Themes...
Management
What is management?
Management is the process of guiding the development, maintenance, and allocation of resources to attain organizational goals. Managers are the people in the organization responsible for developing and carrying out this management process. Management is dynamic by nature and evolves to meet needs and constraints in the organization’s internal and external environments. In a global marketplace where the rate of change is rapidly increasing, flexibility and adaptability are crucial to the managerial process. This process is based in four key functional areas of the organization: planning, organizing, leading, and controlling. Although these activities are discussed separately in the chapter, they actually form a tightly integrated cycle of thoughts and actions.
FUNCTIONAL MANAGEMENT
Functional management is focused on the execution of a specific organizational task within functional areas, through organizing and leading an organization’s talent in a given field. Functional managers have a high level of technical knowledge and skills relative to the area they manage and focus their efforts on achieving best practices.
EXECUTIVE MANAGEMENT
The markets that corporations serve reflect the great variety of humanity and human wants; accordingly, firms that serve different markets exhibit great differences in technology, structure, beliefs, and practice. Because the essence of competition and innovation lies in differentiation and change, corporations are in general under degrees of competitive pressure to modify or change their existing offerings and to introduce new products or services. Similarly, as markets decline or become less profitable, they are under pressure to invent or discover new wants and markets. Resistance to this pressure for change and variety is among the benefits derived from regulated manufacturing, from standardization of machines and tools, and from labour specialization. Every firm has to arrive at a mode of balancing change and stability, a conflict often expressed in distinctions drawn between capital and revenue and long- and short-term operations and strategy. Many corporations have achieved relatively stable product-market relationships, providing further opportunity for growth within particular markets and expansion into new areas. Such relative market control endows corporate executives and officers with considerable discretion over resources and, in turn, with considerable corporate powers. In theory these men and women are hired to manage someone else’s property; in practice, however, many management officers have come increasingly to regard the stockholders as simply one of several constituencies to which they must report at periodic intervals through the year.
What are the roles of management in a company?
Management is comprised of a body of managers or a group of individuals responsible for providing leadership to various departments in a company.
Management has several roles in a company, but their six main roles include planning, organizing, staffing, leading, motivating, and controlling.
Planning - Management is responsible for defining the objectives of the company for each financial or operational period of the year.
Organizing - After the quarterly and/or annual objectives have been defined, management delegates duties amongst employees and sets targets for each department.
Staffing - Once an employee needs to be hired or fired the Human Resource manager will see to it that this is done.
Leading - Management, thereafter, monitors the progress of each department in attaining these targets and provides leadership where necessary.
Motivating - Management recognizes that motivated employees usually have higher productivity levels.
Controlling - Most importantly, management controls the operations of the company. Management should be flexible to facilitate the revision of plans if it is realized that outlined objectives are no longer attainable in order to control company costs and prevent the wasting of company resources.
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