What is Management?
1. Management is a universal phenomenon. All organizations - business, political, cultural or social are involved in management because it is the management which helps and directs the various efforts towards a definite purpose. According to Harold Koontz, “Management is an art of getting things done through and with the people in formally organized groups. It is an art of creating an environment in which people can perform and individuals and can co-operate towards attainment of group goals”. According to F.W. Taylor, “Management is an art of knowing what to do, when to do and see that it is done in the best and cheapest way”.
2. An effective management is one which actually guides the employee onto a path of efficient and dynamic work, while leading by example. In true sense, effective management involves directing and organizing people or resources under one’s influence, to ensure better co-ordination, productivity and best possible positive output in any field.
Why Is Management Important
(a) Achieving Company Targets. Proper management makes sure that each part of the enterprise works towards achieving a common goal without disorder.
(b) Reduction in Wastage. Management can identify resources which are scarce and find alternatives for the same, thus reducing the cost.
(c) Simplifies the Organizational Structure. Management controls effective work division, specialization and resource allocation. This creates a uniform flow of work and specifies boundaries of responsibilities, authority and rights, which do not overlap.
(d) Increases Stability. Management provides increased permanence and flexibility to the company, helping it to survive market conditions and grow with time. Also, the workers would not be concerned about losing their job, which would, in turn, help them work with peace of mind.
(e) Profits Galore.This is a cumulative effect of all of the benefits mentioned above. Proper management...