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what is MANAGEMENT??
"Management changes can help a lot with timing. If a board of directors is serious about restructuring, they'll often hire someone from a best-in-class company to make it happen. Those people aren't cheap, which shows the board is serious, and the fact that the person is willing to come indicates they think they can add value. An executive from a first-class company taking over a laggard can mean an opportunity is ripe for the picking." - Philip Tasho
"Stock options are inevitably tied to the overall performance of a corporation. Logically, therefore, they should be awarded only to those managers with overall responsibility. Managers with limited areas of responsibility should have incentives that pay off in relation to results under their control. The .350 hitter expects, and also deserves, a big payoff for his performance -- even if he plays for a cellar-dwelling team. And the .150 hitter should get no reward -- even if he plays for a pennant winner. Only those with overall responsibility for the team should have their rewards tied to its results." - Warren Buffett
if you read this Hub, you should be able to describe what management is, why management is important, what managers do and how managers utilize organizational resources efficiently and effectively to achieve organizational goals.
planning with preset objectives
what is management?
It's the process of designing and maintaining an environment in which individuals, working together in groups, to accomplish efficiently selected aims. This basic definition needs to be expanded:
1. planning with preset objectives: Management sets the objective and plans comprehensively to achieve the same. All management activities are object oriented.
2. Group Involvement: management deals with group involvement. The processes have become complex and need specialization. Formal and informal groups do these tasks in an organized manner in full cooperation with each other and achieve goals set up. Managers deal with these groups and make the results effective. Management directs large number employees doing different jobs, prepares job schedules for them and guides them properly.
Management is a Process
3. Management is a Process: Management Deals with human efforts is a big way. In this sense it is a social process. Managers perform processes to make optimum use of scarce resources. A decision is taken, means and material are brought together, people are gathered to assist in accomplishment of tasks and results are apportioned. Since human effort is involved in a big way, it is a Social process.
Management as a specialization
4. Management as a specialization: Managers are expected to have general knowledge of all those tasks being performed by those working at different levels. It is generalization and yet unique in required skills, knowledge and practice. It is thus different from all other procedures in other spheres.
System of authority at all levels
5. It is a System of authority at all levels: Right from the managing Director, down to the supervisor the management techniques are the same. Although the functions are the same, the authority differs. Each one is vested at his level with authority and powers to get work executed through those reporting to them.
6. Profession: Management is now considered as a profession and attracts entry of qualified persons to manage big enterprises.
Management is both art and Science
7. Management is both art and Science: Managing, like so many other disciplines - medicine, music composition, engineering, accountancy , or even baseball - is in large measure an art but founded on a wealth of science. It is making decisions on the basis of business realities. Yet managers can work better by applying the organized knowledge about management that has accrued over the decades. Thus, managing as practice is an art, the organized knowledge underlying the practice may be referred to as a science. In this context science and art are not mutually exclusive but are complementary.
As science improves so should the application of this scince (the art) as has happened in the physical and biological sciences.
This HUB examines what managers do, the different kinds of managers, and the skills and abilities they must develop to manage their organizations successfully over time. The various functions and roles of managers are highlighted, as well as the impact of information technology (IT) upon the manager's ability to fulfill them. The chapter closes with a discussion of the management challenges created by today's global environment.