase the efficiency of the factors of production
- Maximum utilization of available resources
Management As A Process
Managemnt is a process, as it includes the following components:
i) Social process
The main function of management is to deal with the human element in the business. Human factor is the most sensitive factor of production. It activates other factors of production in the business. Therefore it is essential that the management deal with human factor with care and skill.
ii) Integrating process
Every business requires the right combination of human, physical and financial resources. Management integrates the factors men, machines, materials, methods and money to achieve organizational goals.
iii) Continuous process
Since business is a continuous activity, the management is a continuous process. It is the constant process of leading the business activities in the pre determined course. It involves verifying results at every stage with the targets set. Management continuously identifies the potential areas of trouble and implements corrective measures before they become crisis in business.
iv) Universal process
Management functions are not restricted to business alone. They are important in every form of organization whether it is social, religious or cultural organization. When there is an activity to be performed by a group all managerial functions such as planning organizing, directing and controlling becomes essential to make that group activity successful.
Management as an Art and Science
No matter how competent or hardworking managers are, they understand that no one can achieve an organization's goals alone. Management involves working with and through other people. Because people are unpredictable, and because the interaction between managers and employees is unpredictable, it is impossible to impose a rigid set of rules that will work in every situation. That's one reason management is as much an art as a science.
Management as an Art
- The process of management does involve the use of know-how & Skills like any other art such as Music, Painting etc.
- The process of management is directed to achieve certain concrete result as other fields of Art do.
- Management is creative like any other art
Management as a Science
- Universally accepted principles.
- Establish relationship between causes & effects
- Predictability of the result.
Management:As a Social Responsibility
- Towards Employee
- Towards Community
- Towards Self
- Towards Government
- Towards Consumers etc
Importance of Management
- Reduces Costs
- Establish a sound Organization
- Generation of employment
- Growth of an organization
- Overcome competition
- Development of the Nation
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