What is Management – A Complete Guide

OverviewCareer GrowthTips

In order to successfully and efficiently accomplish organisational goals, management refers to the process of planning, organising, coordinating, directing, and regulating resources (including human, financial, and material resources).

Clear goals and objectives must be established, strategies must be developed to reach them, resources must be organised, tasks must be delegated, employees must be motivated, progress must be tracked, and changes must be made as needed to assure success.

Table of Content

What is Management?
Importance of Management
Management Three Primary Functions
Area of Management
Myths and Facts about Management
Characteristics of Management
What are the Roles and Responsibilities of Manager
Reasons to Consider Management as a Career
Objectives of Manager
Challenges of Manager
Skills Required to be a Good Manager
Tips for New Manager or Young Professionals

What is Management?

Management ensures that workers are effective and productive in their work by managing and controlling people and resources to fulfil organisational goals.
The concept of management encompasses many different things, including leadership, decision-making, time management, interpersonal, and business abilities.
In layman’s terms, management is the process of organising, overseeing, and directing people to achieve an organization’s objectives. Organisation of duties and responsibilities, setting of performance standards, evaluation of individual or organisational performance in relation to those standards, and decision-making on hiring, retaining, and rewarding employees with raises or bonuses are all part of management.

Importance of Management

Management is an essential part of every profit or non-profit organisation. Management can be done formally and on an informal basis with clear lines of authority hierarchy and based on influence. Management will help to plan, execute, and control the overall enterprise.
Management plays an essential role in every organisation because without management, everything falls apart. Management helps in
Achieving Goals: Management helps to identify organisational goals, establish priorities, allocate the resources in the best way to meet organisational goals, monitor the overall performance for progress toward established goals and targets, and make sure that adjustments to ensure continued progress.
Optimum Utilisation of Resources: Management helps to utilise the physical resources and human resources productively. If employees and machines are working at their maximum, then there is no underemployment of resources.
Reduces Cost: Management uses all resources in the best manner to give out the best combination of physical, human and financial resources that helps in cost reduction.

Planning of work activities: The planning function is concerned with goal setting and integration into a larger organisational plan.
Organising: The organising function is concerned with assigning resources to meet goals.
Supervising: The supervising function is concerned with monitoring progress toward goals.

Choose Your Area of Management

Please select your area of interest from the list. We categories management into different areas so that you learn what you actually want to learn. Choose your area by click on the topic name of management shown below

Myths and Facts about Management

Management is a crucial topic in business, and it’s the cornerstone of every successful company. Here are some Myths and Facts about management:

Myths

  • Management and Leadership are the same things.

  • Managers can make people do things.

  • Good Managers can manage anything.

  • Successful managers are born, not made.

  • Management is about giving orders.

  • Effective managers are charismatic.

  • The best managers know everything.

Facts

  • Management is not a science but an art.

  • A management team should be diverse in opinion and background.

  • Power in management should be distributed equally.

  • Management positions should be chosen based on merit and not on seniority.

Characteristics of Management

Universal: Every organisation, irrespective of its financial position, requires management to manage their activities, and thus it is universal in nature.
Goal-Oriented: Management helps the organisation achieve goals systematically and without any fuss.
Continuous process: Management is an ongoing process that is required in every facet of an organisation to function well, be it production system, human resource, finance or marketing.
Group Activity: The groups in an organisation work together also the members in different groups work in a system, they belong to diverse backgrounds, culture and they have different aspirations, to work evenly without any difference issue they need to adopt the management.
Dynamic Function: Business environments have different factors like social, political, legal, technological and economic, with these factors in force, an organisation is open to changes frequently.

What are the Roles and Responsibilities of Manager

A manager will oversee the performance of their subordinates and provide guidance, feedback, and direction to them. They are responsible for managing the work environment, which includes overseeing the implementation of any company policies that are applied to employees.
The responsibilities of a manager include:

  • Plan everything so that a business can earn maximum profit with minimum losses.

  • Ensuring that employees are lean competent in their tasks.

  • Maintaining an effective work environment.

  • Managing projects effectively.

  • Providing feedback and guidance to subordinates.

  • Providing training for subordinate staff.

Reasons to Consider Management as a Career

Management is a profession that is needed in any organisation. A good manager not only keeps the company running smoothly but also motivates employees to work better.
There are many reasons to consider management as a career. They include the following:

  • They are in charge of everything in the company.
  • They have an opportunity to develop their skills.
  • They have more opportunities for career advancement.
  • They are involved with decision making

Objectives of Manager

Manager objectives consist of goal setting and planning, organising and staffing, leading or directing, and controlling. Managers also have a responsibility of being role models for employees, and managers are responsible for an organisation’s operations. A manager often motivates subordinates with positive reinforcement (praise) or negative reinforcement (punishment).

  • Make proper use of the available resources.
  • Ensure business Development and Growth.
  • Quality products and services.
  • Availability of goods and services.
  • Attracting the best candidates for the job.
  • Make the best futuristic plans.
  • Reduce the elements of risks in projects.
  • Coordinate with team members.
  • Promotes research and growth for team members.

Challenges of Manager

In this, we will discuss the challenges that managers face in their day-to-day work. We will also cover a few tips for managers to keep in mind when working with other employees. Maintaining a healthy work-life balance has been a constant struggle for many people, especially those in management positions.
Some Challenges of Management are:

  • Hiring the right people.
  • Developing employees skills.
  • Building an effective strategy that aligns with company goals.
  • Eliminating toxic workplace behaviour.
  • Communicating effectively with employees.
  • Confronting performance problems.
  • Managing conflicts with the team.
  • Being a constant source of motivation for employees.

Skills Required to be a Good Manager

Management is a job that requires a wide variety of skills. Some basic skills for a good manager is discussed below:-

  1. Good Communication Skills
  2. Time Management Skills
  3. Anger Management Skills
  4. Stress Management Skills
  5. Team Management Skills
  6. Leaderships Skills
  7. Ability to Deal with Changes Effectively

Tips for New Manager or Young Professionals

Many tips of management can be helpful to students and young professionals.
Some of the tips include:

  1. Know your strengths and weaknesses.
  2. Focus on your goals and prioritise your tasks accordingly.
  3. Identify the problem and find a solution.