MANAGEMENT IN THE BUSINESS ENTERPRISE

1.0 INTRODUCTION

•Management is both art and science. It is the science of managing and the art of making people more effective than they would have been without you .

2.0 OBJECTIVES

• Definition of management

• About the Efficiency and effectiveness

• Characteristics of management

• Who is manager?

• Importance of management

• Structure of management

• Hierarchy of Authority

• Process Management

DEFINITION OF MANAGEMENT

• Management is the process of reaching organizational goals by working with and through people and other organizational resources.

• Management's primary function is to get people to work together for the attainment of an organization's goals and objectives.

Management is the act of getting people together to accomplish desired goals and objectives using available resources efficiently and effectively. Since organizations can be viewed as systems, management can also be defined as human action, including design, to facilitate the production of useful outcomes from a system. This view opens the opportunity to manage oneself, a pre-requisite to attempting to manage others.

EFFICIENCY AND EFFECTIVENESS

• Efficiency:

It means “Do the work in a right way”.

• Effectiveness:

It means “ Do the right work”.

CHARACTERISTICS OF MANAGEMENT

• Management has the following 3 characteristics:

• It is a process or series of continuing and related activities.

• It involves and concentrates on reaching organizational goals.

• It reaches these goals by working with and through people and other organizational resources.

IMPORTANCE OF MANAGEMENT

• It helps in Achieving Goals: It arranges the factors of production, organizes the resources, integrates the resources in effective manner to achieve goals.

• Optimum Utilization of Resources: Management utilizes all the physical & human resources productively. This leads to efficacy in management.

• Reduces Costs : It gets maximum results through minimum input by proper planning.

• Establishes Sound Organization: Management fills up various positions with right persons, having right skills, training and qualification. All jobs should be cleared to everybody.

• Establishes Equilibrium: it adapts organization to changing demand of market / changing needs of societies. It is responsible for growth and survival of organization.

• Essentials for Prosperity of Society: Efficient management leads to better economical production which helps in turn to increase the welfare of people.

WHO IS MANAGER?

• A Manager is the person responsible for planning and directing the work of a group of individuals, monitoring their work, and taking corrective action when necessary. For many people, this is their first step into a management career.

STRUCTURE OF MANAGEMENT

There are a number of key components that underpin a management structure and should be considered when implementing a new structure. Some of these are:

01. Task definition

02. Type of Influence

03. Co-ordination

04. Communication Style

05. Centralization

06. Complexity

07. Formalization

HIERARCHY OF AUTHORITY

Hierarchy is a way to structure an organization using different levels of authority and a vertical link, or chain of command, between superior and subordinate levels of the organization.

PROCESS MANAGEMENT

The process of managing is a systematic approach to make an organization's workflow more effective, more efficient and more capable of adapting to an ever-changing environment.

01.Managers make decisions

02. Managers focus on objectives

03.Managers plan and set policies

04.Managers organize

05.Managers staff

06.Managers communicate

07.Managers direct and supervise

08.Managers control activities

THE END