Management

Introduction

Management in businesses and organizations is the function that coordinates the efforts of people to accomplish goals and objectives by using available resources efficiently and effectively.

Management includes planning, organizing, staffing, leading or directing, and controlling an organization to accomplish the goal or target. Resourcing encompasses the deployment and manipulation of human resources, financial resources, technological resources, and natural resources. Management is also an academic discipline, a social science whose objective is to study social organization.

1.     Planning

Planning refers to the estimation of human and material resources available to the organization to achieve the organizational objectives with economy and efficiency.

2.     Organization

Organization is the structure of administration which operationalizes the various activities.

3.     Staffing

It refers to the personnel aspects such as recruitment, appointment, promotion, discipline, retirement etc. It is one of the most important functions to achieve the organizational objectives.

4.     Directing

It refers to the orders issued by the managers to subordinates directing the activities of the administration.

5.     Coordinating

It means securing co-operation and team work between the various units and among the employees.

6.     Reporting

Through reporting the management keeps itself informed about the various activities going on in the organization. It may take corrective measures based on this feedback.

7.     Budgeting

This covers the entire field of financial administration. As finances are the life-blood of any organization, this function of budgeting is indispensable to the functioning of any organization.