An Introduction to Management

Introduction to Management

raditionally, the term “management” refers to the activities (and often the group of people) involved in the four general functions: planning, organizing, leading and coordinating of resources. Note that the four functions recur throughout the organization and are highly integrated. Emerging trends in management include assertions that leading is different than managing, and that the nature of how the four functions are carried out must change to accommodate a “new paradigm” in management. Managers at different levels of the organizational hierarchy should thoroughly understand each of the basic functions planning; organizing, leading and controlling that comprise their jobs. They should also recognize that while each is important in its own right, effective managers are skilled in performing each function, must be capable of moving back and forth among the functions as circumstances warrant, and must often juggle multiple functions and activities simultaneously. Managers cannot afford to be effective in performing only some of the functions because all are important. Few managers have equally strong skills in all areas. However, it is very useful for managers to understand their own strength and weaknesses if they want to achieve the organizational goals successfully.

Definitions

1. The organization and coordination of the activities of a business in order to achieve defined objectives.Management is often included as a factor of production along with machines, materials, and money. According to the management guru Peter Drucker (1909-2005), the basic task of management includes both marketing and innovation. Practice of modern management originates from the 16th century study of low-efficiency and failures of certain enterprises, conducted by the English statesman Sir Thomas More (1478-1535). Management consists of the interlocking functions of creating corporate policy and organizing, planning, controlling, and directing an organization’s resources in order to achieve the objectives of that policy.

2. The directors and managers who have the power and responsibility to make decisions and oversee an enterprise.The size of management can range from one person in a small organization to hundreds or thousands of managers in multinational companies. In large organizations, the board of directors defines the policy which is then carried out by the chief executive officer, or CEO. Some people agree that in order to evaluate a company’s current and future worth, the most important factors are the quality and experience of the managers.